芯片巨头闪电上会！厦门父子10年逼宫，创始人意外出局

Core Viewpoint - Youxun Co., Ltd. is preparing for its IPO on the Sci-Tech Innovation Board, aiming to raise 809 million yuan for various chip development projects, while facing challenges in profitability and potential control changes post-IPO [1][5]. Group 1: Company Overview - Youxun Co., Ltd. specializes in the research, design, and sales of optical communication front-end transceiver chips, positioning itself as a leading player in the upstream segment of the industry [5]. - The company claims to be a "national manufacturing single champion enterprise" in the optical communication field, with a significant market share in 10G and below front-end chips [5][6]. Group 2: Financial Performance - The company's net profit excluding non-recurring items is projected to be 95.73 million yuan in 2022, 54.91 million yuan in 2023, and 68.57 million yuan in 2024, totaling 219 million yuan over three years [5]. - Revenue has shown a fluctuating upward trend, with 339 million yuan in 2022, a slight decline to 313 million yuan in 2023, and a rebound to 411 million yuan in 2024, representing a year-on-year growth of 31.1% [5][6]. Group 3: Market Position and Competition - In the 10Gbps and below product segment, Youxun holds the largest market share in China and the second largest globally, competing with major players like MACOM and Semtech [6]. - Despite its champion status, Youxun faces intense competition, with its overall gross margin declining from 55.26% in 2022 to 43.48% in the first half of 2025 [6][7]. Group 4: Control and Governance Issues - The company has experienced a prolonged control struggle, with its actual controller changing multiple times over nearly a decade, leading to governance challenges [9][10]. - Following a series of strategic moves, the current controllers, Ke Binglan and his son, have consolidated their control, but the upcoming IPO may dilute their voting power to approximately 20.35%, raising concerns about potential control changes [9][13].