Core Viewpoint - Visionox primarily engages in the production, processing, and sales of small to medium-sized AMOLED display devices, highlighting its focus on emerging display technologies [2] Group 1: Company Overview - Visionox has achieved a high level of automation and intelligent collaboration across its production lines, indicating advanced manufacturing capabilities [2] - The company’s production process encompasses a wide range of manufacturing workflows, showcasing its comprehensive approach to AMOLED panel production [2]

Core Viewpoint - Visionox emphasizes its focus on AMOLED products, which have become the mainstream choice for devices like smartphones, and aims to enhance market share and profitability through various strategic initiatives [2] Group 1: Company Strategy - The company is committed to optimizing its customer structure within the AMOLED business [2] - Key technological innovations and quality assurance are prioritized to improve product offerings [2] - Efforts will be made to enhance delivery and customer service capabilities [2] Group 2: Market Expansion - Visionox plans to continuously expand its market space by collaborating with the industry chain to reduce costs [2] - The company aims to increase market share among top brand customers [2] - There is a focus on improving product profitability through these strategic initiatives [2]

Core Viewpoint - The company, Visionox, is committed to enhancing its external communication efforts to convey its core values to investors through various channels [2] Group 1 - The company will utilize platforms such as the Shenzhen Stock Exchange's interactive platform, investor relations hotline, email communications, and performance briefings to strengthen its outreach [2]

11月9日，维信诺发布复牌公告，宣布拟向特定对象合肥建曙定向发行4.19亿股股票，发行价格为7.01 元/股，募集资金总额不超过29.37亿元，用于补充流动资金及偿还公司债务。 从市场份额来看，CINNO数据显示，2024年维信诺在智能手机AMOLED面板全球市场份额占比11.2%， 位居全球第三，国内第二；在智能穿戴面板市场的出货占比为27%，位居全球第一。 资料显示，此次入主的合肥建曙来头不小，成立于2021年，是合肥市蜀山区城市建设投资有限责任公司 全资子公司，由合肥市人民政府间接持有100%的股权。 然而，显示面板生产属于重资产型产业，前期建设投入高、周期长，这也导致维信诺已连续三年亏损， 2022年至2024年累计亏损额近83亿元。随着OLED产能加速释放，今年前三季度，维信诺亏损有所收 窄，实现总营收60.51亿元，同比增长3.5%；归母净利润-16.23亿元，同比增长9.67%。 实际上，此次国资入主并非突发。历史公告显示，2021年3月合肥建曙就曾斥资17.6亿元，，受让维信 诺原控股股东西藏知合持有的1.6亿股股份，占公司总股本的11.7%。同时，还与其第二大股东昆山经济 签署《一致行动协议 ...

Core Viewpoint - The control change of Visionox (维信诺) is progressing, with Hefei Jianshu Investment Co., Ltd. (合肥建曙) planning to become the controlling shareholder of the OLED panel supplier [2] Group 1: Company Developments - Visionox's stock price surged by 10.04% to 9.32 CNY per share after resuming trading on November 10, following a one-week suspension [2] - Visionox signed an agreement on November 7 to issue 419 million A-shares to Hefei Jianshu at a price of 7.01 CNY per share, raising up to 2.937 billion CNY [2] - Hefei Jianshu currently holds 11.45% of Visionox's shares, and after the issuance, its stake will increase to 31.89%, making it the controlling shareholder [2][3] Group 2: Financial Performance - Visionox reported revenues of 7.477 billion CNY, 5.926 billion CNY, 7.929 billion CNY, and 6.051 billion CNY for the years 2022, 2023, 2024, and the first three quarters of 2025, respectively, with net losses of -2.07 billion CNY, -3.726 billion CNY, -2.5 billion CNY, and -1.623 billion CNY [3] - As of September 30, 2025, Visionox's consolidated debt-to-asset ratio was 84.36%, which is expected to decrease after the new share issuance [4] Group 3: Industry Context - The OLED industry is experiencing intense competition, with major players like BOE, Visionox, TCL Huaxing, and Samsung building 8.6-generation OLED production lines to expand into IT and automotive markets [4] - The competition is shifting from "scale competition" to "profit competition" as high-generation OLED production lines are set to begin mass production, leading to an oversupply of capacity compared to terminal demand [4]

Core Viewpoint - The article discusses the recent announcement by Visionox to issue 419 million shares to Hefei Jianshu at a price of 7.01 yuan per share, raising up to 2.937 billion yuan to supplement working capital and repay debts. This move will make Hefei Jianshu the controlling shareholder of Visionox, changing the actual controller to the Hefei Shushan District People's Government [1][4]. Group 1 - Visionox plans to issue 419 million shares at 7.01 yuan per share, raising a total of up to 2.937 billion yuan [1]. - Upon completion of the issuance, Hefei Jianshu will hold 31.89% of Visionox's shares, becoming the controlling shareholder [1]. - Before this issuance, Visionox had no controlling shareholder or actual controller [1]. Group 2 - Hefei Jianshu had previously acquired shares in Visionox in 2021, purchasing 160 million shares from the controlling shareholder for 1.76 billion yuan [3]. - The recent capital operation reflects Hefei Jianshu's strong support and confidence in Visionox's future business [4]. - Visionox has been a leader in the OLED industry for over 20 years, with a projected 11.2% market share in the global smartphone AMOLED panel market in 2024, ranking third globally and second domestically [4]. Group 3 - In the first three quarters of 2025, Visionox reported revenue of approximately 6.051 billion yuan, a year-on-year increase of 3.5%, but continued to incur a net loss of approximately 1.623 billion yuan [5]. - Prior to the suspension of trading, Visionox's stock price was 8.47 yuan per share, with a total market capitalization of 11.831 billion yuan [5].

