Core Viewpoint - The company, Shiya Technology, is a leading player in the domestic silicon-based OLED microdisplay sector and is currently undergoing an IPO process, facing challenges such as continuous losses, rising debts, and related party transactions [2][3][4]. Group 1: IPO and Financial Performance - Shiya Technology's IPO aims to raise approximately 2.015 billion yuan, with funds allocated for expanding production lines and building a research center [2]. - The company has reported continuous revenue growth over the past three years, with revenues of 190 million yuan, 215 million yuan, and 280 million yuan for 2022, 2023, and 2024 respectively, but has incurred cumulative losses exceeding 798 million yuan during the same period [3][4]. - The company’s net profit for the same years was -247 million yuan, -304 million yuan, and -247 million yuan, indicating ongoing financial struggles [3][4]. Group 2: Market Position and Competition - Shiya Technology is recognized as the first company globally to achieve mass production of silicon-based OLED microdisplays using 12-inch wafers and holds a significant market share of 35.2%, ranking second globally and first in China [3]. - The global sales of silicon-based OLED microdisplays are projected to reach 1.27 billion yuan in 2024, with a shipment volume of approximately 6.365 million units, primarily driven by XR device applications [3]. Group 3: Research and Development - The company has invested heavily in R&D, with cumulative R&D expenditures amounting to 793 million yuan over the past three years, representing 115.61% of its total revenue during the same period [6]. - R&D personnel constitute 29.79% of the total workforce, indicating a strong focus on innovation [6]. Group 4: Risks and Concerns - The company faces scrutiny regarding its ability to achieve profitability, as continuous losses may raise concerns among regulators about its long-term viability [4][5]. - Related party transactions have been highlighted, with a significant portion of procurement costs attributed to related parties, raising potential governance issues [11][12]. Group 5: Future Outlook - The company’s gross profit margins have fluctuated, with margins of 19.12%, 17.03%, and 21.52% over the reporting period, influenced by various factors including market competition and raw material costs [13][14]. - The company plans to invest approximately 1.24 billion yuan in new projects, which may lead to increased depreciation costs, further impacting profitability if sales do not scale effectively [14].

Core Insights - Gu Tie, with a strong technical background and business acumen, is positioned to lead two companies listed on the Sci-Tech Innovation Board following the IPO of Vision Technology Co., Ltd. [1] - Vision Technology has not yet achieved profitability, and its related party transactions are notable [1][5] Group 1: Company Background - Gu Tie has a 20-year career in the optical imaging industry, having worked at various companies before founding Yirui Technology in 2011, which successfully went public in 2020 [2][3] - Vision Technology was established in 2016, focusing on micro-display technology and XR solutions, but has yet to turn a profit [4][5] Group 2: IPO Process - The IPO process for Yirui Technology was notably swift, taking only six months from acceptance to listing [3] - Vision Technology's IPO is benefiting from new policies allowing unprofitable companies to list on the Sci-Tech Innovation Board, with its acceptance date being June 26, 2023 [4] Group 3: Financials and Related Transactions - Vision Technology aims to raise approximately 2.015 billion yuan, with funds allocated for expanding production lines and R&D [5] - The company has significant related party transactions with Yirui Technology, Precision Electronics, and GoerTek, raising concerns about the nature of these transactions [6][8] - Financial data shows that Vision Technology has consistently reported losses, with revenues of approximately 190 million yuan in 2022 and a net loss of about 247 million yuan [9]

