Recently, Shiya Technology Co., Ltd. (referred to as "Shiya Technology", 688781.SH) disclosed the initial public offering of shares on the Science and Technology Innovation Board. The company's shares were officially listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange on March 25. The stock abbreviation is "Shiya Technology" and the stock code is "688781".
Shiya Technology disclosed in the listing announcement that the company's A-share capital is 1,000,000 shares (face value 1.00 yuan per share), and the issuance price is 22.68 yuan/share, corresponding to a post-issuance market value of 22.68 billion yuan.
Forward-looking layout of micro-display business
According to the data, Shiya Technology is the world's leading provider of overall micro-display solutions. Its core product is silicon-based OLED micro-display, and it provides customers with value-added services including strategic product development, optical systems and overall solutions for AI glasses. As a leading company in the country's new display industry chain, Shiya Technology adheres to the company philosophy of "seeing because you believe" and continues to carry out independent research and development and product innovation. With silicon-based OLED independent strong microcavity technology, crosstalk interception technology, high-efficiency laminated OLED full-color technology, low-temperature color film technology, micro-lens array technology, silicon-based OLED With a series of key core technologies such as pixel current drive circuits, the company continues to break through the limits of product performance and process technology. It has now established the world's leading systematic technical barriers, and its product performance indicators are internationally leading. It is further expanding its global leadership through continuous and rapid technology iteration, and is the world's scarce silicon-based OLED technology leader.
Silicon-based OLED microdisplay is the core hardware of AI glasses. Relying on its long-term accumulation of technology and R&D advantages, Shiya Technology relies on its core technical advantages such as high resolution, high contrast, low power consumption, and wide color gamut. The company's customers include major domestic and foreign head terminal manufacturers, and it has established in-depth strategic cooperation with many of the world's top technology companies. Currently, the rapid development of artificial intelligence is profoundly changing the way humans work and live. AI technology has created a massive demand for information interaction, and smart glasses terminals are deeply integrated with AI technology. AI glasses are regarded as the best carrier of end-side AI and are expected to gradually replace smartphones and become a new generation of smart display terminals. The dual resonance of market demand and technological innovation is driving the AI glasses market into an unprecedented period of accelerated development, bringing huge product innovation space and abundant future growth momentum to Shiya Technology.
The listing announcement disclosed that the actual controller of Shiya Technology is Gu Tie. Gu Tie holds 100.00% of the equity of the controlling shareholder Shanghai Jishan, and can control a total of 29.36% of the issuer's shares through Shanghai Jishan and its controlling entities. Combined with the special voting rights setting arrangement, before this issuance, Gu Tie controlled 61.79% of the voting rights through Shanghai Jishan and was the actual controller of the company. After this issuance, Gu Tie can control a total of 26.42% of the issuer's shares through Shanghai Jishan and its controlling entities, and controls a total of 58.29% of the voting rights through Shanghai Jishan. He is still the actual controller of the company.
Information shows that Gu Tie was born in June 1968 and has a doctoral degree. Gu Tie graduated from the Department of Physics of Fudan University in 1989 with a bachelor's degree in science; in 1994 he graduated from Pennsylvania State University in the United States with a doctorate in engineering. According to reports, Gu Tie participated in the establishment of the first 2-generation TFT-LCD production line in the United States, led the research and development and manufacturing of the world's first thoracic digital X-ray machine, and planned and prepared the first 4.5-generation TFT-LCD production line in China.
Raise funds to develop main business
Shiya Technology raised a total of 2,268 million yuan in this issuance; after deducting the issuance fee of 153,268,500 yuan (excluding value-added tax), the net amount of funds raised was 2,114,731,500 yuan. The company previously introduced in its prospectus that it will use the funds raised through this listing to improve its research and development capabilities and silicon-based OLED micro-display production capacity to further strengthen its main business.
At the end of 2025, Shiya Technology's current assets were 2,559,851,700 yuan, an increase of 76.49% from the end of the previous year; the company's total assets were 5,239,355,900 yuan, an increase of 66.43% from the end of the previous year. At the end of 2025, the main reason for the increase in the company's total assets compared with the end of the previous year was the increase in fixed assets, projects under construction, monetary funds and other receivables.
In response to the driving factors for the growth of the above indicators, Shiya Technology introduced that among them, the increase in fixed assets and projects under construction is mainly due to the company's investment in large-scale production line construction to meet future product production and shipment needs and the transfer of fixed assets to the usable state. The increase in monetary funds is mainly due to the production capacity deposit payment received by the company from strategic customers to lock in the production capacity of silicon-based OLED microdisplays for a certain period in the future.
According to the listing announcement, in 2025, Shiya Technology achieved operating income of 513.0411 million yuan, an increase of 83.19% over the same period last year; the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses was -252.6585 million yuan, an increase of 18.05% over the same period last year.
