Driven by the global wave of digital transformation and artificial intelligence, the integration of intelligent hardware and core control technology has become a competitive highland for technology companies.
Recently, Guangzhou Shiyuan Electronic Technology Co., Ltd. (“Shiyuan Co., Ltd.”), as a leader in the field of intelligent control in China, officially submitted a listing application to the Hong Kong Stock Exchange after being listed on the Shenzhen Stock Exchange for many years, with the aim of starting a new “A+H” dual listing process.
Judging from the prospectus disclosed by it, Shiyuan Co., Ltd. has three leading global or national businesses: LCD main control boards, educational interactive smart tablets, and conference interactive smart tablets, and is trying to break the “ceiling” of growth through AI empowerment and scenario expansion.
However, behind its impressive position in the industry, fluctuations in raw material costs, inventory backlog pressure, and uncertainty about overseas trade policies have also added challenges to its future capital market performance.
From educational tablets to intelligent control platforms, how can Vision Electronics open up a second growth curve?
The Zhitong Finance App learned that Shiyuan Co., Ltd. first started in the LCD main control board business, and it is also where it has accumulated the deepest technology. According to Frost & Sullivan data, in 2025, the company's LCD main control board market share reached 24.4%, ranking first in the world. At the same time, nine of the world's top ten TV brands all used its main control board products.
After having a foundation in display technology, the company gradually expanded to downstream applications, launching the Sivo brand in 2009 to enter the digital education market; then, the MAXHUB brand entered the corporate conference market, gradually moving the company from a behind-the-scenes supplier to a brand enterprise for end users.
According to Frost & Sullivan data, in 2025, the global market share of the Shivo Education Interactive Smart Tablet reached 17%, ranking first in the world; the MAXHUB conference interactive smart tablet continued to maintain the first place in the Chinese market and second in the world. At present, it has achieved a certain market position.
From 2023 to 2025, the company's share of smart terminals and application revenue fell from 55.2% to 47.6%, while the revenue share of intelligent control components increased from 42.4% to 50.1%, surpassing the smart terminal business for the first time and becoming the largest source of revenue. Among them, the fastest growing is the white goods controller business. Revenue reached 2,515 billion yuan in 2025, an increase of 46% over the previous year, while LCD main control board revenue also continued to grow, which means that the company is gradually transforming into a more comprehensive platform-based intelligent control enterprise.
In recent years, domestic education informatization construction has entered a relatively mature stage. The penetration rate of interactive tablets has continued to increase, and the growth rate of the industry has begun to slow down. On the other hand, demand from emerging markets such as intelligent home appliances, automotive electronics, and power electronics continues to expand, bringing more room for growth for controller products.
In addition to changes in the business structure, AI has also become a key word repeatedly mentioned by the company in its prospectus.
According to information, focusing on AI in the vertical industry, the company launched the Shiva Teaching Model and the MAXHUB Smart Meeting Model to embed AI capabilities into specific application scenarios such as course preparation, classroom interaction, conference collaboration, and smart office, with a view to building an integrated ecosystem of “hardware+software+AI services”.
In terms of overseas layout, as of the first quarter of 2026, the company's business covered more than 100 countries and regions around the world, remained at around 25% of overseas revenue, and continued to promote the internationalization of the MAXHUB brand and ODM business development. Compared with the domestic market showing maturity, overseas digital education and enterprise digitalization still have high room for growth, and have also become the company's key driving direction in the future.
However, market space does not necessarily mean that growth can be realized. Whether it is commercialization of AI products or overseas brand building, continuous investment in R&D, channels, and localized operations is required, and these investments may further affect profitability in the short term.
In addition to room for growth, we still need to answer the two questions of profit and valuation
Judging from the financial performance, the overall operating quality of Shiyuan Co., Ltd. remains at a high level in the industry. The Zhitong Finance App learned that from 2023 to 2025, the company's revenue was 20.073 billion yuan, 22.401 billion yuan, and 24.354 billion yuan respectively. Revenue continued to grow continuously. Revenue for the first quarter of 2026 continued to increase 23.9% year-on-year to 6.203 billion yuan.
