上市即失效，失败就“复活”！视涯科技对赌协议引监管关注，IPO进程或添变数｜透市

Core Viewpoint - The company, Shiya Technology, is a leading player in the domestic silicon-based OLED microdisplay sector and is currently undergoing an IPO process, facing challenges such as continuous losses, rising debts, and related party transactions [2][3][4]. Group 1: IPO and Financial Performance - Shiya Technology's IPO aims to raise approximately 2.015 billion yuan, with funds allocated for expanding production lines and building a research center [2]. - The company has reported continuous revenue growth over the past three years, with revenues of 190 million yuan, 215 million yuan, and 280 million yuan for 2022, 2023, and 2024 respectively, but has incurred cumulative losses exceeding 798 million yuan during the same period [3][4]. - The company’s net profit for the same years was -247 million yuan, -304 million yuan, and -247 million yuan, indicating ongoing financial struggles [3][4]. Group 2: Market Position and Competition - Shiya Technology is recognized as the first company globally to achieve mass production of silicon-based OLED microdisplays using 12-inch wafers and holds a significant market share of 35.2%, ranking second globally and first in China [3]. - The global sales of silicon-based OLED microdisplays are projected to reach 1.27 billion yuan in 2024, with a shipment volume of approximately 6.365 million units, primarily driven by XR device applications [3]. Group 3: Research and Development - The company has invested heavily in R&D, with cumulative R&D expenditures amounting to 793 million yuan over the past three years, representing 115.61% of its total revenue during the same period [6]. - R&D personnel constitute 29.79% of the total workforce, indicating a strong focus on innovation [6]. Group 4: Risks and Concerns - The company faces scrutiny regarding its ability to achieve profitability, as continuous losses may raise concerns among regulators about its long-term viability [4][5]. - Related party transactions have been highlighted, with a significant portion of procurement costs attributed to related parties, raising potential governance issues [11][12]. Group 5: Future Outlook - The company’s gross profit margins have fluctuated, with margins of 19.12%, 17.03%, and 21.52% over the reporting period, influenced by various factors including market competition and raw material costs [13][14]. - The company plans to invest approximately 1.24 billion yuan in new projects, which may lead to increased depreciation costs, further impacting profitability if sales do not scale effectively [14].