Core Viewpoint - The company, Shiyuan Co., Ltd., is seeking to raise funds through a Hong Kong IPO to enhance its research and development capabilities and expand its international market presence amid declining domestic demand and increased competition in the IFPD (Intelligent Flat Panel Display) industry [1][8]. Group 1: Company Overview - Shiyuan Co., Ltd. was established in 2005, initially focusing on LCD display control boards, and later expanded into the education and enterprise service markets with its brands Seewo and MAXHUB [2]. - In 2024, the intelligent terminal and application business, including Seewo and MAXHUB, contributed 51.90% of revenue, while the LCD display control board business accounted for 45.86% [2]. Group 2: Market Performance - The company's education and enterprise service businesses have shown signs of weakness, with revenue declines from 2022 to 2024 of 11.24%, 8.81%, and 8.75% for education, and fluctuations in enterprise service growth rates [3]. - The gross margin for the intelligent terminal and application business dropped from 35.6% in 2022 to 25.3% in 2024, impacting the overall gross margin, which fell from 27.67% to 21.33% during the same period [3]. Group 3: Competitive Landscape - The IFPD market in China has faced challenges, with a 25.9% decline in education IFPD shipments in 2022 and a 15% drop in sales in 2023 [3]. - New entrants and traditional competitors, such as Huawei and Honghe Technology, have intensified competition in the market [4]. Group 4: International Expansion - The company has established subsidiaries in multiple countries, including India, the USA, and the UAE, and has localized teams in 22 countries to enhance its international presence [4][8]. - The overseas education market for interactive smart panels is expected to grow, with shipment increases projected at over 10% annually from 2025 to 2028 [5]. Group 5: Financials and R&D Investment - The intelligent control components business achieved revenue of 10.274 billion yuan in 2024, growing by 20.37%, with white goods controllers seeing a significant increase of 65.64% [6]. - R&D expenses reached 1.54 billion yuan in 2024, accounting for 6.88% of revenue, significantly exceeding the net profit of 979 million yuan for the same year [7]. Group 6: Future Strategy - The funds raised from the Hong Kong IPO will be allocated to enhance R&D capabilities, accelerate international expansion, and improve digital capabilities [8]. - The company aims to transition its international strategy from an ODM model to a localized approach, focusing on deep market engagement [8].

没作品还龅牙，却成为萌翻全球的现象级IP，LABUBU刮起潮玩旋风的背后，有着"世界玩具看中国， 中国玩具看广东"的深刻印记；说着粤语方言、跳着魔性舞蹈，能进厂打工也能聊天解闷，十八样武艺 样样精通的广东机器人让"七剑客"的名头威震江湖…… 在广州视源电子科技股份有限公司，机械臂在生产线上舞动，一台台具有核心科技的产品打包出发，运 往全球。面对着超高清显示视频这一赛道趋于白热化的竞争，该公司依靠创新"卷"出了三大拳头产品 ——液晶显示主控板卡、交互智能平板、智能会议平板，在全球范围内都是数一数二的存在。如今，全 球每三台电视机，就有一块主板"视源造"。 在潮州三环（集团）股份有限公司，小至1毫米的颗粒——多层片式陶瓷电容器（MLCC）正在"出 仓"。别看个头小，一颗"米粒"里头堆叠着上千层陶瓷介质膜，量级也来到比一根头发直径四十分之一 还小的微米，堪称"螺狮壳里做道场"。这种基础元件被称为"电子工业大米"，我国过去曾长期高度依赖 进口。在持续的创新攻坚之下，三环集团生产的MLCC已能覆盖90%产品规格的国产化，有力地促进国 内高端电子元件产业链的发展完善。 今年以来，广东制造频频"出圈"，但又不断面临新的挑战 ...

