优迅股份IPO暂缓审议，上市委要求落实说明股份支付会计处理是否符合会计准则规定

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. (referred to as "Youxun") has had its IPO on the Sci-Tech Innovation Board postponed by the Shanghai Stock Exchange, raising concerns about its financial sustainability and control issues [1][4]. Company Overview - Youxun was established in February 2003 and focuses on the research, design, and sales of optical communication front-end transceiver chips, with applications in optical modules, access networks, 4G/5G networks, data centers, metropolitan area networks, and backbone networks [3]. - The company aims to raise 889 million yuan (approximately 8.89 billion yuan) through its IPO to fund the development and industrialization of next-generation access network and high-speed data center chips, automotive chips, and 800G and above optical communication chips, as well as to supplement working capital [3]. Financial Performance - Youxun's gross margin has been declining over the years, with figures of 55.26%, 49.14%, and 46.75% for the years 2022 to 2024, and a gross margin of 43.48% for the first half of this year [5]. - The company attributes the decline in gross margin to changes in industry demand, price reductions of main products, rising costs of some purchased products, and customer structure [5]. Control and Governance Issues - The actual controllers of Youxun have changed twice since its establishment, with the current controllers holding a combined voting power of 27.13% before the IPO [5][6]. - Post-IPO, the voting power of the actual controllers is expected to dilute to 20.35%, raising concerns about potential control changes and the stability of the company's governance [6]. - The Shanghai Stock Exchange has requested clarification on the relationships between key shareholders and the stability of control, given the historical changes in shareholding and disputes among shareholders [4][6]. Regulatory Scrutiny - The Shanghai Stock Exchange has raised questions regarding the sustainability of Youxun's operating performance and the risk of declining gross margins, requiring the company to provide detailed explanations and for the sponsor to give clear opinions [4]. - Concerns have also been expressed regarding the accounting treatment of share-based payments during the reporting period, with the exchange seeking further clarification [6].