ViewEra Technology: Unicorn in the Golden Track

Vision Edge Technology ( 688781 ) is known as the “first company in silicon-based OLED microdisplays built on silicon,” and it is also one of the two global duopolists in silicon-based OLED microdisplays and the absolute leader in China. Its core highlights are full-stack in-house R&D + 12-inch wafer production + three proprietary technologies + monopoly in a niche market, making its industry position and uniqueness especially prominent.

A small number of companies worldwide that have full-stack in-house R&D capabilities in display chips, microdisplays, and optical systems.

Cumulative R&D investment exceeds 793 million yuan, with a core team covering display, semiconductors, optics, and other fields.

Three core technologies developed in-house—strong microcavity, crosstalk cutoff, and high-luminance-efficiency stacked full-color—are the only ones worldwide that it has both tackled and produced at scale simultaneously.

It has mastered key processes such as low-temperature color film, microlens arrays, and pixel current driving circuits.

The first company globally to achieve large-scale production of 12-inch wafer silicon-based OLEDs, with 9,000 wafers processed per month; capacity leads worldwide.

Compared with 8-inch wafers, the cutting efficiency is higher and the cost is lower, and the advantages at scale are significant.

In the first half of 2025, capacity utilization rate was 98.92%; after the proceeds from the fundraising projects, annual production capacity will reach 10.8 million units.

Products cover 0.3–1.4 inches, covering all scenarios including low-cost AR, high-performance AR, VR, and FPV goggles.

Key metrics (color gamut, power consumption, brightness, response time, PPI) benchmark against / exceed Sony, breaking overseas monopolies.

Ultra-high-resolution products fill the domestic gap and are compatible with premium XR and AI glasses.

Deeply tied to ByteDance (Pi­co), InnoVis, ThunderBird, Lenovo, and other global first-tier end users.

In 2026–2027, it locks in strategic orders of several million units; by the end of June 2025, orders on hand were 306 million yuan.

In the drone FPV goggles market, market share is 91.6%, nearly a monopoly.

In 2024, among the global silicon-based OLED market, only Sony and Vision Edge achieved million-level shipments, jointly accounting for 86% of the share.

By sales value: global second place (17.8%), domestic first place (CI­N­NO).

By XR device shipment volume: global second place (35.2%), domestic first place, only behind Sony (50.8%).

The global XR silicon-based OLED market shows a *dual-strong pattern of Sony (premium) + Vision Edge (consumer).

The only company in China that has achieved large-scale production of silicon-based OLEDs and entered the global first-tier group.

A national-level specialized “little giant,” leading major projects under the Ministry of Industry and Information Technology, driving domestic substitution.

Other domestic manufacturers (BOE, Reve, etc.) are mostly at the stages of line construction / small-batch trial production, and in the short term they will be difficult to dislodge.

Drone FPV goggles: market share is 91.6%, nearly a monopoly.

Consumer-grade XR: rapid growth, with market share racing directly after Sony.

Technology: the only company worldwide that simultaneously possesses and produces at scale the three core technologies—strong microcavity, crosstalk cutoff, and high-luminance-efficiency stacked full color—forming a hard-to-replicate technology moat.

Capacity: the first company globally to have a 12-inch silicon-based OLED production line; its capacity scale and cost efficiency are in a class of their own worldwide.

Domestic substitution: the only domestic company that can compete head-on with Sony and break the monopoly on premium microdisplays, with outstanding strategic significance.

Niche market: drone FPV displays are nearly monopolized, and customer stickiness is extremely high.

Vision Edge Technology is a domestic benchmark in the silicon-based OLED microdisplay field and one of the two global duopolists. With full-stack in-house R&D + 12-inch mass production + three proprietary technologies + monopoly in a niche market, it has strong technology barriers, capacity barriers, and customer barriers on the eve of the XR/AI glasses boom. It is one of the rare hard-tech targets with the highest scarcity in China’s new display industrial chain.

Note: The above analysis is only a reasoned forecast based on publicly available information and does not constitute any investment advice.