Core Viewpoint - The article highlights the successful IPO of Shiya Technology, a leading company in silicon-based OLED technology, which has achieved rapid acceptance in the capital market despite significant losses, indicating strong market confidence in high-end micro-display technology [3][5]. Company Overview - Shiya Technology, based in Hefei, Anhui, has reported cumulative losses exceeding 950 million yuan from 2022 to 2024, yet managed to complete its IPO process in just six months [3][6]. - The company is the first globally to achieve mass production of silicon-based OLED micro-displays using 12-inch wafers, which offer higher cutting efficiency and lower unit costs compared to traditional 8-inch wafers [3][5]. Technological Advancements - Shiya Technology possesses comprehensive self-research capabilities across the entire stack of silicon-based OLED technology, including "display chips, micro-displays, and optical systems," achieving industry-leading performance metrics such as a contrast ratio of up to 600,000:1 and a DCI-P3 color gamut coverage exceeding 99% [3][5]. - The company is recognized as a national leader in the new display industry chain by the Ministry of Industry and Information Technology, playing a pivotal role in promoting self-sufficiency within the industry [5]. Market Position and Competitiveness - According to a report by Frost & Sullivan, Shiya Technology is projected to rank second globally and first domestically in the shipment of silicon-based OLED products for XR devices by 2024, capturing a market share of 35.2% [5]. - The company has established itself as a core supplier for major tech firms such as ByteDance, Lenovo, and others, demonstrating its competitive product offerings and integrated solutions [5][6]. Financial Insights - Despite the significant losses, the capital market's acceptance of Shiya Technology is driven by its long-term value potential, with over 900 million yuan invested in R&D during the reporting period, leading to a research expense ratio as high as 133.35% in one year [6]. - The global market for silicon-based OLED displays is expected to reach 67.93 billion yuan by 2030, with a compound annual growth rate of 94.11%, providing substantial growth opportunities for Shiya Technology [6].

Core Viewpoint - The company, Skyworth Digital, has experienced a significant decline in both revenue and profit for the year 2024, primarily due to price wars in the smart terminal device market and insufficient consumer demand [1][2]. Financial Performance - In 2024, Skyworth Digital reported total revenue of 8.69 billion yuan, a decrease of 18.20% year-on-year [2]. - The net profit attributable to shareholders was 251 million yuan, down 58.34% compared to the previous year [1][2]. - The revenue from smart terminals, which includes set-top boxes and broadband devices, was 6.56 billion yuan, accounting for 75.43% of total revenue, and decreased by 16.59% year-on-year [1][2]. Market Position and Expansion - Despite the decline in performance, the company maintains its leading position in the industry and has secured multiple procurement projects from major telecom operators like China Mobile and China Telecom [2][3]. - The company is investing in expansion, with a total investment of 2.27 billion yuan planned for the construction of the Huizhou Industrial Park, which will enhance production capacity for smart terminals and network communication devices [4][5][6]. Product Development and New Growth Areas - The broadband network connection device business is benefiting from the acceleration of the domestic "dual-gigabit" network construction, with significant demand for 10G PON and Wi-Fi 7 products [3]. - The automotive display business and XR terminal products are expected to become new growth drivers, with the automotive display segment achieving revenue of 1.23 billion yuan, a year-on-year increase of 24.90% [7]. - The company is preparing for mass production of AI smart glasses, targeting outdoor scenarios, with plans for a 2025 launch [8]. Strategic Alliances and Future Outlook - Skyworth Digital anticipates a transaction volume of 587 million yuan with related parties by 2025, which may provide long-term growth momentum [9]. - The company faces challenges in maintaining long-term competitiveness due to rapid technological changes and market saturation in traditional appliance sectors [10].