IPO雷达｜视涯科技3年半亏超9亿，盈利拐点难保证，南京招银股份代持情况曝光

Core Viewpoint - Visionary Technology Co., Ltd. (referred to as "the Company") is a leading global provider of micro-display solutions, focusing on silicon-based OLED micro-displays, but has faced continuous losses over the past three and a half years, with a projected timeline for profitability extending to 2026 [1][2]. Financial Performance - The Company reported revenues of approximately 190 million, 215 million, 280 million, and 150 million yuan for the years 2022 to 2025, with net losses of 247 million, 304 million, 247 million, and 123 million yuan respectively, totaling a cumulative loss of about 921 million yuan over the reporting period [1][3]. - Gross profit margins for the main business were 19.12%, 17.03%, 21.52%, and 20.37% for the respective years [1]. - The Company anticipates a shift from loss to profit by 2026, contingent on various factors such as product sales and material costs [2]. Cash Flow and Investment - The net cash flow from operating activities was negative for the first three periods, with a positive cash flow of 22.2 million yuan in the last period [6]. - The Company has made significant investments in production lines, which have led to high depreciation costs impacting current and future profitability [5]. Customer Concentration - The Company has a high customer concentration, with the top five customers accounting for 75.59%, 76.62%, 73.61%, and 63.96% of total revenue during the reporting periods, indicating a reliance on a few key clients [8]. - The first major customer contributed 38.05%, 39.44%, 30.69%, and 31.31% of total revenue in the respective years, highlighting the risk associated with dependency on single clients [8]. Special Clauses and Shareholding Issues - The Company has disclosed special clauses related to share repurchase rights in its financing agreements, which could pose risks if the Company fails to list successfully on the stock exchange [9]. - Recent disclosures revealed that Nanjing Zhaoyin's shareholding situation involved undisclosed shareholding arrangements, which have now been resolved as of September 2025 [10][13].