Core Insights - Gu Tie, with a strong technical background and business acumen, is positioned to lead two companies listed on the Sci-Tech Innovation Board following the IPO of Vision Technology Co., Ltd. [1] - Vision Technology has not yet achieved profitability, and its related party transactions are notable [1][5] Group 1: Company Background - Gu Tie has a 20-year career in the optical imaging industry, having worked at various companies before founding Yirui Technology in 2011, which successfully went public in 2020 [2][3] - Vision Technology was established in 2016, focusing on micro-display technology and XR solutions, but has yet to turn a profit [4][5] Group 2: IPO Process - The IPO process for Yirui Technology was notably swift, taking only six months from acceptance to listing [3] - Vision Technology's IPO is benefiting from new policies allowing unprofitable companies to list on the Sci-Tech Innovation Board, with its acceptance date being June 26, 2023 [4] Group 3: Financials and Related Transactions - Vision Technology aims to raise approximately 2.015 billion yuan, with funds allocated for expanding production lines and R&D [5] - The company has significant related party transactions with Yirui Technology, Precision Electronics, and GoerTek, raising concerns about the nature of these transactions [6][8] - Financial data shows that Vision Technology has consistently reported losses, with revenues of approximately 190 million yuan in 2022 and a net loss of about 247 million yuan [9]

Core Viewpoint - Gu Tie, with a strong technical background and business acumen, is positioned to leverage the favorable market conditions for his companies, particularly with the IPO of Vision Technology Co., Ltd. [1] Group 1: Company Background - Gu Tie has a 20-year career in the optical imaging industry, culminating in the founding of Yirui Technology in 2011, which successfully went public on the Sci-Tech Innovation Board in 2020 [4][6] - Vision Technology, founded in 2016, focuses on micro-display technology and aims to provide comprehensive solutions in the XR (Extended Reality) space [9][10] Group 2: Market Context - Before 2010, the digital X-ray detector market was dominated by foreign companies, with prices reaching hundreds of thousands of yuan; however, domestic companies like Yirui Technology have successfully developed competitive products, leading to a decrease in prices [6][9] - The COVID-19 pandemic significantly increased demand for Yirui Technology's wireless products, contributing to its revenue growth [9] Group 3: IPO Process - Vision Technology's IPO is influenced by recent regulatory changes allowing unprofitable companies to list on the Sci-Tech Innovation Board, with the company’s application accepted shortly after these changes [9][10] - The company plans to raise approximately 2.015 billion yuan, primarily for expanding production lines and R&D [10] Group 4: Financial Performance - Vision Technology has not yet achieved profitability, with significant losses reported during the last few years, attributed to high R&D expenses and investments in production capacity [17][18] - In contrast, Yirui Technology has shown consistent revenue growth and profitability, with revenues of approximately 1.9 billion yuan to 2.8 billion yuan from 2022 to 2025 [18] Group 5: Related Transactions - Vision Technology has significant related transactions with Yirui Technology, including sales and purchases of optical systems and raw materials, raising concerns about the fairness and transparency of these transactions [10][11][12] - The involvement of major shareholders like Jingce Electronics and GoerTek in both supply and customer roles further complicates the financial landscape of Vision Technology [12][13]