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优迅股份“闪电”冲刺科创板：十年控制权之争 柯氏父子终掌舵
2 1 Shi Ji Jing Ji Bao Dao·2025-09-15 12:08

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. is set to go public on the Sci-Tech Innovation Board, aiming to raise 809 million yuan for various chip development projects, while facing challenges in profitability and potential control changes post-IPO [1][3]. Company Overview - Youxun specializes in the research, design, and sales of optical communication front-end transceiver chips, primarily operating in the upstream segment of the optical communication industry [2]. - The company claims to be a "national manufacturing single champion enterprise" in the optical communication field, with a leading market share in 10G and below front-end chips [3]. Financial Performance - The projected non-GAAP net profits for Youxun from 2022 to 2024 are 95.73 million yuan, 54.91 million yuan, and 68.57 million yuan, totaling 219 million yuan [3]. - Revenue has shown fluctuations, with 339 million yuan in 2022, a slight decline to 313 million yuan in 2023, and an expected increase to 411 million yuan in 2024, representing a year-on-year growth of 31.1% [3]. - In the first half of 2025, revenue reached 238 million yuan [3]. Revenue Structure - Approximately 90% of Youxun's revenue comes from optical communication transceiver chips, with 86.74% of sales in the first half of 2025 derived from 10G and below products [4]. Profitability Challenges - The overall gross margin has declined from 55.26% in 2022 to 43.48% in the first half of 2025, indicating pressure on profitability despite the company's market position [5][6]. - Factors contributing to the gross margin decline include price reductions due to industry competition and increased costs from changes in customer structure [6]. Control and Governance Issues - Youxun has experienced a prolonged control struggle, with the current actual controllers, Ke Binglan and his son, having gained control after a decade of disputes [7][11]. - Post-IPO, the combined voting rights of the actual controllers may drop to approximately 20.35%, raising concerns about potential changes in control [1][11].