Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights that the company, Visionary Technology, has become one of the few global enterprises with full-stack self-research capabilities in silicon-based OLED technology, including display chips, micro-displays, and optical systems [3][15] - Visionary Technology is the first company globally to achieve mass production of silicon-based OLED micro-displays using 12-inch wafer backplanes, positioning itself as a key player in China's silicon-based OLED industry [3][15] - The company's silicon-based OLED micro-displays are expected to benefit significantly from the rapid growth of the XR (Extended Reality) market, with a projected compound annual growth rate (CAGR) of 67.3% from 2024 to 2030 [7][8] Summary by Sections Company Overview - Visionary Technology has established itself as a leading provider of micro-display solutions, with its core product being silicon-based OLED micro-displays [15] - The company has been recognized as a national leader in the new display industry chain and is tasked with enhancing the resilience and security of the supply chain [3][15] Financial Performance - From 2022 to 2024, the company's revenue from silicon-based OLED micro-displays is projected to increase from 61.71% to 79.70% of its total revenue, indicating its core product's growing importance [4][32] - The company's total revenue for 2022, 2023, and 2024 is expected to be 190.39 million, 215.45 million, and 280.06 million yuan respectively, with a significant portion coming from its main business [32][37] Market Position and Strategy - Visionary Technology has formed deep partnerships with major clients in the XR field, which is crucial for future bulk orders [4][7] - The company has a strategic focus on developing high-performance silicon-based OLED micro-displays that meet the increasing demands of the XR industry, outperforming traditional silicon-based OLED manufacturers [3][4] Industry Trends - The global XR device market is expected to grow from 31.89 billion yuan in 2024 to 700.04 billion yuan by 2030, with silicon-based OLED technology being the only mass-produced display technology applicable to both AR and VR industries [7][8] - The report indicates that the silicon-based OLED display market is projected to grow from 390 million yuan in 2020 to 1.27 billion yuan in 2024, with a CAGR of 34.3% [8] Customer Base - Visionary Technology has established itself as a strategic supplier for numerous leading clients, including ByteDance and Lenovo, with significant market share in the XR device sector [7][18] - The company has contracts with major clients that ensure a steady demand for its products, contributing to its revenue growth [7][18]

Core Viewpoint - Shiya Technology has entered the inquiry stage for its IPO on the Sci-Tech Innovation Board, moving closer to listing despite not yet being profitable and having accumulated losses of nearly 800 million yuan over three years [1][2]. Company Overview - Founded in 2016, Shiya Technology is a national high-tech enterprise with a registered capital of 900 million yuan, focusing on the research, design, production, and sales of next-generation semiconductor OLED micro-displays [5]. - The company has developed a full-stack self-research capability in "display chips + micro-displays + optical systems" and has several core technologies, including silicon-based OLED micro-cavity technology and high-efficiency stacked OLED technology [5]. - The company plans to raise 2.015 billion yuan through its IPO, with approximately 1.609 billion yuan allocated for expanding production lines for ultra-high-resolution silicon-based OLED micro-displays [5]. Market Position - According to a report by Frost & Sullivan, Shiya Technology ranks second globally and first domestically in the shipment of silicon-based OLED products for XR devices, with a market share of approximately 35.2% in 2024 [5]. - The company is recognized as a unicorn with a valuation of at least 10 billion yuan, recently listed as the seventh unicorn in Hefei with a valuation of 11.1 billion yuan [8]. Financial Performance - Revenue for the years 2022 to 2024 was 190 million yuan, 215 million yuan, and 280 million yuan, respectively, reflecting a compound annual growth rate of 21.5% [10]. - Despite revenue growth, the company reported net losses of 247 million yuan, 304 million yuan, and 247 million yuan during the same period, totaling nearly 800 million yuan in losses [10]. - The core product, silicon-based OLED micro-displays, accounted for 79.7% of total revenue by 2024, indicating its significance as the main revenue driver [10]. Cost Structure and Cash Flow - The gross margin for the core product increased from 19.14% in 2022 to 21.52% in 2024, although the company still faces significant depreciation costs due to high fixed asset investments [11]. - Operating cash flow has been negative, with net cash flows of -223 million yuan in 2022, -287 million yuan in 2023, and -76 million yuan in 2024, indicating ongoing cash flow challenges [11]. Customer Concentration Risk - The company has a high customer concentration risk, with sales to the top five customers accounting for 75.59%, 76.62%, and 73.61% of total revenue from 2022 to 2024 [7].

