奕斯伟港股IPO：业绩增长失速3年净亏损43亿 第一大客户收入占比接近八成

Core Viewpoint - Beijing Yiswei Technology Group's subsidiary, Yiswei Computing, has submitted a listing application to the Hong Kong Stock Exchange, while also pursuing an IPO for another subsidiary, Xi'an Yiswei Materials Technology [1][4]. Financial Performance - From 2022 to 2024, Yiswei Computing achieved a cumulative revenue of 5.777 billion yuan but recorded a net loss of 4.954 billion yuan, indicating significant concerns regarding profitability [1][9]. - The company has experienced a total cash outflow of approximately 3.463 billion yuan from operating activities over the past three years [11]. - Revenue figures for the past three years were 2 billion yuan, 1.752 billion yuan, and 2.025 billion yuan, with corresponding net losses of 1.57 billion yuan, 1.837 billion yuan, and 1.547 billion yuan [9]. Business Model and Market Position - Yiswei Computing specializes in intelligent solutions, utilizing the RISC-V architecture, and is recognized as the largest provider of RISC-V customized solutions in China by revenue as of 2024 [5][10]. - The company has completed four rounds of financing, raising over 9 billion yuan, with the latest D round in June 2023 bringing in over 3 billion yuan [7][11]. Customer Concentration - Yiswei Computing exhibits a high customer concentration, with the top five customers contributing 88.7%, 90.7%, and 88.5% of total revenue over the past three years [12]. - The largest customer accounted for approximately 78.9%, 82.1%, and 76.8% of revenue during the same period, raising concerns about dependency on a limited customer base [12]. Research and Development - The company employs 1,262 full-time R&D staff, representing 71.1% of its total workforce, with about 70% holding master's degrees or higher [9]. - R&D expenditures were significant, amounting to 1.44 billion yuan, 1.445 billion yuan, and 1.337 billion yuan over the past three years, constituting 72%, 82.5%, and 66% of total revenue respectively [9]. Competitive Landscape - Yiswei Computing faces intense competition in the RISC-V market, particularly from companies like Sifang Technology, which offers a range of RISC-V-based products and solutions [10]. - The company acknowledges the challenges of market adoption for its RISC-V solutions and the competitive nature of the technology landscape [10]. Future Plans - The funds raised from the IPO are intended for developing new intelligent terminal solutions across various sectors, enhancing software and hardware capabilities, and potential strategic acquisitions [11].