刚刚！IPO审1过1

Core Viewpoint - The article discusses the approval of Shiya Technology Co., Ltd.'s IPO application on the Sci-Tech Innovation Board, highlighting its business model and financial performance, as well as the company's growth potential in the micro-display solutions market [1][2]. Group 1: Company Overview - Shiya Technology is a leading provider of micro-display solutions, specializing in silicon-based OLED micro-displays and offering value-added services such as strategic product development and optical systems [3]. - The company was established in October 2016 and transitioned to a joint-stock company in May 2022, with a total share capital of 900 million shares before the IPO [3]. - As of June 2025, the company has a total of 722 employees and operates six wholly-owned subsidiaries and four affiliated companies [3]. Group 2: Shareholding Structure - The controlling shareholder, Shanghai Jishan, holds 140.52 million shares, accounting for 15.61% of the total share capital, and has significant voting rights due to special voting arrangements [4]. - The actual controller of the company is Gu Tie, who owns 100% of Shanghai Jishan and can control 29.36% of the shares through it [4]. Group 3: Financial Performance - The company's revenue for the reporting period was 190.43 million yuan, 215.45 million yuan, 280.06 million yuan, and 150.50 million yuan, while the net profit attributable to the parent company was -278.68 million yuan, -363.90 million yuan, -308.30 million yuan, and -142.62 million yuan [5]. - As of December 2025, the total assets are projected to be 4.27 billion yuan, with a debt-to-asset ratio of 32.94% [6]. Group 4: Listing Standards - The company meets the listing standards set forth in the "Listing Rules," with an expected market value of no less than 10 billion yuan, which qualifies it for the Sci-Tech Innovation Board [7]. Group 5: Key Questions from the Listing Committee - The listing committee raised questions regarding the sustainability of revenue growth, potential risks of overcapacity, and the commercial rationale behind agreements with strategic customers and suppliers [8].