Shiya Technology will be officially launched tomorrow and is firmly positioned on the Micro OLED track

On March 23, Shiya Technology disclosed the initial public offering listing announcement. The company will be listed on the Shanghai Stock Exchange Science and Technology Innovation Board on March 25, 2026. The stock abbreviation is "Shiya Technology" and the stock code is "688781".

Shiya Technology is on the Micro OLED track

Shiya Technology is a micro-display overall solution provider. Its core product is silicon-based OLED micro-display, and it provides customers with value-added services including strategic product development, optical systems and XR overall solutions. Shiya Technology has independently developed and achieved mass production of the world's first 12-inch silicon-based OLED micro-display device production line.

From the application side, Shiya Technology's products have entered multiple high-end display scenarios such as AR glasses, VR headsets, drone image transmission, medical headsets, and night vision devices. Its customers include global first-tier brands such as ByteDance, Shadowstone Innovation, Thunderbird, Lenovo, and Varjo.

Judging from operating data, from 2022 to 2024, Shiya Technology’s operating income will be 190 million yuan, 215 million yuan, and 280 million yuan respectively; the net profit loss attributable to the parent company has narrowed year by year.

In 2025, the company will achieve operating income of 513 million yuan, a year-on-year increase of 83.19%. During the reporting period, the company continued to increase market development efforts, and the sales revenue of its core product silicon-based OLED micro-displays increased in scale. At the same time, its strategic product development business was recognized by downstream customers, driving the growth of operating income and narrowing of losses.

On this basis, taking into account the scale effect of business expansion, orders on hand, increased product maturity, R&D commercialization results and other factors, the company expects operating income to show rapid growth year-on-year in the first quarter of 2026, with an expected growth rate of 235.35% to 294.53%. At the same time, the net profit loss attributable to the owners of the parent company after excluding non-recurring gains and losses narrowed year-on-year, with an expected loss reduction range of 15.53% to 27.60%, and operating performance continues to improve.

In terms of fundraising planning, Shiya Technology plans to raise 2.015 billion yuan in this listing, of which approximately 1.609 billion yuan will be used for the "ultra-high-resolution silicon-based OLED micro display device production line expansion project", which will effectively expand the company's 12-inch silicon-based OLED display production capacity to 10.8 million screens.

In addition, 406 million yuan was raised to invest in the "R&D Center Construction Project", which aims to upgrade new display technologies such as silicon-based OLED micro-display driver chips and micro-displays. This project specifically includes the "new generation silicon-based OLED driver chip technology research and development project" and the "high-brightness silicon-based micro-display device research and development project based on stacked white light OLED".

The Micro OLED industry chain continues to advance

As Shiya Technology is about to be listed on the Science and Technology Innovation Board, it reflects that the capital market continues to pay attention to the Micro OLED technology route and its commercialization prospects. From an industry perspective, since this year, the Micro OLED industry chain has continued to advance, with relevant projects and progress being implemented on the application side, project side, and technology side.

On the application side, Micro OLED is accelerating its penetration into terminal scenarios such as AR/VR and AI glasses.

On March 18, Jupiter launched JOVE Glasses S1, which uses an array optical waveguide combined with a Micro OLED solution to achieve binocular full-color display, and integrates functions such as voice booking, product price comparison, and smart home control. The product is priced at 4,399 yuan and is claimed to be the world’s cheapest full-color AI+AR smart glasses.

On March 2, PICO, a subsidiary of ByteDance, disclosed the technical information of the 2026 flagship hardware "Project Swan". For the display, Project Swan is equipped with a new generation of customized Micro OLED screen and self-developed optical design. The central visual area PPD (pixels per degree) exceeds 45, which can meet the clarity standard of replacing physical displays.

In terms of projects and production capacity, the industrial layout around Micro OLED continues to advance.

On February 25, the Jinxia Micro Display Industrial Park project with a total investment of 3 billion yuan started construction in Changsha Jinxia Economic and Technological Development Zone. This project is promoted by Ruixian Technology and other entities, and is positioned in the R&D and manufacturing of silicon-based OLED micro display chips.

In the same month, Yunguang Technology held a groundbreaking ceremony for its 12-inch ultra-high-definition silicon-based OLED microdisplay production base in Nanjing Jiangning Development Zone. The total investment in the project is about 1.2 billion yuan, which will achieve large-scale production of silicon-based micro-display panels from 0.13 inches to 1.32 inches. The planned annual production capacity is about 60,000 12-inch wafers, mainly for the needs of new terminal applications such as smart glasses and VR/MR.

In addition, on January 16, the main project of Xinshijia Sichuan project (K5 factory) was capped, focusing on the two product lines of flexible OLED and silicon-based OLED high-definition display modules, targeting high-end smart wearables, vehicle-mounted displays, AR/VR and other fields.

At the technical level, the key performance of Micro OLED continues to be optimized. In February this year, Germany's Fraunhofer Institute for Photonic Microsystems announced that it had successfully developed a new red Micro OLED microdisplay with ultra-high brightness and high efficiency.

In terms of equipment and supply chain, mass production links continue to improve.

In terms of equipment manufacturers, Sunic System signed an OLEDoS evaporation equipment supply contract with Hongxi Technology on February 5, and reached cooperation with Jinan Goerpixel in early January. In recent years, the company has provided Micro OLED-related production equipment to Guozhao Optoelectronics, Shiya Technology, Hupan Optical Core and many other companies to support the construction and expansion of production lines.

Summary

Overall, the Micro OLED industry is at a critical stage of development. On the one hand, leading companies represented by Shiya Technology are accelerating their entry into the capital market and simultaneously promoting production capacity expansion and technology upgrades; on the other hand, terminal products such as AR/VR and AI glasses are constantly innovating and iterating, promoting the penetration rate of Micro OLED in the high-end near-eye display field.

Driven by both terminal demand and industrial supply, the market prospects of Micro OLED technology are gradually becoming clearer. According to TrendForce’s analysis, as the overall output of the AR market increases, it is estimated that the total shipment volume of AR glasses equipped with Micro OLED technology will reach 7.1 million units in 2030.

Around this trend, the industry's attention to core issues such as performance and cost parity is also increasing. TrendForce will hold the 2026 New Display Industry Seminar (DTS) from April 22 to 23. Among them, the AR/VR near-eye display session on April 23 will bring together experts and analysts in Micro OLED and related fields to conduct in-depth discussions around key industry issues and provide forward-looking reference for industry development. Welcome to sign up and discuss the cutting-edge trends in the industry together. (Text: LEDinside Mia)

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