国仪量子闯关IPO：持续亏损，现金流承压、高管薪酬高企

Core Viewpoint - Guoyi Quantum Technology (Hefei) Co., Ltd. has officially received acceptance for its IPO application, aiming to raise approximately 1.169 billion yuan and become the "first domestic quantum sensor stock" on the Sci-Tech Innovation Board [2] Group 1: Company Overview - Guoyi Quantum is a rare unicorn in the domestic sensor sector, leveraging core technologies from the University of Science and Technology of China to achieve breakthroughs in quantum sensing and spin resonance, disrupting the long-standing monopoly of foreign manufacturers [6] - The company’s main products include enhanced quantum sensors and high-end scientific instruments, with applications across materials science, biomedicine, industrial quality inspection, and energy exploration [6] - Guoyi Quantum has established a comprehensive product service system covering key components, scientific instruments, and industry solutions, with clients including leading companies like CATL, BYD, and BOE [6] Group 2: Shareholding Structure - As of the signing date of the prospectus, the shareholding structure of Guoyi Quantum is notably dispersed, with actual controllers He Yu and Rong Xing indirectly controlling 34.87% of the voting rights through various holding platforms [7] - If the IPO is successful, their voting rights will be diluted to 31.38%, indicating a relatively low overall shareholding ratio [7] - Major shareholders holding over 5% of shares include Keda Holdings, Shuhua Technology, and Hillhouse Capital, with respective holdings of 14.75%, 8.43%, and 6.12% [7] Group 3: Fundraising and Project Focus - The company plans to publicly issue no more than 40.01 million ordinary shares, aiming to raise approximately 1.169 billion yuan, which will be allocated to three core projects: high-end scientific instrument industrialization, quantum technology research institute construction, and application center network development [7] Group 4: Financial Performance - Guoyi Quantum has shown significant revenue growth, with revenue increasing from 151 million yuan in 2022 to 501 million yuan in 2024, representing a compound annual growth rate of 81.94% [9] - Despite the revenue growth, the company continues to face pressure on profitability, with cumulative losses exceeding 400 million yuan as of mid-2025 [11] - The company reported net losses of 129 million yuan, 146 million yuan, and 86.2 million yuan for the years 2022 to 2024, with a net loss of 75.78 million yuan in the first half of 2025 [11] Group 5: Cash Flow and R&D Investment - The company has consistently reported negative cash flow from operating activities, indicating a lack of self-sustaining cash generation capability [11] - R&D investment as a percentage of revenue remains high, at 29.78% in the first half of 2025, although it has decreased from previous years [11] Group 6: Industry Competition - The competition in the quantum technology sector is intensifying, with over 30 related companies in Hefei's "Quantum Avenue," creating a complete industrial ecosystem [13] - Guoyi Quantum faces direct competition from industry leaders like Guandun Quantum, which has a market value of 47.5 billion yuan, and Benyuan Quantum, which is also progressing with its IPO [13] - The company's ongoing losses may impact its valuation and pricing in the capital market, making it crucial to demonstrate profitability potential to succeed in its IPO [14]