优讯股份科创板IPO业绩成长性“不足”，实控人配偶是中国证券业协会调解员

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. is seeking to list on the STAR Market, with its IPO application being reviewed on September 19, 2023, despite underperforming in revenue growth and profitability metrics compared to market expectations [1][3]. Company Overview - Established in February 2003, Youxun specializes in the research, design, and sales of optical communication front-end transceiver chips, focusing on optical modules including transceiver components, optical modules, and optical terminals [1]. - The company plans to raise 809 million yuan through its IPO, primarily for three projects: next-generation access network and high-speed data center chip development, automotive chip R&D, and 800G and above optical communication chip and silicon photonics component development [3]. Financial Performance - Youxun's revenue for 2022 to 2024 is projected at 339 million yuan, 313 million yuan, and 411 million yuan, respectively, with net profits of 81.4 million yuan, 72.1 million yuan, and 77.9 million yuan, indicating a lack of strong growth typically expected from a STAR Market company [3][4]. - The company's gross profit margin has shown a declining trend, with rates of 55.26%, 49.14%, 46.75%, and 43.48% over the reporting periods, raising concerns about its profitability stability [4]. Corporate Governance - The company has faced internal conflicts for over a decade, leading to a lack of a clear controlling shareholder until recently. The actual controllers, Ke Binglan and Ke Tenglong, hold a combined voting power of 27.13%, which will dilute to 20.35% post-IPO, potentially exposing the company to control risks [4]. - Concerns have been raised regarding the independence of the board, particularly with an independent director linked to Xiamen University, where the controlling shareholder previously worked [5]. Disclosure Issues - There are questions regarding the adequacy of information disclosure, particularly concerning the rental agreements for the Shanghai subsidiary and the background of the controlling shareholder's spouse, which were not fully detailed in the prospectus [5][6].