Core Viewpoint - The company, Shiyuan Co., Ltd., is seeking to raise funds through a Hong Kong IPO to enhance its research and development capabilities and expand its international market presence amid declining domestic demand and increased competition in the IFPD (Intelligent Flat Panel Display) industry [1][8]. Group 1: Company Overview - Shiyuan Co., Ltd. was established in 2005, initially focusing on LCD display control boards, and later expanded into the education and enterprise service markets with its brands Seewo and MAXHUB [2]. - In 2024, the intelligent terminal and application business, including Seewo and MAXHUB, contributed 51.90% of revenue, while the LCD display control board business accounted for 45.86% [2]. Group 2: Market Performance - The company's education and enterprise service businesses have shown signs of weakness, with revenue declines from 2022 to 2024 of 11.24%, 8.81%, and 8.75% for education, and fluctuations in enterprise service growth rates [3]. - The gross margin for the intelligent terminal and application business dropped from 35.6% in 2022 to 25.3% in 2024, impacting the overall gross margin, which fell from 27.67% to 21.33% during the same period [3]. Group 3: Competitive Landscape - The IFPD market in China has faced challenges, with a 25.9% decline in education IFPD shipments in 2022 and a 15% drop in sales in 2023 [3]. - New entrants and traditional competitors, such as Huawei and Honghe Technology, have intensified competition in the market [4]. Group 4: International Expansion - The company has established subsidiaries in multiple countries, including India, the USA, and the UAE, and has localized teams in 22 countries to enhance its international presence [4][8]. - The overseas education market for interactive smart panels is expected to grow, with shipment increases projected at over 10% annually from 2025 to 2028 [5]. Group 5: Financials and R&D Investment - The intelligent control components business achieved revenue of 10.274 billion yuan in 2024, growing by 20.37%, with white goods controllers seeing a significant increase of 65.64% [6]. - R&D expenses reached 1.54 billion yuan in 2024, accounting for 6.88% of revenue, significantly exceeding the net profit of 979 million yuan for the same year [7]. Group 6: Future Strategy - The funds raised from the Hong Kong IPO will be allocated to enhance R&D capabilities, accelerate international expansion, and improve digital capabilities [8]. - The company aims to transition its international strategy from an ODM model to a localized approach, focusing on deep market engagement [8].

Core Insights - Guangzhou is positioning itself as the "World Display Capital," with a manufacturing output of 219.6 billion yuan in the ultra-high-definition display industry in 2023, leading the nation in panel production capacity at over 5 million square meters per month [1][8] - The ultra-high-definition display industry is one of Guangdong's ten strategic pillar industries and a key focus for Guangzhou's high-quality manufacturing development [1][8] - The market for ultra-high-definition displays is becoming increasingly competitive, with various regions, including Beijing and Sichuan, intensifying their efforts [1][9] Company Insights - Visionox, known as the "Screen King," has achieved full-scale production at its smart manufacturing base for interactive display products, with an automation coverage rate of up to 80% [3][5] - Visionox has shipped over 770 million LCD TV main control boards globally, indicating that one in three TVs produced worldwide uses its components [3][7] - The company is diversifying its product offerings, including the development of intelligent robots for various applications, driven by a focus on innovation and alignment with national 4K and 8K ultra-high-definition industry development plans [5][6] Industry Development - Guangdong has established itself as a leader in the ultra-high-definition display industry, having initiated several unique projects, including the first national ultra-high-definition industry fund and the first national ultra-high-definition industry alliance [8][9] - The region has seen the emergence of over ten billion-level leading enterprises and numerous specialized companies across various segments of the industry chain [9] - There is a call for increased talent acquisition and retention in high-level positions within the industry, particularly in OLED material research and Micro-LED optical design, to enhance the region's competitive edge [9][10]

"在这里（自动化生产车间）工作，卷的是机器，不是人。"在一条生产线旁，视源股份首席品牌官曾立 群指着五台一模一样的设备检测仪器对记者说，当某一台仪器工作效率低于其他仪器时，这台仪器就会 闪烁蓝色灯光，工作人员就会对其进行效率调试。 凭借这一条条"卷"到机器的量产自动化生产线，视源股份的三大拳头产品源源不断涌入市场——液晶显 示主控板卡、交互智能平板、智能会议平板，这三个产品在全球范围内，都是数一数二的存在。 "广东已形成9个万亿级产业集群，8个先进制造业集群入选国家队。"近日，2025年"活力中国调研行"广 东主题采访在广州启动，广东省工业和信息化厅二级巡视员庄乐从在启动式上谈及"广东制造"时如此说 道。 广东是制造业大省，拥有全部31个制造业大类，制造业规模约占全国1/8。统计数据显示，2024年广东 工业经济总量规模和质量稳居全国前列，今年1月至5月全省规模以上工业增加值同比增长3.5%。 对于制造业而言，单项冠军是引领各自行业高质量发展的风向标。20年前，广州视源电子科技股份有限 公司（以下简称"视源股份（002841）"）还是一家仅靠1.4万元起步的屏显小厂，而如今的视源股份， 已成为享誉业界的"世界 ...

