The flexible screen "unicorn" Yu Rou technology in the past is now in jeopardy.

When folding screen has become a hot spot in the mobile phone market and players in the field are striding forward, Yu Rou Technology, which once shouted to master the flexible screen technology with low cost and high income, has lost its front hoof.

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Has applied for listing on the science and technology innovation board.

On the last day of 2020, Yu Rou Science and Technology submitted an application for IPO in science and technology innovation board to the Shanghai Stock Exchange. According to the prospectus (declaration draft), Yu Rou Science and Technology, which has been losing money for years, has no "hematopoietic" ability. From 20 17 to 20 19 and the first half of 2020, the company's accumulated revenue was only 5170,000 yuan, but the accumulated loss reached 31950,000 yuan.

In February, 20021,Yu Rou Science and Technology withdrew its listing application. Since then, Yu Rou Science and Technology did not submit an IPO application, and the problem of tight funds began to appear.

Before the Qingming holiday in 2022, the problem of Yu Rou's science and technology wage arrears was listed on the hot search list many times, which triggered a heated discussion again. What Li Yanhong didn't expect was: "On the afternoon of March 3 1, various departments of the company informed one after another that Tomb-Sweeping Day would have a three-month holiday. Among them, April is paid with full salary, and May and June are calculated according to the minimum wage in Shenzhen. The social security in these two months should also be adjusted according to the minimum base. "

What makes most employees of Yu Rou Science and Technology, including Li Yanhong, dissatisfied is that Yu Rou Science and Technology has never issued a formal notice about the three-month holiday. "The company is worried that this kind of news will have a negative impact on employees, but employees are worried that if the company does not issue a formal notice in the official name, will the follow-up company interpret these three months as employee absenteeism?"

The product is still in the stage of market expansion.

According to public information, Bill Liu was born in 1983. 17 years old, was admitted to the Department of Electronic Engineering in Tsinghua University with the top score of science college entrance examination in Fuzhou City, Jiangxi Province. 20 12, Bill Liu began to establish multinational company Yu Rou science and technology in many places. Yu Rou science and technology, which emerged with flexible display screen, quickly became the object of competition in the investment circle, and the head institutions such as IDG, Shenzhen Venture Capital and Songhe Capital came to an end one after another. According to Qixinbao's data, in the fourth quarter of 20 19, Yu Rou Science and Technology completed the $300 million round of financing.

However, while financing continuously, it is always difficult for Yu Rou Science and Technology to make a profit. Since its establishment nine years ago, Yu Rou's screen has not appeared in the products of any mainstream mobile phone manufacturer, and it is difficult to find its own brand in public channels. Its technical originality, mass production ability and customer acquisition ability have also begun to be questioned.

At present, there are two main technical routes for flexible screens. One is polysilicon (LTPS) technology mainly developed by BOE, TCL Technology, Samsung and other companies, and almost all the main folding screen mobile phones on the market are supplied by these companies; The other is ultra-low temperature non-silicon process integration technology (ULT-NSSP) independently developed by Yu Rou.

According to Bill Liu, the above two technologies are fundamentally different. "ULT-NSSP technology is superior to LTPS in mass production capacity. Because different material systems and different manufacturing processes are adopted, the overall production process is greatly simplified, the equipment investment cost is greatly reduced, the yield is significantly improved, and the product bending reliability is extremely strong. In contrast, LTPS technology requires relatively high temperature and complicated process, which leads to very low yield and bending reliability of fully flexible screen foldable screen. Previously, only curved surfaces could be made, and the folding times were very limited. "

In the past few years, it has been difficult for Yu Rou technology to open the market due to the adoption of new technology routes independently developed. According to the data in the prospectus (application draft), from 20 17 to 20 19 and the first half of 2020, the operating income of Yu Rou science and technology was 64,726,700 yuan, 65,438+/kloc-0,000,000 yuan, 230 million yuan and/kloc-0,000,000 yuan respectively. Regarding the main reason for the continuous loss, Yu Rou explained: "The product is still in the stage of market expansion, and the sales scale is small, and R&D needs to invest a lot of money."

