毛利率像过山车，供应商和客户高度集中，云英谷再次递表港交所

Core Viewpoint - Yunyinggu Technology Co., Ltd. has re-submitted its listing application after its previous prospectus expired, focusing on the development and design of AMOLED display driver chips and Micro-OLED display backplanes/drivers for AR/VR devices [1][3]. Financial Performance - The company has reported continuous losses over the years, with total revenues of 551 million RMB, 720 million RMB, 891 million RMB, and 896 million RMB from 2022 to the first ten months of 2025, while losses amounted to 1.24 billion RMB, 2.32 billion RMB, 3.09 billion RMB, and 1.95 billion RMB, totaling approximately 860 million RMB [4][5]. - Gross margins have fluctuated significantly, dropping from 31.9% in 2022 to 0.4% in 2023, and then gradually recovering to 2.5% in 2024 and 14% in the first ten months of 2025 [6]. Market Position - According to Frost & Sullivan, Yunyinggu is the fifth largest supplier of AMOLED display driver chips globally and the largest in mainland China, primarily serving major smartphone manufacturers [3]. Customer and Supplier Concentration - The company has a high customer concentration, with over 90% of sales coming from a few major clients, and the top five customers accounted for 79.6%, 91.0%, 90.2%, and 91.0% of total sales in the respective periods [8]. - The largest customer contributed 27.2%, 48.2%, 54.1%, and 40.0% of total sales during the same periods [8]. - Supplier concentration is also high, with over 90% of purchases coming from a few suppliers, primarily TSMC, which accounted for 59.5%, 65.8%, 74.5%, and 41.8% of total purchases [9][10]. Operational Challenges - The company has faced operational challenges, including negative cash flow from operations, with net cash outflows of 176 million RMB, 161 million RMB, 236 million RMB, and 86 million RMB during the reporting periods [4]. - Yunyinggu relies heavily on third-party OSAT suppliers for testing and packaging, which poses significant risks if these suppliers fail to meet quality or timeliness standards [11]. Revenue Generation - The company generates a significant portion of its revenue through distributors, with sales to distributors accounting for 4.8%, 70.3%, 73.7%, and 67.7% of total revenue in the respective periods [11].