Core Insights - The silicon-based OLED microdisplay has become the core display solution for XR (AR/VR) devices due to its high resolution, high contrast, low power consumption, and miniaturization advantages, with applications expanding from consumer to industrial and medical fields as AI and XR technologies converge [1][10] - The global shipment of silicon-based OLED microdisplays is expected to reach 6.365 million units in 2024, a year-on-year increase of 25.1%, with a market size of $1.27 billion, growing by 13.4% year-on-year [10] Industry Overview - Microdisplays are defined as screens smaller than 2 inches with pixel sizes under 10 micrometers, with silicon-based OLED microdisplays utilizing single-crystal silicon wafers as driving backplanes and OLEDs as light-emitting units, offering high resolution, brightness, contrast, and rapid response [2][3] - The main technologies in the microdisplay market include Fast-LCD, LCoS, and silicon-based OLED, with silicon-based OLED showing significant advantages in contrast, response speed, and pixel density, particularly in VR and AR applications [3][4] Industry Barriers - The production of silicon-based OLED involves multiple processes requiring high technical precision, combining semiconductor and OLED display technologies, which creates significant entry barriers due to the need for breakthroughs in key processes [4][5] Development History - The development of China's silicon-based OLED microdisplay industry can be divided into four stages: laboratory exploration, technological breakthroughs, industrialization, and global competition, with leading companies achieving breakthroughs in performance metrics since 2024 [5][6] Industry Chain - The upstream of the silicon-based OLED microdisplay industry includes suppliers of raw materials, production equipment, and testing equipment, while the midstream focuses on R&D, design, and production, and the downstream encompasses application markets such as XR, electronic viewfinders, and infrared thermal imaging [7][8] Current Market Status - The XR field is the core demand market for silicon-based OLED microdisplays, expected to account for 50.39% of the market in 2024, driven by the need for high information density and immersive display effects [8][10] Competitive Landscape - The XR market is primarily dominated by Sony and Visionox, with Sony holding a 50.8% share of global shipments in 2024, while Visionox ranks second with a 35.2% share [11][12] Company Analysis - Visionox is a leading provider of microdisplay solutions, with a diverse product range and a strong focus on R&D, achieving a production rate of 95.33% in the first half of 2025 [12] - Suzhou Qingyue Technology specializes in OLED and silicon-based OLED microdisplays, with a revenue of 0.13 billion yuan from its silicon-based OLED business in 2024, accounting for 1.69% of total revenue [13] Future Trends - The silicon-based OLED microdisplay industry is expected to focus on continuous performance upgrades, with advancements in brightness, optical efficiency, and power consumption [14] - The industry will accelerate the localization of the supply chain, enhancing collaboration and innovation across upstream and downstream sectors [15] - The integration of AI and XR technologies will drive the development of a cohesive ecosystem, enhancing global competitiveness and shifting the industry from a "follower" to a "leader" position [15]

Core Insights - The new display industry in China is projected to reach a production value of 740 billion yuan in 2024, with a year-on-year growth of 12%, and a global market share exceeding 49% [2] - By 2025, the industry is expected to approach 800 billion yuan in production value, with a global market share nearing 54% [2] - The industry has transitioned from a "point model" to a "chain model," establishing a new ecosystem characterized by interconnectedness and synergy [2] Industry Development - The Chinese new display industry has moved from catching up to being a global leader, dominating 55% of the panel market and 43% of the materials market [2] - The industry has formed clusters in regions such as the Yangtze River Delta and the Pearl River Delta, with Anhui province achieving a full industry chain layout [3] - OLED technology is expanding from mobile devices to larger screens, with significant cost reductions anticipated for higher generation production lines [3] Technological Advancements - The global market for silicon-based OLED displays is expected to grow at a compound annual growth rate of 94.11%, from 1.27 billion yuan in 2024 to 67.93 billion yuan by 2030 [4] - The integration of AI and display technology is creating new application scenarios, enhancing human-computer interaction through intelligent interfaces [6] - Companies are developing innovative "AI-native" display solutions, such as flexible AMOLED displays with advanced features [6] Strategic Pathways - The industry is encouraged to strengthen top-level design and coordination, focusing on high-quality development while maintaining LCD production advantages [7] - There is a need for breakthroughs in common key technologies and the establishment of a multi-level innovation system from research to industrialization [7] - Enhancing supply chain autonomy and optimizing intellectual property strategies are essential for high-quality development [7]

