As a fully flexible screen manufacturer, Yu Rou Technology was once the darling of the capital field. Eye survey shows that since the establishment of 20 12 Company, Yu Rou Science and Technology has completed 13 rounds of financing, with investors including IDG Capital, Shenzhen Venture Capital, Hanfu Capital and other star funds. Even Xu Xiaoping, an investment tycoon, is even sadder after missing the investment opportunity.
However, Yu Rou Science and Technology, with the aura of "pioneer of folding screen mobile phone", has been unable to make a profit for a long time after years of operation, and still relies on financing to survive. After the IPO of Science and Technology Innovation Board was rejected, the negative news of science and technology in Yu Rou continued to ferment, the core technology was questioned by the market, and wage arrears and layoffs occurred frequently.
After 2022, this situation has not improved. On April 13, Liu Shuwei, the independent director of the company, issued a document "Save Yu Rou", calling for helping Yu Rou to introduce strategic investment; On April 18, a subsidiary, Yu Rou Display Technology Co., Ltd., added a piece of information about the executed person, which was exposed again. The execution target was 1.46 million yuan.
From "the light of China" to frequent negative experiences and seeking help to make a living, what happened to Yu Rou Science and Technology?
The unicorn under the aura of "Xueba" competes with Samsung's "domestic light"
Speaking of Yu Rou science and technology, we should start with Bill Liu, the founder of Xueba.
In 2000, Bill Liu entered the Department of Electronic Engineering in Tsinghua University as the top science scholar in Fuzhou City, Jiangxi Province, and studied for undergraduate and master's degrees successively. In 2006, he rushed to Stanford University to study for a doctorate.
At the age of 26, Bill Liu received a doctorate and entered the global R&D center of IBM. After working for three years, Bill Liu returned to China to start a business and set up Yu Rou Science and Technology, focusing on flexible display technology.
The year of returning to China was 20 12, the domestic 4G license has not been issued, the domestic communication industry is in the transition period from 3G to 4G, the smart phone has not been widely popularized, and the concept of flexible folding mobile phone has disappeared.
The mainstream technology for manufacturing flexible screens in the world is Samsung's low-temperature polysilicon technology, which is in a monopoly position. Bill Liu Yu Rou Science and Technology independently developed ultra-low temperature non-silicon process integration technology, which opened up a new road.
In 20 14, Yu Rou science and technology launched the thinnest full-color AMOLED flexible display screen in the world, with a thickness of only 0.01mm; In 20 18, Yu Rou launched the world's first foldable flexible screen mobile phone, FlexPai, which was later rated as an iconic mobile phone in the development history of the world communication industry by the BBC.
With flexible display technology, Yu Rou Science and Technology became one of the fastest growing unicorns at that time. 20 19, 1 1, the founder Bill Liu boarded the 20 19 Forbes China Rich List, ranking 222nd. In 2020, Yu Rou Science and Technology ranked among the top 200 unicorns of new economy in China in 2020 with a valuation of $6 billion.
As a result, Yu Rou Technology, the darling of capital, is known as the "domestic light" that can break the monopoly of Samsung's flexible display technology.
The "data dispute" in which the yields at both ends of the B-side and C-side are not docked makes the market question.
Xu Xiaoping, a well-known angel investor in China, once missed the investment opportunity of Yu Rou Science and Technology, and felt that "Yu Rou Science and Technology is the project that I really missed since I made the investment. Every time I see their good news, I feel like a knife. "
Yu Rou Science and Technology, the darling of capital, was founded for 9 years and obtained 13 rounds of financing. However, the company's performance seems to be unable to satisfy investors.
According to the prospectus of Yu Rou Science and Technology Innovation Board, during the period of 2017-2021h1,the company's revenue was 64.7267 million yuan, 109 million yuan, 227 million yuan,1/kloc-0 respectively. In the same period, the net profit attributable to the parent company was-359.3 million yuan,-802 million yuan,-1.73 billion yuan and-96/kloc-0.00 billion yuan respectively, with a total loss of 365.438+0.95 billion yuan.
The expansion of losses in successive years is the truest portrayal of Yu Rou science and technology in recent years. Why has a company that has successfully developed the world's thinnest full-color AMOLED flexible display been unable to make a profit?
The answer may be found in the prospectus of Yu Rou Technology.
