Core Viewpoint - The company, Visionox (维信诺), has decided to terminate its major asset restructuring plan, which involved acquiring a 40.91% stake in Hefei Visionox Technology Co., Ltd. and raising matching funds through a share issuance [1][3][5]. Group 1: Termination of Restructuring - On October 24, 2025, the company announced the decision to terminate the asset restructuring plan and has applied to withdraw the application documents from the Shenzhen Stock Exchange [1][5]. - The restructuring plan was initially proposed to enhance the company's core production capacity in the East China region, focusing on flexible AMOLED display panels [3][4]. Group 2: Reasons for Termination - The decision to terminate the transaction was made after careful consideration and communication with the transaction parties, taking into account the significant changes in the market environment since the initiation of the plan [5][6]. - The company emphasized that the termination will not adversely affect its main business operations, financial status, core technology development, or customer collaborations [6]. Group 3: Future Plans and Communication - Visionox plans to explore and strategize around deepening its display industry layout and optimizing its capital structure in the future [6]. - An investor briefing session is scheduled for October 28, 2025, to discuss the termination of the major asset restructuring and engage with investors [6]. - As of October 24, 2025, the company's total market capitalization was 12.334 billion yuan [7].

Core Viewpoint - The asset restructuring plan of Visionox has been terminated after nearly three years due to significant changes in the market environment since the initiation of the transaction [1][3]. Group 1: Termination of the Restructuring Plan - Visionox announced the termination of the acquisition of a 40.91% stake in Hefei Visionox Technology Co., Ltd. and has withdrawn related application documents [1][2]. - The decision was made after careful consideration of the company's development stage and market conditions, emphasizing the need to protect the interests of the company and its shareholders [3][4]. Group 2: Background of the Transaction - The restructuring plan began on December 19, 2022, when the company suspended trading to plan for the acquisition and fundraising [5]. - The initial plan involved acquiring shares from Hefei Heping Investment Co., Ltd., Hefei Chip Screen Industry Investment Fund, and Hefei Xingrong Investment Co., Ltd., which would have given Visionox control over Hefei Visionox [5]. - The total valuation of Hefei Visionox was reported at 16.04 billion yuan, with the acquisition price for the stake set at 6.561 billion yuan, including 4.458 billion yuan in shares and 2.103 billion yuan in cash [5]. Group 3: Future Plans - Following the termination of the restructuring, Visionox plans to continue exploring and planning around deepening its display industry layout and optimizing its capital structure [4]. - An investor briefing is scheduled for October 28, 2025, to discuss the specifics of the terminated restructuring with investors [6].

Core Viewpoint - The company, Visionox (维信诺), has decided to terminate its major asset restructuring plan, which involved acquiring a 40.91% stake in Hefei Visionox Technology Co., Ltd. and raising supporting funds through a share issuance [2][4][6]. Group 1: Termination of Restructuring - On October 24, 2025, the company announced the termination of the asset restructuring plan and applied to withdraw the application documents from the Shenzhen Stock Exchange [2][6]. - The restructuring plan was initially aimed at acquiring a significant stake in Hefei Visionox, which is a core production base for flexible AMOLED displays [4][6]. - The decision to terminate the restructuring was made after careful consideration of the prolonged transaction timeline and significant changes in the market environment since the plan's initiation [6][7]. Group 2: Background of the Restructuring - The company had been planning the acquisition since the end of 2022, with a formal acquisition proposal released on January 2, 2023, and further details provided in April 2023 [5]. - The transaction faced multiple adjustments due to changes in asset valuation and performance commitments, with the board making revisions in July 2024 and June 2025 [6]. Group 3: Future Plans and Communication - The company emphasized that the termination of the transaction would not adversely affect its main business operations, financial status, core technology development, or customer collaborations [7]. - Moving forward, the company plans to explore capital operations and development strategies focused on enhancing its display industry layout and optimizing its capital structure [7][8]. - An investor briefing is scheduled for October 28, 2025, to discuss the termination of the restructuring and engage with investors [8].

Core Viewpoint - The company has decided to terminate its major asset restructuring plan, which involved acquiring a 40.91% stake in Hefei Visionox Technology Co., Ltd. and raising matching funds through a share issuance [2][4][6]. Group 1: Termination of Major Asset Restructuring - On October 24, 2025, the company announced the decision to terminate the asset restructuring plan and requested the withdrawal of the application documents from the Shenzhen Stock Exchange [2][6]. - The initial plan was to acquire shares from Hefei Hefeng Investment Co., Ltd. and others, which was aimed at enhancing the company's core production capacity in the East China region [4][5]. - The restructuring process faced multiple adjustments due to changes in asset valuation and performance commitments, leading to a prolonged timeline and eventual termination of the deal [6][7]. Group 2: Company’s Current Status and Future Plans - The company stated that the termination of the transaction will not adversely affect its main business operations, financial status, core technology development, or customer collaborations [7]. - The company plans to explore future capital operations and development strategies focused on deepening its display industry layout and optimizing its capital structure [7]. - An investor briefing is scheduled for October 28, 2025, to discuss the termination of the major asset restructuring and engage with investors [7]. Group 3: Market Position - As of the close on October 24, 2025, the company's total market capitalization was 12.334 billion yuan [8].

