百亿独角兽亏损超9亿，IPO成“强心剂”？

Core Viewpoint - The company, Visionary Technology Co., Ltd., is set to advance its IPO process on the Sci-Tech Innovation Board, with a crucial meeting scheduled for December 24, marking a rapid progression in its listing journey [3][4]. Group 1: Company Overview - Visionary Technology was founded in 2016 by Gu Tie, a returning PhD, and relocated its headquarters to Hefei in 2019, launching the world's largest silicon-based OLED project [6]. - The company specializes in silicon-based OLED micro-displays, which are essential components for VR/AR devices, offering high resolution, brightness, and refresh rates [6]. Group 2: Market Position and Competitors - Visionary Technology is valued at 10 billion yuan and ranked 846th on the 2024 Hurun Global Unicorn List, achieving this valuation in just eight years [5]. - Competitors include domestic firms like BOE Technology Group and foreign giants such as Sony and Samsung [4]. Group 3: Financing and Investment - The company has attracted significant investment from notable institutions, including Huawei's Hubble Investment and Xiaomi's Yangtze River Industry Fund, reflecting a strong interest in its technology and market potential [7]. - The financing strategy emphasizes "technology-driven, industry collaboration, and national strategy," with funds primarily allocated for technological upgrades and capacity expansion [7]. Group 4: Financial Performance - Visionary Technology reported revenues of 190 million yuan, 215 million yuan, 280 million yuan, and 150 million yuan over the past four years, with net losses of 247 million yuan, 304 million yuan, 247 million yuan, and 123 million yuan, totaling a cumulative loss of 921 million yuan [10]. - The company anticipates achieving profitability by 2026, with projected revenues of 469 million yuan, 2.26 billion yuan, and 3.73 billion yuan for 2025 to 2027 [10][13]. Group 5: Production Capacity and Market Outlook - The company's production capacity utilization was 70% in 2022, expected to rise to 92% by 2024, with a significant market growth forecast for silicon-based OLED displays, projected to reach 67.93 billion yuan by 2030 [12]. - Visionary Technology has secured strategic partnerships with major clients, including a leading global XR company, to ensure future capacity utilization and market positioning [13].