光通信巨头IPO，紧急叫停！

Core Viewpoint - The article discusses the postponement of the IPO review for Xiamen Youxun Chip Co., Ltd., highlighting concerns regarding the company's financial sustainability, control risks, and accounting treatment issues related to stock payments [2][3][4][5]. Financial Performance - Youxun Chip's projected revenues from 2022 to 2025 are as follows: 339 million CNY, 313 million CNY, 411 million CNY, and 238 million CNY for the respective years. The net profits attributable to the parent company are projected at 81.4 million CNY, 72.1 million CNY, 77.9 million CNY, and 46.9 million CNY [2]. Risks Identified - Gross Margin Decline and Sustainability: The company faces risks related to declining gross margins and the sustainability of its performance, with over 80% of its revenue coming from traditional optical communication markets, primarily from low-speed products [2][3]. - Control Rights Change Risk: The controlling shareholders hold 27.13% of voting rights, which may dilute to 20.35% post-IPO, raising concerns about potential control changes [3]. - Accounting Treatment Dispute: There is a dispute regarding the accounting treatment of stock payments related to employee share transfers, which the exchange has requested further clarification on [3][4]. IPO Fund Utilization - The company plans to raise 889 million CNY through the IPO, focusing on the development and industrialization of next-generation access network and high-speed data center chips, automotive chips, and optical communication chips above 800G [4]. Market Position and Challenges - Youxun Chip is aligning its R&D focus with the growing demands of data centers and automotive applications, which are critical in the context of AI and smart vehicle advancements. However, it faces significant challenges in the high-speed product market, where 93% of the share is dominated by international giants [5]. - The company must overcome technical barriers and regulatory scrutiny to ensure a successful IPO, as the postponement indicates a need for improvements in governance and accounting practices [5].