视涯科技IPO过会：三年亏损超9亿元 关联交易增加上市风险

Core Viewpoint - The company, Visionary Technology, has submitted an IPO registration on the Sci-Tech Innovation Board, aiming to raise funds to enhance its R&D capabilities and production capacity for silicon-based OLED micro-displays, thereby ensuring supply security and promoting domestic substitution in the micro-display industry [1][2]. Group 1: Company Overview - Visionary Technology is a leading global provider of micro-display solutions, with its core product being silicon-based OLED micro-displays, which are essential hardware for next-generation smart terminals in the AI era [2]. - The company is one of only two manufacturers globally to achieve a shipment volume in the millions for silicon-based OLED products, ranking second in global shipments and first domestically, with a market share of approximately 35.2% [2]. Group 2: Financial Performance - The company is currently operating at a loss, with net profits for the years 2022, 2023, 2024, and the first half of 2025 reported as -247 million, -304 million, -247 million, and -123 million yuan respectively [3]. - The losses are attributed to rapid industry growth, significant investments in production lines leading to high depreciation costs, and intense competition requiring substantial R&D expenditures [3]. Group 3: Debt and Liabilities - Visionary Technology has seen a rapid increase in both current and non-current liabilities, with current liabilities reported at 218 million, 208 million, 270 million, and 1.419 billion yuan for the years 2022, 2023, 2024, and the first half of 2025 respectively [4]. - The increase in liabilities is linked to a long-term capacity lock-in agreement with a strategic customer, which involved substantial capacity guarantee payments that have inflated the company's liabilities [5]. Group 4: Related Party Transactions - The company has faced scrutiny regarding its related party transactions, particularly concerning the procurement of components from its affiliate, Yirui Technology, which has raised questions about the necessity and fairness of these transactions [6][9]. - The company asserts that the pricing for related party transactions is fair and based on market conditions, but there are concerns about the potential for conflicts of interest and the impact on the company's independence [9][10]. Group 5: IPO Uncertainties - Despite passing the initial review for the IPO, there are uncertainties regarding the company's financial and operational stability, including reliance on the growth of the XR market and high customer concentration risks [11]. - The company must address regulatory concerns regarding the commercial substance and risks associated with its related party transactions to ensure compliance and maintain investor confidence [11].