视涯科技冲科创板：三年斥资8亿搞研发，2024年研发减员34人

Core Viewpoint - Visionary Technology Co., Ltd. has been accepted for IPO on the Sci-Tech Innovation Board, focusing on the development and production of next-generation semiconductor OLEDoS displays, with significant clients including ByteDance and Lenovo [1] Financial Performance - The company reported a total asset of 3.15 billion yuan and a net loss of 246.80 million yuan for the year ending December 31, 2024, with a cumulative net loss of 951 million yuan over three years [3][2] - Revenue for the reporting periods was 280.06 million yuan, 215.45 million yuan, and 190.43 million yuan, with a significant R&D expense ratio of 95.93%, 133.35%, and 124.48% respectively [3][5] R&D Investment - R&D expenses totaled 793 million yuan over three years, accounting for 115.61% of cumulative revenue, with a compound annual growth rate of 6.46% [3] - The company maintains a high R&D expense ratio to establish a technological advantage in the silicon-based OLED industry, despite experiencing losses [5][6] Government Subsidies - The company highlighted risks associated with the sustainability of government subsidies, which contributed 28.54 million yuan, 29.30 million yuan, and 24.99 million yuan to revenue in the respective reporting periods [2] Market Strategy - Visionary Technology has adopted a strategy of lowering product prices to increase market penetration, as indicated by rising sales rates but declining average prices for their silicon-based OLED micro-displays [6]