Core Viewpoint - The company Visionox plans to issue 419 million shares to Hefei Jianshu at a price of 7.01 yuan per share, raising up to 2.937 billion yuan to supplement working capital and repay debts, resulting in a change of controlling shareholder to Hefei Jianshu and actual controller to the Hefei Shushan District People's Government [1][2][5] Group 1: Stock Issuance Details - The stock issuance is directed towards Hefei Jianshu, with a total fundraising amount not exceeding 2.937 billion yuan after deducting issuance costs, aimed at enhancing liquidity and debt repayment [2][9] - Following the issuance, Hefei Jianshu's shareholding will increase from 11.45% to 31.89%, making it the controlling shareholder [5][9] Group 2: Financial Performance and Future Outlook - For the first three quarters of 2025, Visionox reported approximately 6.051 billion yuan in revenue, a year-on-year increase of 3.5%, but incurred a net loss of about 1.623 billion yuan, although the loss has narrowed compared to previous periods [10] - The company focuses on new display technologies, including OLED and Micro-LED displays, with applications in smartphones, wearables, and other sectors, indicating a strategic direction towards expanding its market presence [9][10]

Core Viewpoint - The company, Visionox, is planning to issue A-shares to specific investors, which may lead to a change in control of the company, with the funds raised aimed at improving liquidity and repaying debts [2][3] Group 1: Stock Issuance Details - Visionox intends to issue 419 million shares at a price of 7.01 yuan per share, raising a total of up to 2.937 billion yuan, with net proceeds to be used for enhancing liquidity and debt repayment [2] - The company has signed a conditional share subscription agreement with Hefei Jianshu Investment Co., Ltd., which will subscribe to the shares in cash [2] - If the issuance is completed, the controlling shareholder will change to Hefei Jianshu, and the actual controller will become the People's Government of Shushan District, Hefei City [2] Group 2: Industry Position and Market Share - Visionox is a leading player in the OLED industry, holding a global market share of 11.2% in smartphone AMOLED panels, ranking third globally and second domestically [2] - In the smart wearable AMOLED panel market, Visionox leads globally with a 27% shipment share in 2024 [2] Group 3: Financial Strategy and Business Development - The company requires additional funding to support market expansion, production, and operational activities due to rapid business growth [3] - The funds raised from the stock issuance will enhance cash flow and reduce debt pressure, providing financial support for further business development [3] - Visionox aims to strengthen its competitive advantage by increasing investment in technology and focusing on high-end AMOLED development to improve overall profitability and industry position [3]

Core Viewpoint - The company, Visionox, plans to issue A-shares to a specific investor, Hefei Jianshu Investment Co., Ltd., to raise up to 2.93 billion yuan, primarily for working capital and debt repayment [1][4]. Group 1: Stock Issuance Details - Visionox intends to issue no more than 419,036,598 shares, which does not exceed 30% of the total shares before the issuance [1]. - The pricing for the new shares is set at 7.01 yuan per share, with total fundraising expected to be no more than 293,744.66 thousand yuan (29.37 billion yuan) [1]. Group 2: Related Party Transactions - Hefei Jianshu, as a related party, will subscribe to the shares in cash, constituting a related party transaction [4]. - The issuance requires several approvals, including shareholder meeting approval, government authority consent, and regulatory approvals from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [4]. Group 3: Control Changes - Before the issuance, Visionox has no controlling shareholder or actual controller; if the issuance proceeds, Hefei Jianshu will become the controlling shareholder [4]. - Hefei Jianshu was established in 2021 and is controlled by the Hefei Shushan District People's Government [5]. Group 4: Company Background and Strategy - Visionox focuses on new display technologies, including the research, production, and sales of OLED and Micro LED displays, with applications in smartphones, wearables, tablets, laptops, automotive displays, and large-size displays [4]. - The company aims to enhance its strength and promote sustainable long-term development through this transaction, which will also help maintain the interests of minority shareholders and boost market confidence [7].

Core Viewpoint - Hefei State-owned Assets has officially taken control of the panel leader Visionox (002387) through a targeted issuance of A-shares [3][6]. Group 1: Company Control and Financing - Visionox plans to issue 419 million shares to Hefei Jianxu Investment Co., Ltd. at a price of 7.01 yuan per share, raising up to 2.937 billion yuan for working capital and debt repayment [6]. - Upon completion of this issuance, Hefei Jianxu will become the controlling shareholder, with the actual controller being the People's Government of Shushan District, Hefei City [6][7]. - This issuance reflects the strong support and confidence of shareholders in Visionox's business and future [7]. Group 2: Market Position and Industry Leadership - Visionox is a leading enterprise in China's OLED industry, holding a 11.2% share of the global smartphone AMOLED panel market in 2024, ranking third globally and second domestically [6]. - In the global AMOLED smart wearable panel market, Visionox leads with a 27% shipment share in 2024 [6]. Group 3: Strategic Investments and Developments - Since acquiring shares in Visionox in 2021, Hefei State-owned Assets has continued to invest in the panel sector, including a 55 billion yuan project to establish and operate a production line for AMOLED products [8]. - The project is significant for Hefei's goal of creating a competitive new display industry cluster and is progressing well, with the main plant of the 8.6-generation AMOLED production line recently completed [8]. Group 4: Future Growth and Competitive Strategy - Visionox aims to enhance its competitiveness by increasing investment in technology and focusing on high-end AMOLED development [9]. - The funds raised from the share issuance will strengthen the company's financial position, allowing for more investment in production, operations, and R&D, thereby improving overall profitability and competitiveness in the digital era [9].