翼菲科技：股权转让价格差异巨大，公司至今仍未摆脱亏损｜IPO观察

Group 1 - The core point of the article highlights the significant discrepancies in share transfer prices of Yifei Technology prior to its IPO application, raising questions about the fairness and transparency of these transactions [2][3][7] - Yifei Technology's major shareholder, Zhang Sai, controls approximately 25.07% of the voting rights, making him the largest shareholder as of the signing date of the prospectus [3] - The company has experienced substantial revenue growth over the reporting period, with revenues of 162.21 million yuan, 201.17 million yuan, and 268.01 million yuan from 2022 to 2024, respectively [8] Group 2 - Despite the revenue growth, Yifei Technology has faced continuous losses, totaling 239.65 million yuan over three years, with annual losses of 57.55 million yuan, 110.61 million yuan, and 71.50 million yuan [8][9] - The company's operating cash flow has consistently been negative, with a total outflow of approximately 200 million yuan over three years, indicating a failure to achieve self-sustaining cash generation [10] - The company’s cash and cash equivalents were reported at approximately 22.89 million yuan by the end of 2024, while facing significant short-term debt pressures due to rising bank borrowings [10]