Rising 85% on the first day, Yunyinggu Technology is officially listed

On May 27, Yunyinggu Technology Co., Ltd. (stock abbreviation: Yunyinggu Technology, stock code: 3310.HK) successfully landed on the main board of the Hong Kong Stock Exchange, and the Hong Kong stock market officially welcomed the "first mainland OLED display driver chip stock."

On the first day of listing, Yunyinggu Technology's opening price was HK$25.48, an increase of 22.44% from the issue price (HK$20.81). As of press time, the highest price was HK$38.60, an increase of 85.49%.

▋ The advantages of dual-track card slots are significant, and the market position continues to rise

In the context of the continued development of AI technology, vision and display are gradually becoming the core human-computer interaction portal of smart terminals. With the iteration of terminal hardware, the market's requirements for low power consumption, high refresh rate, and high resolution of chips are accelerating, which directly drives the display driver chip industry to enter a new round of upgrade cycles.

Among them, AMOLED display driver chips are one of the most dynamic segments. According to a Frost & Sullivan report, its global sales have increased from approximately 724 million pieces in 2020 to 1.292 billion pieces in 2024, with a compound annual growth rate of 15.6%, and are expected to further increase to 2.112 billion pieces by 2029. The growth rate of the mainland China market is even more outstanding - sales volume climbed from 180 million units to 478 million units during the same period, with a compound annual growth rate of 27.6%.

On the other hand, driven by the demand for XR equipment, global Micro-OLED display backplane/driver sales increased from 600,000 pieces in 2020 to 2.5 million pieces in 2024, with a compound annual growth rate of 41.1%. It is expected to reach 26.7 million pieces in 2029, with the annual compound growth rate further rising to 60.6%, and the annual compound growth rate of XR equipment applications is as high as 75.9%.

Against the background of continuous upgrading of industrial demand and deepening substitution of domestic products, local manufacturers with deep accumulation of technology and customer resources are facing a critical development window. Yunyinggu Technology happens to be in these two high-prosperity tracks at the same time. This "double track leading" pattern is even rarer among domestic display chip companies.

The prospectus shows that in the field of AMOLED display driver chips, Yunyinggu Technology ranks fifth in the world and first in mainland China in terms of sales volume in 2024. At the same time, it is also the first AMOLED display driver chip company in mainland China to pass brand customer certification and the only AMOLED display driver chip company with cumulative shipments of more than 10 million units to brand customers.

In the field of Micro-OLED display backplane/driver, Yunyinggu Technology ranks second in the world in terms of sales volume in 2024, with a market share of 40.7%. It is also the largest independent supplier in China and one of the first independent manufacturers in the world to apply this technology to consumer VR/AR equipment.

▋ Profit quality continues to improve, and dual engines accelerate volume growth

As the two core businesses continue to increase in volume, the performance of Yunyinggu Technology has also entered a stage of accelerated release. From 2023 to 2025, operating income will increase from 720 million yuan to 1.106 billion yuan, with a compound growth rate of 23.94%. Among them, the full-year revenue in 2025 will be 1.106 billion yuan, a year-on-year increase of 24.13%.

In terms of business, as the sales volume of AMOLED display driver chips increases from approximately 32.29 million units in 2023 to approximately 52.59 million units in 2025, the business scale continues to expand. In 2024 and 2025, the sales revenue of AMOLED display driver chips will be more than 800 million yuan.

It is worth mentioning that the product structure of Yunyinggu Technology is also being upgraded simultaneously. The prospectus shows that in 2025, its flagship AMOLED display driver chip has been successfully introduced into high-end smartphone models of many leading brands, and related products contributed approximately 156 million yuan in revenue that year. Compared with mass market products, high-end flagship chips have higher requirements in terms of performance, power consumption control and display effects, and also have stronger added value.

If AMOLED is the "ballast stone" for the steady development of Yunyinggu Technology, then Micro-OLED is becoming the "second engine" driving the accelerated growth of Yunyinggu Technology. In 2025, the sales revenue of this business will reach 296 million yuan, a significant year-on-year increase of 294%. As one of the first independent suppliers in the world to apply Micro-OLED technology to consumer VR/AR equipment.

▋ Dual high-intensity R&D builds a technological moat, and capital empowerment anchors the cutting-edge layout

The core factor that supports Yunying Valley Technology to continue to occupy the high-end market and consolidate its leading advantages in dual tracks is the company's long-term insistence on high-intensity R&D investment. From 2023 to 2025, the company's cumulative R&D investment reached 685 million yuan, accounting for 25.2% of total revenue during the same period.

Relying on the full-stack self-developed technology integrating software and hardware, Yunyinggu Technology has covered the three key links of display driver chip design, driver compensation algorithm development, and pixel compensation circuit layout. The LTPO display driver chip and RAM-less AMOLED chip it launched are industry firsts. Among them, RAM-less technology not only ensures display quality, but also significantly reduces product costs, effectively promoting the popularization of AMOLED into mid- and low-end smartphones. As of the end of 2025, Yunyinggu Technology has a total of 79 patents, 22 registered trademarks, and 23 copyrights.

With this successful landing in the capital market, Yunyinggu Technology will further strengthen the company’s resource investment in R&D and innovation. About 47% of the funds raised this time will be used for the research and development and optimization of AMOLED TDDI chips, and about 33% will be used for the research and development of Micro-OLED and Micro-LED display backplanes/drivers to accelerate continued breakthroughs in the field of next-generation display technology.

Against the background of the accelerated evolution of AI terminals and the continuous upgrading of new display technologies, the display driver chip industry is ushering in a new round of development opportunities. With the help of the capital market, Yunyinggu Technology is expected to further strengthen its technical and market advantages in the two core areas of AMOLED display driver chips and Micro-OLED display backplane/drivers, and accelerate its progress towards the first echelon of the global display driver chip industry.