Core Viewpoint - Shiya Technology Co., Ltd. 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 turnaround to profitability expected in 2026, contingent on various market factors [1][2]. Financial Performance - Shiya Technology 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 three and a half years [1][3]. - The gross profit margins for the main business during the reporting period were 19.12%, 17.03%, 21.52%, and 20.37% [1]. - The company’s total assets as of June 30, 2025, were approximately 4.27 billion yuan, with a net profit attributable to shareholders of -123.08 million yuan for the first half of 2025 [3][4]. 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, and the largest customer contributing 38.05%, 39.44%, 30.69%, and 31.31% of revenue [7]. Research and Development - Shiya Technology has maintained a high level of R&D investment, with R&D expenses accounting for 80.23%, 95.93%, 133.35%, and 124.48% of revenue during the reporting periods, reflecting the competitive nature of the industry [4]. Special Clauses and Risks - The company has disclosed special clauses related to share repurchase rights in its financing agreements, which could pose risks if the company fails to successfully list on the stock exchange [8]. - There are concerns regarding the potential impact of high customer concentration and the dependency on a single large customer for revenue growth [7].
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
Sou Hu Cai Jing·2025-10-06 04:51