小米、大疆、歌尔押注！硅基OLED龙头视涯科技要上市：三年累亏8亿，坦言短期或难盈利

Core Viewpoint - Shiya Technology Co., Ltd. has been accepted for listing on the Sci-Tech Innovation Board, aiming to raise 2.015 billion yuan despite facing significant losses and challenges in achieving profitability [2][5]. Company Overview - Shiya Technology is a leading global provider of micro-display solutions, specializing in silicon-based OLED micro-displays and offering value-added services such as strategic product development and optical systems [3]. - The company ranks second globally and first domestically in the micro-display solution market, with significant shipments to major clients like ByteDance and Lenovo [5]. Financial Performance - Revenue for Shiya Technology from 2022 to 2024 is projected to grow from 190 million yuan to 280 million yuan, yet the company remains unprofitable, with net losses of 247 million yuan, 304 million yuan, and 247 million yuan during the same period [5][6]. - High R&D expenditures are a primary reason for the lack of profitability, with R&D costs constituting over 95% of revenue in 2024 [6]. Production Capacity and Utilization - The company plans to expand its production capacity for silicon-based OLED displays, with a projected annual output of 10.8 million units post-expansion [11]. - Production capacity utilization rates have improved, reaching 92.03% in 2024, although the company still faces challenges in fully utilizing its production capabilities [12]. Shareholder Structure - Shiya Technology has a strong shareholder base, including major players like Xiaomi and DJI, with the controlling shareholder holding 29.36% of the shares [8][11]. - The IPO proceeds will primarily fund the expansion of production lines and the establishment of a research center [11]. Related Transactions - The company has reported significant related-party transactions, with sales to related parties increasing over the years, raising concerns about supplier concentration risks [13][14]. - The company anticipates a potential increase in procurement from related parties, particularly for essential components needed for production [14].