Core Viewpoint - Gu Tie, with a strong technical background and business acumen, is positioned to leverage the favorable market conditions for his companies, particularly with the IPO of Vision Technology Co., Ltd. [1] Group 1: Company Background - Gu Tie has a 20-year career in the optical imaging industry, culminating in the founding of Yirui Technology in 2011, which successfully went public on the Sci-Tech Innovation Board in 2020 [4][6] - Vision Technology, founded in 2016, focuses on micro-display technology and aims to provide comprehensive solutions in the XR (Extended Reality) space [9][10] Group 2: Market Context - Before 2010, the digital X-ray detector market was dominated by foreign companies, with prices reaching hundreds of thousands of yuan; however, domestic companies like Yirui Technology have successfully developed competitive products, leading to a decrease in prices [6][9] - The COVID-19 pandemic significantly increased demand for Yirui Technology's wireless products, contributing to its revenue growth [9] Group 3: IPO Process - Vision Technology's IPO is influenced by recent regulatory changes allowing unprofitable companies to list on the Sci-Tech Innovation Board, with the company’s application accepted shortly after these changes [9][10] - The company plans to raise approximately 2.015 billion yuan, primarily for expanding production lines and R&D [10] Group 4: Financial Performance - Vision Technology has not yet achieved profitability, with significant losses reported during the last few years, attributed to high R&D expenses and investments in production capacity [17][18] - In contrast, Yirui Technology has shown consistent revenue growth and profitability, with revenues of approximately 1.9 billion yuan to 2.8 billion yuan from 2022 to 2025 [18] Group 5: Related Transactions - Vision Technology has significant related transactions with Yirui Technology, including sales and purchases of optical systems and raw materials, raising concerns about the fairness and transparency of these transactions [10][11][12] - The involvement of major shareholders like Jingce Electronics and GoerTek in both supply and customer roles further complicates the financial landscape of Vision Technology [12][13]

Core Viewpoint - Shiya Technology Co., Ltd. is a leading global provider of micro-display solutions, focusing on silicon-based OLED micro-displays, but has faced continuous losses over the past three and a half years, with a projected turnaround to profitability expected in 2026, contingent on various market factors [1][2]. Financial Performance - Shiya Technology reported revenues of approximately 190 million, 215 million, 280 million, and 150 million yuan for the years 2022 to 2025, with net losses of 247 million, 304 million, 247 million, and 123 million yuan respectively, totaling a cumulative loss of about 921 million yuan over three and a half years [1][3]. - The gross profit margins for the main business during the reporting period were 19.12%, 17.03%, 21.52%, and 20.37% [1]. - The company’s total assets as of June 30, 2025, were approximately 4.27 billion yuan, with a net profit attributable to shareholders of -123.08 million yuan for the first half of 2025 [3][4]. Customer Concentration - The company has a high customer concentration, with the top five customers accounting for 75.59%, 76.62%, 73.61%, and 63.96% of total revenue during the reporting periods, and the largest customer contributing 38.05%, 39.44%, 30.69%, and 31.31% of revenue [7]. Research and Development - Shiya Technology has maintained a high level of R&D investment, with R&D expenses accounting for 80.23%, 95.93%, 133.35%, and 124.48% of revenue during the reporting periods, reflecting the competitive nature of the industry [4]. Special Clauses and Risks - The company has disclosed special clauses related to share repurchase rights in its financing agreements, which could pose risks if the company fails to successfully list on the stock exchange [8]. - There are concerns regarding the potential impact of high customer concentration and the dependency on a single large customer for revenue growth [7].

Core Viewpoint - Visionary Technology Co., Ltd. (referred to as "the Company") is a leading global provider of micro-display solutions, focusing on silicon-based OLED micro-displays, but has faced continuous losses over the past three and a half years, with a projected timeline for profitability extending to 2026 [1][2]. Financial Performance - The Company reported revenues of approximately 190 million, 215 million, 280 million, and 150 million yuan for the years 2022 to 2025, with net losses of 247 million, 304 million, 247 million, and 123 million yuan respectively, totaling a cumulative loss of about 921 million yuan over the reporting period [1][3]. - Gross profit margins for the main business were 19.12%, 17.03%, 21.52%, and 20.37% for the respective years [1]. - The Company anticipates a shift from loss to profit by 2026, contingent on various factors such as product sales and material costs [2]. Cash Flow and Investment - The net cash flow from operating activities was negative for the first three periods, with a positive cash flow of 22.2 million yuan in the last period [6]. - The Company has made significant investments in production lines, which have led to high depreciation costs impacting current and future profitability [5]. Customer Concentration - The Company has a high customer concentration, with the top five customers accounting for 75.59%, 76.62%, 73.61%, and 63.96% of total revenue during the reporting periods, indicating a reliance on a few key clients [8]. - The first major customer contributed 38.05%, 39.44%, 30.69%, and 31.31% of total revenue in the respective years, highlighting the risk associated with dependency on single clients [8]. Special Clauses and Shareholding Issues - The Company has disclosed special clauses related to share repurchase rights in its financing agreements, which could pose risks if the Company fails to list successfully on the stock exchange [9]. - Recent disclosures revealed that Nanjing Zhaoyin's shareholding situation involved undisclosed shareholding arrangements, which have now been resolved as of September 2025 [10][13].

