此次科创板IPO，视涯科技拟募集资金约20.15亿元，其中16.09亿元将投向超高分辨率硅基OLED微型显示器件生产线扩建项目，4.06亿元用于研发中心建 设项目。 | 序号 | 募集资金的投资方向 | 拟投资金额 | 足 | 备案文号 | | --- | --- | --- | --- | --- | | | 超高分辨率硅基 OLED 微型显示器件 生产线扩建项目 | 160,888.80 | 79.86% | 2501-340163-04-05-980051 | | 2 | 研发中心建设项目 | 40,568.45 | 20.14% | 2501-340163-04-05-712150 2501-310115-04-05-979129 | | | 合计 | 201,457.25 | 100.00% | > 公众号 · 芯智讯 | 12月24日晚间，"上海证券交易所上市委2025年第67次审议会议结果公告"显示，视涯科技股份有限公司（以下简称"视涯科技"）符合发行条件、上市条件 和信息披露要求，且无需进一步落实事项。这也意味着"国产硅基OLED第一股"即将诞生！ 视涯科技表示，公司处于我国微显示产业链中上游 ...

文/梧桐数据中心 上海箕山直接持有公司14,052.3136万股，占公司股本总额的15.61%。结合特别表决权的设置安排，上海箕山通过直接持股部分在公司股东会拥有54.35%表决权， 可对公司股东会决议构成重大影响，为公司控股股东。厦门晟山、上海凯山、厦门稷山、合肥新澜河、合肥新淳河、合肥新沁河、合肥新瀚河、合肥新沃河及合 肥新沛河的执行事务合伙人均由控股股东上海箕山控制的上海奕山担任，系公司控股股东的一致行动人。控股股东的一致行动人合计持有视涯科技12,372.5921万 股股份，占发行人股本总额的13.75%。 公司实际控制人为顾铁。顾铁持有控股股东上海箕山100.00%股权，通过上海箕山及其控制主体可合计控制发行人29.36%的股份。结合特别表决权的设置安排，本 次发行前，顾铁通过上海箕山合计控制表决权比例为61.79%，为公司实际控制人。 三、报告期业绩 12月24日，视涯科技股份有限公司科创板IPO申请获得上交所上市委审核通过。 单位：万元 | | 科创板 | | | | | | --- | --- | --- | --- | --- | --- | | 公司简称 主营业务 | | 2024年营收 ...

12月4日，宏禧科技通过其官方微信公众号发布消息，宣布公司在安徽滁州投建的12英寸硅基OLED微型显示模组项目（一期）实现主体结构封顶，标志 着该重大项目建设取得了关键性的阶段性成果。 企业的快速发展也获得了资本市场的认可，早在今年2月，宏禧科技便成功完成了规模近5亿元的A轮融资，由安徽省智能家电家居产业基金、国芯创投等 多家具备产业背景的机构共同参与，为技术研发与产能扩张提供了坚实的资金支持。 宏禧科技是一家成立于2019年7月的高新技术企业，总部位于浙江义乌，专注于硅基Micro OLED这一前沿微型显示技术的研发、设计与制造。公司已被认 定为国家科技型企业，其项目亦入选浙江省电子信息产业重点项目及金华市集成电路培育发展项目，彰显了其技术实力与产业重要性。 公司的核心优势在于拥有覆盖IC设计、工艺开发到模组制造的全链条技术团队与管理团队，核心成员均具备深厚的行业经验与成功的量产经历。目前，宏 禧科技已在义乌建成并运营一条先进的12英寸硅基Micro OLED微型显示器生产线，该产线已进入稳定的商业化量产阶段，使公司跻身于全球少数掌握该 尺寸量产能力的企业行列。 该滁州项目于今年年初正式动工，整体规划总投资 ...

