IPO雷达| 连续两年减员、依赖神秘大客户，奕斯伟计算独立性成疑

Core Viewpoint - Beijing Yiswei Computing Technology Co., Ltd. faces significant profitability challenges as it prepares for its IPO on the Hong Kong Stock Exchange, with substantial losses projected from 2022 to 2024 [1] Financial Performance - Revenue for Yiswei Computing is projected at 2 billion yuan in 2022, 1.752 billion yuan in 2023, and 2.025 billion yuan in 2024, while the net profit is expected to accumulate losses of 4.954 billion yuan over the same period [1] - The company has experienced a significant decline in gross margin, dropping from 25.9% in 2022 to 15.4% in 2023, with a slight recovery to 17.7% in 2024 [3] - Management expense ratios for 2022, 2023, and 2024 are 24.76%, 31.56%, and 23.39%, respectively, while R&D expense ratios are notably high at 66.01%, 82.45%, and 72.02% [3] Business Model and Product Offering - Yiswei Computing's core products include smart terminal solutions and embodied intelligent system-level solutions based on the RISC-V architecture, which is an open-source instruction set architecture [2] - The company emphasizes a "three-reuse" strategy to enhance efficiency and reduce costs across technology, client, and supply chain [3] Client Dependency - A single unnamed client, referred to as Client A, has been the largest customer for Yiswei Computing, contributing 1.5779 billion yuan, 1.4379 billion yuan, and 1.5552 billion yuan in revenue for 2022, 2023, and 2024, respectively, accounting for 78.9%, 82.1%, and 76.8% of total revenue [5] - Client A is described as a leading provider of IoT smart interaction products and services, with a strong resemblance to BOE Technology Group, where the actual controller of Yiswei Computing, Wang Dongsheng, was a long-term chairman [6]