Core Viewpoint - Shiya Technology Co., Ltd. has changed its review status to "inquired" as it plans to raise approximately 2.015 billion yuan for its IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1] Company Overview - Shiya Technology was established in October 2016 and was previously known as Shanghai Shiya Information Technology Co., Ltd. It relocated to Hefei, Anhui Province, in August 2019 and was renamed Hefei Shiya Technology Co., Ltd. before becoming a joint-stock company in May 2022 [3] - The company specializes in micro-display solutions, with its core product being silicon-based OLED micro-displays, and offers value-added services including strategic product development and optical systems [10] Financial Performance - Revenue for Shiya Technology was approximately 190 million yuan in 2022, 215 million yuan in 2023, and projected to be 280 million yuan in 2024. However, the company reported net losses of approximately 247 million yuan, 304 million yuan, and 247 million yuan for the same years [10] - The company has maintained a high R&D investment ratio, with R&D expenditures of approximately 237 million yuan, 287 million yuan, and 269 million yuan over the past three years, representing 95.93%, 133.35%, and 124% of its revenue respectively [11] Market Position - According to a report by Frost & Sullivan, Shiya Technology is one of only two manufacturers that achieved million-level shipments in the silicon-based OLED product market in 2024, ranking second globally with a market share of 35.2% [3] - Sony leads the market with a 50.8% share, indicating a competitive landscape in the XR device sector [3] Shareholding Structure - The largest shareholder, Shanghai Jishan Management Consulting Co., Ltd., holds 15.61% of the shares, while other significant shareholders include Wuhan Jingce Electronics Group Co., Ltd. (6.02%) and Goertek Inc. (5.4%) [4] - The actual controller of Shiya Technology is Gu Tie, who holds significant voting rights through Shanghai Jishan, controlling 61.79% of the voting rights [10][12]

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].

Group 1: Virtual Asset Trading in Hong Kong - Tianfeng International Securities has upgraded its securities trading license to provide virtual asset trading services, marking a significant step for traditional financial institutions in the virtual asset sector [1] - The Hong Kong Securities and Futures Commission regulates virtual asset activities, while the Hong Kong Monetary Authority oversees currency payment areas such as stablecoins and digital currencies [1] - The recent developments in the stablecoin market, driven by regulatory frameworks, suggest a focus on cross-border payment and digital currency businesses, highlighting investment opportunities in companies with blockchain technology [1] Group 2: Water Conservancy Investment - The Chinese government has issued opinions to enhance flood control infrastructure, including the construction of flood control reservoirs and the improvement of existing ones [2] - Water conservancy investment is expected to maintain a high growth trend, with projected national investment reaching 1,352.9 billion yuan in 2024, a 12.8% increase year-on-year [2] - The "14th Five-Year" water transport development plan aims to add 2,500 kilometers of high-grade inland waterways, indicating a strong policy and funding support for major engineering projects [2] Group 3: Xiaomi's YU7 Vehicle Launch - Xiaomi's YU7 vehicle received over 289,000 pre-orders within the first hour of its launch, exceeding market expectations [3][4] - The YU7 is expected to attract tech-savvy consumers due to its advanced technology configurations, particularly in smart driving and battery performance [4] - The launch of YU7 is anticipated to drive collaborative development across the supply chain, benefiting key sectors such as lidar suppliers, smart driving system developers, and high-performance battery manufacturers [4] Group 4: IPO of Vision Technology - Vision Technology's IPO application has been accepted by the Shanghai Stock Exchange, aiming to raise 2.015 billion yuan [5] - The company has completed seven rounds of financing, with its latest round in February 2023, and is recognized as a unicorn with a valuation exceeding 10 billion yuan [5] - The core product, silicon-based OLED microdisplay technology, is positioned as a critical hardware component for XR devices, aligning with the explosive growth of the AI industry and the demand for advanced human-computer interaction [5]