Core Insights - Guangzhou is positioning itself as the "World Display Capital," with a manufacturing output of 219.6 billion yuan in the ultra-high-definition display industry in 2023, leading the nation in panel production capacity at over 5 million square meters per month [1][8] - The ultra-high-definition display industry is one of Guangdong's ten strategic pillar industries and a key focus for Guangzhou's high-quality manufacturing development [1][8] - The market for ultra-high-definition displays is becoming increasingly competitive, with various regions, including Beijing and Sichuan, intensifying their efforts [1][9] Company Insights - Visionox, known as the "Screen King," has achieved full-scale production at its smart manufacturing base for interactive display products, with an automation coverage rate of up to 80% [3][5] - Visionox has shipped over 770 million LCD TV main control boards globally, indicating that one in three TVs produced worldwide uses its components [3][7] - The company is diversifying its product offerings, including the development of intelligent robots for various applications, driven by a focus on innovation and alignment with national 4K and 8K ultra-high-definition industry development plans [5][6] Industry Development - Guangdong has established itself as a leader in the ultra-high-definition display industry, having initiated several unique projects, including the first national ultra-high-definition industry fund and the first national ultra-high-definition industry alliance [8][9] - The region has seen the emergence of over ten billion-level leading enterprises and numerous specialized companies across various segments of the industry chain [9] - There is a call for increased talent acquisition and retention in high-level positions within the industry, particularly in OLED material research and Micro-LED optical design, to enhance the region's competitive edge [9][10]

"在这里（自动化生产车间）工作，卷的是机器，不是人。"在一条生产线旁，视源股份首席品牌官曾立 群指着五台一模一样的设备检测仪器对记者说，当某一台仪器工作效率低于其他仪器时，这台仪器就会 闪烁蓝色灯光，工作人员就会对其进行效率调试。 凭借这一条条"卷"到机器的量产自动化生产线，视源股份的三大拳头产品源源不断涌入市场——液晶显 示主控板卡、交互智能平板、智能会议平板，这三个产品在全球范围内，都是数一数二的存在。 "广东已形成9个万亿级产业集群，8个先进制造业集群入选国家队。"近日，2025年"活力中国调研行"广 东主题采访在广州启动，广东省工业和信息化厅二级巡视员庄乐从在启动式上谈及"广东制造"时如此说 道。 广东是制造业大省，拥有全部31个制造业大类，制造业规模约占全国1/8。统计数据显示，2024年广东 工业经济总量规模和质量稳居全国前列，今年1月至5月全省规模以上工业增加值同比增长3.5%。 对于制造业而言，单项冠军是引领各自行业高质量发展的风向标。20年前，广州视源电子科技股份有限 公司（以下简称"视源股份（002841）"）还是一家仅靠1.4万元起步的屏显小厂，而如今的视源股份， 已成为享誉业界的"世界 ...

与之形成鲜明对比，其"智能控制部件"业务板块异军突起，2024年收入同比劲升20.4%，其中家用 电器控制器业务更是实现了65.64%的高增长。然而，这个新引擎更高的收入占比，却因其仅14.3% 的毛利率，在结构上拉低了公司的整体盈利水平。 利润去哪了？从上述招股材料看，答案指向视源股份内部剧烈的新旧动能转换一一 以"希沃"（Seewo）和"MAXHUB"为品牌的支柱业务"智能终端及应用"板块增长承压，毛利率从 2022年的35.6%骤降至2024年的25.3%。 一个更为严峻的现实是，视源股份为未来付出的代价已远超其当下的盈利能力。根据其2024年年 度报告，公司全年的研发开支高达15.40亿元，而同期的归母净利润仅为9.71亿元。 此次赴港递表，正值视源股份在A股市场经历了一轮剧烈的估 值下修，其市值在2021年初一度接近千亿；截至6月19日收 盘，该公司总市值约为231亿元，相较于高点，其市值已蒸发 超过750亿元。 作者： 郑晨烨 封图：图虫创意 即便如此，视源股份似乎并未有压缩投入的打算。在2025年4月24日的投资者交流活动中，视源股 份管理层就表示："2025年，公司将加大端侧大模型、多模态感知 ...

经济观察报记者 郑晨烨 2025年6月18日，广州视源电子科技股份有限公司（002841.SZ，下称"视源股份（002841）"）发布公告 称，公司已于6月17日向香港联交所递交了发行H股股票并在联交所主板挂牌上市的申请，并与同日在 香港联交所网站刊登了本次发行的申请材料。 视源股份的2024年财务数据显示，该公司当年营业收入达到创纪录的224.01亿元，同比增长11.05%，但 归属于上市公司股东的净利润为9.71亿元，同比大幅缩水29.13%；在盈利能力方面，其毛利率亦从2022 年的26.2%滑落至2024年的20.9%。 一个更为严峻的现实是，视源股份为未来付出的代价已远超其当下的盈利能力。根据其2024年年度报 告，公司全年的研发开支高达15.40亿元，而同期的归母净利润仅为9.71亿元。 即便如此，视源股份似乎并未有压缩投入的打算。在2025年4月24日的投资者交流活动中，视源股份管 理层就表示："2025年，公司将加大端侧大模型、多模态感知算法等关键技术以及智能硬件终端和行业 应用软件领域的研发投入，保障技术创新与产品迭代升级。" 在这样的背景下，视源股份此时赴港IPO的目的也变得清晰：在自身盈 ...