In terms of profit, the company's net profit in 2025 was 1,147 billion yuan, up from 2024. Net profit for the first quarter of 2026 increased 35.7% year-on-year, indicating that the company's profitability has shown some signs of recovery.
However, another set of data is also worth watching. The company's gross margin fell from 24.5% in 2023 to 19.6% in 2025. Although it basically stabilized at around 20% in the first quarter of 2026, there is still some pressure compared to the past. At the same time, the net interest rate also fell from 6.9% in 2023 to around 4.7% in 2025, indicating that revenue growth did not fully translate into profit growth.
Behind the pressure on gross margin, on the one hand, it is related to changes in product structure: in recent years, the company has grown the fastest in the business of intelligent control components such as LCD main control boards and white goods controllers, and these products themselves are manufacturing industries with obvious scale effects and relatively sufficient competition, and the profit level is usually lower than that of software and education solutions; on the other hand, the company continues to promote overseas expansion, AI research and development, and product upgrades, which has also increased phased cost investment.
From 2023 to 2025, the company's R&D expenses reached 1,422 billion yuan, 1,540 billion yuan and 1,588 billion yuan respectively, accounting for more than 6% of revenue. Continuous R&D not only reflects the company's desire to maintain technological leadership, but also means that it will still need to rely on new products and new scenarios to absorb R&D costs in the future; otherwise, the rate of profit improvement may be affected to a certain extent.
Currently, after years of development in the educational interactive tablet market, the domestic market penetration rate is already high, and new demand is gradually shifting from the incremental market to stock renewal. Although corporate conference tablets still have some room for growth, in recent years, more and more office equipment companies, display manufacturers, and Internet companies have begun to enter this circuit, and market competition continues to intensify. At the same time, AI is reshaping the competitive logic of the industry. In the future, the focus of competition may gradually shift from simple hardware performance to software ecology, model capabilities, and continuous service capabilities.
For Shiyuan Co., Ltd., this is both a challenge and an advantage. The challenge is that the company needs to continue to invest in R&D, continuously improve the software ecosystem, and improve the efficiency of AI application implementation in order to maintain the leading edge of the brand. The advantage is that the company already has a large terminal installation scale and industry customer resources. Whether it is the large number of schools covered by Shiva or the large number of corporate customers that MAXHUB has accumulated, it means that the company has rich real application scenarios.
At the same time, judging from the market structure, about 75% of the company's revenue still comes from the Chinese market. Although the overseas business continues to grow, the overall share is still limited. If the pace of digital investment in domestic education and enterprises slows down, it may still have a certain impact on the company's revenue in the short term.
Second, the company's smart terminal business is highly dependent on the two major application scenarios of education and enterprise services, and changes in industry sentiment will directly affect the demand for related products. In addition, LCD main control boards are a mature industry, and market competition may further intensify in the future. If price competition continues to escalate, profit margins may also be reduced.
With regard to this listing in Hong Kong, more capital raised by the company will serve global expansion, R&D investment, and intelligent manufacturing capacity building. In the long run, if the company can continue to increase its share of overseas revenue, promote the AI software business to form new sources of profit, and further expand the layout of intelligent control components in emerging markets such as automotive electronics and power electronics, its growth space is still worth paying attention to. However, if the commercial market growth slows down further in the future, and the release of new businesses falls short of expectations, company valuations may also return more to manufacturing attributes rather than enjoy valuation premiums from high-growth technology companies.
Therefore, from the current point of view, the biggest focus of Shiyuan Co., Ltd. is no longer an education tablet leader or conference tablet leader, but whether it can gradually grow into a comprehensive technology platform covering smart terminals, intelligent control, and industry digital solutions based on display technology, AI capabilities, and global supply chain advantages. This is not only the direction of the company's growth in the next few years, but it will also determine what kind of long-term value pricing the capital market is willing to give after listing in Hong Kong stocks.