优迅股份IPO迎考背后：取消补流项目、研发费用率低于同行均值

Core Viewpoint - Yuxun Co., Ltd. is adjusting its IPO fundraising plan by canceling a project aimed at supplementing working capital, reducing the total fundraising amount from 889 million yuan to 809 million yuan [2][3] Group 1: IPO and Fundraising - Yuxun Co., Ltd. focuses on the research, design, and sales of optical communication front-end transceiver chips [2] - The company aims to raise approximately 809 million yuan for projects related to next-generation access networks, high-speed data center chips, automotive chip development, and 800G and above optical communication chips [2] - The original plan included a working capital supplement project that was set to raise 8 million yuan, which has now been canceled due to regulatory scrutiny regarding the necessity of such funding [2][3] Group 2: Shareholding Structure - The shareholding of Yuxun Co., Ltd. is relatively dispersed, with no single shareholder holding more than 30% of voting rights [3] - The actual controllers, Ke Binglan and Ke Tenglong, collectively control 27.13% of the voting rights, which will be diluted to 20.35% post-IPO [3] - A commitment has been made by all natural shareholders and non-natural shareholders holding more than 5% to not seek control, totaling 94.85% of voting rights [3] Group 3: R&D Expenditure - Yuxun Co., Ltd.'s R&D expenditure rates have consistently been below the industry average, with rates of 21.14%, 21.09%, 19.1%, and 15.81% from 2022 to the first half of 2025 [4] - The company attributes the lower R&D expenditure rates in recent years to the significantly higher rates of a competitor, Yutaiwei, which has increased its R&D personnel and spending [4] - Despite the lower rates, Yuxun Co., Ltd. ranks behind several comparable companies in the industry regarding R&D expenditure [4] Group 4: Financial Performance - From 2022 to the first half of 2025, Yuxun Co., Ltd. reported revenues of approximately 339 million yuan, 313 million yuan, 411 million yuan, and 238 million yuan, respectively [5] - The net profits attributable to the company were approximately 81.4 million yuan, 72.1 million yuan, 77.9 million yuan, and 46.9 million yuan during the same periods [5] - The gross margin of the company's main business has shown a declining trend, with rates of 55.26%, 49.14%, 46.75%, and 43.48% over the reporting periods, attributed to changes in product margins and structure [5]