“闪电”上会遇阻后不到一个月，优迅股份今日再度上会

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. (Youxun Co.) is set to have its IPO reviewed again on October 15 after a previous delay due to concerns over the sustainability of its operating performance and the stability of its actual controller's control rights [1][3]. Group 1: IPO Details - Youxun Co. plans to raise 809 million yuan through its IPO, which will be allocated to the development and industrialization of next-generation access network and high-speed data center chips, automotive chips, and 800G and above optical communication chips [4]. - The company has removed a project for "supplementary working capital" from its fundraising plan, adjusting the total amount accordingly [4]. Group 2: Company Background - Established in February 2003 and headquartered in Xiamen, Youxun Co. claims to be a "national champion enterprise" in the optical communication field, focusing on the R&D, design, and sales of optical communication front-end transceiver chips [4]. - The company's products are widely used in optical modules and cover various applications, including access networks, 4G/5G networks, data centers, metropolitan area networks, and backbone networks [4]. Group 3: Market Position and Financial Performance - Youxun Co. holds the largest market share in China and the second largest globally in the segment of chips with speeds of 10Gbps and below, with a projected market size of 370 million USD (approximately 2.66 billion yuan) in 2024 [5]. - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately 339 million yuan, 313 million yuan, 411 million yuan, and 238 million yuan, respectively, showing a compound annual growth rate of 10.26% [8]. - However, net profits during the same period were 81.4 million yuan, 72.1 million yuan, 77.9 million yuan, and 46.9 million yuan, with a declining gross margin from 55.26% to 43.48% [8][9]. Group 4: Pricing and Cost Pressures - The average selling price of Youxun Co.'s main product, the optical communication transceiver chip, decreased from 2.66 yuan per unit in 2022 to 2.29 yuan in the first half of 2025, a decline of nearly 14% [9]. - The average unit cost of the optical communication transceiver chip increased from 1.22 yuan in 2022 to 1.29 yuan in the first half of 2025, attributed to rising wafer costs [9]. Group 5: Customer and Supplier Concentration - Youxun Co. has a high customer concentration, with sales to its top five customers accounting for 65.22% to 65.53% of total revenue during the reporting period [9]. - The company also has a high supplier concentration, with purchases from its top five suppliers representing 83.68% to 89.47% of total procurement [10]. Group 6: Governance and Control Risks - The company has faced governance issues, with its actual controller's control rights being unstable due to historical disputes among founders, leading to changes in control over the years [11][12]. - The current actual controllers hold a combined 27.13% of voting rights, raising concerns about potential control changes post-IPO [12].