Financial Challenges - The company has accumulated losses exceeding 3.2 billion yuan, with net profit losses reaching 3.057 billion yuan from 2022 to 2024, and the trend of increasing losses continues into 2025 with a single-quarter loss of 233 million yuan in Q1 2025 [2][3][4] - Operating cash flow has been persistently negative, with net cash outflow increasing from 666 million yuan in 2022 to 2.148 billion yuan in 2024, totaling over 3.8 billion yuan [4][6] - The company has high accounts receivable, with a value of 615 million yuan in Q1 2025, accounting for 191.96% of that quarter's revenue, significantly exceeding industry norms [5] Business Risks - The company's revenue is heavily reliant on a single product, the Xiyun C500 series GPU, which contributed 97.28% of total revenue in 2024 and increased to 97.87% in Q1 2025 [9][10] - Prior revenue sources, such as the Zhisi N100 series and IP licensing, have seen significant declines, with revenues dropping 74.64% and 95.49% respectively in 2024 [12] - Customer concentration is high, with the top five customers accounting for 91.58%, 71.09%, and 88.35% of revenue from 2023 to Q1 2025, raising concerns about revenue quality due to the involvement of shareholders as customers [15][16] Technical Pathways - The company relies on a certain degree of outsourced R&D, with cumulative outsourced R&D expenses nearing 200 million yuan from 2022 to Q1 2025, which raises questions about its core technological independence [18] - The company adopts a dual strategy of "independent instruction set + CUDA compatibility," which may lead to resource dilution and challenges in maintaining competitive efficiency against CUDA [20][21] - The company faces external supply chain risks, relying on foreign foundries and suppliers for critical components, which poses challenges in the current geopolitical climate [25][26] Corporate Governance - The company has incurred significant share-based payment expenses totaling 602 million yuan, which has contributed to its expanding losses [29] - There are concerns regarding the fairness of the equity incentive program and potential over-incentivization towards executives [30][31] - The compliance of the current financial officer has been questioned due to past regulatory issues, raising concerns about the company's internal controls [32] Conclusion - The company's IPO journey reflects the broader challenges faced by domestic GPU enterprises, highlighting the need for substantial investment in technology while building a sustainable market ecosystem [33]
沐曦股份IPO隐忧：亏损加剧、产品单一与公司治理之考
Sou Hu Cai Jing·2025-10-20 12:57