内斗争权15年！毛利率持续下滑，要闪奔上市！

Core Viewpoint - The article discusses the rapid IPO process of Xiamen Youxun Chip Co., Ltd. and highlights the company's historical internal power struggles, fluctuating financial performance, and declining gross margins. Group 1: IPO Process - The Shanghai Stock Exchange's listing review committee will review Youxun's IPO on September 19, with the application process taking less than three months, described as "lightning speed" [1] - Youxun aims to raise approximately 800 million yuan for projects related to next-generation access networks, high-speed data center chips, and automotive chips [1] Group 2: Historical Power Struggles - The company has experienced a 15-year power struggle among its founders, leading to a period of nearly nine years without a controlling shareholder and multiple board suspensions [4][8] - The internal conflict primarily involved Ping Xu and Ke Binglan, resulting in two changes of actual controllers and significant operational disruptions [4][9] Group 3: Financial Performance - Youxun's revenue and net profit have shown significant volatility, with gross margins declining year over year [1][15] - The company's revenue for the years 2022 to 2024 was reported as 339.07 million yuan, 313.13 million yuan, and 410.56 million yuan, respectively, with net profits of 95.73 million yuan, 54.91 million yuan, and 68.57 million yuan [13][14] - The gross margin has decreased from 55.26% in 2022 to 43.48% in the first half of 2025, indicating a continuous downward trend [15][17] Group 4: R&D Investment - Youxun's R&D expenditure ratio has decreased from 21.14% in 2022 to 15.81% in the first half of 2025, falling below the industry average [17]