国产显示芯片独角兽再闯港交所，台积电是最大供应商_老虎社区_美港股上老虎

国产显示芯片独角兽再闯港交所，台积电是最大供应商

观网财经01-23

据港交所官网消息，1月19日，云英谷科技股份有限公司（以下简称为“云英谷”）再次向港交所递交招股书，拟在香港主板上市，联席保荐人为中金和中信，其上市材料已获受理。这并非云英谷首次叩响资本市场的大门。从2023年尝试冲刺A股科创板，到2024年一度接近被A股上市公司汇顶科技并购，再到2025年6月首次递表港交所，云英谷的上市之路可谓一波三折。据介绍，云英谷成立于2012年，总部位于中国深圳，是一家...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026012320510397a32361&s=b><strong>观网财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>据港交所官网消息，1月19日，云英谷科技股份有限公司（以下简称为“云英谷”）再次向港交所递交招股书，拟在香港主板上市，联席保荐人为中金和中信，其上市材料已获受理。这并非云英谷首次叩响资本市场的大门。从2023年尝试冲刺A股科创板，到2024年一度接近被A股上市公司汇顶科技并购，再到2025年6月首次递表港交所，云英谷的上市之路可谓一波三折。据介绍，云英谷成立于2012年，总部位于中国深圳，是一家...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026012320510397a32361&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SGXZ51526630.SGD","symbol_name":"大华环球创新基金A Acc 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supplier","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSM":1.91,"03145":0.6},"content_text":"据港交所官网消息，1月19日，云英谷科技股份有限公司（以下简称为“云英谷”）再次向港交所递交招股书，拟在香港主板上市，联席保荐人为中金和中信，其上市材料已获受理。这并非云英谷首次叩响资本市场的大门。从2023年尝试冲刺A股科创板，到2024年一度接近被A股上市公司汇顶科技并购，再到2025年6月首次递表港交所，云英谷的上市之路可谓一波三折。据介绍，云英谷成立于2012年，总部位于中国深圳，是一家专注于显示驱动芯片设计与销售的半导体企业。自2013年启动天使轮融资以来，云英谷已完成多轮股权融资，融资总额超13亿元。公司的股东名录涵盖京东方、高通中国等产业巨头以及小米长江产业基金、哈勃科技、中金浦成、祥峰投资、红杉中国等明星资本。2024年8月最后一轮融资后，云英谷估值来到约83.31亿人民币。据其招股书介绍，公司目前主要有两类产品，AMOLED显示驱动芯片及MicroOLED硅基显示驱动/背板。其中，AMOLED驱动芯片主要用于智能手机，售向国内的一众制造商；而Micro-OLED显示背板/驱动，主要用于支持AR、VR的头戴式设备。弗若斯特沙利文报告显示，2024年（按销量计），云英谷是全球智能手机AMOLED显示驱动芯片市场的第五大供应商，也是中国大陆最大的供应商，全年总销量约5100万颗，市占率约5.7%。而在国内市场，云英谷2024年的市场份额达到12.4%，总销量约5000万颗，排名第三。云英谷也是Micro-OLED显示背板╱驱动领域的主要供应商之一，2024年的全球市场份额约为40.7%，销量约100万片，排名第二。从市场份额的角度来看，云英谷在其特定的领域内也算是占有一席之地，尤其是在供应手机的AMOLED显示驱动芯片方面。据其介绍，其驱动芯片已售往不少主流智能手机品牌厂商的供应链，覆盖超过10个产品系列，公司合作品牌合计占据全球智能手机四分之一以上的市场份额。财务数据方面，2022年、2023年、2024年、2025年前十个月各期，公司分别实现营业收入5.51亿元、7.20亿元（同比增长30.7%）、8.91亿元（同比增长23.8%）、8.96亿元。其2022年至2024年的复合年增长率达到27.1%。云英谷表示，其营收增长主要得益于AMOLED在智能手机中渗透率的提升以及公司市场份额的扩大。报告期各期，云英谷分别实现净利润-1.24亿、-2.32亿、-3.09亿、-1.95亿，累计亏损约7.22亿元。毛利分别为1.76亿、0.03亿、0.22亿、1.25亿，对应毛利率分别为31.9%、0.4%、2.5%、14.0%。