Industry News - The China Securities Regulatory Commission (CSRC) has announced administrative penalties against Nanjing Yuebo Power System Co., Ltd. for information disclosure violations, holding both the company and individuals involved accountable [5] - The Shanghai and Shenzhen Stock Exchanges are seeking public opinion on adjusting the price fluctuation limit for risk-warning stocks on the main board from 5% to 10%, aligning it with other stocks on the main board [5] - The Hong Kong Financial Secretary stated that regulations for stablecoins will take effect on August 1, aiming to create a favorable market environment and promote the application of stablecoins in various scenarios [5] - The market for computing power leasing is currently experiencing a downturn, with prices for graphics card rentals halved compared to the peak earlier this year, indicating a challenging market environment [6] - The State Administration for Market Regulation has conducted a special inspection of food additives, revealing violations in the use of food additives in various food categories [6][7] - The global supply of vitamin D3 raw materials is constrained, leading to a continuous price increase, with domestic market prices reaching 660 yuan per kilogram, a new high for the year [7] Company News - DaPu Micro's initial public offering application has been accepted by the Shenzhen Stock Exchange, marking it as the first unprofitable company to be accepted on the Growth Enterprise Market [8] - China Rare Earth Group has clarified that recent personnel changes among its directors and executives are based on operational needs and have not affected ongoing work [9] - Hikvision has been ordered by the Canadian government to cease operations in Canada under the pretext of national security, to which Hikvision has expressed strong opposition [9] - China Eastern Airlines Group's former chairman is under investigation for serious violations of discipline and law [9] - EVE Energy announced plans for its wholly-owned subsidiary in Malaysia to invest up to 8.654 billion yuan in a new energy storage battery project [10] - Sifang Jingchuang reported that a board member has completed a share reduction plan, reducing holdings by 276,300 shares, accounting for 0.05% of the total share capital [10] - Hengbao Co., Ltd. announced that its actual controller has completed a share reduction plan, with a reduction ratio of 1.37% [11] - The People's Bank of China has updated the major changes in the licensing information of non-bank payment institutions, indicating a decrease in the shareholding ratio of a major shareholder in Lakala Payment [11] - Bona Film Group announced plans for significant share reductions by its shareholders, with one shareholder planning to reduce holdings by up to 40.9764 million shares, accounting for 3% of total share capital [11]

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 - Visionox Technology, a manufacturer of silicon-based OLED microdisplays, has initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 2.015 billion yuan [1] Group 1: Company Overview - Visionox Technology is a leading global provider of microdisplay solutions, specializing in silicon-based OLED microdisplays and offering value-added services such as strategic product development and optical systems [4] - The company is the first in the world to achieve mass production of silicon-based OLED microdisplays using a 12-inch wafer backplane and possesses comprehensive self-research capabilities across the entire stack of "display chip + microdisplay + optical system" [4] - Visionox 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 [4] Group 2: Market Position and Competition - The silicon-based OLED microdisplay market has been dominated by foreign manufacturers, but its importance is increasing due to rapid growth in downstream applications [4] - In 2024, Visionox is projected to be one of only two companies achieving over one million shipments in the industry, ranking second globally and first domestically with a market share of approximately 35.2% [4] Group 3: Financial Performance - Visionox has not yet achieved profitability, with revenues of 190 million yuan, 215 million yuan, and 280 million yuan from 2022 to 2024, and net losses of 247 million yuan, 304 million yuan, and 247 million yuan during the same period [5] - The company attributes its lack of profitability to rapid industry growth, significant investments in production lines, and the need for substantial R&D expenditures to maintain competitive advantages [5] Group 4: Governance and Fundraising - Visionox has a special voting rights structure, where the controlling shareholder holds 61.79% of the voting rights, allowing for significant control over company management [6] - The IPO aims to raise 2.015 billion yuan for expanding production lines for ultra-high-resolution silicon-based OLED microdisplays and building a research and development center, which will enhance production capacity and technical strength [6] - The company aims to solidify its industry position and promote the development of the entire supply chain in China through the implementation of the fundraising projects [6]

Core Viewpoint - The company, Visionary Technology Co., Ltd., has had its IPO application accepted by the Shanghai Stock Exchange, indicating a significant step towards public listing despite ongoing financial losses and high customer concentration risks [1][3]. Financial Performance - For the reporting period from 2022 to 2024, Visionary Technology is projected to achieve revenues of approximately 190 million yuan, 215 million yuan, and 280 million yuan respectively, while incurring net losses of 247 million yuan, 304 million yuan, and 247 million yuan, totaling a cumulative loss of about 798 million yuan [1][2]. - The company's total assets are expected to grow from 2.26 billion yuan in 2022 to 3.15 billion yuan by the end of 2024, while the equity attributable to shareholders is projected to decrease from 1.56 billion yuan in 2022 to 2.16 billion yuan in 2024 [2]. - The operating revenue for 2024 is estimated at 280 million yuan, up from 215 million yuan in 2023 and 190 million yuan in 2022 [2]. Cash Flow and Investment - The company has faced negative cash flow from operating activities, with net cash flows of -223 million yuan, -287 million yuan, and -75.62 million yuan over the reporting periods [3]. - A significant portion of revenue is allocated to research and development, with R&D expenses accounting for 95.93% of operating revenue in 2024, indicating a strong focus on innovation [2]. Customer Concentration and Market Position - Visionary Technology has a high customer concentration, with the top five customers contributing 75.59%, 76.62%, and 73.61% of total revenue in the respective years [3]. - The company has established strategic partnerships with key players in the XR field, which are crucial for future financial performance and operational development [3]. Risks and Challenges - The company faces risks related to project completion, production capacity, and market demand fluctuations, which could adversely affect future operations and profitability [4].