At present, Huawei, Samsung, Xiaomi and so on. No cooperation was reached with Yu Rou, only ZTE publicly acknowledged the cooperation, but the follow-up actions have not been disclosed so far. In addition to mobile phones, Yu Rou Science and Technology tried to apply flexible screens to consumers, sports events, conferences and other B-end industry customers, but the effect was not obvious.

Finally, we have a strategic partner.

June 5438+October 2022 10, Yu Rou Science and Technology, which has a tight capital chain, finally waited for the "White Horse Knight"-Shenzhen Zhongzhi Weian Robot Technology Co., Ltd. (hereinafter referred to as Zhongzhi Weian). According to the data of Qixinbao, Zhongzhi Wei 'an was established in July 20 18, and its legal representative is Zhong Xiangyu.

On the evening of June 5438+1October 65438+July 2022, the official account of Yu Rou Science and Technology WeChat issued a document saying that in June 65438+1October 65438+June, Zhongzhi Weian signed a strategic cooperation contract with Yu Rou Science and Technology. Based on the cooperation agreement, Zhongzhi Weian will purchase flexible display screens, flexible sensors and integrated software and hardware solutions from Yu Rou Science and Technology in batches for the company's entire line of commercial robot products. Since 2022, the cumulative purchase amount for three consecutive years is about 3 billion yuan.

At the signing ceremony, Zhong Xiangyu, chairman of Zhongzhi Wei 'an, said: "The robot product itself is an important carrier of the display screen. In 20021year, the market share of CIOT-brand robots exceeded 75,000, and they were used in 50+ scenes such as office buildings, hotels, restaurants, hospitals, supermarkets, government affairs, exhibition halls, etc., which means that the intelligent business service robots of Cizhi Weian have a broad market space. ...

Established just over three years ago, Zhongzhi Wei 'an is currently in the B round of financing with a registered capital of 6,543,800,000 yuan. So, can Cizhi Weian save Yu Rou Science and Technology? In this regard, Li Yanhong said: "At least as an employee, I have not seen any particularly substantial progress. At first, the other party said that the disinfection robot' face' can use flexible screens, and it is said that several have been made. But in fact, Yu Rou had no money at the beginning of this year. Later, I learned that this strategic agreement has no actual constraints on both sides. Does this consumer robot really need a more expensive flexible screen? "

In Li Yanhong's view, the "food shortage" of Yu Rou science and technology has a lot to do with the judgments of other senior management teams in Bill Liu and Yu Rou. "Including the misjudgment of financing, why are you so sure that it will arrive next month? In fact, how many' next months' have not arrived, and in this process, shouldn't we reflect as soon as possible? The last thing I don't understand is that under normal circumstances, enterprises should continue to operate and realize that there is not much money in their accounts. Should they lay off employees or make business adjustments? But the company didn't. "

Li Yanhong further said: "There is also news circulating within the company that other shareholders have discussed the introduction of investment. It is said that it will involve diluting the founder's equity, including introducing government bailout funds, but there is no following. I also heard that Mr. Liu borrowed money outside, and borrowed one or two hundred million yuan (the exact amount is unclear). "

2022 is the fifth year of Wang Miao's scientific and technological work in Yu Rou. According to her understanding, "Bill Liu is unwilling to delegate power to professional managers. The direction of the company is finally like this, which shows that it can't stand the scrutiny of the market. But from a personal point of view, I still hope that the company is getting better and better. "

Yu Rou's prospectus once disclosed: "The company adopts a special voting structure. According to the arrangement of the Articles of Association (draft), holders of Class A ordinary shares can vote for 4 shares, and holders of Class B shares can vote for 65,438+0 shares. At present, the actual controller Bill Liu holds 38.6 1% of the company's shares, all of which are Class A common shares issued by the company, accounting for 7 1.56% of the company's voting rights. The actual controller plays a decisive role in the company's operation and management and matters that need to be approved by the shareholders' meeting. Influenced by the special voting right structure, the decision-making ability of minority shareholders will be limited. "

Li Yanhong said that she no longer expected Yu Rou technology and decided to start looking for a job. She also hopes that there will be government funds or investors with industrial operation ability to save Yu Rou science and technology in the future.

National business daily