Group 1 - The core point of the article is that Shanghai Xianyao Display Technology Co., Ltd. has recently increased its registered capital to 66.448 million yuan and has added new shareholders, including Moutai Jinshi Fund and Zhejiang Youjin Venture Capital [1] - The company was established in October 2015 and is focused on the research and innovation of MicroLED micro-display technology [1] - Changes in the company's main personnel have also been reported alongside the capital increase and new shareholders [1]

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]

Market Performance - The main board saw significant gains with stocks like Dahua Intelligent (+10.09%), Dawi Shares (+10.02%), and Zhongdian Port (+10.02%) leading the charge [1] - The ChiNext board was led by Haixia Innovation (+20.06%) and Jiangbolong (+19.82%) [1] - The Sci-Tech Innovation board was boosted by Xinghuan Technology-U (+16.47%) and Weicai Technology (+15.22%) [1] - Active sub-industries included SW Printed Circuit Boards (+6.76%) and SW Communication Network Equipment and Devices (+4.74%) [1] Domestic News - JBD, a MicroLED manufacturer, completed over 1 billion RMB in Series B financing to accelerate innovation in MicroLED micro-display technology and promote consumer AR ecosystem development [1] - Huagong Technology reported that its 800G LPO optical modules began delivery in overseas factories in October, with expectations for increased production in Q4 [1] - Changxin Storage launched its LPDDR5X series products and is developing a 0.58mm thick LPDDR5X, which would be the thinnest in the industry if mass-produced successfully [1] - United Optoelectronics announced plans to sell its millimeter-wave radar business assets for 30 million RMB and invest 15 million RMB to acquire a 30% stake in Millimeter Automotive, aiming to focus on its optical main business [1] Company Announcements - Shengyang Technology reported a revenue of 644 million RMB for the first three quarters of 2025, a year-on-year increase of 13.39%, with a net profit of 7.13 million RMB, up 6.16% [2] - Hengtong Optic-Electric achieved a revenue of 49.62 billion RMB in Q3 2025, a 17.03% year-on-year increase, with a net profit of 2.38 billion RMB, up 2.64% [2] - Tuobang Co. reported a revenue of 8.19 billion RMB for the first three quarters of 2025, a 6.34% year-on-year increase, but a net profit decline of 23.86% to 420 million RMB [2] - Tongfu Microelectronics reported a revenue of 20.12 billion RMB for the first three quarters of 2025, a 17.77% year-on-year increase, with a net profit of 860 million RMB, up 55.74% [2] International News - Lam Research predicts a growing demand for low-temperature etching technology "Cryo" as advancements in high-capacity NAND technology accelerate, driven by the increasing need for reliability in various sectors [2] - Counterpoint Research reported a 2% year-on-year increase in global smartphone shipments in the first half of 2025, with a 7% increase in outsourced design orders, indicating OEMs are increasing ODM outsourcing to cope with market competition [2] - The U.S. signed trade and critical mineral agreements with Malaysia, Cambodia, and Thailand during the ASEAN summit, aiming to address trade imbalances and diversify supply chains amid China's restrictions on rare earth exports [2] - Counterpoint Research noted an 8.1% year-on-year increase in global PC shipments in Q3 2025, attributed to the impending end of support for Windows 10 and strategic inventory adjustments related to U.S. import tariffs [2]

10月27日，上海显耀显示科技有限公司（简称：JBD）宣布完成超十亿元人民币B2轮融资，金额刷新全 球MicroLED微显示领域的单笔融资纪录。本轮由混沌投资和中信金石领投，中信证券国际资本、中信 证券投资、光速光合、银柏投资、智微资本、金浦投资、浦耀信晔、广发乾和、广发信德、浙江宥金和 派诺资本跟投。本轮资金将用于加速JBD在MicroLED微显示技术的创新与产品迭代。 ...