According to the prospectus, the company's products have always been "good and not good". From 20 18 to 2020, the output of Yu Rou science and technology fully flexible display screen was 7748, 3 14 and 48600 respectively, and the sales volume in the same period was 2099, 52700 and 22 10 respectively.
According to this calculation, the production and sales rates of Yu Rou Science and Technology from 20 18 to 2020H 1 were 27.09%, 16.80% and 45.58% respectively. This shows that the company has empty products, but it can't open the market.
Products can't be sold, and the backlog leads to a rapid increase in Yu Rou's science and technology inventory. From 20 18 to 2020H 1, the book value of the company's inventory increased from 103072200 yuan to 4804 1. 1800 yuan, with an increase rate of 366.09%.
In addition to unsalable products, the yield of Yu Rou science and technology cannot convince the market.
Liu Shuwei published "Save Yu Rou", revealing that the rate of return of Yu Rou Science and Technology is 8 1.6%, which is roughly the same as that of BOE, but the data in the prospectus seems to be unable to match this data.
According to the prospectus of Yu Rou Science and Technology, during the period of H 1 in 2020, the company's output will be 1230. If the yield is 8 1.6%, the actual qualified yield is 1004 sheets; In the same period, the actual output of small pieces of the company was 48,563 pieces, which means that a large board can only be cut into 48 pieces.
Previously, the sixth-generation AMOLED (flexible) production line in Chongqing, which BOE invested 46.5 billion yuan, revealed relevant data. The most economical cutting of the 6th generation production line is the 6.7-inch mobile phone screen. If calculated according to the width and height of 160mm 78mm, 207~209 pieces can be cut.
At present, the mainstream folding screen on the market is 8 inches, which is larger than ordinary mobile phones, but the number of slices cannot be reduced from about 200 to about 50. The mismatch of this data has caused the market to question the yield of its products.
It is worth mentioning that, as a panel manufacturer, Yu Rou Science and Technology has always adopted the parallel business model of To C and To B, making both flexible screens and mobile phone products.
Yu Rou Science and Technology once launched FlexPai 2, a folding screen mobile phone, with a listing price of 9988 yuan, becoming the only 5G folding screen mobile phone on the market at that time with a price lower than 10000 yuan.
However, this mobile phone does not seem to show an advantage in the contest with other mobile phone manufacturers. According to the official flagship store of JD.COM Roupai, as of April 65438+ in 2009, the evaluation number of Roupai 2 is only 2000+, which is obviously different from that of folding mobile phone manufacturers.
Yu Rou Science and Technology pursues C-end products, but it is thankless, which has also become a criticism point in the current market.
Cash flow continues to be tight. Where is Yu Rou Keji Road?
Lack of market for products and poor operating efficiency. Yu Rou Science and Technology has stepped into a tight cash flow situation.
According to Tianyancha, Yu Rou Science and Technology has not obtained any new capital blood in the past two years since it received $300 million in financing from SF Holdings (002352), Zheng Guangzhong and China Railway Dacheng in May 2020.
After years of losses, the company was unable to obtain new financing. In the early morning of February 9th, 20265438+0 65438, Bill Liu, the founder of Yu Rou Science and Technology, quoted Musk's "Remember the Edge of Bankruptcy: I wake up every day and cry all night in my dream" and wrote: In fact, it is not easy for anyone. In the darkest moment of life, don't expect to send charcoal in the snow. The only thing you can do is to stick to it and never give up.
After entering 2022, the cash flow shortage of Yu Rou Science and Technology is further aggravated. According to media reports, on March 29th, Yu Rou Science and Technology employees said that they had received five unsent emails within six months, and the number of employees in the company dropped from 1800 in OA system to 700.
Regarding the unpaid wages, Yu Rou Science and Technology said in the email that "the financing of the company is in progress, and the funds will arrive soon, and the wages will be reissued immediately". However, such content has been unable to convince employees.
On April 13, Liu Shuwei, as an independent director of Yu Rou Science and Technology, issued a document "Save Yu Rou" through his personal account, calling on governments at all levels to actively help Yu Rou Science and Technology solve the shortage of funds.
However, this appeal was not recognized. Netizens believe that Yu Rou's scientific and technological products lack recognition, and the company cannot realize its own hematopoiesis. It can only survive by financing. Under the market competition, uncompetitive enterprises should be eliminated from the market.
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