排队不足半年，易思维科创板IPO迎考！前三季度亏损超700万元

Core Viewpoint - The company Yisiwei (Hangzhou) Technology Co., Ltd. is set to undergo a crucial IPO review on November 21, 2025, despite facing recent financial losses and scrutiny regarding its ability to meet listing standards [1][5][6]. Group 1: Company Overview - Yisiwei focuses on the research, production, and sales of machine vision equipment for the automotive manufacturing sector, providing solutions for various manufacturing processes [3]. - The company also has business layouts in rail transit operation and aviation, continuously expanding into new application scenarios [3]. Group 2: Financial Performance - For the first half of 2025, Yisiwei reported a revenue of approximately 1.25 billion, with a net profit of -509.91 million, indicating a loss [4]. - The company’s revenue for 2022, 2023, and 2024 was approximately 2.23 billion, 3.55 billion, and 3.92 billion, respectively, with corresponding net profits of 611.86 million, 6105.67 million, and 8564.23 million [4]. - As of September 30, 2025, Yisiwei disclosed a revenue of about 2.04 billion, a year-on-year increase of 12.87%, but a net profit of -717.55 million, indicating a worsening loss [6]. Group 3: IPO Details - Yisiwei aims to raise approximately 12.14 billion through its IPO, which will be allocated to the industrialization of machine vision products, R&D center projects, and working capital [3]. - The company has been under scrutiny from the Shanghai Stock Exchange regarding its ability to meet the first set of listing standards due to its recent financial performance [5][7]. Group 4: Market Position and Growth Potential - The company claims to have a strong growth potential, with a backlog of orders amounting to 5.4 billion as of September 30, 2025, which supports its assertion of sustainable future performance [7]. - Yisiwei anticipates a non-audited net profit of approximately 70.09 million to 82.62 million for 2025, representing a year-on-year growth of 13.24% to 33.47% [7]. Group 5: Risks and Challenges - The company faces risks related to high accounts receivable and contract assets, which may affect cash flow and operational efficiency [8]. - Yisiwei's reliance on government subsidies and tax incentives is significant, with potential impacts on net profit if these supports are withdrawn [7]. Group 6: Shareholder Dynamics - The original shareholder, Guotou (Shanghai) Technology Achievement Transformation Venture Capital Fund, exited its stake in March 2025 due to unmet performance milestones, triggering a buyback agreement [9]. - The company’s major shareholder, Hangzhou Yisi Si Yuan Technology Co., Ltd., holds approximately 35.08% of the total shares, with the actual controller owning a total of 56.13% [10]. Group 7: Team Background - Yisiwei is associated with Tianjin University, with a significant portion of its core technical team having educational or professional ties to the institution [11].