Core Insights - JBD has successfully completed a B2 round financing exceeding 1 billion RMB, setting a record for single financing in the global MicroLED micro-display sector [1] - The funding will accelerate JBD's innovation in MicroLED technology and product iteration, aiming to transform its technological advantages into large-scale industrial capabilities for the global market [1][3] Company Development - JBD is celebrating its 10th anniversary in 2025, having established a strong technical moat through continuous innovation in MicroLED technology, achieving large-scale production and breakthroughs in key metrics like brightness and power consumption [3][4] - JBD's MicroLED products are currently utilized in nearly 50 models of smart glasses globally, positioning MicroLED as a key driver for the popularization of consumer-grade AR smart glasses [3] Technological Innovation - The recent financing provides robust support for JBD's ongoing technological innovation, including the launch of the "Hummingbird II," the smallest mass-produced color light engine, which enhances design flexibility and display quality while reducing power consumption [4] - The introduction of the MicroLED 2.5-micron pixel pitch "Zoujuan" platform addresses long-standing industry challenges, paving the way for next-generation compact, wide-field light engines and improving the user experience of consumer-grade AR smart glasses [4] Investment Perspective - Investors recognize AR glasses as a crucial product in the AI development process, with JBD being a leading company in the MicroLED micro-display sector, having built a deep moat through customer recognition, product iteration capabilities, and early large-scale production [5] - The investment aligns with strategies to capture leading companies in core industry segments, supporting JBD's position in the AR supply chain and its role in defining the next generation of human-computer interaction [5]

Core Insights - JBD has completed a B2 round financing exceeding 1 billion RMB, setting a record for single financing in the global MicroLED micro-display sector [1] - The funds will accelerate JBD's innovation and product iteration in MicroLED technology and promote the construction of a consumer-grade AR ecosystem [1][2] - JBD has been focusing on MicroLED core technology since its establishment in 2015, achieving significant breakthroughs in brightness and power consumption [1][3] Company Developments - JBD launched the "Hummingbird II," the smallest mass-produced color light engine, which features a compact size of 0.2 cubic centimeters and a weight of 0.5 grams, enhancing design flexibility for glasses [3] - The company also introduced the MicroLED 2.5-micron pixel pitch "Cuckoo" platform, which addresses long-standing technical challenges in the industry, paving the way for next-generation light engines [3] - JBD aims to maintain its leading position in global AR near-eye displays and explore new application potentials for MicroLED technology [3] Industry Trends - The integration of AI and AR is accelerating, with consumer-grade AR smart glasses poised for rapid development [2] - MicroLED technology is identified as a key driver for the mass adoption of smart glasses, with significant interest from investment firms in the sector [2] - JBD is recognized as one of the few companies globally to achieve mass production of MicroLED displays and has validated its technology with top-tier clients [2]