三年亏近八亿！这家独角兽却估值百亿！两家上市公司是股东！

Core Viewpoint - Shiya Technology has entered the IPO inquiry stage for the Sci-Tech Innovation Board, moving closer to listing, with a valuation of at least 10 billion yuan despite not being profitable and incurring nearly 800 million yuan in losses over three years [1][4]. Company Overview - Founded in 2016, Shiya Technology has a registered capital of 900 million yuan and focuses on the research, design, production, and sales of next-generation semiconductor OLED micro-displays, being recognized as a national high-tech enterprise [2]. - The company has developed a full-stack self-research capability in "display chips + micro-displays + optical systems," with key technologies including silicon-based OLED strong micro-cavity technology and silicon-based high-efficiency stacked OLED full-color technology [2]. Financial Performance - Revenue for the years 2022 to 2024 was 190 million yuan, 215 million yuan, and 280 million yuan, respectively, reflecting a compound annual growth rate of 21.5%, primarily driven by the core product, silicon-based OLED micro-displays [5]. - Despite revenue growth, the company reported net losses of 247 million yuan, 304 million yuan, and 247 million yuan over the same period, totaling nearly 800 million yuan in losses [5]. Investment and Use of Proceeds - The company plans to raise 2.015 billion yuan through the IPO, with approximately 1.609 billion yuan allocated for the expansion of ultra-high-resolution silicon-based OLED micro-display production lines and about 406 million yuan for R&D center construction [2]. Market Position - According to a report by Frost & Sullivan, Shiya Technology ranks second globally and first domestically in silicon-based OLED product shipments for XR devices, with a market share of approximately 35.2% in 2024 [2]. Ownership and Control - The actual controller of the company is Chairman Gu Tie, who holds 100% of the controlling shareholder Shanghai Jishan, collectively controlling 29.36% of the shares, with a voting power of 61.79% prior to the IPO [3]. Customer Concentration Risk - The company faces high customer concentration risk, with sales to the top five customers accounting for 75.59%, 76.62%, and 73.61% of total revenue from 2022 to 2024 [4]. Asset and Cash Flow Management - As of the end of 2024, the company reported fixed assets and construction in progress valued at 1.039 billion yuan and 512 million yuan, respectively, with high depreciation costs impacting profitability [6]. - The company has consistently reported negative net cash flow from operating activities, with figures of -223 million yuan, -287 million yuan, and -76 million yuan for the years 2022 to 2024 [6].