出品：新浪财经上市公司研究院 作者：光心 时隔两年半，宇隆科技二度闯关IPO。 这家深耕LCD显示面板领域的企业成立于2014年，曾冲刺主板IPO，于2023年3月4日获得受理，并于当年3月31日进入问询，但于同年6月30日撤单，上市之 路折戟。 2025年末，宇隆科技再度冲刺资本市场，其创业板IPO申请于12月5日获得受理，于12月19日进入问询。 此次宇隆科技冲刺创业板，选取的是《深圳证券交易所创业板股票上市规则》第2.1.2条第（一）款标准，即"最近两年净利润均为正，累计净利润不低于1亿 元，且最近一年净利润不低于6，000万元"。 根据公司披露的财报，2022年到2025年上半年（下称"报告期内"），公司归母净利润分别为6683.86万元、7572.08万元、12059.78万元、7032.80万元，近年 利润迎来高增，远高于上市门槛。 从业务角度来看，宇隆科技近年的盈利大幅优化或并不主要来自占比更高的"显示用智能控制卡"业务，而来自于占比相对更小的"显示用精密功能器件"业 务。 其中，"显示用智能控制卡"是以PCB/FPC基板为基础，对各类IC芯片模块进行集成的一类部件，其作用是将图形图像数据信号转 ...

记者丨凌晨 编辑丨张伟贤 时隔两年半，宇隆科技再度冲击IPO，这不仅是一家面板产业链公司的上市之路，更是其实控人、陕西富豪王亚龙拓展A股版图的关键一步。 身家60亿，陕西富豪再冲IPO！名下已有百亿市值上市公司 公开资料显示，本次发行前，王亚龙、李红燕夫妇合计控制宇隆科技74.16%股份，为公司实控人。值得一提的是，宇隆科技成立于2014年成立时，由莱 特光电（688150.SH）、西安裕隆共同设立。而王亚龙与妻子李红燕正是另一家A股企业莱特光电的实控人。截至2025年12月31日，莱特光电报27.03元/ 股，总市值达109亿元。 若宇隆科技此番上市成功，王氏夫妇将实现在A股控股两家上市公司的布局。 2025年胡润百富榜上，A股上市公司莱特光电（688150.SH）的实控人王亚龙，以60亿元财富，排名胡润百富榜第1168位。这是王亚龙首次登上胡润百富 榜。 | 2025 年 | | 王亚龙 | | | | --- | --- | --- | --- | --- | | 排名 | 财富 | 排名变化 | 个人信息 | | | No. 1168 | ¥ 60亿 | New ~ | 王亚龙 | 菜特光电 | | ...

Core Viewpoint - Yulong Technology is making a second attempt at an IPO after two and a half years, marking a significant step for its actual controller, Wang Yalong, in expanding his presence in the A-share market [1]. Group 1: Company Overview - Wang Yalong and his wife, Li Hongyan, control 74.16% of Yulong Technology, making them the actual controllers of the company [3]. - Yulong Technology was established in 2014 in collaboration with Lite-On Technology (688150.SH) and Xi'an Yulong [3]. - If the IPO is successful, the Wang couple will control two listed companies in the A-share market [3]. Group 2: Financial Performance - Yulong Technology's revenue from 2022 to the first half of 2025 was 740 million, 698 million, 1.095 billion, and 597 million yuan respectively, while net profits were 66.84 million, 75.72 million, 121 million, and 70.32 million yuan [5]. - The company plans to raise 1 billion yuan through the IPO, a reduction from the 1.5 billion yuan initially targeted in 2023 [5]. - The total assets of Yulong Technology as of June 30, 2025, were approximately 1.489 billion yuan, with a debt ratio of 26.96% [6]. Group 3: Customer Dependency and Profitability - Yulong Technology heavily relies on a single major customer, BOE Technology Group, which accounted for 53.58% of sales in the first half of 2025 [8]. - The company's gross profit margin has declined from 38.36% in 2019 to 22.56% in the first half of 2025, a drop of over 15 percentage points [9]. Group 4: Strategic Developments - Following the announcement of Yulong Technology's IPO, Lite-On Technology is also venturing into high-end electronic materials, focusing on the research and production of quartz fiber electronic cloth [10]. - Lite-On Technology has initiated several new projects, including a 766 million yuan convertible bond issuance aimed at advancing perovskite material production [10]. - Wang Yalong is personally overseeing the new business initiatives at Lite-On Technology, indicating a dual strategy of expanding both Yulong Technology and Lite-On Technology simultaneously [10].

