Core Viewpoint - The company, Shiya Technology, is set to raise approximately 2.015 billion yuan through its IPO, with significant investments directed towards expanding its high-resolution silicon-based OLED microdisplay production line and establishing a research and development center [2][4]. Fundraising Allocation - The planned investment allocation includes 1.6089 billion yuan (79.86%) for the expansion of the high-resolution silicon-based OLED microdisplay production line and 406.845 million yuan (20.14%) for the R&D center [3]. Market Position and Industry Context - Shiya Technology is recognized as a leading provider of microdisplay solutions, holding the second-largest global market share and the largest domestic share in the silicon-based OLED microdisplay sector [6][9]. - The microdisplay industry has been historically dominated by foreign companies such as Sony and eMagin, but Shiya Technology has been able to break into this market by focusing on high-performance silicon-based OLED products [6][7]. Technological Advancements - The company has developed several core technologies, including strong microcavity technology and crosstalk cutoff technology, which have allowed it to enhance product performance and reliability, surpassing traditional competitors like Sony [7][10]. - Shiya Technology is the first globally to achieve mass production of silicon-based OLED microdisplays using 12-inch wafer backplane technology, which is crucial for meeting the growing demand for high-performance displays [12]. Financial Performance - The company reported cumulative revenues of 836 million yuan over three and a half years, with a rapid growth trajectory, although it has not yet achieved profitability [15]. - Revenue figures for the years 2022 to 2025 show a consistent increase, with 2022 revenue at 190.43 million yuan and projected growth to 280.06 million yuan in 2024 [15][16]. Customer Concentration - The top five customers accounted for over 60% of the company's revenue during the reporting period, indicating a high customer concentration risk [17][19]. - The company has established key partnerships with strategic clients, which are expected to significantly contribute to future revenues, particularly in 2026 [19]. Supply Chain and Material Costs - The company relies heavily on a few suppliers for critical materials, with wafer backplane materials constituting the largest portion of its procurement costs [20][22]. - The procurement from the top five suppliers accounted for a significant percentage of total material costs, highlighting the potential risks associated with supplier concentration [20][22]. Governance and Control - The actual controller of Shiya Technology is Gu Tie, who holds a 29.36% stake and controls 61.79% of the voting rights through a special voting rights arrangement [25][26].

Core Viewpoint - The article discusses the approval of Shiya Technology Co., Ltd.'s IPO application on the Sci-Tech Innovation Board, highlighting its business model and financial performance, as well as the company's growth potential in the micro-display solutions market [1][2]. Group 1: Company Overview - Shiya Technology is a leading 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 was established in October 2016 and transitioned to a joint-stock company in May 2022, with a total share capital of 900 million shares before the IPO [3]. - As of June 2025, the company has a total of 722 employees and operates six wholly-owned subsidiaries and four affiliated companies [3]. Group 2: Shareholding Structure - The controlling shareholder, Shanghai Jishan, holds 140.52 million shares, accounting for 15.61% of the total share capital, and has significant voting rights due to special voting arrangements [4]. - The actual controller of the company is Gu Tie, who owns 100% of Shanghai Jishan and can control 29.36% of the shares through it [4]. Group 3: Financial Performance - The company's revenue for the reporting period was 190.43 million yuan, 215.45 million yuan, 280.06 million yuan, and 150.50 million yuan, while the net profit attributable to the parent company was -278.68 million yuan, -363.90 million yuan, -308.30 million yuan, and -142.62 million yuan [5]. - As of December 2025, the total assets are projected to be 4.27 billion yuan, with a debt-to-asset ratio of 32.94% [6]. Group 4: Listing Standards - The company meets the listing standards set forth in the "Listing Rules," with an expected market value of no less than 10 billion yuan, which qualifies it for the Sci-Tech Innovation Board [7]. Group 5: Key Questions from the Listing Committee - The listing committee raised questions regarding the sustainability of revenue growth, potential risks of overcapacity, and the commercial rationale behind agreements with strategic customers and suppliers [8].

Group 1 - The core message of the news is that Hongxi Technology has achieved a significant milestone in its 12-inch silicon-based OLED micro-display module project in Chuzhou, Anhui, with the completion of the main structure, marking a key phase in the project's construction [1][4]. - The company successfully completed a nearly 500 million RMB A-round financing in February, supported by various industry-related institutions, which provides solid financial backing for technology research and capacity expansion [3]. - Hongxi Technology, established in July 2019 and headquartered in Yiwu, Zhejiang, focuses on the research, design, and manufacturing of silicon-based Micro OLED technology, and has been recognized as a national technology enterprise [3]. Group 2 - The Chuzhou project has a total planned investment of 2 billion RMB, representing an important step in Hongxi Technology's capacity layout [4]. - The company has developed several competitive silicon-based Micro OLED products, including 0.6-inch, 0.7-inch, and 1.33-inch models, catering to various applications such as AR/VR, electronic viewfinders, and medical devices [5]. - Hongxi Technology is actively advancing the research and development of next-generation products with higher resolutions and larger sizes, such as the 1.4-inch (4K*4K) model, aiming to lead innovation in micro-display technology [5].

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 ...