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].

Core Viewpoint - The company, Visionox, has submitted an application for an H-share IPO on the Hong Kong Stock Exchange, aiming to leverage its leading position in the commercial display equipment market and expand its product offerings in response to growing global demand for digital education and enterprise solutions [1][2]. Group 1: Company Overview - Visionox is a leading global company in commercial display equipment, particularly in interactive smart panels (IFPD) and LCD main control boards, holding a 23.8% market share in the LCD main control board sector in 2024 [1]. - Established in 2005, Visionox has expanded its business from LCD main control boards to a diverse range of high-growth potential smart control components, covering various sectors including white goods, automotive, energy storage, and robotics [1]. Group 2: Market Position and Growth - The company's Seewo brand has become the top revenue-generating brand in the interactive smart panel market for education in China, with a 17.5% global market share in 2024 [2]. - Visionox's MAXHUB brand, targeting the enterprise market, holds a 25.0% market share in China and ranks second globally with a 9.9% share in 2024 [2]. - The global market for interactive smart panels in education is projected to grow from 20 billion RMB in 2024 to 30.7 billion RMB by 2029, with a compound annual growth rate (CAGR) of 8.9% [2]. - The global market for commercial audio-visual (AV) equipment in education is expected to increase from 86.6 billion RMB in 2024 to 119.1 billion RMB by 2029, with a CAGR of 6.6% [2]. Group 3: Financial Performance - Visionox is projected to achieve a revenue of 22.4 billion RMB in 2024, an 11% increase from 20.1 billion RMB in 2023, driven by a 20.4% growth in smart control component revenue [3]. - The company's net assets are expected to reach 13.1 billion RMB by the end of 2024 [3]. Group 4: IPO and Fund Utilization - The IPO will be jointly sponsored by CICC and GF Securities (Hong Kong), with the raised funds aimed at supporting product research and development, enriching the product portfolio, and accelerating commercialization in core application scenarios [3].