Core Viewpoint - The company, Guangzhou Shiyuan Electronic Technology Co., Ltd. (referred to as Shiyuan), has submitted an application for listing on the Hong Kong Stock Exchange, aiming to issue H-shares and list on the main board [2][4]. Financial Performance - Shiyuan's revenue for the years 2022, 2023, and 2024 is approximately RMB 20.99 billion, RMB 20.17 billion, and RMB 22.40 billion respectively, with corresponding profits of RMB 2.12 billion, RMB 1.40 billion, and RMB 1.04 billion [4][5]. - The company has seen a rising trend in overseas revenue, with the overseas revenue proportion expected to continue increasing in 2024 [5][6]. Market Position - Shiyuan is recognized as a leading expert in intelligent control technology and commercial display devices, with a product ecosystem covering various sectors including white goods, automotive, energy storage, and robotics [4][6]. - The company operates in over 100 countries and regions, primarily marketing its brands, Seewo and MAXHUB, in the education and corporate collaboration sectors [6][7]. Product and Brand Analysis - In the education interactive smart panel market, Seewo holds a market share of 17.5%, while in the meeting interactive smart panel market, MAXHUB has a market share of 9.9% [7][9]. - The global sales volume for education interactive smart panels is projected to reach 2.30 million units in 2024, with Seewo leading at 18.4% market share [7][9]. Research and Development - Shiyuan places significant emphasis on research and development, with a total of 6,693 employees as of the end of 2024, of which 3,849 are technical personnel, accounting for 57.5% of the workforce [12]. - The funds raised from the IPO will be allocated to support product development and enhance the product portfolio to meet diverse global customer needs in education and enterprise services [12].

2025年6月18日，上海世博展览馆内，中国国际金融展聚焦"开放创新科技赋能"主题，探寻金融高质量发展新路径。国内会议解决方案知名品牌MAXHUB携 金融行业解决方案亮相，首次系统展示其融合"AI+国产化+超融合"三大能力的协作网络如何破解金融机构的多级协同痛点——这张网正悄然改变着从国际 总行到偏远乡镇网点的协作方式。 而在湖南道县的阡陌之间，银行与农户之间面临着金融服务的"最后一公里"困境。27块MAXHUB屏幕的落地，让银行工作人员把清晰易懂的惠农产品讲解 带进田间地头；当农户走进网点，生动的产品展示屏更消融了"麻烦"的刻板印象。曾经繁琐的贷款流程，如今从申请到四万元资金到账仅需两小时，高效背 后，带来了春耕时节的"及时雨"。 织网：构建金融协作的数字化协作网 随着《推动数字金融高质量发展行动方案》落地，金融机构面临三重挑战：多级架构下的跨层级协同壁垒、海量非结构化数据价值难沉淀、安全刚需下的国 产化替代压力。MAXHUB金融行业负责人指出："金融协作是支撑战略落地的神经网络，需同时具备连接力、智能力和安全力。" 为此，MAXHUB打造了覆盖全层级的协作网络：MAXHUB超融合视频会议解决方案提供全场景 ...

与之形成鲜明对比，其"智能控制部件"业务板块异军突起，2024年收入同比劲升20.4%，其中家用 电器控制器业务更是实现了65.64%的高增长。然而，这个新引擎更高的收入占比，却因其仅14.3% 的毛利率，在结构上拉低了公司的整体盈利水平。 利润去哪了？从上述招股材料看，答案指向视源股份内部剧烈的新旧动能转换一一 以"希沃"（Seewo）和"MAXHUB"为品牌的支柱业务"智能终端及应用"板块增长承压，毛利率从 2022年的35.6%骤降至2024年的25.3%。 一个更为严峻的现实是，视源股份为未来付出的代价已远超其当下的盈利能力。根据其2024年年 度报告，公司全年的研发开支高达15.40亿元，而同期的归母净利润仅为9.71亿元。 此次赴港递表，正值视源股份在A股市场经历了一轮剧烈的估 值下修，其市值在2021年初一度接近千亿；截至6月19日收 盘，该公司总市值约为231亿元，相较于高点，其市值已蒸发 超过750亿元。 作者： 郑晨烨 封图：图虫创意 即便如此，视源股份似乎并未有压缩投入的打算。在2025年4月24日的投资者交流活动中，视源股 份管理层就表示："2025年，公司将加大端侧大模型、多模态感知 ...

经济观察报记者 郑晨烨 2025年6月18日，广州视源电子科技股份有限公司（002841.SZ，下称"视源股份（002841）"）发布公告 称，公司已于6月17日向香港联交所递交了发行H股股票并在联交所主板挂牌上市的申请，并与同日在 香港联交所网站刊登了本次发行的申请材料。 视源股份的2024年财务数据显示，该公司当年营业收入达到创纪录的224.01亿元，同比增长11.05%，但 归属于上市公司股东的净利润为9.71亿元，同比大幅缩水29.13%；在盈利能力方面，其毛利率亦从2022 年的26.2%滑落至2024年的20.9%。 一个更为严峻的现实是，视源股份为未来付出的代价已远超其当下的盈利能力。根据其2024年年度报 告，公司全年的研发开支高达15.40亿元，而同期的归母净利润仅为9.71亿元。 即便如此，视源股份似乎并未有压缩投入的打算。在2025年4月24日的投资者交流活动中，视源股份管 理层就表示："2025年，公司将加大端侧大模型、多模态感知算法等关键技术以及智能硬件终端和行业 应用软件领域的研发投入，保障技术创新与产品迭代升级。" 在这样的背景下，视源股份此时赴港IPO的目的也变得清晰：在自身盈 ...

