视涯科技IPO：持续亏损，股东入股后闪退动机待考，募资合理性遭疑

Core Viewpoint - The company, Vision Technology Co., Ltd., has submitted its IPO registration to the Sci-Tech Innovation Board, but faces significant challenges including high R&D costs, ongoing losses, and concerns regarding its ability to utilize the proposed capital effectively [1][9]. Financial Performance - Vision Technology has accumulated losses exceeding 900 million yuan, with revenues consistently below 300 million yuan, indicating a lack of profitability [2][5]. - Revenue figures for the years 2022 to 2025 (up to September) are as follows: 2022: 190 million yuan, 2023: 215 million yuan, 2024: 280 million yuan, and 2025 (up to September): 293 million yuan. Corresponding net profits are -247 million yuan, -304 million yuan, -247 million yuan, and -167 million yuan [2][5]. - The primary revenue source is the OLED micro-display business, which has grown from 117 million yuan in 2022 to 223 million yuan in 2024, increasing its revenue share from 61.71% to 79.70% [2][3]. Customer and Supplier Concentration - The company exhibits high customer and supplier concentration, with the top five customers accounting for 75.59%, 76.62%, 73.61%, and 63.96% of total revenue from 2022 to 2025 (up to June) [5]. - Similarly, the top five suppliers contributed to 70.75%, 66.56%, 45.55%, and 60.98% of total procurement during the same periods [5]. R&D and Depreciation Impact - The company has maintained high R&D expenditures, which were 237 million yuan, 287 million yuan, 269 million yuan, and 120 million yuan from 2022 to 2025 (up to June), representing 124.48%, 133.35%, 95.93%, and 80.23% of revenue respectively [5][6]. - Significant depreciation from large-scale production line investments has negatively impacted current profitability, with depreciation amounts of 91.76 million yuan, 94.91 million yuan, 105 million yuan, and 61.05 million yuan over the same periods [6]. IPO and Valuation Concerns - The company aims to raise 2.015 billion yuan through its IPO, with 1.609 billion yuan allocated for expanding production capacity and 406 million yuan for R&D center construction [9][10]. - The proposed expansion would increase the production capacity of 12-inch silicon-based OLED displays to 10.8 million units, which is 750 times the current capacity of 14,400 units, raising concerns about the company's ability to absorb this new capacity [9][10]. Shareholder Transactions and Compliance Issues - Recent shareholder transactions have raised questions regarding compliance with listing standards, as the company’s revenue growth rate does not meet the required thresholds [7][8]. - The company’s valuation has fluctuated around the 10 billion yuan mark, with significant discrepancies in share pricing during recent transactions, leading to market skepticism about the legitimacy of these transactions [8].