Group 1 - The AI industry chain is experiencing significant profitability, particularly in computing power-related stocks, with many companies seeing over 100% growth since April [1] - Vision Technology Co., Ltd. has submitted its prospectus to the Sci-Tech Innovation Board and received its first round of inquiries, with Guotai Junan Securities as the sponsor [2] - The company was founded in October 2016, focusing on the micro-display industry, and has completed a share reform in May 2022 [4] Group 2 - The actual controller of the company is Gu Tie, who holds 61.79% of the voting rights [5] - Gu Tie, born in June 1968, has a background in physics and engineering, previously worked for several companies, and founded Yirui Technology, which went public in 2020 [6][12] - Vision Technology's headquarters is located in Hefei, Anhui Province, with significant investments from Xiaomi, DJI, and other notable firms [6] Group 3 - The company's main product is silicon-based OLED micro-displays, which are crucial for XR devices, and it has achieved mass production of the world's first 12-inch silicon-based OLED production line [8] - The revenue from silicon-based OLED micro-displays is projected to account for 79.70% of the company's main business revenue in 2024 [15] - The company has seen revenue growth in recent years, with projected revenues of 1.9 billion, 2.15 billion, and 2.8 billion yuan for 2022, 2023, and 2024 respectively [12] Group 4 - The company has incurred losses of nearly 800 million yuan over three years, with net profits of -247 million, -304 million, and -247 million yuan for 2022, 2023, and 2024 respectively [12][13] - The average selling price of silicon-based OLED micro-displays has decreased by 4.56% in 2023 compared to 2022, impacting profit margins [17] - The company’s gross profit margin for silicon-based OLED micro-displays was 21.52% in 2024, higher than that of its competitor BOE [19] Group 5 - Vision Technology's main customers include ByteDance, Lenovo, and others, while its suppliers include major firms like SMIC and Shenzhen Huiniu Technology [20] - The company holds a 35.2% market share in the global silicon-based OLED micro-display market, ranking second globally behind Sony [21][31] - The global market for silicon-based OLED displays is expected to grow significantly, with a projected compound annual growth rate of 34.3% from 2020 to 2024 [27]

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 has entered the IPO inquiry stage for the Sci-Tech Innovation Board, moving closer to listing, with a valuation of at least 10 billion yuan despite not being profitable and incurring nearly 800 million yuan in losses over three years [1][4]. Company Overview - Founded in 2016, Shiya Technology has a registered capital of 900 million yuan and focuses on the research, design, production, and sales of next-generation semiconductor OLED micro-displays, being recognized as a national high-tech enterprise [2]. - The company has developed a full-stack self-research capability in "display chips + micro-displays + optical systems," with key technologies including silicon-based OLED strong micro-cavity technology and silicon-based high-efficiency stacked OLED full-color technology [2]. 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%, primarily driven by the core product, silicon-based OLED micro-displays [5]. - Despite revenue growth, the company reported net losses of 247 million yuan, 304 million yuan, and 247 million yuan over the same period, totaling nearly 800 million yuan in losses [5]. Investment and Use of Proceeds - The company plans to raise 2.015 billion yuan through the IPO, with approximately 1.609 billion yuan allocated for the expansion of ultra-high-resolution silicon-based OLED micro-display production lines and about 406 million yuan for R&D center construction [2]. Market Position - According to a report by Frost & Sullivan, Shiya Technology ranks second globally and first domestically in silicon-based OLED product shipments for XR devices, with a market share of approximately 35.2% in 2024 [2]. Ownership and Control - The actual controller of the company is Chairman Gu Tie, who holds 100% of the controlling shareholder Shanghai Jishan, collectively controlling 29.36% of the shares, with a voting power of 61.79% prior to the IPO [3]. Customer Concentration Risk - The company faces 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 [4]. Asset and Cash Flow Management - As of the end of 2024, the company reported fixed assets and construction in progress valued at 1.039 billion yuan and 512 million yuan, respectively, with high depreciation costs impacting profitability [6]. - The company has consistently reported negative net cash flow from operating activities, with figures of -223 million yuan, -287 million yuan, and -76 million yuan for the years 2022 to 2024 [6].

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]