IPO雷达｜三个月闪电上会！优迅股份毛利率持续下跌，实控人曾靠“夺权”上位

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. (Youxun Co.) is rapidly advancing its IPO process, with the listing review committee meeting scheduled for September 19, 2025, just under three months after its application was accepted on June 26, 2025 [1][3]. Company Overview - Youxun Co. was established in February 2003 and specializes in the research, design, and sales of optical communication front-end transceiver chips, which are primarily used in optical modules across various applications including access networks, 4G/5G networks, data centers, metropolitan area networks, and backbone networks [3]. - The company aims to raise 889 million yuan (approximately 8.89 billion yuan) through its IPO, with plans to invest in the development and industrialization of next-generation access network and high-speed data center chips, automotive chips, and 800G and above optical communication chips [3]. Financial Performance - From 2022 to 2024, Youxun Co.'s revenue decreased from 339 million yuan to 313 million yuan, before rebounding to 411 million yuan. Net profit also saw a decline from 81.4 million yuan to 72.08 million yuan, followed by a recovery to 77.87 million yuan [4]. - In the first half of 2023, the company's revenue grew by 20.19% year-on-year, while major downstream customers experienced revenue growth exceeding 50% [4]. - Despite the revenue recovery, the company's gross margin has been declining, with figures of 55.26%, 49.14%, 46.75%, and 43.48% for the respective years from 2022 to the first half of 2025 [4][5]. R&D and Cost Structure - Youxun Co.'s R&D expense ratio decreased from 21.14% in 2022 to 15.81% in the first half of 2025, which is below the industry average during the same period [5]. - The decline in gross margin is attributed to changes in industry demand, price reductions of key products, and rising costs of certain procurement items [5]. Shareholding and Control - The company has undergone two changes in its actual controller since its establishment, with the current controllers, Ke Binglan and Ke Tenglong, holding a combined voting power of 27.13% prior to the IPO. Post-IPO, this is expected to dilute to 20.35% [6]. - The current actual controllers lack technical development backgrounds, with Ke Binglan previously involved in financing and management roles [6][7].