Core Viewpoint - Xiamen Youxun Chip Co., Ltd. (referred to as "Youxun") has had its IPO on the Sci-Tech Innovation Board postponed for review, raising concerns about its financial sustainability and governance structure [1][2] Group 1: Company Overview - Youxun focuses on the research, design, and sales of optical communication front-end transceiver chips [1] - The company aims to raise approximately 809 million yuan for the development and industrialization of next-generation access network and high-speed data center chips, automotive chips, and 800G and above optical communication chips and silicon photonic components [1] Group 2: IPO Review Concerns - The listing committee has requested Youxun to address potential risks related to declining gross margins, market expansion, and the sustainability of its operating performance [1] - The committee also inquired about undisclosed related party relationships among certain investors and the stability of the actual controller's control over the company, given the low shareholding ratio and historical ownership changes [1] Group 3: Accounting Compliance - Youxun is required to clarify whether its accounting treatment of share-based payments during the reporting period complies with the relevant accounting standards [2]

见微知著 睹始知终 V财网&小V研究 值得一提的是，优迅股份由厦门大学校友柯炳粦创立。该公司 IPO 申请于今年 6 月 26 日正式获受理，从申请获受理到进入上会审议阶段，间隔不足 3 个 月，进程相对迅速。此次冲击科创板，优迅股份计划募集资金 8.09 亿元，所筹资金将主要投入三大项目，分别是下一代接入网及高速数据中心电芯片开发 及产业化项目、车载电芯片研发及产业化项目，以及 800G 及以上光通信电芯片与硅光组件研发项目。 然而，尽管优迅股份有着 "光通信单项冠军" 的头衔，但其业绩表现却未达市场预期，甚至未能满足科创板属性中 "最近三年营业收入复合增长率需达到 25%" 的指标要求。招股书数据显示，2022 年至 2024 年，优迅股份营业收入分别为 3.39 亿元、3.13 亿元、4.11 亿元；同期净利润分别为 8139.84 万元、 7208.35 万元、7786.64 万元。从这两组核心业绩数据不难看出，优迅股份在营业收入和净利润这两大关键业绩指标上，并未展现出科创类公司应有的强劲 成长性。 除此之外，报告期内，优迅股份主营业务毛利率呈明显下滑趋势。具体来看，各期毛利率分别为 55.26%、4 ...

Group 1 - The core point of the article is that Changjin Photon Technology Co., Ltd. has entered the inquiry stage for its IPO on the Sci-Tech Innovation Board [1] - Changjin Photon is a manufacturer of specialty optical fibers, with capabilities in high-performance and multi-category specialty optical fiber research and industrialization [1] - The company aims to raise approximately 780 million yuan through the IPO, which will be used for the construction of a high-performance specialty optical fiber production base and research center, as well as to supplement working capital [1]

Group 1 - The core point of the article is that Xiamen Hengkang New Materials Technology Co., Ltd. has successfully registered its IPO on the Sci-Tech Innovation Board [1] - The company focuses on the research and industrial application of key materials in the integrated circuit field, specifically in the development, production, and sales of photoresist materials and precursor materials [1] - The IPO process began with acceptance on December 26, 2024, followed by an inquiry phase starting on January 18, 2025, and approval on August 29, 2025, with registration submitted on the same day [1] Group 2 - Hengkang New Materials aims to raise approximately 1.007 billion yuan through this IPO, which will be allocated to the second phase of the integrated circuit precursor project and advanced materials for integrated circuits, after deducting issuance costs [1]