Core Insights - The article discusses the rapid advancements in display technology, predicting a future where displays are integrated into various environments and applications, significantly transforming human-computer interaction and creating new market opportunities [1][2]. Industry Overview - China's new display industry has evolved from catching up to leading in certain areas, now holding over 49% of the global market share and 55% of the panel market share, with a projected industry value of 740 billion yuan in 2024, a 12% increase year-on-year [2]. - The industry is transitioning from a "point model" to a "chain model," establishing a new ecosystem that promotes synergy across the supply chain [2]. Technological Advancements - OLED technology is pushing the boundaries of display capabilities, expanding from mobile devices to larger screens, with significant cost reductions expected in production [4]. - The micro-display technology is anticipated to drive a new wave of industry transformation, particularly in the XR device market, with a projected annual growth rate of 94.11% for silicon-based OLED displays from 2024 to 2030 [4][5]. Strategic Directions - The "14th Five-Year Plan" emphasizes original innovation, key technology breakthroughs, and the establishment of a modern industrial system centered on advanced manufacturing [1]. - Four strategic paths for the new display industry include enhancing top-level design, breaking through common key technologies, strengthening supply chain collaboration, and optimizing intellectual property strategies [8]. Market Dynamics - The display industry is forming clusters in regions like the Yangtze River Delta and the Pearl River Delta, with provinces like Anhui achieving significant revenue and production capacity [3]. - The integration of AI with display technology is expected to create new interactive applications, enhancing user experience and driving the evolution of human-computer interaction [7].

Group 1 - The core viewpoint of the news is that Visionox Technology Co., Ltd. has successfully passed the IPO application for the Sci-Tech Innovation Board, marking a significant milestone for the company in the global micro-display industry [1] - Visionox Technology's main product, silicon-based OLED micro-displays, is identified as a core hardware component for the next generation of smart terminals in the AI era, with the company achieving a breakthrough in core technology and leading the industry internationally [3] - The company is the first in the world to achieve large-scale production of silicon-based OLED micro-displays based on 12-inch wafer backplanes, and it possesses comprehensive self-research capabilities in the full stack of "display chip + micro-display + optical system" [3] Group 2 - According to a report by Frost & Sullivan, Visionox Technology ranks second globally and first domestically in the shipment volume of silicon-based OLED products for XR devices, holding a market share of approximately 35.2% in 2024 [3] - In the niche market of drone FPV glasses, Visionox Technology has developed a custom display for a strategic client, helping the client achieve a leading advantage and capturing a remarkable 91.6% market share in that field in 2024 [3] - The company plans to use the funds raised from the IPO to enhance its R&D capabilities and increase the production capacity of silicon-based OLED micro-displays, which will ensure the supply security of micro-display products in China and improve the overall competitiveness of the domestic micro-display industry [4]

