The silicon-based OLED sector welcomes its "first stock"

On March 25, as the opening bell rang for the Shanghai Stock Exchange’s STAR Market, ViewRay Technology Co., Ltd. officially became the “first micro-display stock based on silicon-based OLEDs.” The company’s issue price was 22.68 yuan per share, and its closing price today was 46 yuan per share, with the gain more than doubling. Its market capitalization is approximately 46 billion yuan, showing the market’s recognition of the value of the high-end micro-display technology track.

ViewRay Technology’s predecessor was Shanghai ViewRay Information Technology Co., Ltd., founded in October 2016. In August 2019, it relocated to Hefei and changed its name to Hefei ViewRay Technology Co., Ltd. The company focuses on silicon-based OLED micro-displays and is one of the few companies in the industry that possesses end-to-end in-house R&D capabilities for the “display chip + micro-display panel + optical system solution.” This IPO will raise 2.27B yuan, which will mainly be used for projects such as the expansion of production lines for ultra-high-resolution silicon-based OLED micro-display devices.

From an industry perspective, silicon-based OLED technology directly fabricates OLED pixels on a silicon-based driving chip, combining features such as extremely high pixel density, very small size, low power consumption, and fast response. It is widely recognized in the industry as an ideal display solution for AR/VR head-mounted devices. ViewRay Technology’s key breakthrough is that it has, for the first time worldwide, achieved large-scale volume production of silicon-based OLED micro-displays based on 12-inch wafer backplanes. A 12-inch wafer is currently the most advanced manufacturing process in this field, with high mass-production thresholds and significant process complexity.

On the level of technology in-house development, the company masters core processes such as microcavity technology and crosstalk isolation technologies, building a complete capability set covering everything from display chip design, micro-display panel manufacturing, to optical system integration. This enables independent and controllable operation of key links in the industrial chain, and provides downstream end manufacturers with highly integrated micro-display solutions.

From the perspective of market applications, ViewRay Technology’s silicon-based OLED panels mainly cover three major directions: AR/VR head-mounted devices, mini projection devices, and special display fields such as industrial and medical. According to relevant market data, in 2024, the company accounted for 35.2% of the global shipment volume of silicon-based OLED products for XR devices, ranking second globally and first in China. In terms of customers, the company has already entered the supply chains of frontline end manufacturers such as ByteDance, Himax Innovation, Raytron, and Lenovo. As of the end of June 2025, the company’s outstanding order amount was 306 million yuan.

Financial data shows that from 2022 to 2024 and the first half of 2025, the company achieved revenue of 190 million yuan, 215 million yuan, 280 million yuan, and 150 million yuan, respectively. In the same period, the net profit attributable to shareholders was -247 million yuan, -304 million yuan, -247 million yuan, and -123 million yuan, respectively. As a high-end manufacturing company still in the stage of ramping up capacity and with high R&D investment, the sustained capital investment and the scale benefits that have not yet been fully realized are an objective reflection of its current financial performance.

Author | Gu Yue

Editor | Qiu Jiangyong

Art Editor | Maria

Supervisor | Zhao Chen