这一数字背后，是光通信芯片行业结构性调整的残酷现实——随着5G建设高峰期过渡、数据中心需求 波动，传统10G及以下速率芯片市场逐渐从"蓝海"沦为"红海"，价格战与成本压力双重挤压下，昔日 的"高毛利"产品正逐步褪去光环。 导读 优迅股份的科创成色究竟几何？其"左手分红、右手融资"的资本运作逻辑又能否经得起市场考验？ 10月15日，厦门优迅芯片股份有限公司正式通过上交所科创板上市委审议，成为又一家叩响资本市场大 门的中国光电芯片企业。这家深耕光通信芯片领域二十余年的"老兵"，凭借在低功耗驱动芯片、车载激 光雷达芯片等领域的技术积累，在光芯片国产化浪潮中占据一席之地。 然而，随着招股书与问询回复的逐层披露，这家"光电芯片玩家"的上市答卷却浮现出多重隐忧——毛利 率三年连降、关联研发存疑、高分红与高募资并行、实控人持股不足三成……多重风险交织下，优迅股 份的科创成色正面临市场与监管的双重检验。 毛利率滑坡与产品结构之困 中低速芯片"内卷"下的盈利焦虑 在优迅股份亮丽的技术光环下，主营业务毛利率的持续下滑如同隐现的裂痕。2022年至2025年上半年， 公司主营业务毛利率从55.26%一路跌至43.48%，连续三年呈现 ...

Core Viewpoint - The domestic optical chip industry is rapidly developing, driven by increasing demand for data transmission bandwidth and computing power, with significant advancements in technology and production capabilities [2][5]. Industry Development - The optical communication industry in China has entered a rapid growth phase, with domestic optical chip supply chains covering design, epitaxy, manufacturing, and testing [2]. - Companies are focusing on R&D investments to achieve self-sufficiency in key optical communication chips, including DFB, EML, and APD [2]. Company Highlights - **DecoLi**: Achieved breakthroughs in thin-film lithium niobate chips and O-Band semiconductor optical amplifier chips, securing overseas sample orders for silicon-based optical waveguide high-speed optical switches [2]. - **Changguang Huaxin**: Launched high-performance optical communication chip products, including 100G EML and 200G EML, with ongoing production and sample deliveries [3]. - **Shijia Photon**: Made significant advancements in passive optical chips and laser chips, breaking foreign technology monopolies and focusing on high-speed optical communication systems [3][6]. - **Yuanjie Technology**: Completed customer validation for 100G PAM4 EML and CW 100mW chips, with over one million units of 400G/800G silicon optical module chips shipped [4]. Market Strategy - Companies emphasize the importance of continuous R&D investment, global ecological chain collaboration, and flexible product strategies to navigate industry cycles and international competition [5][6]. - DecoLi adopts a dual-driven strategy focusing on self-research and industrial collaboration, targeting high-end optical components and expanding overseas customer channels [5][7]. - Changguang Huaxin leverages its IDM model to integrate materials, chip design, wafer manufacturing, and testing, enhancing its global market influence [6][7]. Global Expansion - The competition in the global optical chip market is intensifying, prompting Chinese companies to enhance their international competitiveness through technology innovation and capital operations [7][8]. - DecoLi has established a global integrated strategy with operations in Singapore, Canada, and Thailand, focusing on emerging fields like satellite laser communication and 6G [7]. - Shijia Photon is expanding its overseas manufacturing capabilities and targeting new applications such as gas sensing and quantum communication [8]. - Yuanjie Technology aims to enhance its global competitiveness by focusing on high-end technology breakthroughs and expanding its customer base internationally [8].

Core Insights - The recent salon hosted by the Shanghai Stock Exchange focused on the development of the domestic optical chip industry, addressing key issues such as technological breakthroughs, industry chain collaboration, and global layout [1] Group 1: Technological Advancements - Optical chips are referred to as the "heart of optical communication," with increasing demand for data transmission bandwidth and computing power driving rapid growth in the optical communication industry [2] - Dekoli has made significant breakthroughs in core technologies through independent research and development, particularly in thin-film lithium niobate chips and O-Band semiconductor optical amplifier chips, providing technical support for the domestic optical communication industry [2] - Changguanghua has successfully achieved domestic production of key optical communication chips, including 100G EML, which has entered mass production, and 200G EML, which is in the sampling phase [2] - Shijia Photon has made technological breakthroughs in passive optical chips and laser chips, successfully breaking foreign technology monopolies in areas such as AWG wavelength division multiplexing chips and CW DFB series laser chips [2] Group 2: Market Dynamics and Strategies - The optical chip industry is characterized by strong cyclicality, with product lifecycles for AI training cluster optical modules being only 1-1.5 years, necessitating a focus on continuous R&D investment and flexible product strategies to navigate market fluctuations [4] - Companies are emphasizing the importance of a "three-dimensional moat" consisting of technology, ecosystem, and cash flow to withstand industry cycles [4] - Differentiated innovation is seen as a key path to overcoming cyclical challenges, with companies like Shijia Photon leveraging open innovation platforms and optimizing manufacturing processes to enhance yield and cost advantages [5] Group 3: Global Expansion and Competition - As global competition in the optical chip market intensifies, Chinese companies are focusing on enhancing their global competitiveness and transitioning from "domestic substitution" to "global competition" [6] - Dekoli has established a global integrated strategy through its presence in Singapore, Canada, and Thailand, aiming for a unified approach in R&D, production, and sales [7] - Changguanghua plans to deepen its collaboration with downstream optical module manufacturers while expanding into overseas markets through international mergers and capital cooperation [7] - Shijia Photon is advancing its global strategy by establishing production lines in Thailand and collaborating with international clients to accelerate the global deployment of its technology products [7] - Source Technology aims to enhance its global competitiveness through high-end technological breakthroughs and global capacity expansion, particularly in data centers and ultra-high-speed optical communication [7]