中证报中证网讯(王珞)11月14日，上交所官网公告，上海证券交易所上市审核委员会定于2025年11月21 日召开2025年第57次上市审核委员会审议会议，审议易思维(杭州)科技股份有限公司(以下简称"易思 维")首发事项。 招股书显示，易思维专注于汽车制造机器视觉设备的研发、生产及销售，为汽车整车及零部件制造过程 的各工艺环节提供机器视觉解决方案，是该领域国内市占率第一的国家重点专精特新"小巨人"企业，在 成功打破国外厂商长期垄断的同时加速推动了国内汽车制造的数智化进程。此外，公司也在轨交运维与 航空领域开展了业务布局，持续拓展新的应用场景。 机器视觉广泛应用于工业领域，是智能制造的关键驱动力之一，技术壁垒高。近年来，中国汽车工业在 电动化、智能化驱动下实现了跨越式增长，市场格局加速由合资主导转向自主品牌引领。但汽车制造过 程中的关键设备仍主要被欧美日企业垄断，机器视觉是其中的典型代表。 易思维深耕行业多年，是国内最早规模化为汽车制造提供机器视觉设备的企业之一。公司通过长期持续 自主创新，在发展过程中形成了视觉传感器研制、视觉系统构建、视觉工艺融合三大核心技术群22项核 心技术模块，截至2025年6月30日， ...

Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of Aiko Optoelectronics, including stock price movement and financing activities [1][2] - On November 19, Aiko Optoelectronics saw a stock price increase of 2.70% with a trading volume of 74.97 million yuan, while the net financing buy was -2.32 million yuan, indicating a higher level of financing repayment compared to new purchases [1] - As of November 19, the total financing and securities balance for Aiko Optoelectronics was 173 million yuan, which represents 6.52% of its market capitalization, indicating a high level of financing activity compared to the past year [1] Group 2 - Aiko Optoelectronics, established on March 24, 2011, and listed on July 19, 2023, specializes in the design, research, development, production, and sales of industrial machine vision imaging components [2] - The company's main business revenue composition includes industrial cameras (72.03%), with line scan cameras accounting for 46.70% and area scan cameras for 25.33%, along with image acquisition cards (17.83%) and other products [2] - For the period from January to September 2025, Aiko Optoelectronics reported a revenue of 334 million yuan, reflecting a year-on-year growth of 82.26%, and a net profit attributable to shareholders of 56.56 million yuan, marking a significant increase of 253.13% [2] Group 3 - Since its A-share listing, Aiko Optoelectronics has distributed a total of 26.94 million yuan in dividends [3]

Group 1 - The core point of the article is that Lingyun Guang (SH 688400) held its 23rd meeting of the second board on November 19, 2025, to discuss the proposal for the issuance of A-shares to specific targets for the year 2024 [1] - For the fiscal year 2024, the revenue composition of Lingyun Guang is projected to be 72.56% from machine vision and 27.44% from optical communication [1] - As of the report, Lingyun Guang has a market capitalization of 16.8 billion yuan [1]

来源：IPO魔女 作者：Jasper 来源：IPO魔女 2025年11月21日，易思维（杭州）科技股份有限公司（以下简称"易思维"）将迎来上交所科创板上市委员会上市审核，公司保荐机构为国投证 券，拟募集资金12.14亿元。 据上会稿披露，截至25年上半年，易思维交易性金融资产金额为1.4亿元，货币资金为6431万元，而此次募集资金包括1亿元的补流，易思维报告 期内营业成本最高为1.3亿元，表明公司资金还是较为充足的，那本此的募集资金的必要性在哪？此外，拟募资项目中还有用于机器视觉产品产业 化基地项目、机器视觉研发中心项目，分别拟投入募集资金为7.05亿元、4.09亿元，然而易思维产能利用率有明显下滑，那么实际扩产的必要性在 哪？是否有充足的产能消化能力？ 此外，报告期内（22年至25年6月），实控人频繁转让股份，从22年至25年，实控人通过多轮的股权转让累计套现资金八千万元左右，此外，据 悉，易思维还曾与国投基金进行对赌，对赌主要内容为易思维于2024年6月30日前申请并通过省证监局对公司的上市辅导验收，若未完成，在国投 基金决定退出后，安丰富盛等7名投资者有意向受让国投基金持有的易思维股份，并且按照27亿元 ...