Core Viewpoint - The company, Visionox, announced the termination of a significant asset restructuring plan to acquire a 40.91% stake in Hefei Visionox Technology Co., Ltd. due to changes in the market environment since the initiation of the transaction [1][3]. Group 1: Transaction Overview - The acquisition plan was first announced at the end of 2022, with a valuation of Hefei Visionox at 16.04 billion yuan, corresponding to a purchase price of 6.561 billion yuan for the stake [2]. - The transaction involved issuing shares and cash payments totaling 4.458 billion yuan and 2.103 billion yuan, respectively, with additional fundraising not exceeding 2.2 billion yuan [2]. - The restructuring process faced multiple adjustments due to asset valuation changes and performance commitments, with the board making revisions in July 2024 and June 2025 [2]. Group 2: Business Context - Hefei Visionox is a core production base for Visionox in East China, focusing on the research, production, and sales of flexible AMOLED display panels [3]. - The company aims to strengthen control over Hefei Visionox to enhance operational management, share technological advancements, and reduce costs, thereby solidifying its market position in the flexible AMOLED sector [3]. Group 3: Financial Performance - For the period from January to September 2024, Hefei Visionox reported revenues of 7.508 billion yuan and a net profit of 183 million yuan, with a significant year-on-year increase in main business income by 194.21% [4]. - The revenue was derived from product sales and technology licensing, with product sales contributing 6.935 billion yuan and technology licensing generating 167 million yuan [4]. Group 4: Performance Commitments - The performance commitments from the transaction counterpart require Hefei Visionox to achieve a cumulative net profit of no less than 2.92 billion yuan over the years 2024, 2025, and 2026 [5].

Core Insights - The report by Omdia indicates that the shipment of smartphones using flexible AMOLED displays reached 151 million units in Q1 2025, marking a 15% year-on-year increase, with a stable annual growth rate of around 20% over the past three years [1] - Flexible AMOLED displays have captured 51% of the smartphone display market, signaling a significant shift in display technology as they gradually replace traditional LCDs [1][3] Market Trends - The demand for lighter and more flexible screens among consumers has significantly boosted the shipment of flexible AMOLED displays, with more mid-to-high-end models adopting this technology due to technological maturity and cost reduction [1][3] - The market share of smartphones with AMOLED displays has risen to 63% in Q1 2025, up from 57% in the same period last year, while LCD-equipped smartphones have seen their market share decline to 37% [3][4] Technological Advantages - Flexible AMOLED displays offer superior display quality, including near-infinite contrast ratios and high peak brightness levels exceeding 1800 nits, making them ideal for high-definition content and mobile office use [2] - The foldable feature of flexible AMOLED displays is a key highlight, enabling larger screen sizes for multitasking and entertainment while maintaining portability [3] Competitive Landscape - The competition in the flexible AMOLED market is intensifying, with Chinese manufacturers like BOE, Tianma, and Visionox rapidly advancing in technology and production capacity, challenging the dominance of South Korean firms [5][6] - Omdia forecasts that by 2024, Chinese manufacturers will ship 36.4 million AMOLED panels, a significant increase of over 12 million units from 2023, indicating a growing presence in the global market [6] Future Outlook - Industry experts predict that the penetration of flexible AMOLED technology in smartphones will continue to rise, with expectations of over 750 million units shipped by the end of 2025 [4] - The competition will increasingly focus on technological innovation, production efficiency, and supply chain integration, benefiting consumers through enhanced product offerings [6][7]

Market Overview - On July 16, the Shanghai Composite Index fell by 0.03%, the Shenzhen Component Index decreased by 0.22%, and the ChiNext Index also dropped by 0.22%[3] - The total trading volume of the Shanghai and Shenzhen stock markets exceeded 1.44 trillion, showing a significant decrease compared to the previous period[1] Sector Performance - Leading sectors included chemical pharmaceuticals, automotive parts, oil, automotive services, education, and diversified finance, while insurance, steel, energy metals, banking, electronic components, and non-ferrous metals showed notable adjustments[1] - A total of 3,208 stocks rose, while 1,809 stocks declined, indicating a predominance of gainers in the market[1] Investment Strategy - The current market adjustment is viewed as an opportunity rather than a risk, with expectations for a new round of strong upward movement after technical indicators stabilize[1] - Investors are encouraged to focus on sectors such as digital currency, semiconductors, artificial intelligence, biomedicine, and new energy vehicles[1] Fund Flow - On July 16, net inflows into the Shanghai Stock Exchange were 38.27 billion, while the Shenzhen Stock Exchange saw net inflows of 8.14 billion[4] - The top three sectors for net inflows were automotive parts, chemical pharmaceuticals, and general equipment, while the sectors with the highest outflows included components, securities, and industrial metals[4] Industry Developments - The Ministry of Industry and Information Technology plans to implement stricter technical standards for mobile power sources, which may lead to a reshuffle in the domestic market, benefiting related listed companies[2] - The AI industry is shifting focus from infrastructure to downstream applications, with opportunities emerging in smart manufacturing, smart education, and smart healthcare[2] Fund Dynamics - A total of 136 funds have been liquidated this year, with equity funds making up 65% of the total, indicating a trend towards normalization in fund closures[13] - Fund managers are increasing their stock positions significantly, with some new funds exceeding 90% in stock allocation, reflecting optimism about future market conditions[15]