Core Viewpoint - The article highlights the successful IPO of Shiya Technology, a leading company in silicon-based OLED technology, which has achieved rapid acceptance in the capital market despite significant losses, indicating strong market confidence in high-end micro-display technology [3][5]. Company Overview - Shiya Technology, based in Hefei, Anhui, has reported cumulative losses exceeding 950 million yuan from 2022 to 2024, yet managed to complete its IPO process in just six months [3][6]. - The company is the first globally to achieve mass production of silicon-based OLED micro-displays using 12-inch wafers, which offer higher cutting efficiency and lower unit costs compared to traditional 8-inch wafers [3][5]. Technological Advancements - Shiya Technology possesses comprehensive self-research capabilities across the entire stack of silicon-based OLED technology, including "display chips, micro-displays, and optical systems," achieving industry-leading performance metrics such as a contrast ratio of up to 600,000:1 and a DCI-P3 color gamut coverage exceeding 99% [3][5]. - The company is recognized as a national leader in the new display industry chain by the Ministry of Industry and Information Technology, playing a pivotal role in promoting self-sufficiency within the industry [5]. Market Position and Competitiveness - According to a report by Frost & Sullivan, Shiya Technology is projected to rank second globally and first domestically in the shipment of silicon-based OLED products for XR devices by 2024, capturing a market share of 35.2% [5]. - The company has established itself as a core supplier for major tech firms such as ByteDance, Lenovo, and others, demonstrating its competitive product offerings and integrated solutions [5][6]. Financial Insights - Despite the significant losses, the capital market's acceptance of Shiya Technology is driven by its long-term value potential, with over 900 million yuan invested in R&D during the reporting period, leading to a research expense ratio as high as 133.35% in one year [6]. - The global market for silicon-based OLED displays is expected to reach 67.93 billion yuan by 2030, with a compound annual growth rate of 94.11%, providing substantial growth opportunities for Shiya Technology [6].

Core Viewpoint - The competition for the next generation of XR (AR/VR/MR) devices is intensifying, with display technology recognized as a critical factor. Visionary Technology, specializing in silicon-based OLED microdisplays, is positioned to capitalize on this opportunity as it prepares for its IPO on December 24, aiming to leverage its technological advancements in the XR industry [1][14]. Group 1: Industry Trends - The XR industry is expected to see a surge in new product releases by 2025, including various AR glasses, highlighting the increasing importance of display components [2][15]. - The demand for silicon-based OLED microdisplays is projected to grow significantly, with global shipments expected to rise from 6.365 million units in 2024 to 400 million units by 2030, reflecting a compound annual growth rate (CAGR) of 99.36% [4][17]. - The market for silicon-based OLED displays in XR devices is anticipated to grow from 2.837 million units in 2024 to 39.2 million units by 2030, with a CAGR of 127.4% [4][17]. Group 2: Company Developments - Visionary Technology has achieved significant technological breakthroughs, including advancements in silicon-based OLED strong microcavity technology and high-efficiency stacked OLED full-color technology, surpassing international competitors in key performance metrics [6][19]. - The company is uniquely positioned with a fully self-developed capability that integrates display chips, screens, and optical systems, allowing it to provide comprehensive XR solutions [6][19]. - Visionary Technology plans to raise 2.015 billion yuan through its IPO, with 1.609 billion yuan allocated for expanding its high-resolution silicon-based OLED microdisplay production line and 406 million yuan for R&D center development [8][21]. Group 3: Financial Performance - The company's revenue is projected to grow from 190 million yuan in 2022 to 280 million yuan in 2024, with a forecast of 469 million yuan in 2025, potentially exceeding 500 million yuan [10][26]. - In the first three quarters of 2025, the company reported a revenue of 293 million yuan, a 54.67% increase year-over-year, while reducing net losses by 10.25% [10][23]. - The company anticipates revenues of 2.26 billion yuan and 3.734 billion yuan in 2026 and 2027, respectively, indicating a trajectory of rapid growth [11][26].

