Rouyu's sprint to the science and Technology Innovation Board: three years' revenue of 500 million, net loss of 3.1 billion, LETV grave digger Liu Shuwei sits on the board of directors

鳌飞寺杨靖

Yang Jing from Aofei Temple

量子比特报告官方账号QbitAI

Qubit report official account No. QbitAI

这或许是继乐视之后，市场反馈最为两极分化的公司。

This may be the company with the most polarized market feedback after LETV.

柔宇科技由清华电子系校友、斯坦福大学博士刘子宏于2012年创立，专注于"柔性显示技术"。

Rouyu technology, founded in 2012 by Liu Zihong, an alumnus of Tsinghua electronics department and Stanford doctor, focuses on "flexible display technology".

后来，三星和华为相继推出了折叠屏手机的销售，但没有一家供应商在这个行业有"先行者"。即使是若雨开发的折叠屏手机，到目前为止在开放渠道的销售也非常有限。

Later, Samsung and Huawei launched the sale of folding screen mobile phones one after another, but none of the suppliers had "pioneers" in the industry. Even the folding screen mobile phones developed by Ruoyu have been sold in the open channel very limited so far.

在一个拥有数百万客户的大众电子消费品市场，鲁豫电子商务主渠道的自营旗舰店对其畅销产品的购买点评超过1万条，而今年主营折屏手机flexpai 2的购买点评只有1200多条。

In a mass electronic consumer goods market with millions of customers, the self operated flagship store of Rouyu's main e-commerce channel has more than 10000 purchase reviews on its best-selling products, while this year's main folding screen mobile phone flexpai 2 has only more than 1200 purchase reviews.

这会是贾跃亭和乐视的另一个故事吗？鲁豫真正的财政收入能力是什么？巨额融资花在哪里？它是如何赚钱的？主要客户是谁？将来能盈利吗？

Will this be another story of Jia Yueting and LETV? What is Rouyu's real financial revenue ability? Where is the huge amount of financing spent? How does it make money? Who are the main customers? Is it possible to make profits in the future?

现在，这一系列问题也可能从招股说明书中得到初步解答。

Now, this series of questions may also be preliminarily answered from the prospectus.

另外，鲁豫和乐视还有一个重要的区别

In addition, there is an important difference between Rouyu and LETV

被称为乐视网"掘墓人"的刘树伟，是一位知名的财经学者，一开始就打响了乐视网质疑的第一枪，并出现在了鲁豫的董事会。

Liu Shuwei, known as the "Tomb digger" of LETV, was a well-known financial scholar who fired the first shot of LETV's query at the beginning, and appeared in Rouyu's board of directors.

2017年至2019年，柔宇科技营收分别为6472万、1.09亿和2.26亿。

From 2017 to 2019, the revenue of Rouyu technology was 64.72 million, 109 million and 226 million respectively.

2018年和2019年同比增速分别为68.47%和108.15%，三年复合增速为87.26%。

The year-on-year growth rates in 2018 and 2019 were 68.47% and 108.15% respectively, and the three-year compound growth rate was 87.26%.

2017年至2019年，柔宇归属于母公司的净亏损分别为3.59亿元、8.02亿元和10.73亿元。

From 2017 to 2019, Rouyu's net loss attributable to the parent company was RMB 359 million, RMB 802 million and RMB 1073 million respectively.

2020年上半年，公司归属于母公司的净利润为-9.6亿元，接近2019年全年亏损。

In the first half of 2020, the net profit of the Company attributable to the parent company is - 960 million yuan, which is close to the loss of the whole year in 2019.

2017-2019年，研发投入分别为1.6亿元、4.88亿元和5.86亿元，分别占收入的247.87%、447.88%和258.25%。

From 2017 to 2019, the R & D investment was 160 million yuan, 488 million yuan and 586 million yuan respectively, accounting for 247.87%, 447.88% and 258.25% of the revenue respectively.

但除了庞大的研发投入，毛利率不理想也是不争的事实。

But in addition to the large R & D investment, it is also an indisputable fact that the gross profit rate is not ideal.

2017年至2019年，柔宇科技综合毛利率分别为0.74%、-7.69%、-0.15%。

From 2017 to 2019, the comprehensive gross profit rate of Rouyu technology will be 0.74%, - 7.69%, - 0.15% respectively.

2020年上半年将有所改善，达到13.39%的历史高位。

It will improve in the first half of 2020, reaching a record high of 13.39%.

据柔宇介绍，公司通过自主研发的柔性集成电路技术，提供以全柔性显示屏、全柔性传感器等柔性电子产品为核心的全套柔性产品和解决方案。

According to Rouyu, the company provides a complete set of flexible products and solutions with flexible electronics such as fully flexible display screen and fully flexible sensors as the core through self-developed flexible integrated circuit technology.

