优迅股份IPO：柯氏父子“夺权”上位，表决不足3成，与实控人配偶曾任

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. is pursuing an IPO on the Sci-Tech Innovation Board, but faces significant uncertainties due to internal conflicts, control issues, and declining profit margins [1] Group 1: Control and Management Issues - The company has experienced a 15-year power struggle between founder Ping Xu and the current controlling shareholders, the Ke family, leading to instability in management [2][3] - The Ke family, lacking a technical background, now holds a combined voting power of only 27.13%, raising concerns about the stability of control [4] - Post-IPO, the controlling shareholders' voting power is expected to dilute to 20.35%, below the critical threshold of 30% for absolute control [5] Group 2: Related Party Transactions - The company has engaged in outsourcing R&D and business transactions with entities associated with the spouse of the controlling shareholder, raising regulatory scrutiny [6] - The total outsourced R&D expenses exceeded 21 million yuan, with significant contracts in place for various projects, including collaborations with universities [9] Group 3: Financial Performance - Revenue showed a decline from 339 million yuan in 2022 to 313 million yuan in 2023, before rebounding to 411 million yuan in 2024 [10] - The net profit followed a similar trend, decreasing from approximately 81.4 million yuan in 2022 to 72.1 million yuan in 2023, then slightly recovering to 77.9 million yuan in 2024 [10] - Despite revenue recovery in 2024, the company's gross margin has been under pressure, declining from 55.26% in 2022 to 46.75% in 2024 [11][12]