星瞰IPO｜奕斯伟三年亏掉50亿，“RISC-V第一股”能否撑到行业黎明？

Core Viewpoint - The company, Beijing Yiswei Technology Co., Ltd., is pursuing an IPO in Hong Kong to become the first publicly listed company focused on RISC-V architecture, despite facing significant financial losses and challenges in its business model [2][15]. Financial Performance - Over the years 2022 to 2024, the company reported revenues of 2 billion, 1.752 billion, and 2.025 billion RMB, with net losses of 1.57 billion, 1.873 billion, and 1.547 billion RMB, totaling a cumulative loss of 4.99 billion RMB [4][10]. - The gross margin has significantly declined from 25.9% in 2022 to 15.4% in 2023, with a slight recovery to 17.7% projected for 2024, indicating ongoing financial struggles [6][7]. Business Model and Market Position - The company specializes in RISC-V architecture, providing system-level solutions primarily for smart terminals and embodied intelligence applications, but it faces challenges such as a weak ecosystem and compatibility issues [2][4]. - Yiswei ranks fourth among RISC-V solution providers in China, holding a market share of only 1% [4]. Customer Dependency - The company heavily relies on a single major client, BOE Technology Group, which accounted for over 76% of its revenue from 2022 to 2024, peaking at 82.1% in 2023 [8][9]. - This dependency poses a significant risk to the company's stability and growth potential, as it may limit negotiation power and strategic flexibility [9]. Research and Development - The company has invested heavily in R&D, spending approximately 14 billion RMB annually from 2022 to 2024, which constitutes over two-thirds of its revenue [10]. - Despite the high R&D expenditure, the company has seen a reduction in employee numbers, with a 24% decrease from 2022 to 2024, which is atypical for a growth-oriented company [10]. Market Outlook - RISC-V architecture is still in an exploratory phase, with a projected market penetration of only 1.3% in 2024, expected to rise to 11.8% by 2029 [13]. - The company's ability to survive until the market for RISC-V solutions matures remains uncertain, given its current financial situation [13].