Core Viewpoint - Visionary Technology Co., Ltd. has been accepted for IPO on the Sci-Tech Innovation Board, focusing on the development and production of next-generation semiconductor OLEDoS displays, with significant clients including ByteDance and Lenovo [1] Financial Performance - The company reported a total asset of 3.15 billion yuan and a net loss of 246.80 million yuan for the year ending December 31, 2024, with a cumulative net loss of 951 million yuan over three years [3][2] - Revenue for the reporting periods was 280.06 million yuan, 215.45 million yuan, and 190.43 million yuan, with a significant R&D expense ratio of 95.93%, 133.35%, and 124.48% respectively [3][5] R&D Investment - R&D expenses totaled 793 million yuan over three years, accounting for 115.61% of cumulative revenue, with a compound annual growth rate of 6.46% [3] - The company maintains a high R&D expense ratio to establish a technological advantage in the silicon-based OLED industry, despite experiencing losses [5][6] Government Subsidies - The company highlighted risks associated with the sustainability of government subsidies, which contributed 28.54 million yuan, 29.30 million yuan, and 24.99 million yuan to revenue in the respective reporting periods [2] Market Strategy - Visionary Technology has adopted a strategy of lowering product prices to increase market penetration, as indicated by rising sales rates but declining average prices for their silicon-based OLED micro-displays [6]

IPO Review and Registration Progress - A total of 75 IPO applications were accepted last week, with 48 companies aiming for the North Exchange, 12 for the Growth Enterprise Market, 7 for the Sci-Tech Innovation Board, and 4 for the Shanghai and Shenzhen main boards [2][3] - The highest fundraising target among the new applicants is from Zhenstone Co., which plans to raise 3.981 billion yuan for various projects including production bases and R&D [2][4] - Most of the newly accepted companies are expected to be profitable in 2024, with only two companies, Shiya Technology and Dapu Micro, projected to incur losses [4][5] Company Highlights - Zhenstone Co. is a national high-tech enterprise focused on clean energy fiber-reinforced materials, with projected revenues of 5.267 billion yuan in 2022, 5.124 billion yuan in 2023, and 4.439 billion yuan in 2024 [4] - Dapu Micro, the first unprofitable company accepted for the Growth Enterprise Market, specializes in enterprise-level SSD products and aims to achieve profitability by 2026 [5] - Aomeisen, which passed the IPO review, is a smart equipment manufacturer with expected revenues of 358 million yuan in 2024 [6] New Stock Listings and Subscriptions - Guangxin Technology debuted on the North Exchange with a first-day increase of 500%, closing at 60 yuan per share [12] - Xintong Electronics is set to list on the Shenzhen main board on July 1, 2025, with projected revenues of 1.005 billion yuan in 2024 [12] - Tongyu New Materials will have its subscription on July 1, with an issue price of 84 yuan per share and expected total fundraising of 840 million yuan [13]

Group 1 - The China Securities Regulatory Commission disclosed the completion report of the IPO guidance work for Visionary Technology Co., Ltd. by Guotai Junan Securities [1] - Guotai Junan signed the guidance agreement with Visionary Technology on October 11, 2024, and conducted two phases of guidance work from October 2024 to June 2025 [1] - Visionary Technology has established a governance structure, accounting foundation, and internal control system suitable for a listed company, and its key personnel are aware of the responsibilities and obligations related to listing and compliance [1] Group 2 - Visionary Technology, founded in October 2016, specializes in the research, design, production, and sales of next-generation semiconductor OLED micro-displays [2] - The company has built a production line focused on 12-inch wafer silicon-based OLED micro-display devices, with a monthly production capacity of 9,000 wafers in the first phase [2] - Visionary Technology has invested over 2 billion yuan, with the first phase investment of 1.28 billion yuan, and the facility can accommodate three production lines with a maximum capacity of 27,000 wafers per month [2]