值得一提的是，王亚龙旗下已有一家上市公司莱特光电，若宇隆科技顺利上市，王亚龙也将在A股落 下"第二子"。 控制权方面，宇隆科技的控股股东为王亚龙，实控人为王亚龙、李红燕夫妇，两人合计控制公司 74.16%股权；莱特光电的控股股东、实控人均为王亚龙。 手握一家A股公司莱特光电（688150），王亚龙的资本野心仍在不断扩张，继续"操刀"重庆宇隆光电科 技股份有限公司（以下简称"宇隆科技"）IPO。近期，公司创业板IPO进入问询阶段。值得一提的是， 这并非宇隆科技首次尝试登陆资本市场，公司曾冲击沪市主板上市，不过最终折戟。二度闯关IPO背 后，宇隆科技对第一大客户京东方销售占比较高的老问题仍存在。此外，公司主营业务毛利率呈现下降 趋势。截至今年6月末，公司应收账款账面价值约4.43亿元，占公司流动资产比例为48.79%。 转战创业板IPO 沪市主板IPO撤单后，宇隆科技转而向创业板发起冲击。 据了解，自设立以来，宇隆科技始终以新型半导体显示面板为核心应用领域，深耕LCD显示面板专用智 能控制卡及精密功能器件产品，并快速拓展OLED、Mini/Micro LED 等显示领域新技术的应用发展， 掌握了以显示用智能控制卡 ...

手握A股公司莱特光电的王亚龙，资本野心仍在不断扩张，继续"操刀"重庆宇隆光电科技股份有限公司 （以下简称"宇隆科技"）IPO。近期，该公司创业板IPO进入问询阶段。值得一提的是，这并非宇隆科 技首次尝试登陆资本市场，其曾冲击沪市主板上市，不过最终折戟。二度闯关IPO的背后，宇隆科技对 第一大客户京东方销售占比较高的老问题仍存在。此外，截至今年6月末，该公司应收账款账面价值约 4.43亿元，占公司流动资产的比例为48.79%。 转战创业板IPO 沪市主板IPO撤单后，宇隆科技转向创业板发起冲刺。 据了解，自成立以来，宇隆科技始终以新型半导体显示面板为核心应用领域，深耕LCD显示面板专用智 能控制卡及精密功能器件产品，并快速拓展OLED、Mini/Micro LED等显示领域新技术的应用发展，掌 握了以显示用智能控制卡、显示用精密功能器件为核心产品的技术研发、生产制造等相关的专利技术和 先进生产工艺，全面覆盖目前主流及未来新型显示技术路线。 深交所官网显示，宇隆科技创业板IPO于12月5日获得受理，并于12月19日进入问询阶段。回溯前次IPO 历程，上交所官网显示，宇隆科技主板IPO于2023年3月4日获得受理， ...

Core Viewpoint - Chongqing Yulong Optoelectronics Technology Co., Ltd. (Yulong Technology) is making a second attempt to enter the capital market, this time targeting the ChiNext board instead of the main board, marking a significant step for its actual controller, Wang Yalong, in building an A-share capital landscape [1][2]. Financial Performance - Yulong Technology plans to raise 1 billion yuan through its IPO, a reduction from the 1.5 billion yuan initially sought in 2023. The funds will primarily be used for capacity expansion projects [3][7]. - The company's revenue from 2022 to the first half of 2025 is projected to be 740 million yuan, 698 million yuan, 1.095 billion yuan, and 597 million yuan, respectively. Net profits for the same periods are expected to be 66.84 million yuan, 75.72 million yuan, 121 million yuan, and 70.32 million yuan [3]. Capacity Expansion Strategy - The IPO fundraising plan reflects a strategic adjustment and urgent need for the company, with 300 million yuan allocated for working capital and the remainder focused on capacity expansion projects in Hefei and Chongqing [7]. - The Hefei project is expected to add nearly 100 million pieces of smart control cards and 30.4 million precision functional devices upon reaching full production [7][8]. Customer Concentration and Profitability Pressure - Yulong Technology faces significant challenges due to its highly concentrated customer base, with sales to its largest customer, BOE Technology Group, accounting for 53.58% of revenue in the first half of 2025 [10][12]. - The company's gross profit margin has been declining, with the sales price of its core product, smart control cards, dropping from 3.55 yuan per piece in 2022 to 2.86 yuan in 2023, a decrease of approximately 20% [12]. Related Company Influence - The relationship with its actual controller's other listed company, Lite-On Technology, raises concerns about business independence and potential conflicts of interest, as both companies serve the same major client, BOE [15]. - Yulong Technology's recent partnership with Neuromeka to establish a joint venture aims to diversify into new fields, but the company remains heavily reliant on the competitive display panel industry [15][16].

