格隆汇11月14日丨维信诺(002387.SZ)在投资者互动平台表示，公司ViP技术入选2025世界制造业大会10 大创新成果。木纹车载属于柔性AMOLED车载智能透光表皮解决方案，具有柔性模组、4K分辨率、十 点触控等性能优势，融合科技与美学，可应用于智能座舱、智能家居等场景。 ...

格隆汇11月14日丨维信诺(002387.SZ)在投资者互动平台表示，公司ViP技术入选2025世界制造业大会10 大创新成果。木纹车载属于柔性AMOLED车载智能透光表皮解决方案，具有柔性模组、4K分辨率、十 点触控等性能优势，融合科技与美学，可应用于智能座舱、智能家居等场景。 财经频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 ...

Core Viewpoint - The control change of Visionox Technology Co., Ltd. is progressing, with plans for a private placement of A-shares that may lead to a change in control to Hefei Jianshu Investment Co., Ltd. [1][4] Group 1: Company Announcement - Visionox announced that its stock will resume trading on November 10, 2025, after planning to issue 419 million shares at a price of 7.01 yuan per share, raising up to 2.937 billion yuan for working capital and debt repayment [1][4] - After the issuance, Hefei Jianshu will hold 31.89% of Visionox's total shares, making it the controlling shareholder, with the actual controller being the Hefei Shushan District People's Government [1][4] Group 2: Market Position and Performance - Visionox is a leading player in the OLED sector, with a global market share of 11.2% in smartphone AMOLED panels, ranking third globally and second domestically [4] - In the wearable AMOLED panel market, Visionox holds the top position with a 27% shipment share [4] Group 3: Financial Situation - Visionox has reported continuous losses, with revenues of 7.477 billion yuan, 5.926 billion yuan, 7.929 billion yuan, and 6.051 billion yuan for the years 2022, 2023, 2024, and the first three quarters of 2025, respectively [8] - The net profits for the same periods were -2.07 billion yuan, -3.726 billion yuan, -2.5 billion yuan, and -1.623 billion yuan, leading to a high debt ratio of 84.36% as of September 30, 2025 [8] Group 4: Industry Context - The OLED industry is experiencing intense competition, with major players like BOE, Visionox, TCL Huaxing, and Samsung investing nearly 180 billion yuan in 8.6-generation OLED production lines [8] - Hefei has become a hub for display panel manufacturing, housing over 190 industry leaders and achieving a new display industry output value of 123.535 billion yuan in 2024, a year-on-year increase of 21.5% [7]

Core Viewpoint - The company, Visionox, has developed a breakthrough technology called ViP, which significantly enhances product performance and allows for flexible production of full-size products, overcoming traditional AMOLED manufacturing constraints [2]. Company Summary - Visionox's ViP technology improves production efficiency and product performance while avoiding technological blockades from overseas companies in the FMM field [2]. - The company operates within the new display industry, a crucial part of the electronic information sector and a foundational element of China's strategic emerging industries [2]. - Visionox benefits from strong support at both national and local levels, including policy guidance, financial assistance, innovation platform development, and industry chain collaboration, which enhances its core competitiveness [2]. Industry Summary - The new display industry is recognized as an important area for high-quality development in China, receiving multi-dimensional support to facilitate overall industry upgrades [2].

Core Viewpoint - The company, Visionox, has introduced a breakthrough technology called ViP, which significantly enhances product performance and addresses traditional AMOLED manufacturing challenges [2] Group 1 - ViP technology allows for flexible production of full-size products, improving production line utilization and operational flexibility [2] - The technology helps to overcome issues related to long customization cycles and high costs associated with traditional FMM manufacturing [2] - The implementation of ViP technology is expected to strengthen the company's competitive position in the market [2]

Core Insights - The global display panel industry is shifting its competitive focus towards medium-sized OLED panels, with significant investments from major players like TCL, BOE, and Visionox [1][9] Group 1: Industry Developments - TCL's T8 project, the world's first large-scale production line for 8.6-generation printed OLED, has commenced in Guangzhou with a total investment of 29.5 billion yuan and a designed monthly capacity of 22,500 glass substrates [1][5] - The combined investment in 8.6-generation OLED production lines by Samsung Display, BOE, Visionox, and TCL has reached nearly 170 billion yuan, indicating a collective push in the medium-sized OLED market [6][9] Group 2: Technological Advancements - The T8 project is expected to provide over 15% cost advantage compared to other OLED technologies due to its high material utilization rate of 90% and elimination of expensive vacuum processes [4][5] - The T8 line will integrate AI and smart manufacturing technologies, enhancing production efficiency and reducing defect rates significantly [5][10] Group 3: Market Trends - The medium-sized OLED market is projected to experience substantial growth, with compound annual growth rates of 33% for laptop OLED panels and 27% for automotive displays by 2030 [7][9] - The penetration rate of OLED in medium-sized applications is expected to rise sharply, driven by new product launches from major brands like Apple and Samsung [7][8] Group 4: Competitive Landscape - BOE and Visionox are also advancing their own 8.6-generation OLED projects, with BOE investing 63 billion yuan and Visionox focusing on its proprietary ViP technology [6][9] - The collective efforts of these companies are reshaping the global competitive landscape, moving China from a "follower" to a "leader" in the medium-sized OLED sector [1][9] Group 5: Future Outlook - The medium-sized OLED industry is expected to undergo significant transformations, with a focus on quality improvement and technological innovation over mere scale expansion [11] - The T8 project is anticipated to play a crucial role in establishing a complete domestic supply chain, enhancing the localization of materials and equipment [10][11]

