At the IPO of Shiya Technology Innovation Board last year, silicon-based OLED product shipments ranked second in the world

The Zhitong Finance App learned that on December 24, the Shanghai Stock Exchange Science and Technology Innovation Board IPO of Shiya Technology Co., Ltd. (Shiya Technology for short) passed the Listing Committee meeting. Cathay Pacific Haitong is its sponsor and plans to raise 2,015 billion yuan.

According to the prospectus, Shiya Technology is the world's leading overall microdisplay solution provider. Its core products are silicon-based OLED miniature displays, and it provides customers with value-added services including strategic product development, optical systems, and overall XR solutions. The company is the first company in the world to achieve large-scale mass production of silicon-based OLED microdisplays based on a 12-inch wafer backplane. It is also one of the few science and innovation enterprises in the world that have full-stack self-research capabilities for silicon-based OLED “display chip+micro display+optical system”.

Shiya Technology occupies an important position in China's silicon-based OLED industry chain and plays a key role. The company is a leading enterprise in the national new display industry chain determined by the Ministry of Industry and Information Technology, and has been commissioned to take the lead in undertaking tasks such as research on iconic products in the silicon-based OLED industry to improve the resilience and safety level of the new display industry chain. The company insists on “autonomy and control”. While continuously carrying out research on key technologies and processes, the company continues to cultivate domestic equipment and material suppliers and promote diversification of the upstream supply chain.

Silicon-based OLED microdisplays have been monopolized by overseas manufacturers for a long time. With the rapid explosion of downstream scenarios, the importance of the silicon-based OLED micro display industry continues to increase. Since its inception, the company has positioned itself as the world's leading overall solution provider for micro displays, and has innovatively developed a series of core technologies including silicon-based OLED strong microcavity technology, silicon-based OLED crosstalk cutoff technology, and silicon-based high-light-efficiency laminated OLED full-color technology, continuously breaking through the limits of product performance and gradually achieving development from catching up to surpassing and leading development.

At present, the company's core product, the silicon-based OLED miniature display, has reached or surpassed Sony's comparable products in terms of key performance indicators. According to Frost & Sullivan's report, the only manufacturers in the industry that have achieved million-level shipments in 2024 are Sony and Seya Technology. In 2024, Sony ranked first in the world in terms of global XR device silicon-based OLED product shipments, accounting for about 50.8% of the total market's shipments; the company ranked second in the world and number one in China, accounting for about 35.2% of the total market's shipments.

The company's technical strength and product performance have been widely recognized by downstream markets and customers, and has successfully entered the supply chain systems of many leading customers. As of the end of the reporting period, the company's main customers include ByteDance, Shadowstone Innovation, Thunderbird, and Lenovo.

After this stock issuance, the funds raised will be used for the following projects after deducting the issuance fee:

In terms of performance, in 2022, 2023, 2024, and January-June 2025, the company's revenue was approximately 190 million yuan, 215 million yuan, 280 million yuan, and 150 million yuan respectively; for the same period, net profit was approximately -247 million yuan, -304 million yuan, -247 million yuan, and -123 million yuan, respectively.