“宫斗”15年、技术创始人出局，厦大前讲师携优迅股份IPO

Core Viewpoint - The IPO process of Xiamen Youxun Chip Co., Ltd. is under scrutiny due to concerns over its control rights and financial performance, with the company facing a long-standing governance struggle that has lasted 15 years [1][14]. Group 1: IPO Process and Governance - The IPO application was accepted on June 26, 2025, and after two rounds of inquiries, it was initially postponed for review due to concerns about declining gross margins and the sustainability of operational performance [1][2]. - The company has experienced a prolonged governance crisis, with a lack of actual control for nine years, which has raised questions about the stability of its control rights [1][6][13]. - The actual control of the company has recently shifted to the founder Ke Binglan and his son, ending a long-standing power struggle [10][14]. Group 2: Financial Performance - Youxun Chip's revenue fluctuated from 339 million yuan in 2022 to 313 million yuan in 2023, and then rebounded to 411 million yuan in 2024, while net profit followed a similar pattern [2][3]. - The company's gross margin has been declining, dropping from 55.26% in 2022 to 43.48% in the first half of 2025, primarily due to reliance on a single product that accounts for over 80% of its revenue [3][4]. - R&D expense ratio decreased from 21.14% in 2022 to 15.81% in the first half of 2025, falling below industry averages, indicating reduced investment in innovation [3][4]. Group 3: Supply Chain and Customer Concentration - The company relies heavily on a few suppliers, with over 83% of procurement coming from its top five suppliers, which poses risks related to production costs and delivery capabilities [3][4]. - Customer concentration is high, with the top five customers accounting for 65.53% of sales in the first half of 2025, making the company vulnerable to fluctuations in demand from these clients [4][5]. Group 4: Control Rights and Historical Context - The governance issues stem from a conflict between the technical founder Xu Ping and the board, leading to a power struggle that resulted in a lack of actual control for nearly a decade [6][9]. - The control rights have been complicated by shareholding arrangements and disputes, with Xu Ping's shares being diluted over time until he no longer held any direct stake [13][14]. - The recent consolidation of control by the Ke family, who now hold a combined 27.13% of voting rights, marks the end of a prolonged internal conflict [12][14].