Core Viewpoint - Xiamen Youxun Chip Co., Ltd. is seeking to list on the STAR Market, with its IPO application being reviewed on September 19, 2023, despite underperforming in revenue growth and profitability metrics compared to market expectations [1][3]. Company Overview - Established in February 2003, Youxun specializes in the research, design, and sales of optical communication front-end transceiver chips, focusing on optical modules including transceiver components, optical modules, and optical terminals [1]. - The company plans to raise 809 million yuan through its IPO, primarily for three projects: next-generation access network and high-speed data center chip development, automotive chip R&D, and 800G and above optical communication chip and silicon photonics component development [3]. Financial Performance - Youxun's revenue for 2022 to 2024 is projected at 339 million yuan, 313 million yuan, and 411 million yuan, respectively, with net profits of 81.4 million yuan, 72.1 million yuan, and 77.9 million yuan, indicating a lack of strong growth typically expected from a STAR Market company [3][4]. - The company's gross profit margin has shown a declining trend, with rates of 55.26%, 49.14%, 46.75%, and 43.48% over the reporting periods, raising concerns about its profitability stability [4]. Corporate Governance - The company has faced internal conflicts for over a decade, leading to a lack of a clear controlling shareholder until recently. The actual controllers, Ke Binglan and Ke Tenglong, hold a combined voting power of 27.13%, which will dilute to 20.35% post-IPO, potentially exposing the company to control risks [4]. - Concerns have been raised regarding the independence of the board, particularly with an independent director linked to Xiamen University, where the controlling shareholder previously worked [5]. Disclosure Issues - There are questions regarding the adequacy of information disclosure, particularly concerning the rental agreements for the Shanghai subsidiary and the background of the controlling shareholder's spouse, which were not fully detailed in the prospectus [5][6].

Group 1: Container Manufacturing and Export - Container manufacturing companies are shifting from price advantages to technological advantages, increasing the "new" content in container exports [1] - Suzhou Zhongnan Intelligent Equipment Co., Ltd. has introduced intelligent technology and high-end manufacturing processes, resulting in a product value of nearly 15 million yuan in container exports in the first half of the year [1] - Taicang CIMC Refrigerated Logistics Equipment Co., Ltd. reported a 56% year-on-year increase in refrigerated container exports, totaling 22,000 TEUs in the first half of the year [1] Group 2: Sports Equipment Export - Changzhou enterprises are integrating artificial intelligence with sports products, exemplified by the export of 400 robotic tennis ball machines by Changzhou Xinzhi Technology Co., Ltd. [2] - The sports equipment export value from Changzhou reached 240 million yuan in the first half of the year, reflecting a 6.3% year-on-year growth [2] Group 3: High-tech Products Export - Jiangsu Province exported high-tech products worth 598.53 billion yuan in the first half of the year, with a year-on-year growth of 5.6% [4] - Nantong Haixing Electronics Co., Ltd. achieved an export value of over 50 million yuan for electrode foils, marking a 67.23% increase year-on-year [4] - Suzhou Tianfu Optical Communication has a total import and export value of 2.644 billion yuan in the first half of the year, with a significant year-on-year growth of 101.6% [4]

Group 1: Container Manufacturing and Export - The export products of Jiangsu's container manufacturing industry are increasingly incorporating new technologies and features, shifting from price advantages to technological advantages [1] - Suzhou Zhongnan Intelligent Equipment Co., Ltd. has introduced intelligent technology and high-end manufacturing processes, resulting in a product value of nearly 15 million yuan in container exports in the first half of the year [1] - Taicang CIMC Refrigerated Logistics Equipment Co., Ltd. reported a 56% year-on-year increase in refrigerated container exports, totaling 22,000 TEUs in the first half of the year [1] Group 2: Sports Equipment Export - Changzhou's enterprises are integrating artificial intelligence with sports products, exemplified by the export of 400 robotic tennis ball machines by Changzhou Xinzhi Technology Co., Ltd. [2] - The company’s new product features an AI dynamic interaction system and multi-modal control, enhancing the training experience for consumers [2] - In the first half of the year, Changzhou's sports equipment exports reached 240 million yuan, a year-on-year increase of 6.3% [2] Group 3: Battery and High-tech Products Export - Meimiao Environmental Technology Co., Ltd. has exported 512 ball machines, while Jiangsu Weilan New Energy Battery Co., Ltd. reported a twofold increase in export value in the first half of the year [3] - The solid-state lithium batteries produced by Jiangsu Weilan offer higher safety and energy density compared to traditional batteries [3] - The province's high-tech product exports reached 598.53 billion yuan in the first half of the year, with a year-on-year growth of 5.6% [4] Group 4: Electronic Materials and Solutions - Nantong Haixing Electronics Co., Ltd. achieved a 67.23% year-on-year increase in export value, surpassing 50 million yuan, with a market share of over 7% in the global electrode foil market [4] - The company focuses on technology research and development, holding over 260 patents [4] - Suzhou Tianfu Optical Communication has increased its production efficiency through a group processing trade supervision model, achieving a total import and export value of 2.644 billion yuan, a year-on-year increase of 101.6% [4]