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 ...

Core Viewpoint - Nanjing Guozhao Optoelectronics Technology Co., Ltd. has launched a new 0.3-inch ultra-bright, low-power full-color silicon-based OLED product "GZ030PCC01" and a small array waveguide module, enhancing AR optical technology applications [1][2]. Group 1: Product Features - The GZ030PCC01 features a maximum brightness of up to 10,000 cd/m², utilizing an efficient stacked OLED structure to significantly improve optical efficiency [1]. - The product achieves a resolution of 1280×720 with a pixel density exceeding 4800 ppi, thanks to a new current-driven circuit architecture [1][2]. - The ultra-narrow bezel design of GZ030PCC01 measures only 8.02×7.22 mm, making it easily adaptable to various optical solutions [2]. Group 2: Power Efficiency - The full-load power consumption of the product is approximately 150 mW, with an average working power consumption below 120 mW, effectively extending the battery life of AR glasses [2]. Group 3: Additional Product Launch - Alongside GZ030PCC01, the company will also launch a 0.3-inch array waveguide optical module "GZ030MCC01," featuring a vertical waveguide structure and achieving a field of view (FOV) of 30° with a compact volume of less than 3 CC and a weight of 10 g [2]. - The GZ030MCC01 module offers color brightness of 1,000 cd/m² and is designed for various AI/AR glasses applications, emphasizing high brightness, small size, low power consumption, and cost-effectiveness [2]. Group 4: Market Position and Future Plans - Guozhao Optoelectronics focuses on providing micro-display products and overall solutions, with core products widely used in night vision observation, helmet displays, digital sights, AR/VR, EVF, and FPV applications [2][3]. - The company has a history of innovation in the AR/VR field, having launched several high-brightness products since 2016, with plans to mass-produce a 4K UHD product in 2025 [3].