Yirui Technology Expands Business Portfolio, Adds Silicon-Based Micro Display Backplane Business, and Deploys XR Device Market

【Shanghai, March 31, 2026】Iri Tech Group Co., Ltd. (Stock code: 688301, Stock short name: Iri Tech) today issued an announcement, stating that its 25th meeting of the third session of the board of directors has examined and approved the resolution titled “On Adding the Product Scope to Certain Fund-Raising Investment Projects and the Company’s New Main Business.”

The company plans to add silicon-based microdisplay backplane products to the convertible bond fund-raising investment project “Industrialization Project for New-Type Detectors and Scintillator Materials,” and include “Research, Production, and Sales of Silicon-Based Microdisplay Backplanes” in the company’s main business.

The announcement shows that this business expansion by Iri Tech is based on the synergy between its existing CMOS sensor production lines and silicon-based microdisplay backplanes in terms of technology, process, and equipment. According to the introduction, the core components of CMOS detectors share common ground with silicon-based microdisplay backplanes in terms of the principles of optoelectronic conversion, and the two are highly similar in circuit structure, manufacturing processes, and more. The company’s existing production lines can switch the capacity for the two product types with each other.

Progress of Fund-Raising Projects

As of December 31, 2025, the overall investment progress of Iri Tech’s convertible bond fund-raising investment projects has reached 89.08%, including that the “Industrialization Project for New-Type Detectors and Scintillator Materials” has an investment progress exceeding 100%.

Unit: ten thousand yuan

New Business Layout and Market Outlook

Iri Tech states that the newly added silicon-based microdisplay backplane business is mainly used to produce silicon-based OLED microdisplays, which will ultimately be applied in intelligent terminal devices such as AI glasses, VR headsets, and drone FPV systems. The business layout responds to national policy guidance, and policies such as the “Action Plan for the Integrated Development of Virtual Reality and Industry Applications (2022–2026)” clearly support upgrading microdisplay technologies.

Market data show that the silicon-based OLED microdisplay market is exhibiting rapid growth. According to a report by Foresight Sullivan, global sales of silicon-based OLED microdisplays increased from 390 million yuan in 2020 to 1.27 billion yuan in 2024, with a CAGR of 34.3%; it is expected that by 2030, sales will reach 67.93 billion yuan, with a CAGR from 2024 to 2030 as high as 94.11%. In terms of shipments, 6.365 million units were recorded in 2024, and it is expected to reach 399.566 million units by 2030, with a CAGR of 99.36% during the period.

Risk Warning

The company also cautions that the newly added business faces three major risks: first, risks related to geopolitical issues and trade frictions, because certain terminal customers are located overseas; second, risks associated with higher depreciation and amortization for the newly added business, as the Hefei factory’s plant and production line investments are substantial; third, risks of increased customer concentration and related-party sales—currently, the direct customers are related parties, Visionary Technology.

Iri Tech states that this business expansion is conducive to deepening the layout of the industrial chain, cultivating new revenue and profit growth drivers, and is expected to have a positive impact on the company’s future operating performance. The sponsoring institution, China International Capital Corporation Limited, issued a clear verification opinion for the matter, stating that there is no circumstance involving any disguised change in the direction of fund-raising and any harm to shareholders’ interests.

This adjustment does not require submission to the general meeting of shareholders for deliberation, within the scope of the board of directors’ approval authority.

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