近日，维信诺（002387）公告将向特定对象非公开发行A股股票。发行对象为公司股东合肥建曙；发行 价格为7.01元/股；发行股票的数量为419,036,598股，募集资金总额不超过293,744.66万元。预计本次发 行后，合肥建曙持有公司股权比例达到31.89%，成为公司的控股股东，蜀山区人民政府将成为公司的 实际控制人。 本次发行的目的主要系：合肥建曙将成为公司的控股股东，有助于增强公司控制权的稳定性，彰显股东 对公司未来发展的信心以及对公司投资价值的认可；补充流动资金缓解营运资金压力。 维信诺是AMOLED细分领域领军者，加速推进技术创新公司专注OLED领域二十余年，作为行业第一梯 队企业，持续引领中国OLED产业发展。公司是OLED国际标准组织的重要成员，并主导国OLED标准的 制定，共负责制定或修订5项OLED国际标准，主导制定12项国家标准和10项行业标准，为我国OLED产 业赢得了国际话语权。 根据CINNO Research统计，2024年维信诺智能手机AMOLED面板全球市场份额达11.2%，位列全球第 三、国内第二。公司注重面板前沿技术的研发，2025年前三季度公司研发费用为7.69亿元， ...

Core Viewpoint - The OLED industry is at a critical juncture as it expands into medium and large-sized markets, facing challenges related to cost and technology bottlenecks [2][5]. OLED Application Expansion Status - In 2024, the penetration rate of OLED technology in the smartphone sector is expected to exceed 60%, with foldable phones being a significant highlight [3]. - Advances in 3D printing technology and ultra-thin glass (UTG) have improved the thickness and cost of foldable screens, enhancing their market potential [3]. - Apple is rumored to launch a foldable phone in 2026, which may accelerate industry standards and supply chain maturity [3]. Medium and Large-Sized OLED Market - The application of OLED in medium and large-sized displays, such as monitors and laptops, is growing but remains in the early stages compared to smartphones [5]. - Cost and lifespan issues are critical barriers for OLED technology in the medium-sized market [5]. - Major manufacturers like Samsung Display, BOE, and Visionox are investing in high-generation OLED production lines to capture this market [5]. Technical and Cost Challenges - Backplane technology is a key factor affecting OLED costs, with Samsung opting for Oxide technology and BOE choosing LTPO technology [5]. - LTPO technology, while promising, is more complex and costly, primarily used in small-sized panels [6]. - Upgrading deposition technology from 6th to 8.6th generation presents challenges, including increased difficulty in developing fine metal masks (FMM) and issues with color deviation [6][8]. Cost Dynamics in Production - The cost of OLED panels varies significantly across different generations, with 5.5 generation lines producing panels at a cost of $70-$80, while 6th generation lines may see costs rise to $100-$120 [8]. - Initial costs for higher generation lines can reach $600-$700 due to equipment investment and yield issues, but costs are expected to decrease over time [8][9]. Competitive Landscape: QD-OLED vs. WOLED - QD-OLED, led by Samsung, enhances color purity and brightness but is currently more expensive due to new equipment and material costs [11][13]. - WOLED, developed by LG Display, offers better uniformity and lower costs but may suffer from color saturation issues in high brightness scenarios [11][13]. - Both technologies are evolving, with QD-OLED improving energy efficiency and WOLED enhancing white light brightness [13]. Conclusion - Domestic manufacturers are making breakthroughs in key materials and equipment, which will accelerate the reduction of OLED costs [14]. - The medium and large-sized OLED market is in a critical phase of technological innovation and cost control, with manufacturers exploring new production techniques [14][15]. - Despite challenges, the future of the medium and large-sized OLED market remains promising, driven by brand initiatives and ongoing technological advancements [15].