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $12 million, down from $13.3 million in the prior year [18] - Product revenues decreased to $10.7 million from $10.9 million in Q3 2024, primarily due to a decline in revenues from pilot helmets and training products [19] - Net income for Q3 2025 was $4.1 million, compared to a net loss of $3.5 million in Q3 2024, with the current net income including a $5.1 million add-back for reduction in litigation accruals [21] Business Line Data and Key Metrics Changes - Funded research and development revenues decreased to $1.2 million from $2.3 million in Q3 2024, attributed to project completion timing and a shift to production focus [19] - Cost of product revenue was $8.4 million, or 79% of net product revenues, compared to $8.3 million, or 76% of net product revenues, in the previous year [19] - R&D expenses for Q3 2025 were $2.5 million, a slight decrease from the same quarter last year [20] Market Data and Key Metrics Changes - The U.S. Army aims to purchase at least 1 million drones in the next two to three years, significantly increasing from approximately 50,000 annually today [8] - The first-person drone market is projected to grow from under $300 million last year to as much as $1.2 billion by 2030, representing a compound annual growth rate of around 31% [8] Company Strategy and Development Direction - The company has entered strategic partnerships with organizations like Ondas Holdings and Theon International, enhancing its position in the defense sector [5] - Kopin is focusing on defense applications, particularly in night vision and thermal imaging technologies, to capitalize on increased defense budgets and modernization efforts globally [6] - The company aims to leverage its unique microdisplay technologies to capture more orders in rapidly growing defense industries [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue and profitability goals for 2027 and 2028, supported by a strong opportunity pipeline exceeding $1 billion [12] - The geopolitical landscape is expected to sustain defense spending, with increasing demand for advanced vision technologies [12] - Management highlighted a transformation within the company, emphasizing improved quality, customer relationships, and a solid capital structure [15] Other Important Information - The company ended Q3 with $26.5 million in cash, bolstered by a $41 million raise from strategic investors post-quarter [22] - The company has successfully addressed quality issues in manufacturing, achieving some of the highest quality scores in its history [15] Q&A Session Summary Question: Any developments on neural display? - The company demonstrated a bidirectional microdisplay that allows drone control using eye movement, indicating a commitment to invest in this technology [25] Question: How should quarterly OpEx be viewed moving forward? - The company expects OpEx to remain consistent with current levels, with plans to grow into any headwinds [26] Question: Can you size the near-term opportunities in the pipeline? - The company has approximately 80% of the backlog needed to meet its 2026 plan, with strong visibility on major programs until 2030 [27] Question: Update on the aviation heads-up display issue? - The decrease in military revenues was attributed to a timing issue rather than a fundamental problem [32] Question: Clarification on the U.S. Army SBMC program and revenue expectations? - About 40% of the current opportunity pipeline is related to the Soldier-Borne Mission Command program, with expectations for production revenue starting in 2027 [40]

Core Insights - The demand for high-end electronic products, particularly high-end smartphones, tablets, and wearable devices, is increasing in China, providing significant market opportunities for the silicon-based liquid crystal (LCOS) industry [1][4] - The LCOS market in China is projected to grow, with a demand of 239,700 units in 2024 and an expected increase to 374,000 units by 2025, indicating a robust growth trajectory [4][5] Industry Overview - LCOS, or Liquid Crystal on Silicon, is a small-sized matrix liquid crystal display device based on a reflective mode, utilizing CMOS technology on silicon chips [2] - The LCOS industry can be categorized into spatial color LCOS and temporal color LCOS, with the latter being the mainstream product due to its high optical efficiency and pixel density [3] Market Size and Growth - The LCOS market in China is expected to reach a scale of 157.5 million yuan in 2024, with the projection field accounting for 106.4 million yuan and the HUD field for 43.725 million yuan [4] - By 2025, the market size is anticipated to grow to 231.192 million yuan, with significant contributions from the projection and HUD sectors [4] Industry Chain - The LCOS industry chain includes upstream materials such as silicon substrates and liquid crystal materials, midstream production, and downstream applications in consumer electronics, automotive electronics, and projection [6][7] Competitive Landscape - The LCOS industry is in a growth phase, with a competitive landscape characterized by both international leaders and domestic companies focusing on niche markets [8] - Key international players include Himax, JasperDisplay, and Sony, while domestic companies like ChipSight and Jingfan are making strides in AR/VR and automotive HUD applications [8] Development Trends - The LCOS technology is expected to advance towards higher resolutions and broader color gamuts, with potential applications expanding into smart home, commercial display, and medical imaging sectors [9][12] - The trend towards miniaturization and high-density integration is evident, with companies like OmniVision introducing micro-modules that meet the demands of wearable devices [10][11] Application Expansion - The primary market for projectors remains in home entertainment, but new growth areas are emerging in commercial, educational, and automotive sectors [13] - The near-eye display market, particularly in AR/VR, is poised for rapid growth, driven by advancements in technology and the rise of the metaverse concept [13]