Core Viewpoint - The company, Visionox Technology Co., Ltd., is set to undergo an IPO review on December 24, 2025, by the Shanghai Stock Exchange, aiming to enhance its R&D capabilities and production capacity for silicon-based OLED microdisplays, which are critical hardware for AI-era smart terminals [1][2]. Group 1: Company Overview - Visionox Technology has achieved a breakthrough in silicon-based OLED core technology, leading to international recognition and filling a domestic industry gap, making it the second-largest globally and the largest in China for microdisplay solutions [1][2]. - The company is recognized as the first in China to achieve large-scale production of silicon-based OLED microdisplays and possesses unique core technologies such as strong microcavity structure and full-color stacked OLED [2][3]. Group 2: Market Position and Competition - The microdisplay industry, particularly in high-performance silicon-based OLED, has been dominated by foreign companies like Sony and eMagin, but Visionox has disrupted this monopoly with its advanced technology [3]. - Visionox's products have achieved leading performance metrics, including a contrast ratio of up to 600,000:1 and a DCI-P3 color gamut coverage exceeding 99%, positioning the company favorably against traditional competitors [3]. Group 3: Strategic Partnerships and Ecosystem - Visionox has established itself as a core supplier for major tech companies, including ByteDance and Lenovo, indicating a strong market presence and collaborative product development [4]. - The company is involved in creating a comprehensive ecosystem by providing integrated solutions that include display chips, microdisplays, and optical systems, enhancing its competitive edge [5]. Group 4: Financial Performance and Future Outlook - According to a report, Visionox ranks second globally and first domestically in the shipment of silicon-based OLED products for XR devices, holding a market share of approximately 35.2% [5]. - The company anticipates continued revenue growth driven by the increasing demand for high-performance microdisplays, with expectations to achieve profitability by 2026 [8]. - Visionox aims to leverage its technological strengths to capture a larger market share in both XR and traditional professional markets, aspiring to become the leading global provider of microdisplay solutions [8].

Group 1 - The core viewpoint of the news is that Shiya Technology, a leading global player in silicon-based OLED technology, is set to undergo an IPO review by the Shanghai Stock Exchange on December 24, 2025, which has garnered significant market attention [1] - The global silicon-based OLED display market is projected to grow from 1.27 billion yuan in 2024 to 67.93 billion yuan by 2030, with a remarkable compound annual growth rate (CAGR) of 94.11% [1] - The XR device market is expected to expand from 31.89 billion yuan in 2024 to 700.4 billion yuan by 2030, providing strong demand support for silicon-based OLED technology [1] Group 2 - Shiya Technology has established deep partnerships with several leading global tech companies, securing prepayment agreements for millions of silicon-based OLED micro-displays starting from 2026, which will ensure future revenue growth [2] - As of June 2025, the company has an order backlog amounting to 306 million yuan, indicating robust downstream demand [2] - The company is actively expanding its production capacity to meet future order demands, with a current capacity utilization rate nearing saturation at 98.92% in the first half of 2025 [2]

Core Viewpoint - The article highlights the entrepreneurial journey of Gu Tie, a prominent figure in the tech industry, who is on the verge of achieving his second IPO with his company, Shiya Technology, which specializes in silicon-based OLED microdisplays and has made significant strides in breaking foreign monopolies in high-tech fields [3][16]. Company Overview - Gu Tie, a graduate of Fudan University, has founded three technology companies: Yisui Technology, Guangwei Technology, and Shiya Technology, focusing on high-tech sectors and achieving domestic replacements for imported technologies [3][9]. - Shiya Technology is recognized as the third-largest global supplier of digital X-ray detectors and the leading supplier in China, having successfully listed on the Sci-Tech Innovation Board [3][9]. - Shiya Technology's silicon-based OLED microdisplays are crucial components for AR/VR devices, with the company positioned as the second-largest player globally, following Sony [4][15]. Market Position and Performance - Shiya Technology's silicon-based OLED microdisplays have achieved a market share of 35.2%, while Sony holds 50.8%, indicating a strong competitive position in the industry [15]. - The company has established partnerships with major clients, including DJI, ByteDance, and Lenovo, and is currently in the process of an IPO application on the Sci-Tech Innovation Board [5][33]. Financial Performance - Shiya Technology has shown steady revenue growth, with projected revenues of 1.90 billion, 2.15 billion, 2.80 billion, and 1.50 billion yuan from 2022 to the first half of 2025, respectively [26]. - The company has been operating at a loss, with net losses of 2.79 billion, 3.64 billion, 3.08 billion, and 1.43 billion yuan during the same period, primarily due to high R&D expenditures and investments in production capacity [29][30]. Future Outlook - The company anticipates achieving profitability by 2026, driven by the expected increase in demand for silicon-based OLED microdisplays [30]. - Shiya Technology plans to raise approximately 2.015 billion yuan through its IPO, with funds allocated for expanding production lines and building a research center [33].

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]