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. (Youxun Co.) is rapidly advancing its IPO process, with the listing review committee meeting scheduled for September 19, 2025, just under three months after its application was accepted on June 26, 2025 [1][3]. Company Overview - Youxun Co. was established in February 2003 and specializes in the research, design, and sales of optical communication front-end transceiver chips, which are primarily used in optical modules across various applications including access networks, 4G/5G networks, data centers, metropolitan area networks, and backbone networks [3]. - The company aims to raise 889 million yuan (approximately 8.89 billion yuan) through its IPO, with plans to invest in the development and industrialization of next-generation access network and high-speed data center chips, automotive chips, and 800G and above optical communication chips [3]. Financial Performance - From 2022 to 2024, Youxun Co.'s revenue decreased from 339 million yuan to 313 million yuan, before rebounding to 411 million yuan. Net profit also saw a decline from 81.4 million yuan to 72.08 million yuan, followed by a recovery to 77.87 million yuan [4]. - In the first half of 2023, the company's revenue grew by 20.19% year-on-year, while major downstream customers experienced revenue growth exceeding 50% [4]. - Despite the revenue recovery, the company's gross margin has been declining, with figures of 55.26%, 49.14%, 46.75%, and 43.48% for the respective years from 2022 to the first half of 2025 [4][5]. R&D and Cost Structure - Youxun Co.'s R&D expense ratio decreased from 21.14% in 2022 to 15.81% in the first half of 2025, which is below the industry average during the same period [5]. - The decline in gross margin is attributed to changes in industry demand, price reductions of key products, and rising costs of certain procurement items [5]. Shareholding and Control - The company has undergone two changes in its actual controller since its establishment, with the current controllers, Ke Binglan and Ke Tenglong, holding a combined voting power of 27.13% prior to the IPO. Post-IPO, this is expected to dilute to 20.35% [6]. - The current actual controllers lack technical development backgrounds, with Ke Binglan previously involved in financing and management roles [6][7].

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. has received approval for its IPO on the Sci-Tech Innovation Board, but faces significant challenges due to high customer concentration and a notable disparity between revenue growth and profit decline [1][2][4]. Group 1: Revenue and Profitability - Hengkang New Materials has shown strong revenue growth with a compound annual growth rate of 30.5%, but struggles with profitability, as evidenced by a 25.18% decline in net profit in the first half of 2025 despite a 23.74% increase in revenue [1][2][3]. - The company’s revenue heavily relies on its top five customers, which accounted for over 97% of total sales during the reporting period, indicating a high customer concentration risk [3][4]. - The revenue figures for 2022 to 2024 show a significant increase, with 2024 revenue up 70.29% compared to 2022, yet net profit decreased by nearly 3 million [2][3]. Group 2: Customer Dependency - The largest customer contributed 64% of total revenue in the lowest year of the reporting period, raising concerns about the sustainability of the business model if relationships with key clients deteriorate [4][5]. - The company’s reliance on a few key customers poses a risk to its operational performance, as any changes in these relationships could adversely affect financial results [4]. Group 3: Product Profitability - Hengkang New Materials has a dual product structure, with self-produced products and introduced products, but the latter remains the primary source of profit, contributing over 65% of gross profit despite a growing share of self-produced products in revenue [5][6]. - The gross profit margins for self-produced products have been declining, falling below industry averages since 2023, raising questions about their technological competitiveness [9]. Group 4: IPO Fund Utilization and Project Viability - The company plans to raise 1.007 billion yuan for expansion projects, including the second phase of integrated circuit precursors and advanced materials, but the rationale behind these projects is under scrutiny due to ongoing losses in precursor products [1][10][12]. - The utilization rates for KrF photoresist production have been alarmingly low, with rates below 20%, leading to skepticism about the decision to expand production capacity in this area [12].

Group 1 - The China Securities Regulatory Commission has accepted the application for the initial public offering (IPO) and listing guidance of Zhuhai Yunzhou Intelligent Technology Co., Ltd., with the filing date set for September 5, 2025, and the guiding institution being CITIC Securities [1][2] - The guidance agreement between CITIC Securities and Yunzhou Intelligent was signed on August 28, 2025, and other participating service institutions include Beijing King & Wood Mallesons (Chengdu) Law Firm and Tianjian Certified Public Accountants [2][3] - Yunzhou Intelligent was previously accepted for an IPO application on the Sci-Tech Innovation Board in December 2021 but withdrew the application in July 2022, leading to the termination of the review process by the Shanghai Stock Exchange [3] Group 2 - Established in 2010, Yunzhou Intelligent focuses on the research, production, sales, and related services of unmanned boats, being a pioneer in China's unmanned boat industry [4] - The company's revenue for the years 2018 to 2021 showed significant growth, with revenues of 26.99 million, 63.63 million, 252.59 million, and 117.53 million yuan respectively, while net profits remained negative during the same period [5][6] - The total assets of the company as of June 30, 2021, were 1.24 billion yuan, with a debt-to-asset ratio of 28.12% [6] Group 3 - The previous IPO plan included projects such as the construction of small and medium-sized unmanned boat production bases, an upgrade of the unmanned boat research center, and marketing network and brand building, with a total fundraising target of 1.55 billion yuan [7][8] - The fundraising allocation included 136.46 million yuan for small unmanned boat production base construction, 260.34 million yuan for medium-sized unmanned boat production base construction, and 507.03 million yuan for the research center upgrade [8] - The actual controller of the company is Zhang Yunfei, who holds 51.42% of the voting rights, with no single shareholder holding more than 30% [8]