Core Viewpoint - Shiya Technology Co., Ltd. has applied for the Shanghai Stock Exchange's Sci-Tech Innovation Board listing, with a fundraising target of 2.015 billion yuan, and is recognized as a leading provider of micro-display solutions globally [1] Company Overview - Shiya Technology specializes in silicon-based OLED micro-displays and offers value-added services including strategic product development and optical systems [1] - The company is the first globally to achieve mass production of silicon-based OLED micro-displays using 12-inch wafer backplanes and possesses full-stack self-research capabilities in "display chips + micro-displays + optical systems" [1] Market Position - The company plays a crucial role in China's silicon-based OLED industry chain and is recognized as a leading enterprise in the new display industry by the Ministry of Industry and Information Technology [1] - Shiya Technology has successfully entered the supply chains of major clients, including ByteDance and Lenovo, with significant market share in the global XR market [2] Technology and Product Development - The company has developed several core technologies, including strong micro-cavity technology and high-efficiency stacked OLED technology, which have allowed it to surpass competitors in product performance [2] - As of 2024, Shiya Technology ranks second globally and first domestically in silicon-based OLED product shipments, capturing approximately 35.2% of the market, while Sony leads with 50.8% [2] Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024 is projected to be approximately 190 million yuan, 215 million yuan, and 280 million yuan, respectively [3] - Net profits for the same periods are expected to be approximately -247 million yuan, -304 million yuan, and -247 million yuan [3] Financial Metrics - Total assets as of December 31, 2024, are projected to be approximately 3.148 billion yuan, with equity attributable to shareholders at approximately 2.164 billion yuan [4] - The company's asset-liability ratio is expected to decrease from 10.15% in 2023 to 6.82% in 2024 [4] - Revenue for 2024 is projected to be approximately 280 million yuan, with a net loss of approximately -246.8 million yuan [4]

Core Viewpoint - Shiya Technology Co., Ltd. has been accepted for listing on the Sci-Tech Innovation Board, aiming to raise 2.015 billion yuan despite facing significant losses and challenges in achieving profitability [2][5]. Company Overview - Shiya Technology is a leading global provider of micro-display solutions, specializing in silicon-based OLED micro-displays and offering value-added services such as strategic product development and optical systems [3]. - The company ranks second globally and first domestically in the micro-display solution market, with significant shipments to major clients like ByteDance and Lenovo [5]. Financial Performance - Revenue for Shiya Technology from 2022 to 2024 is projected to grow from 190 million yuan to 280 million yuan, yet the company remains unprofitable, with net losses of 247 million yuan, 304 million yuan, and 247 million yuan during the same period [5][6]. - High R&D expenditures are a primary reason for the lack of profitability, with R&D costs constituting over 95% of revenue in 2024 [6]. Production Capacity and Utilization - The company plans to expand its production capacity for silicon-based OLED displays, with a projected annual output of 10.8 million units post-expansion [11]. - Production capacity utilization rates have improved, reaching 92.03% in 2024, although the company still faces challenges in fully utilizing its production capabilities [12]. Shareholder Structure - Shiya Technology has a strong shareholder base, including major players like Xiaomi and DJI, with the controlling shareholder holding 29.36% of the shares [8][11]. - The IPO proceeds will primarily fund the expansion of production lines and the establishment of a research center [11]. Related Transactions - The company has reported significant related-party transactions, with sales to related parties increasing over the years, raising concerns about supplier concentration risks [13][14]. - The company anticipates a potential increase in procurement from related parties, particularly for essential components needed for production [14].

