Group 1: Company Overview - Yunyinggu Technology Co., Ltd. has submitted a prospectus to the Hong Kong Stock Exchange, aiming to list on the main board, with CICC and CITIC Securities as joint sponsors [2] - Founded in 2012 in Shenzhen, the company specializes in the design of AMOLED display driver chips, which are essential for high-end displays [3] - The company provides two main product categories: AMOLED display driver chips for high-end smartphones and Micro-OLED display backplanes/drivers for AR/VR devices [3] Group 2: Market Position and Growth - Yunyinggu's market share for AMOLED display driver chips increased from 1.2% in 2022 to 4.0% in 2024, making it the largest supplier in mainland China and the fifth globally [3][4] - The company has received significant investment from major players such as BOE, Huawei, Qualcomm China, and Xiaomi, reflecting strong market interest [4][5] Group 3: Financial Performance - The company's revenue grew from 551 million RMB in 2022 to 891 million RMB in 2024, driven by increased sales of AMOLED display driver chips [6][7] - Despite revenue growth, Yunyinggu has faced increasing losses, with net losses rising from 124 million RMB in 2022 to 309 million RMB in 2024 [7][8] - The gross profit margin has significantly declined from 31.9% in 2022 to 2.5% in 2024, with the gross margin for AMOLED chips dropping to nearly zero [8][9] Group 4: Challenges and Competitive Landscape - The company is heavily reliant on a few major clients, with 90.2% of revenue coming from the top five customers, which gives these clients significant bargaining power [11][14] - Intense price competition in the AMOLED display driver chip market has led to a nearly 40% drop in average selling price from 25.7 RMB in 2022 to 15.9 RMB in 2024 [16] - High R&D expenditures, which reached 27.2% of total revenue in 2024, are necessary to maintain competitiveness but contribute to financial strain [10][11]

以下文章来源于猎云精选 ，作者邵延港 将投中网设为"星标⭐"，第一时间收获最新推送 并购终止的案例上升了。 作者丨邵延港 A股并购热潮下，已经有标的公司开始动摇。 猎云精选 . 聚焦科技创业创新，钻研产业趋势，用心服务创业者。 来源丨猎云精选 上周，备受瞩目的芯片独角兽云英谷被收购案，宣告终止。据本次买方汇顶科技公告，终止收购的原 因，是双方虽就技术协同性和战略价值达成初步共识，但对云英谷的估值始终存在较大分歧。 云英谷是中国内地显示芯片行业芯片的第一大供应商，根据《2024胡润全球独角兽榜》，云英谷以 85亿元的企业估值入选该榜单。 汇顶科技是国内触控芯片龙头，在面临业绩压力之时，想要通过并购云英谷来强化业务布局。自去年 11月宣布购买云英谷的控制权时，资本市场就对这笔交易也抱有较高期待。 而作为曾有过冲击IPO计划的一家明星独角兽，云英谷在创业十余年后，面对汇顶科技的收购，并不 愿在估值上进行妥协。 而此时，在A股并购项目的大基数下，并购终止的案例也随之上升。奥拉股份、联适导航等IPO失败 的公司最近也放弃并购机会。而此时，市场再度传来IPO开闸消息，这些标的公司是否有了新的打算 呢？ 估值85亿，云英谷 ...