Core Insights - The company, Visionox, is maintaining good cooperation with terminal brand manufacturers and is currently managing orderly production across all production lines [2] - The ViP technology is actively being promoted for mass production [2]

Core Viewpoint - The article discusses the recent developments in the OLED industry, particularly focusing on the 8.6 generation AMOLED production lines being established by major manufacturers like Visionox, BOE, Samsung Display, and TCL Huaxing. The introduction of new technologies, especially Visionox's ViP technology, is highlighted as a significant advancement in OLED production, which could reshape the competitive landscape in the high-end display market [2][9]. Summary by Sections Visionox's 8.6 Generation AMOLED Production Line - Visionox, in collaboration with Hefei City, has established Hefei Guoxian Technology Co., Ltd. to procure core equipment for its 8.6 generation AMOLED production line, with a total investment of 55 billion RMB. This line is notable for being the world's first to use a maskless lithography process [2][9]. ViP Technology - The ViP (Visionox intelligent Pixelization) technology developed by Visionox eliminates the need for fine metal masks (FMM), allowing for more precise AMOLED pixelation and overcoming traditional OLED limitations regarding display size and resolution. However, the process still requires initial uniform deposition of organic light-emitting materials [3][5]. Competitive Landscape - Four major manufacturers are currently building 8.6 generation OLED production lines, each adopting different technological approaches. Samsung Display, BOE, and Visionox have confirmed the purchase of deposition equipment, while TCL Huaxing is focusing on printed OLED technology [4][6]. Technology Comparison - A comparison of different OLED technologies reveals that FMM OLED uses precise metal masks, while ViP OLED utilizes lithography for pixel design, and printed OLED employs inkjet printing. ViP technology is expected to achieve higher pixel density (1700-2000 PPI) compared to traditional methods [5][6]. Production Progress - As of 2025, major manufacturers are accelerating the construction of their 8.6 generation OLED lines. Samsung Display's A6 line is expected to begin mass production in the second or third quarter of 2026, while BOE and Visionox are also making significant progress towards their production timelines [7][8]. Market Implications - The advancements in OLED technology and the establishment of new production lines are expected to shift the focus of the high-end display industry towards IT applications, including smartphones, tablets, and laptops. The competition in the mid-size high-end display market is anticipated to become more diversified and intense [9].

Core Viewpoint - The completion of the main plant for the 8.6-generation AMOLED production line in Hefei marks a significant advancement in the mass production of the ViP technology, which is a breakthrough in AMOLED manufacturing [4]. Group 1: Project Overview - The 8.6-generation AMOLED production line is located in Hefei New Station High-tech Zone and is constructed and operated by Hefei Guoxian, which is funded by Visionox and Hefei's investment platform [4]. - The total investment for the production line is 55 billion yuan, with a designed capacity of 32,000 glass substrates per month (2290mm × 2620mm) [4]. - The main plant was topped out in just 168 days since the civil construction began in February 2025 [4]. Group 2: Technology and Advantages - The production line utilizes Visionox's self-developed ViP technology, which employs semiconductor photolithography to produce AMOLED pixels, eliminating the limitations of traditional FMM processes [4]. - ViP technology offers independent pixels, high precision, and high yield, significantly improving the cutting efficiency and cost-effectiveness of AMOLED panels [4]. - This technology aims to provide more solutions for the mid-to-large size high-end display markets, including tablets, laptops, and automotive displays [4].

Core Insights - The global MOLED market is experiencing steady growth, with increasing penetration from smartphones to tablets, laptops, and automotive displays, driven by the development of smart terminal devices [1] - The compound annual growth rate (CAGR) for IT product MOLED panel shipments is projected to reach 56% from 2023 to 2028, while automotive display MOLED panel shipments are expected to grow at a CAGR of 49% during the same period [1] - The company is advancing significant asset restructuring and has announced updated materials, with the trading counterpart committing not to reduce their holdings in the listed company shares acquired through this transaction until December 31, 2028 [1] Company Insights - The company, Visionox, is leveraging its smart pixel technology (ViP technology), which features high opening rates and a tandem stacking architecture, resulting in a fourfold increase in panel brightness and a sixfold extension in lifespan [1] - ViP technology enables ultra-high resolution of 1700 ppi and improved color performance, while also enhancing water and oxygen barrier capabilities by three times through micro-level independent packaging technology [1] - The production line equipped with ViP technology can efficiently manufacture a variety of applications ranging from 1 inch to 80 inches within a single facility, allowing for better adaptability to industry cyclical fluctuations [1] Investment Firm Insights - Panjing Investment, established in 2016, is recognized as one of China's leading private equity fund managers, focusing on investment opportunities in Chinese listed companies and having a broad layout in overseas markets, particularly in Chinese concept stocks [2] - The firm emphasizes research-driven investment decisions, supported by a robust internal research team and strong relationships with top brokerage research institutions [2] - Panjing Investment aims to create sustainable long-term returns for clients by leveraging deep industry and stock research as the sole basis for investment decisions [2]