作为重要应用领域之一的全柔性显示技术，柔宇科技自2012年成立以来，一直致力于开发适合批量生产的新型全柔性显示技术。

As one of the important application fields, full flexible display technology, since its establishment in 2012, Rouyu technology has been committed to the development of new full flexible display technology suitable for mass production.

去年3月，该公司第二代折叠屏手机flexpai 2首次亮相，并于9月正式推出。

In March last year, flexpai 2, the company's second generation folding screen mobile phone, made its debut and was officially launched in September.

根据产品类别，公司产品可分为两大类。

According to the product category, the company's products can be divided into two categories.

解决方案产品，如softtree、romeeting智能铭牌会议系统，或为客户提供全柔性显示器或全柔性传感器；消费品，如flexpai softpai、rowrite、royole moon和royole x等。

Solution products, such as softtree, romeeting intelligent nameplate conference system, or provide customers with fully flexible display or fully flexible sensors; consumer products, such as flexpai softpai, rowrite, royole moon and royole x, etc.

报告期内，公司主营业务收入情况如下：

During the reporting period, the main business revenue was as follows:

2018年整体主营业务收入较2017年增长69.25%，主要是由于2017年12月《柔姬》上映，消费品收入快速增长，以及royole X/moon的销售增长。

The overall main business revenue in 2018 increased by 69.25% compared with that in 2017, mainly due to the rapid growth of consumer product revenue due to the release of rouji in December 2017 and the sales growth of royole X / moon.

具体数据还可以结合销售量和平均单价

Specific data can also be combined with sales volume and average unit price

关键还是产品实力。

The crux is still product strength.

然而，作为一个"新品种"，柔宇的技术和产品近年来并没有得到市场的积极反馈，但并不妨碍其在发展过程中的创新和鼓励。

However, as a "new species", Rouyu's technology and products have not received positive feedback from the market in recent years, but it does not hinder its innovation and encouragement in the process of development.

从股权结构来看，柔宇的控制权如下：

From the perspective of equity structure, the control rights of Rouyu are as follows:

鲁豫a类普通股持有人每股可投4票，B股持有人每股可投1票。

The holders of class a common shares of Rouyu can cast four votes per share, while the holders of class B shares can cast one vote per share.

目前，实际控制人刘子宏持有公司38.61%的A类股份和71.56%的表决权。

At present, Liu Zihong, the actual controller, holds 38.61% of the class A shares and 71.56% of the voting rights.

在董事会层面，除了鲁豫管理团队的成员，还有名人：

At the board level, in addition to the members of Rouyu's management team, there are also celebrities:

它之所以出名，是因为上市公司为打击财务造假而采取的一系列行动。刘树伟曾公开质疑蓝天、乐视、宝能等公司。

What makes it famous is a series of actions taken by listed companies to crack down on financial fraud. Liu Shuwei has publicly questioned Lantian, LETV, Baoneng and other companies.

尤其是在对乐视的质疑上，当时面临着很大的争议，但后来的乐视危机证明了它的专业性和准确性，后来江湖人称之为"乐视掘墓人"。

Especially in the doubt of LETV, it was faced with great controversy at that time, but then the crisis of LETV proved its professionalism and accuracy, and the people in the Jianghu later called it "the grave digger of LETV".

需要指出的是，柔宇并不是刘树伟担任独立董事的第一家公司。在万科和格力拥有独立董事职位。至于鲁豫此次出现在独立董事名单中，具体原因尚未有文字记载。

It should be noted that Rouyu is not the first company where Liu Shuwei serves as an independent director. It has independent director positions in Vanke and Gree. As for this appearance in the list of independent directors of Rouyu, the specific reasons have not yet been documented.

或许这也是出于鲁豫管理团队的自信。

Perhaps it is also out of the self-confidence of Rouyu's management team.

柔宇科技创始人刘子宏，1983年出生。他17岁时在江西省抚州市获得高考理科一等奖。他21岁获清华大学电子工程学士学位，23岁获硕士学位，26岁获斯坦福大学电子工程博士学位。2009年至2012年，他是IBM全球研发中心的顾问工程师和研究科学家。

Liu Zihong, the founder of Rouyu technology, was born in 1983. He won the first prize of science entrance examination in Fuzhou, Jiangxi Province at the age of 17. He received a bachelor's degree in electronic engineering from Tsinghua University at the age of 21, a master's degree at the age of 23, and a doctor's degree in electronic engineering from Stanford University at the age of 26. He was a consultant engineer and research scientist of IBM's global R & D center in New York from 2009 to 2012.

最后，鲁豫科技创新板IPO拟募集资金144亿元。主要目的如下：

Finally, the IPO of Rouyu technology innovation board is going to raise 14.4 billion yuan. The main purposes are as follows:

Link：https://new.qq.com/omn/20210101/20210101A06L1000.html

update time：2021-01-01 14:30:54