Company Overview - Xiamen Youxun Chip Co., Ltd. (referred to as "Youxun Co.") focuses on the research, design, and sales of optical communication front-end transceiver chips [1] - The company aims to raise approximately 889 million yuan through its IPO on the Sci-Tech Innovation Board [1] IPO Details - Youxun Co.'s IPO was accepted on June 26, 2025, and entered the inquiry stage on July 15, 2025 [1] - The funds raised 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 and silicon photonic components, as well as to supplement working capital [1] Regulatory Inquiry - In the first round of inquiry, Youxun Co. faced questions regarding its products and technology, market space, and market competition [1]

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (referred to as "Hengkang New Materials") has faced a delay in the review of its IPO application on the Sci-Tech Innovation Board, with concerns raised regarding its self-produced photoresist materials and precursor products, accounting practices, and the sustainability of high-yield long-term deposits [2][3]. Group 1: Business Overview - Hengkang New Materials was established in 2004, initially focusing on optoelectronic film devices and window lenses, later transitioning to semiconductor materials, primarily developing photoresist and precursor materials for integrated circuits [3]. - The company's main products are categorized into self-produced and introduced products, with self-produced product sales increasing from 123.58 million yuan in 2022 to 344.19 million yuan in 2024, representing a growing share of total revenue [3][4]. Group 2: Financial Performance - Despite the growth in self-produced product sales, over half of the company's profits still derive from introduced products, which are subject to customer cooperation changes that significantly impact performance [3][4]. - The gross profit from introduced products was 189.41 million yuan in 2022, 167.92 million yuan in 2023, and 192.31 million yuan in 2024, accounting for 82.05%, 74.42%, and 65.86% of total gross profit, respectively [3][4]. Group 3: Customer Dependency - The company's largest customer, referred to as Customer A, accounted for 72.35% of main business revenue in 2022, with sales figures of 229.60 million yuan, 240.29 million yuan, and 345.83 million yuan from 2022 to 2024 [4]. - In 2025, the largest customer terminated its cooperation with Hengkang New Materials, leading to a significant decline in revenue and gross profit from introduced products by 57.4% and 59.09%, respectively, in the first half of 2025 [4]. Group 4: Production and Capacity Issues - Hengkang New Materials' self-produced products include SOC, BARC, KrF photoresist, i-Line photoresist, and TEOS precursor materials, with TEOS being produced under a technology transfer agreement with South Korea's Soulbrain [5][6]. - The company has reported negative gross margins for its self-produced TEOS products, with gross margins of -329.59%, -19.91%, and -1.56% from 2022 to 2024 [6]. Group 5: Expansion Plans - The company plans to raise 1.2 billion yuan for various projects, including the second phase of the integrated circuit precursor project and advanced materials projects, although the total fundraising amount has been reduced to 1,006.70 million yuan due to project adjustments [14][15]. - The second phase of the integrated circuit precursor project is expected to invest 519.11 million yuan and add a production line with a capacity of 720,000 kg [15]. Group 6: Capacity Utilization - Current production capacities for various products in 2024 are reported as follows: SOC at 26,928 gallons, BARC at 20,796 gallons, KrF photoresist at 12,465 gallons, and TEOS at 840,000 kg, with utilization rates of 57.42%, 21.43%, 17.55%, and 46.47%, respectively [16][17]. - There are discrepancies noted between the production capacities reported in the IPO documents and those disclosed in inquiry responses, with some subsidiary capacities exceeding the total capacities reported [18][20].

Group 1 - The core point of the article is that Feiyinuo Technology Co., Ltd. is preparing for its initial public offering (IPO) and has registered for guidance with the Jiangsu Securities Regulatory Bureau [1] - Feiyinuo previously applied for an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board in December 2022 but withdrew its application in June 2023 due to strategic planning considerations [1] - The company specializes in the production of digital color ultrasound diagnostic equipment, including trolley-type ultrasound, portable ultrasound, and handheld ultrasound devices, with core technologies in beamforming, signal processing, and image processing [1] Group 2 - The controlling shareholder of Feiyinuo is Zhoushan Chenxin Equity Investment Partnership (Limited Partnership), which directly holds 32.36% of the company's shares [1]