Core Viewpoint - The company Yisiwei (Hangzhou) Technology Co., Ltd. is set to undergo a crucial IPO review on November 21, 2025, despite facing recent financial losses and scrutiny regarding its ability to meet listing standards [1][5][6]. Group 1: Company Overview - Yisiwei focuses on the research, production, and sales of machine vision equipment for the automotive manufacturing sector, providing solutions for various manufacturing processes [3]. - The company also has business layouts in rail transit operation and aviation, continuously expanding into new application scenarios [3]. Group 2: Financial Performance - For the first half of 2025, Yisiwei reported a revenue of approximately 1.25 billion, with a net profit of -509.91 million, indicating a loss [4]. - The company’s revenue for 2022, 2023, and 2024 was approximately 2.23 billion, 3.55 billion, and 3.92 billion, respectively, with corresponding net profits of 611.86 million, 6105.67 million, and 8564.23 million [4]. - As of September 30, 2025, Yisiwei disclosed a revenue of about 2.04 billion, a year-on-year increase of 12.87%, but a net profit of -717.55 million, indicating a worsening loss [6]. Group 3: IPO Details - Yisiwei aims to raise approximately 12.14 billion through its IPO, which will be allocated to the industrialization of machine vision products, R&D center projects, and working capital [3]. - The company has been under scrutiny from the Shanghai Stock Exchange regarding its ability to meet the first set of listing standards due to its recent financial performance [5][7]. Group 4: Market Position and Growth Potential - The company claims to have a strong growth potential, with a backlog of orders amounting to 5.4 billion as of September 30, 2025, which supports its assertion of sustainable future performance [7]. - Yisiwei anticipates a non-audited net profit of approximately 70.09 million to 82.62 million for 2025, representing a year-on-year growth of 13.24% to 33.47% [7]. Group 5: Risks and Challenges - The company faces risks related to high accounts receivable and contract assets, which may affect cash flow and operational efficiency [8]. - Yisiwei's reliance on government subsidies and tax incentives is significant, with potential impacts on net profit if these supports are withdrawn [7]. Group 6: Shareholder Dynamics - The original shareholder, Guotou (Shanghai) Technology Achievement Transformation Venture Capital Fund, exited its stake in March 2025 due to unmet performance milestones, triggering a buyback agreement [9]. - The company’s major shareholder, Hangzhou Yisi Si Yuan Technology Co., Ltd., holds approximately 35.08% of the total shares, with the actual controller owning a total of 56.13% [10]. Group 7: Team Background - Yisiwei is associated with Tianjin University, with a significant portion of its core technical team having educational or professional ties to the institution [11].

Industry Overview - The Chinese machine vision market is experiencing steady growth, with a projected sales increase of 9.2% in 2024, up 0.6 percentage points from 2023, driven by the rapid development of downstream industries such as electronics, lithium batteries, and glass [1] - The government's support for the manufacturing sector's shift towards intelligence and automation is evident, with initiatives like the "Artificial Intelligence +" action and the "5G + Industrial Internet" plan promoting machine vision applications [1] Future Projections - From 2025 to 2027, the Chinese machine vision industry is expected to grow significantly, with revenues projected to rise from 39.54 billion yuan in 2025 to 58.08 billion yuan in 2027, reflecting an average annual growth rate of 21.2%, surpassing the growth rates of the past three years [2] Company Insights - O-Film has established itself as a leading provider of machine vision depth camera system solutions in China, developing a comprehensive 3D vision perception technology system, particularly strong in 3D Time-of-Flight (ToF) technology [2] - The company has built vertical integration capabilities from chip-level components to system integration, with successful commercial applications in smartphones, smart vehicles, service robots, AR/VR, and IoT [2] Product Developments - In the mobile sector, O-Film's ToF front-facing facial recognition module maintains a leading market share among Android devices [3] - In the automotive sector, the company's ToF Driver Monitoring System (DMS) solution has become a sole supplier for several major domestic car manufacturers, and its RGBD multi-modal fusion perception solution has achieved automotive-grade certification [3] - O-Film's innovative dual TX solution for robotic vacuum cleaners enhances navigation and obstacle avoidance while reducing the overall height of the device [3] Strategic Direction - Machine vision is positioned as a core technology at the intersection of artificial intelligence and industrial automation, with expanding market size and application scenarios [4] - O-Film plans to continue its focus on the machine vision sector, developing various industrial camera products and providing customized services, aiming to become a full-stack solution provider in the machine vision field [4]

Group 1 - The core viewpoint of the news is the performance and market position of Aiko Optoelectronics, which saw a stock price increase of 5.56% to 66.82 CNY per share, with a total market capitalization of 4.544 billion CNY [1] - Aiko Optoelectronics, established on March 24, 2011, and listed on July 19, 2023, specializes in the design, research, production, and sales of industrial machine vision imaging components, positioning itself as a leading domestic brand in China's machine vision sector [1] - The company's main business revenue composition includes industrial cameras at 72.03%, with line scan cameras contributing 46.70%, area scan cameras at 25.33%, image acquisition cards at 17.83%, and other products at 6.34%, along with smart optical units at 3.80% [1] Group 2 - From the perspective of fund holdings, Aiko Optoelectronics is a significant investment for Huashang Fund, with the Huashang Quality Selection Mixed A Fund holding 21,600 shares, representing 1.23% of the fund's net value, ranking as the fifth-largest holding [2] - The Huashang Quality Selection Mixed A Fund, established on March 8, 2022, has a current scale of 73.3724 million CNY and has achieved a year-to-date return of 61.4%, ranking 361 out of 8,138 in its category [2] - The fund manager, Deng Mo, has a tenure of 10 years and 75 days, with the fund's total asset size at 2.285 billion CNY, achieving a best return of 144.72% and a worst return of -41.84% during his management [3]

