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].

Group 1 - The core viewpoint of the news is that Xiamen Youxun Chip Co., Ltd. is set to debut on the Sci-Tech Innovation Board on September 19, 2025, as a leading manufacturer in the optical communication sector in China [1] - Youxun specializes in the research, design, and sales of optical communication front-end transceiver chips, which are critical components in optical modules and significantly impact the performance and reliability of optical communication systems [1][2] - The company has achieved breakthroughs in domestic technology in key areas such as transceiver integration and high-speed modulation, and has a complete core technology system in optical communication chip design [2] Group 2 - Youxun's revenue for the years 2022 to 2024 was reported as 229 million yuan, 313 million yuan, and 411 million yuan, respectively, with corresponding net profits of approximately 81.4 million yuan, 72.1 million yuan, and 77.9 million yuan [2] - The revenue from optical communication transceiver chips for the same years was approximately 292.8 million yuan, 272.7 million yuan, and 340.3 million yuan, accounting for 86.72%, 87.15%, and 82.92% of the main business revenue, respectively [2] - In 2023, the revenue from optical communication transceiver chips decreased by approximately 20 million yuan, a decline of 6.84% year-on-year, primarily due to a reduction in average sales price and decreased procurement from downstream customers [3] - In 2024, the revenue from optical communication transceiver chips is expected to increase by approximately 67.6 million yuan, a rise of 24.78% year-on-year, driven by the upgrade and promotion of communication infrastructure by operators [3]

Group 1 - The core viewpoint highlights the strong economic performance of Henan province, with a GDP of 14,945.58 billion yuan in Q1, reflecting a year-on-year growth of 5.9% and an industrial added value growth of 8.8%, ranking second among ten major industrial provinces [2] - The manufacturing sector is prioritized for high-quality development, with significant achievements in both traditional and emerging industries, including a notable increase in industrial investment by 21.9% year-on-year in Q1 [6] - The province's proactive measures, including 28 financial support policies for enterprises, have contributed to a robust economic recovery and growth momentum [4][5] Group 2 - Henan Shijia Photon Technology Co., Ltd. reported a remarkable Q1 performance with a revenue growth of 120.6% and a net profit increase of 1003.8%, driven by the surge in AI computing demand [3] - The province has seen a significant increase in technology contract transactions, with a year-on-year growth of 161.7%, indicating a faster integration of technological and industrial innovation [6] - The emergence of successful brands like Mixue Ice City, which has expanded to over 46,000 stores globally, signifies Henan's transformation from an agricultural base to a hub for high-quality manufacturing and innovation [8][9] Group 3 - The manufacturing industry is recognized as the foundation of the real economy, with Henan focusing on becoming a center for advanced technologies such as AI and quantum computing [10] - The province is witnessing a shift in its industrial landscape, with companies like Yutong exporting electric buses to Norway and achieving significant sales, highlighting the global competitiveness of "Henan manufacturing" [9] - The recognition of 51 companies as national manufacturing champions and 414 as specialized "little giant" enterprises underscores the growing strength and reputation of Henan's industrial sector [9]

Core Viewpoint - The company shows strong revenue growth in 2024 but reports a net loss, while the first quarter of 2025 indicates a recovery with positive net profit, highlighting potential in the AI era [1][2]. Financial Performance - In 2024, the company's revenue reached 252 million, a year-on-year increase of 74.63%, while the net profit attributable to shareholders was -6 million, a decrease of 131.49% [1]. - For Q1 2025, revenue was 84 million, reflecting a year-on-year growth of 40.52%, and the net profit attributable to shareholders was 14 million, up 35.93% year-on-year, indicating a return to profitability [1]. - The overall gross margin for 2024 was 33%, down 9 percentage points, primarily due to intensified competition in the telecom market; however, Q1 2025 saw a gross margin of 45%, up 10 percentage points, attributed to an increase in data center business revenue [2]. Business Segments - The telecom market segment generated 202 million in revenue for 2024, a 52% increase, driven by the recovery in downstream market demand such as fiber access [1]. - The data center and other business segments reported revenue of 48 million, a staggering increase of 919%, due to successful expansion and mass production of CW silicon photonic products [1]. Cost Management - The company maintained good cost control, with sales, management, and R&D expense ratios for 2024 at 7.35%, 10.32%, and 21.62%, respectively, showing a mixed trend with sales and management expenses increasing while R&D expenses slightly decreased [2]. Market Position and Future Outlook - As a leading domestic manufacturer of optical chips, the company is expected to benefit from the ongoing growth in AI computing power, with demand for high-speed optical modules likely to continue rising [2]. - The company anticipates further growth in revenue and gross margin as the output of CW light sources for high-speed silicon optical modules increases, with new high-end optical chip products expected to contribute to future performance [2]. Rating and Valuation - The company maintains a "buy" rating despite adjusting the net profit forecasts for 2025-2026 due to increased competition in the telecom market, with new estimates of 107 million, 179 million, and 265 million for 2025, 2026, and 2027, respectively [3]. - The target price is set at 136.32, based on a 110 times PE ratio for 2025, reflecting the company's leading position in high-end optical communication chips [3].