"Visual Area Technology's science and technology innovation board IPO passed last year, with the shipment volume of silicon-based OLED products ranking second in the world."

On December 24th, the listing committee of the Shanghai Stock Exchange's Sci-Tech Innovation Board approved the IPO of Visionox Technology Co., Ltd. (referred to as Visionox Technology). Guotai Haitong is its sponsor institution, aiming to raise 2.015 billion yuan. The prospectus shows that Visionox Technology is a leading global provider of micro-display solutions, with its core product being silicon-based OLED micro-displays, and providing value-added services such as strategic product development, optical systems, and XR overall solutions for customers. The company is the world's first enterprise to achieve mass production of silicon-based OLED micro-displays on 12-inch wafers, and is also one of the few science and technology enterprises with the self-developed capabilities of the full stack of silicon-based OLED "display chips + micro-displays + optical systems". Visionox Technology occupies an important position in the silicon-based OLED industry chain in China and plays a critical role. The company is designated by the Ministry of Industry and Information Technology as a leading enterprise in the national new display industry chain, and entrusted with leading and undertaking key tasks in the development of landmark products for the silicon-based OLED industry, thereby improving the resilience and security level of the new display industry chain. The company adheres to "independent controllability" and continuously carries out key technology and process R&D while cultivating domestic equipment and material suppliers to promote diversification in the upstream supply chain. Silicon-based OLED micro-displays have long been monopolized by overseas manufacturers, and with the rapid growth of downstream scenes, the industrial significance of silicon-based OLED micro-displays continues to rise. Since its establishment, the company has positioned itself as a global leader in micro-display solutions, and has innovatively developed a series of core technologies including silicon-based OLED strong micro-cavity technology, silicon-based OLED crosstalk truncation technology, silicon-based high-efficiency stacked OLED full-color technology, etc., continuously breaking through product performance limits and gradually transitioning from chasing to leading development. Currently, the company's core product, silicon-based OLED micro-displays, has reached or surpassed comparable products from Sony in key performance indicators. According to Frost & Sullivan's report, by 2024, there will only be two manufacturers in the industry with shipments in the millions: Sony and Visionox Technology. In 2024, Sony ranked first globally in shipments of silicon-based OLED products for XR devices, accounting for approximately 50.8% of the global market's shipments; the company ranked second globally and first domestically, accounting for approximately 35.2% of the global market's shipments. The company's technical strength and product performance have been widely recognized by downstream markets and customers, and it has successfully entered the supply chain systems of many top customers. As of the end of the reporting period, the company's main customers include ByteDance, Arashi Vision Inc., LeiBird, Lenovo, among others. After this stock offering, the raised funds, deducted from issuance expenses, will be used for the following projects: In terms of performance, for the fiscal years 2022, 2023, 2024, and January-June 2025, the company's operating income is expected to be approximately 190 million yuan, 215 million yuan, 280 million yuan, and 150 million yuan respectively; while the net profit is expected to be approximately -247 million yuan, -304 million yuan, -247 million yuan, and -123 million yuan respectively.