Group 1 - The core viewpoint of the news is the performance and market position of Aiko Optoelectronics, which has seen a stock price increase of 5.56% to 66.82 CNY per share, with a total market capitalization of 4.544 billion CNY [1] - Aiko Optoelectronics, established on March 24, 2011, and listed on July 19, 2023, specializes in the design, research, production, and sales of industrial machine vision imaging components, positioning itself as a leading domestic brand in China's machine vision sector [1] - The company's main business revenue composition includes industrial cameras at 72.03%, with line scan cameras contributing 46.70%, area scan cameras at 25.33%, image acquisition cards at 17.83%, and other supplementary products at 6.34%, along with smart optical units at 3.80% [1] Group 2 - From the perspective of fund holdings, Aiko Optoelectronics is a significant investment for Changjiang Asset Management, with its fund holding 7,681 shares, representing 2.02% of the fund's net value, making it the third-largest holding [2] - The Changjiang Huizhi Quantitative Stock Selection Mixed Fund A (021404) has achieved a year-to-date return of 15.32% and a one-year return of 17.24%, ranking 4,515 out of 8,055 in its category [2] - The fund manager, Zhang Shuai, has been in position for 1 year and 247 days, with the fund's total assets amounting to 86.8311 million CNY, achieving a best return of 33.89% during his tenure [3]

Core Viewpoint - The automotive manufacturing industry in China is experiencing significant growth, with production and sales exceeding 27 million vehicles in the first ten months of the year, marking a year-on-year increase of 13.2% and 12.4% respectively. The industry is transitioning towards automation, digitalization, and intelligence, with domestic companies like 易思维 (Yisiwei) emerging as key players in the machine vision sector for automotive manufacturing [1][2]. Company Overview - 易思维 specializes in the research, production, and sales of machine vision equipment for automotive manufacturing, with over 90% of its revenue derived from this sector. The company also has business operations in rail transit maintenance and aviation [2][4]. - The company's product offerings include machine vision systems, visual workstations, and new model configuration software, which are categorized into visual inspection systems, visual guidance systems, and visual measurement systems [2][3]. Market Position - 易思维 holds a leading position in the automotive manufacturing machine vision market, with a market share of 13.7% in automotive manufacturing and 22.5% in complete vehicle manufacturing as of 2024. The company is a significant contributor to the domestic production rate of machine vision products [9]. - The overall market for industrial machine vision in China is projected to grow from 8.33 billion yuan in 2020 to 26.83 billion yuan by 2024, with a compound annual growth rate of 34% [7]. Financial Performance - 易思维's revenue has shown a growth trend, with reported revenues of approximately 2.23 million yuan in 2022, 3.55 million yuan in 2023, and 3.92 million yuan in 2024. However, the company reported a net loss of 653,690 yuan in the first half of 2025 due to industry practices related to year-end settlements [6][5]. - The company expects a revenue growth of 10.25% to 15.21% in 2025, but net profit is projected to fluctuate between a decrease of 7.77% and an increase of 6.86% [6]. Investment Plans - 易思维 plans to raise approximately 1.214 billion yuan through its IPO, with funds allocated for the establishment of a machine vision product industrialization base, a machine vision research and development center, and to supplement working capital [10][12]. Challenges - The automotive industry is characterized by long project cycles and extended settlement periods, leading to significant accounts receivable and contract asset balances. In the reporting period, the balance of contract assets as a percentage of revenue reached as high as 170.42% [4][5]. - Changes in tax incentives and government subsidies could impact the company's profitability, as these financial supports have significantly influenced net profit margins in previous years [6][7].

本报讯(记者吴文婧)上交所官网显示，易思维(杭州)科技股份有限公司(以下简称"易思维")科创板IPO将 于11月21日上会审议。 随着新能源汽车产业链和工业智能化持续深化，机器视觉企业迎来发展新机遇。凭借实力雄厚的研发团 队、构建完善的技术体系以及在头部车企中的深度渗透，易思维正从国内领先迈向全球机器视觉领域的 竞争舞台，成为国产厂商力争国际领先地位的重要代表。 高强度研发投入 人才构筑技术根基 工业机器视觉具有技术复杂度高、标准门槛高、研发成本高的特点，这一行业曾长期由海外厂商占据主 导，易思维作为国内最早布局汽车制造机器视觉的企业之一，也是目前国内极少数做到"高专注度"的视 觉公司，已在该领域形成深厚积累并建立领先优势。 规模化交付能力持续验证 正是凭借这种紧密融合的人才结构和研发体系，易思维构建了当前行业内应用覆盖范围最广的机器视觉 产品矩阵，产品已深入汽车行业众多场景，并正在向更多高端制造领域延伸。 招股书显示，截至2025年6月末，易思维产品已批量应用在一汽—大众、上汽大众、广汽丰田、上汽通 用、北京奔驰等主流合资品牌，比亚迪（002594）、江淮、奇瑞、广汽、东风等传统自主品牌，零跑、 蔚来、理想 ...