其中2023年的数据格外触目惊心，毛利率暴跌至仅0.4%，毛利仅有0.03亿。云英谷表示，这主要由于AMOLED显示驱动芯片平均售价下降以及存货贬值所导致。从招股书披露的产品平均售价来看，从2022年到2024年，占据公司营收大头的AMOLED显示驱动芯片的平均售价明显下滑，分别为25.7元、18.6元、15.9元，三年降幅接近40%。截至2025年10月31日，该产品定价维持在15.9元的水平。该产品2023年甚至录得-1.4%的毛损率，2024年仅为0.3%，直至2025年前10月才回升至8.6%，但相较2022年的高点32.6%仍有明显降幅。定价更高，利润空间更大的Micro-OLED背板/驱动同样有所波动。同期，Micro-OLED背板/驱动平均售价分别为20813.7元、21768.3元、22561元。截至2025年10月31日，该产品的平均售价降低至18370.4元。尽管Micro-OLED业务毛利率达28.6%，但收入占比仍较低（2025年10月31日占比约23.6%），难以拉动整体盈利水平。而2023年剧烈波动的核心原因之一便是存货撇销。该公司在招股书中解释道，2023年，受全球消费电子需求疲软影响，芯片价格暴跌，导致公司存货价值大幅缩水。招股书显示，2023年公司计提了高达5320万元的存货撇销，较2022年的1630万元激增226.7%。而产品售价持续走低的问题，也与行业整体状况有关。简单来说，在行业下行周期中，云英谷为了在激烈竞争中争取市场份额，选择“以价换量”。云英谷表示，AMOLED智能手机领域的品牌市场具有高进入门槛，需满足智能手机及面板制造商对高良率及认可度的要求，这使得市场新进者面临更大挑战。针对竞争对手压低价格，公司制定并实施了具有竞争力的定价策略并主动调降AMOLED显示驱动芯片的平均售价，借此维持竞争优势并强化市场地位。受毛利微薄、经营利润持续为负的影响，公司的现金流持续承压。2022年至2025年1-10月，公司经营活动现金流分别净流出1.76亿元、1.61亿元、2.36亿元及0.86亿元。截至2024年底，公司账面现金及现金等价物仅剩约1.05亿元。对比公司当年超3亿的亏损，云英谷在资金上的压力不言自明。或许，这也是云英谷自2023年以来先后向A股、H股IPO发起冲刺的动因之一。为了解决资金流动性的问题，招股书还揭露了公司在销售模式上的转型——从直销为主转向经销为主。从2022年到2024年间，公司的收入组成中，来自经销商的收入占比从2022年的4.8%飙升至2024年的73.7%。云英谷直言，公司通过经销商向面板制造商销售产品，主要是为了缩短现金回收周期及加强资本管理。其表示，AMOLED面板制造商通常要求较长的信贷期。为了加速现金回收，我们与AMOLED面板制造商认可且愿意接受较短信贷期的经销商合作。作为回报，我们向经销商提供我们通常向显示面板制造商所销售价格的折扣，折扣介乎2.4%至3.2%。借此，云英谷的贸易应收款项周转天数由2022年的137天减少至2023年的75天及2024年的34天。从现金流来看，截至2025年10月31日，公司账上的现金和现金等价物约为4.34亿，较2024年末的1.04亿有明显改善。不过，报告各期，公司的流动资产净值分别为11.9亿、9.6亿、8.3亿、7.4亿。公司经营活动现金流仍然为负。此外，在毛利率本就低下的状况下，再向经销商提供折扣，对公司的毛利率无疑是“雪上加霜”。对于这一问题，云英谷强调，随着公司的规模扩大及流动资金状况增强，已相应地逐步延长经销商的信贷期，向经销商提供的折扣幅度将会降低。公司还正实施成本控制举措，包括将更多生产转向定价更低的晶圆代工厂以及持续改善产品设计，提高生产良率等措施。作为Fabless（无晶圆厂）企业，云英谷主要负责芯片设计，其自身并未拥有任何芯片制造设备，全权交给第三方晶圆代工厂。而台积电，是云英谷最重要的合作伙伴之一。报告各期，云英谷向台积电的采购额占公司采购总额的占比分别为59.5%、65.8%、74.5%及41.8%。除晶圆制造以外，公司还依赖OSAT供应商来进行驱动芯片的测试和封装。在当前中美科技博弈加剧的背景下，依赖境外代工厂，无疑是潜在的供应链隐患。尽管公司部分产品已在大陆代工，但台积电仍然是最大供应商。综合来看，尽管云英谷拥有顶级的客户朋友圈和一定的市场份额，但其主营业务造血能力尚显不足。对于云英谷而言，其急需二级市场的资金来为公司“输血”，缓解现金流压力的同时继续投入研发，但其能否成功跨越资本市场的门槛，并向投资者证明其盈利潜力，仍有待市场给出最终的答案。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}