招股书披露，视源电子是智能控制技术专家，也是全球领先的商用显示设备企业之一，且在面向教育与企业服务的交互智能平板("IFPD")和液晶显示 ("LCD")主控板卡领域建立了市场领先地位。根据弗若斯特沙利文的数据，2024年公司的MAXHUB品牌会议交互智能平板以25.0%的市场份额(按营收计)位 居中国内地首位，并以9.9%的市场份额(按营收计)位居全球第二位。 视源电子认为，当前海外市场对数字化教育解决方案的采用率仍处于较低水平，未来发展潜力巨大。此外，在教育领域广泛运用AI赋能工具的趋势有望推 动采用交互智能平板和音视频(AV)设备作为数字化教育解决方案的一部分。全球教育交互智能平板市场规模预计将按8.9%的复合年增长率，从2024年的人 民币200亿元增至2029年的人民币307亿元。根据弗若斯特沙利文数据，2024年视源电子面向教育市场的交互智能平板销量占海外市场份额达40.2%，位居世 界第一。 智通财经APP获悉，据港交所6月17日披露，广州视源电子科技股份有限公司(下称：视源电子)向港交所主板提交上市申请，中金公司、广发证券(香港)为其 联席保荐人。 | | | | 截至12月31日止年度 | ...

Core Viewpoint - Lenovo is positioning itself in the AI era by launching the "Tianxi Personal Super Intelligent Agent" integrated into various AI terminals, aiming to enhance user experiences across work, study, and daily life scenarios [1][3]. Group 1: Product Launches - Lenovo introduced multiple AI terminal products featuring the Tianxi Personal Super Intelligent Agent, including the ThinkPad X1 Carbon 2025 Aura AI version, which boasts a thickness of 14.37mm and a battery life of up to 18 hours [4]. - The ThinkPad T14p 2025 AI version is equipped with Intel's new Ultra 9 processor, achieving 99 TOPS of local computing power, enhancing coding and data analysis efficiency [5]. - The ThinkCentre neo Ultra 2025 AI version is designed for high-load tasks, capable of handling complex data computations and model training [5]. Group 2: AI Applications and Features - The Think AI terminals incorporate five key applications: AI search for direct results, multimodal AI translation, a knowledge base for managing materials, AI tuning for device control, and AI services for image diagnosis and recommendations [3]. - The thinkplus meeting solutions include the T86 Pro meeting tablet with 4K camera and voice localization technology, enhancing collaboration and meeting documentation [6]. Group 3: Legal AI Strategy - Lenovo launched the "Lenovo Legal Intelligent Agent Strategy," which includes eight functional modules aimed at improving efficiency in legal work, such as dispute resolution and compliance management [7]. - The first product under this strategy is the "Lenovo Fasi AI Legal Assistant," developed in collaboration with Turing Law, designed to support lawyers throughout the litigation process [7][8].

内容概况：会议平板作为一种集会议功能和平板电脑功能于一体的设备，近年来呈现出了强劲的市场增 长势头。会议平板不仅能够提供会议所需的演示、展示和互动功能，还能够像普通平板电脑一样满足用 户的个人娱乐和办公需求。这种多功能性使得会议平板变得越来越受欢迎，并且在不同行业和领域得到 广泛应用。近年来，随着科技的不断迭代和进步，会议平板在性能上得到明显提升。高分辨率、高处理 器、大内存等硬件配置使得会议平板能够运行更复杂的应用和任务，为用户提供更加流畅和高效的会议 体验。在此背景下，企事业单位和政府机构对高效协作、智慧办公的需求不断释放，推动会议平板等智 能会议解决方案市场日益成熟。数据显示，2024年中国会议平板行业市场规模约为186.45亿元。未来， 随着会议平板功能和性能的不断提升，以及不同行业对会议平板的需求增加，会议平板市场前景十分广 阔。 相关上市企业：视源股份（002841）、海信视像（600060）、海康威视（002415）、鸿合科技 （002955）、京东方A（000725）、中芯国际（688981）、纳芯微（688052）、韦尔股份（603501）、 TCL科技（000100）、华映科技（00053 ...