Core Viewpoint - Chongqing Yulong Optoelectronics Technology Co., Ltd. (Yulong Technology) is making a second attempt to enter the capital market, this time targeting the ChiNext board, marking a significant step for its actual controller, Wang Yalong, in building an A-share capital landscape [1] Financial Performance - Yulong Technology plans to raise 1 billion yuan in its IPO, a reduction from the 1.5 billion yuan initially sought in 2023 [1] - The company's revenue from 2022 to the first half of 2025 is projected to be 740 million yuan, 698 million yuan, 1.095 billion yuan, and 597 million yuan respectively, with net profits of 66.84 million yuan, 75.72 million yuan, 121 million yuan, and 70.32 million yuan [1] - Total assets are expected to grow from 1.121 billion yuan in 2022 to approximately 1.489 billion yuan by mid-2025, while the equity attributable to the parent company is projected to increase from 810.84 million yuan to 1.0879 billion yuan over the same period [2] Business Strategy and Challenges - The IPO fundraising plan reflects a strategic adjustment, with 300 million yuan allocated for working capital and the remainder focused on capacity expansion projects in Hefei and Chongqing [5] - The Hefei project aims to add nearly 100 million pieces of smart control cards and 30.4 million precision functional devices, while the Chongqing project will add 49.92 million pieces of smart control cards [5] - Yulong Technology's reliance on a single major customer, BOE Technology Group, poses significant risks, with sales to BOE accounting for 53.58% of total revenue in the first half of 2025 [7][11] Profitability and Market Position - The company's gross margin has been declining due to pricing pressures from major clients, with the average selling price of its core product, smart control cards, dropping from 3.55 yuan per piece in 2022 to 2.86 yuan in 2023, a decrease of approximately 20% [12] - The overall gross margin for the company's main business has shrunk from 38.36% in 2019 to 22.56% in the first half of 2025, a decline of over 15 percentage points [12] - High accounts receivable, amounting to 443 million yuan as of mid-2025, represent 48.79% of current assets, with 75% of this amount owed by BOE, indicating cash flow pressures [12] Competitive Landscape and Future Outlook - Yulong Technology's relationship with its major client, BOE, has led to a lack of pricing power and increased vulnerability to market fluctuations, as evidenced by a significant drop in net profit despite stable revenue in 2022 [11] - The company is also facing scrutiny regarding the independence of its operations from its brother company, Lite-On Technology, which shares a significant customer base with Yulong [14] - Future growth may depend on the successful establishment of a diverse customer base and technological advancements, as the company currently faces intense competition in the display panel industry [15]

图片来源：界面图库 智通财经记者 赵阳戈 时隔两年半，重庆宇隆光电科技股份有限公司（以下简称"宇隆科技"）再度向资本市场发起冲击，本次由沪市主板转向创业板，募资规模也从15亿元调整为 10亿元。 作为已在科创板上市的莱特光电的"兄弟公司"，宇隆科技由同一实际控制人王亚龙、李红燕夫妇掌控，其业务聚焦于显示面板核心部件。然而，在高度依赖 单一大客户、产品定价承压、研发投入占比走低等多重现实挑战下，宇隆科技上市之路能否真正畅通，仍需打上一个问号。 这并非宇隆科技首次尝试登陆资本市场。早在2023年，公司便有过IPO尝试。然而，在2023年3月4日获得受理后不久，其IPO进程便因财务资料过期而被中 止。2023年6月，宇隆科技与保荐机构中信证券共同撤回上市申请文件。 根据公开资料，宇隆科技的主营业务为LCD、OLED等新型半导体显示面板的专用显示用智能控制卡及其PCBA的制造与服务，同时配套生产显示用精密功 能器件。其中，显示用智能控制卡是公司的核心业务，2025年上半年贡献了63.91%的营业收入；显示用精密功能器件的收入占比为33.6%。 本次IPO受理前夕，11月12日，宇隆科技宣布与韩国上市公司纽禄美卡（Ne ...