Core Viewpoint - Xiamen Youxun Chip Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, with a public offering of no more than 20 million shares, but the company exhibits a significant "revenue growth without profit increase" characteristic, particularly in 2024, where revenue is expected to grow by 21.08% compared to 2022, while net profit is projected to decline by 4.34% [2][4]. Financial Performance - The company reported revenues of 339.07 million yuan, 313.13 million yuan, 410.56 million yuan, and 238.50 million yuan for the years 2022 to 2024 and the first half of 2025, respectively, with net profits of 81.40 million yuan, 72.08 million yuan, 77.87 million yuan, and 46.96 million yuan, indicating performance volatility [4]. - The gross profit margin has been declining, from 55.26% in 2022 to 43.48% in the first half of 2025, representing a decrease of 11.78 percentage points [4][5]. Comparison with Peers - Despite the decline in gross profit margin, Youxun's margin remains significantly higher than the average of comparable domestic companies, which are 43.41%, 32.58%, 35.45%, and 41.73% for the respective years [5][6]. - The company's R&D expense ratio has been consistently lower than the industry average, with ratios of 21.14%, 21.09%, 19.10%, and 15.81% compared to the industry averages of 21.61%, 36.38%, 36.24%, and 34.10% [7][8]. Fundraising and Investment Plans - Initially, the company planned to allocate 8 million yuan for working capital in its IPO application submitted in June 2025, but this project was removed in the subsequent application, redirecting all funds towards technology R&D and industrialization projects [3][9]. - The company has demonstrated strong short-term solvency with current ratios of 4.46, 5.25, 6.23, and 9.47, and quick ratios of 2.74, 3.91, 4.20, and 7.04 over the same period, indicating a robust financial position [9][10]. Cash Flow and Dividend Policy - Youxun has maintained positive operating cash flow, with net cash flows from operating activities of 32.95 million yuan, 57.91 million yuan, 3.91 million yuan, and 90.47 million yuan over the reporting period, totaling 185.24 million yuan [10]. - The company has also engaged in cash dividends, distributing 40 million yuan in 2022 and 18 million yuan in 2024, totaling approximately 58 million yuan, which is close to the initially planned 8 million yuan for working capital [11].