分红5800万募资8000万补充流动资金？优迅股份IPO被暂缓审议

Core Viewpoint - The IPO of Youxun Technology Co., Ltd. is currently under review, with concerns raised regarding its declining gross margin and control stability, despite the company showing high efficiency in the IPO process [1][3][4]. Company Performance - Youxun Technology focuses on the optical communication sector, with its main products including integrated optical transceiver chips and laser driver chips. The revenue from integrated optical transceiver chips accounted for over 80% during the reporting period from 2022 to mid-2025, peaking at 87.15% [4]. - The company reported revenues of 339 million yuan, 313 million yuan, 411 million yuan, and 238 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively. The net profit attributable to the parent company was 95.73 million yuan, 54.91 million yuan, 68.57 million yuan, and 41.69 million yuan for the same periods. The gross margins were 55.26%, 49.14%, 46.75%, and 43.48%, indicating a downward trend despite increasing revenue [4][5]. - The semiconductor industry is cyclical, and signs of recovery are expected in the second half of 2023, with global semiconductor sales projected to reach $627.6 billion in 2024, a 19.1% increase year-on-year [5]. Supply Chain and Market Dynamics - Youxun Technology operates under a Fabless model, making it highly dependent on suppliers, with over 84% of its procurement coming from the top five suppliers during the reporting period. This high concentration poses risks, especially in light of potential supply chain disruptions [5][6]. - The number of domestic semiconductor design companies has increased, leading to intensified competition. In 2024, there were 3,626 chip design companies, up by 175 from 2023, with 731 companies achieving over 100 million yuan in sales [6]. Funding and Financial Strategy - Youxun Technology plans to issue up to 20 million shares to the public, raising approximately 809.07 million yuan for projects related to next-generation access networks and high-speed data center chips [8]. - The company has faced scrutiny for its cash dividend practices, distributing 58 million yuan in dividends while raising 80 million yuan for working capital, raising questions about its financial strategy [4][9]. Control and Governance - The actual control of Youxun Technology is fragmented, with the main shareholders controlling only 27.13% of the voting rights. This raises concerns about potential changes in control post-IPO [10][11]. - The company has undergone multiple share transfers and capital increases, leading to significant discrepancies in share pricing, which could affect the perceived fairness of its equity structure [14][15].