芯片巨头闪电上会！厦门父子10年逼宫，创始人意外出局

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 [2][4][5]. Company Overview - Youxun specializes in the research, design, and sales of optical communication front-end transceiver chips, positioning itself in the upstream of the optical communication industry chain [4][5]. - 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 products [5][6]. Financial Performance - The company reported a fluctuating revenue trend: 339 million yuan in 2022, a slight decline to 313 million yuan in 2023, and a projected increase to 411 million yuan in 2024, representing a year-on-year growth of 31.1% [4][5]. - The net profit excluding non-recurring items for 2022 to 2024 is projected to total 219 million yuan, with 41.69 million yuan reported for the first half of 2025, indicating ongoing profitability [4][5]. Profitability Challenges - The overall gross margin has declined from 55.26% in 2022 to 43.48% in the first half of 2025, attributed to price pressures and increased costs [5][6]. - The company faces intense competition, with a significant reliance on low-margin distribution revenue, which has increased its average unit cost [6]. Control and Governance Issues - The company has experienced a long-standing control dispute, with the current actual controllers, Ke Binglan and his son, having gained control after a decade of changes in ownership and governance [8][12]. - Post-IPO, the combined voting rights of the actual controllers may drop to approximately 20.35%, raising concerns about potential changes in control [2][12].