优迅股份核心材料采购价低于同业，曾与原创始人发生知识产权纠纷

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. is a leading enterprise in the domestic optical communication chip field, currently applying for an IPO and has established a complete core technology system in optical communication chip design [1][2] Shareholding Structure - The company was founded in February 2003, with Ping Xu as the first major shareholder and actual controller until January 2013. From January 2013 to November 2022, there were no controlling shareholders or actual controllers. Since November 2022, the actual controllers have been Ke Binglan and Ke Tenglong [2][3] Management Changes - In March 2009, due to operational disagreements, Ping Xu's salary was significantly reduced, and the management was transferred to Ke Binglan. Despite this, Ping Xu was still recognized as the actual controller until 2013 [2][3] Financial Performance - Youxun's gross profit margin is higher than the industry average, with margins of 55.26%, 49.14%, and 46.75% for 2022, 2023, and 2024 respectively, compared to competitors like Yutai Micro's margins of 42.35%, 39.78%, and 42.65% [3][4] - The company has lower procurement costs for raw materials compared to competitors, with wafer prices at 6815.7 yuan per piece, which is over 15% lower than Yutai Micro's 8388.51 yuan per piece [3][4] Cost Structure - The average unit cost of optical communication transceiver chips for the first half of 2025 is projected to be 1.13 yuan per piece, a slight decrease from 1.18 yuan in 2024, primarily due to a significant reduction in wafer costs [6] - In 2024, the company procured wafers worth 235.46 million yuan and packaging services worth 80.46 million yuan, while the cost of materials and packaging transferred to the main business was only 148.30 million yuan and 64.11 million yuan respectively, indicating a discrepancy in accounting [8][9] Inventory Management - The company's inventory increased from 90.36 million yuan in 2023 to 174.97 million yuan in 2024, but this increase does not fully account for the procurement and consumption discrepancies, suggesting potential issues in inventory management [8][9]