Core Viewpoint - The article highlights the successful IPO application of Visionary Technology Co., Ltd. on the Sci-Tech Innovation Board, aiming to raise 2.015 billion yuan for expanding production capacity and enhancing R&D capabilities [1][4]. Company Overview - Visionary Technology is a leading global provider of micro-display solutions, specializing in silicon-based OLED micro-displays, and offers value-added services including strategic product development and optical systems [2]. - The company is the first globally to achieve mass production of silicon-based OLED micro-displays using 12-inch wafer backplanes and possesses comprehensive self-research capabilities across the entire stack of "display chip + micro-display + optical system" [2]. Financial Performance - From 2022 to 2024, the company has seen continuous revenue growth, but R&D expenses have also increased significantly, with ratios of R&D expenses to revenue at 124%, 133%, and 96% respectively [3]. - The company reported net losses of 247 million yuan, 304 million yuan, and 247 million yuan during the same period, indicating it has not yet achieved profitability and has accumulated unremedied losses [3]. Shareholding Structure - The company has a special voting rights arrangement, where the controlling shareholder's A-class shares have a voting power ratio of 7:1 compared to B-class shares, allowing the actual controller to hold approximately 62% of the voting rights despite only holding about 29% of the shares [3]. IPO Fund Utilization - The funds raised from the IPO will be allocated to the expansion of ultra-high-resolution silicon-based OLED micro-display production lines and the establishment of R&D centers, which will help the company enhance its production capacity and technical strength [4]. Industry Position and Growth Potential - As a leading enterprise in the silicon-based OLED industry, the company aims to solidify its market position through the implementation of the fundraising projects, which will also promote the development of the upstream and downstream sectors of the industry in China [5]. - The market for silicon-based OLED micro-displays is expected to grow rapidly, with applications expanding into various fields such as medical, education, and industrial internet [7]. Production Capabilities - The company has established a production line focused on 12-inch wafers, capable of producing 9,000 pieces per month, which is more cost-effective and technologically advanced compared to traditional 8-inch wafers [6]. - A second production line is under construction to further meet customer demand, with the existing facility capable of accommodating three production lines, potentially reaching a maximum capacity of 27,000 pieces per month [6].

Core Viewpoint - The company, Shiya Technology, has officially submitted its IPO application to the Shanghai Stock Exchange, aiming to expand its production capacity and enhance its market position in the silicon-based OLED microdisplay sector [1][2]. Group 1: Company Overview - Shiya Technology is a leading global provider of microdisplay solutions, focusing on silicon-based OLED microdisplays and offering value-added services such as strategic product development and optical systems [1]. - The company is recognized as a key player in China's silicon-based OLED industry, leading significant projects to enhance the resilience and security of the new display industry supply chain [2]. Group 2: Market Position and Performance - As of 2024, Shiya Technology ranks second globally and first domestically in the shipment of silicon-based OLED products for XR devices, capturing approximately 35.2% of the market share [3]. - The company has established itself as a strategic supplier for major clients, including ByteDance and Thunder, with these clients accounting for over 80% of the global XR market shipment in 2024 [2]. Group 3: Technological Advancements - Shiya Technology has achieved significant technological milestones, including the world's first 12-inch silicon-based OLED production line and various proprietary technologies that enhance product performance [2]. - The company emphasizes self-sufficiency by developing key technologies and fostering domestic suppliers to diversify the upstream supply chain [2]. Group 4: IPO and Future Plans - The company plans to raise 2.015 billion yuan through its IPO to fund projects such as the expansion of its ultra-high-resolution silicon-based OLED microdisplay production line and the establishment of a research and development center [3]. - Upon completion of the production line expansion, the annual capacity is expected to reach 10.8 million screens, enabling the company to better meet downstream application demands and seize industry growth opportunities [3].

【LEDinside】 4月28日，宏禧科技全资子公司安徽宏禧微显科技有限公司举行了硅基OLED微型 显示模组（一期）项目的开工仪式，项目总投资20亿元，将建设高端数字化智能制造基地。 图片来源：宏禧科技 宏禧科技成立于2019年7月，专注于硅基Micro OLED微型显示器及模组的研发、设计与制造。公 司已建成一条12英寸硅基Micro OLED生产线，已推出0.6英寸、0.7英寸、1.33英寸产品，并在开 发1.4英寸（4K×4K）新型号。 此外，国际厂商也在加速推进相关技术。1月，韩媒ETNews报道称，三星显示旗下的Micro OLED 企业eMagin已收到RGB Micro OLED工程样品订单，计划于2025年第二季度开始量产。 市场新品方面，4月国兆光电发布了0.3英寸超高亮低功耗硅基OLED显示屏，创王光电则推出了亮 度高达6万nits的最新Micro OLED产品。 #宏禧科技 #硅基OLED #MicroOLED 今年2月，宏禧科技完成近5亿元A轮融资，由安徽省智能家电家居产业基金、国芯创投等机构参 投。 值得一提的是，除了宏禧科技外，行业内其他企业也在加快硅基OLED领域的布局。 3月 ...