Core Viewpoint - The company, Youxun Co., Ltd., is progressing with its IPO on the Sci-Tech Innovation Board, with a planned fundraising amount reduced to 809 million yuan due to the cancellation of a supplementary working capital project [1][3][4]. Group 1: IPO Progress - Youxun Co., Ltd. is set to present its IPO application on September 19, 2025, after being accepted on June 26, 2025, and undergoing two rounds of inquiries [3]. - The company aims to raise approximately 809 million yuan, which 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 [3][4]. - The original plan included a supplementary working capital project that was set to raise 80 million yuan, which has now been removed from the fundraising plan [3][4]. Group 2: Financial Performance - In terms of financial performance, Youxun Co., Ltd. reported revenues of approximately 339 million yuan, 313 million yuan, 411 million yuan, and 238 million yuan for the years 2022 to 2024 and the first half of 2025, respectively [7]. - The net profit attributable to shareholders for the same periods was approximately 81.4 million yuan, 72.1 million yuan, 77.9 million yuan, and 46.9 million yuan, with the net profit after deducting non-recurring gains and losses being approximately 95.7 million yuan, 54.9 million yuan, 68.6 million yuan, and 41.7 million yuan [7]. - The company's gross margin for its main business has been declining, with figures of 55.26%, 49.14%, 46.75%, and 43.48% over the same periods, attributed to changes in product margins and product mix [7]. Group 3: R&D Expenditure - The company's R&D expense rates have consistently been below the industry average, with rates of 21.14%, 21.09%, 19.1%, and 15.81% for the years 2022 to 2025 [6]. - The R&D expenses for the respective years were approximately 71.7 million yuan, 66.1 million yuan, 78.4 million yuan, and 37.7 million yuan, indicating a lower investment compared to peers [6]. - The company acknowledged that its R&D expense rates lag behind competitors, particularly due to a significant increase in R&D spending by a peer company, Yutai Micro [6].