Core Viewpoint - Viewtrix Technology Co., Ltd. (云英谷) is attempting to go public on the Hong Kong Stock Exchange after previous failed attempts to list on the A-share market, facing significant challenges due to its financial performance and market perception [1][2][3] Company Overview - 云英谷 is a leading designer of AMOLED display driver chips, focusing on providing high-performance solutions for consumer electronics [1][2] - The company operates under a Fabless model, collaborating with key industry partners to enhance user display experiences [1] Financial Performance - Revenue has shown a compound annual growth rate (CAGR) of 28.7%, increasing from 5.51 billion RMB in 2022 to 8.91 billion RMB in 2024 [5][6] - Despite revenue growth, the company has faced escalating losses, with net losses increasing from 1.24 billion RMB in 2022 to 3.09 billion RMB in 2024, a 150% increase over three years [5][6] Profitability Issues - The gross margin has drastically declined from 31.9% in 2022 to 0.4% in 2023, and slightly improved to 2.5% in 2024, indicating severe profitability challenges [6][7] - The company's primary revenue source, AMOLED display driver chips, accounted for 91.6% of total revenue in 2024, but the gross margin for this segment has been negative, further exacerbating overall financial difficulties [8][9] Customer and Supplier Concentration - The top five customers accounted for 90.2% of total revenue in 2024, with the largest customer alone representing 54.1%, leading to a lack of pricing power [10][11] - Supplier concentration is also high, with the top five suppliers making up 97.2% of procurement costs, which limits the company's ability to control costs [12][13] Cash Flow and Inventory Management - The company has experienced negative cash flow from operating activities for three consecutive years, with net outflows increasing to 2.36 billion RMB in 2024 [15][16] - Inventory turnover days have increased significantly, reaching 146 days in 2024, which is well above the industry average, indicating potential issues with inventory management and cash flow [17][18] Capital Market Challenges - The company has faced difficulties in achieving a favorable valuation, with the last funding round in August 2024 setting a post-money valuation of 8.33 billion RMB, which may act as a valuation floor for the upcoming IPO [3][4] - The shift to the Hong Kong market is seen as a strategic adjustment, as it is more accommodating to unprofitable tech companies, but the company still needs to address its financial losses and low gross margins to attract investors [3][4]
云英谷港股IPO：3亿巨亏叠2.5%毛利率 客户供应商双绞杀下 难撑83亿估值
Xin Lang Zheng Quan·2025-07-15 02:16