股东股权转让价格“倒挂”！魔视智能携10亿亏损赴港| IPO观察

Core Viewpoint - Magic Vision Technology (Shanghai) Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, facing a paradox of revenue growth while continuing to incur losses, with cumulative losses exceeding 773.54 million yuan over the past three and a half years [2][5]. Financial Performance - The company has reported continuous revenue growth, with total revenues of 117.8 million yuan in 2022, 146.5 million yuan in 2023, and projected revenues of 356.84 million yuan in 2024, marking a year-on-year growth of 143.53% in 2024 [4][5]. - Despite the revenue increase, the company has not achieved profitability, with annual losses of 200.43 million yuan in 2022, 227.95 million yuan in 2023, and 233.50 million yuan in 2024, leading to a total loss of 1.0228 billion yuan by June 2025 [5][6]. Business Segments - The primary revenue-generating segment is the Magic Drive solution, which contributed sales of 71.06 million yuan in 2022, 69.81 million yuan in 2023, and 227.07 million yuan in 2024, accounting for 60.3%, 47.6%, and 63.6% of total revenue respectively [3][4]. Capital and Financing - Since its establishment in 2015, the company has completed 11 rounds of financing, raising nearly 900 million yuan to support its operations despite ongoing losses [7]. - In June 2025, the company raised 293 million yuan at a share price of 9.4 yuan, but shortly after, shares were transferred at prices ranging from 3.8 yuan to 8.4 yuan, raising questions about the fairness of the pricing [7][8]. Shareholder Transactions - Notably, shareholder Chen Jianfei increased his stake at 9.4 yuan per share in June 2025, only to sell shares at 8.4 yuan per share a month later, indicating a potential discrepancy in share valuation [8][9].