三年亏近八亿！这家独角兽却估值百亿！两家上市公司是股东！

Core Viewpoint - Shiya Technology has entered the inquiry stage for its IPO on the Sci-Tech Innovation Board, moving closer to listing despite not yet being profitable and having accumulated losses of nearly 800 million yuan over three years [1][2]. Company Overview - Founded in 2016, Shiya Technology is a national high-tech enterprise with a registered capital of 900 million yuan, focusing on the research, design, production, and sales of next-generation semiconductor OLED micro-displays [5]. - The company has developed a full-stack self-research capability in "display chips + micro-displays + optical systems" and has several core technologies, including silicon-based OLED micro-cavity technology and high-efficiency stacked OLED technology [5]. - The company plans to raise 2.015 billion yuan through its IPO, with approximately 1.609 billion yuan allocated for expanding production lines for ultra-high-resolution silicon-based OLED micro-displays [5]. Market Position - According to a report by Frost & Sullivan, Shiya Technology ranks second globally and first domestically in the shipment of silicon-based OLED products for XR devices, with a market share of approximately 35.2% in 2024 [5]. - The company is recognized as a unicorn with a valuation of at least 10 billion yuan, recently listed as the seventh unicorn in Hefei with a valuation of 11.1 billion yuan [8]. Financial Performance - Revenue for the years 2022 to 2024 was 190 million yuan, 215 million yuan, and 280 million yuan, respectively, reflecting a compound annual growth rate of 21.5% [10]. - Despite revenue growth, the company reported net losses of 247 million yuan, 304 million yuan, and 247 million yuan during the same period, totaling nearly 800 million yuan in losses [10]. - The core product, silicon-based OLED micro-displays, accounted for 79.7% of total revenue by 2024, indicating its significance as the main revenue driver [10]. Cost Structure and Cash Flow - The gross margin for the core product increased from 19.14% in 2022 to 21.52% in 2024, although the company still faces significant depreciation costs due to high fixed asset investments [11]. - Operating cash flow has been negative, with net cash flows of -223 million yuan in 2022, -287 million yuan in 2023, and -76 million yuan in 2024, indicating ongoing cash flow challenges [11]. Customer Concentration Risk - The company has a high customer concentration risk, with sales to the top five customers accounting for 75.59%, 76.62%, and 73.61% of total revenue from 2022 to 2024 [7].