Group 1 - The China International Financial Expo was held in Shanghai, focusing on the theme of "Open Innovation and Technology Empowering the Co-creation of a New Financial Future" [1] - MAXHUB showcased its financial industry meeting solutions, emphasizing its "AI + Domestic + Hyper-convergence" capabilities to help financial institutions build a secure, fast, and intelligent collaboration network [1] - MAXHUB's hyper-converged video conferencing solution features a core engine based on a hyper-converged architecture, providing full-scene integration capabilities adaptable to various deployment environments [1] Group 2 - MAXHUB's "smart" core is reflected in AI empowerment throughout the collaboration process and deep data value mining [2] - The AI meeting solution utilizes multi-modal perception technology to accurately capture complex unstructured data in meeting rooms, including voice, shared content, and electronic whiteboard writing [2] - The full-link AI meeting solution, based on "computing power + large model (Lingxiao Intelligent Meeting Model) + AI Agent," offers real-time meeting records, multi-language translation, intelligent summary extraction, and automatic task generation [2] Group 3 - The data accumulated in the backend, combined with the financial industry knowledge base and large model, supports key business decisions such as risk management insights, customer demand analysis, product optimization, and operational efficiency evaluation [2] - Financial collaboration is described as a neural network supporting strategic implementation, risk control decisions, and customer service, requiring solutions to possess connectivity, intelligence, and security [2]

Core Viewpoint - The company, Visionox, has submitted an application for an H-share IPO on the Hong Kong Stock Exchange, aiming to leverage its leading position in the commercial display equipment market and expand its product offerings in response to growing global demand for digital education and enterprise solutions [1][2]. Group 1: Company Overview - Visionox is a leading global company in commercial display equipment, particularly in interactive smart panels (IFPD) and LCD main control boards, holding a 23.8% market share in the LCD main control board sector in 2024 [1]. - Established in 2005, Visionox has expanded its business from LCD main control boards to a diverse range of high-growth potential smart control components, covering various sectors including white goods, automotive, energy storage, and robotics [1]. Group 2: Market Position and Growth - The company's Seewo brand has become the top revenue-generating brand in the interactive smart panel market for education in China, with a 17.5% global market share in 2024 [2]. - Visionox's MAXHUB brand, targeting the enterprise market, holds a 25.0% market share in China and ranks second globally with a 9.9% share in 2024 [2]. - The global market for interactive smart panels in education is projected to grow from 20 billion RMB in 2024 to 30.7 billion RMB by 2029, with a compound annual growth rate (CAGR) of 8.9% [2]. - The global market for commercial audio-visual (AV) equipment in education is expected to increase from 86.6 billion RMB in 2024 to 119.1 billion RMB by 2029, with a CAGR of 6.6% [2]. Group 3: Financial Performance - Visionox is projected to achieve a revenue of 22.4 billion RMB in 2024, an 11% increase from 20.1 billion RMB in 2023, driven by a 20.4% growth in smart control component revenue [3]. - The company's net assets are expected to reach 13.1 billion RMB by the end of 2024 [3]. Group 4: IPO and Fund Utilization - The IPO will be jointly sponsored by CICC and GF Securities (Hong Kong), with the raised funds aimed at supporting product research and development, enriching the product portfolio, and accelerating commercialization in core application scenarios [3].

（图片来源于视源股份） 6月11日至15日，2025美国国际视听技术及系统集成展览会(InfoComm USA 2025)在美国奥兰多会展中 心举行。视源股份(002841)旗下全球化品牌MAXHUB以"Possibility in Every Space"为核心主题亮相展 会，展示了完整基于Windows的Microsoft Teams Rooms解决方案，满足了各种会议室部署需求，简化安 装和管理过程，为全球用户呈现一场沉浸式的数字化办公与沟通革新体验。 展会期间，MAXHUB展位围绕"体验、互动、共创"打造多重亮点活动，邀请行业嘉宾、媒体与客户共 同探索智能协作的未来。 当地时间6月11日上午，MAXHUB在InfoComm USA 2025上携手微软、英特尔等合作伙伴举行新品发布 会，发布了基于Windows的系列产品，揭晓Copilot与AI功能的深度应用场景，同时揭秘轻量化部署方 案；此外，MAXHUB在展位还设置了企业会议室、高校教室、数字标牌等多个实景体验区，打造沉浸 式Demo体验，观众可亲身体验MAXHUB产品的智能追踪、无线投屏、云管理等功能，感受"一键启 动，高效协作"的魅力。 此次参 ...