这场控制权争夺的导火索源于经营理念分歧。作为技术创始人的徐平最初持有60%股权，但2009年董事 会改为"董事长负责制"后，其薪酬被大幅下调并逐步退出经营管理。2013年起，徐平虽保留股东身份但 已不再担任总经理，其反对票导致多项战略决策受阻。2016年发生的商业秘密诉讼案，更将技术归属争 议推向高潮，最终以徐平败诉告终。 转折点出现在2022年。通过长达数年的股权运作，创始人柯炳粦及其子柯腾隆逐步巩固控制权。具体操 作包括：2014年受让14.37%股权（其中6.58%为代持）、2022年清理历史代持关系、2023年设立新持股 平台等。目前，柯氏父子通过直接持股和员工持股平台合计控制27.13%表决权，终结了公司长达九年 的治理僵局。 国内光通信芯片领域知名企业厦门优迅芯片股份有限公司（以下简称"优迅股份"）近日因IPO进程引发 市场关注。这家专注于5G基站和数据中心芯片研发的企业，在申报科创板过程中遭遇上交所两轮问 询，其长达十五年的控制权纷争首次完整披露。 招股书显示，公司核心产品光通信收发合一芯片贡献超八成营收，2024年实现营收4.11亿元。但财务数 据显示，其毛利率从2022年的55.26%持续下 ...

来源|贝多商业&贝多财经 近日，厦门优迅芯片股份有限公司（下称"优迅芯片"或"优迅股份"）更新了招股书（申报稿）。据贝多 财经了解，优迅股份于2025年6月递交招股书，报考在上海证券交易所科创板上市，计划募资8.89亿 元。 对此，上海证券交易所在第一轮问询函中要求优迅股份披露募投项目建设投资、设备购置费用、IP 及 软件费用等支出的具体内容、测算的具体过程及依据，与上市公司类似项目、同行业可比项目是否存在 较大差异及合理性等。 相较此前招股书，优迅股份补充披露了截至2025年6月30日的财务数据等信息。2025年上半年，优迅股 份的营收约为2.38亿元，净利润和扣非后净利润分别约为4695.88万元、4168.69万元。 招股书显示，优迅股份2022年、2023年和2024年的营收分别约为3.39亿元、3.13亿元和4.11亿元，净利 润分别约为8139.84万元、7208.35万元和7786.64万元，扣非后净利润分别约为9573.14万元、5491.41万 元和6857.10万元。 剔除股份支付影响后，优迅股份2022年、2023年和2024年度和2025年上半年的扣非后净利润分别约为 9573.14万 ...

Core Viewpoint - Recently, Xiamen Youxun Chip Co., Ltd. (referred to as "Youxun") has changed its IPO review status to "inquired" on the Sci-Tech Innovation Board, with CITIC Securities as its sponsor [1] Group 1: Company Overview - Youxun was established in February 2003 and is one of the first companies in China specializing in the design of high-speed transceiver chips for optical communication [3] - The company has become a "national champion" in the optical communication field and has participated in the formulation of numerous national and industry standards [3] Group 2: Financial Performance - Youxun's revenue for 2022, 2023, and 2024 was 339.07 million, 313.13 million, and 410.56 million respectively, with a decline of 7.65% in 2023 [9] - The net profit for the same years was 81.40 million, 72.08 million, and 77.87 million, also showing a decrease of 8.02% in 2023 [9] - The company's R&D investment for 2022, 2023, and 2024 was 71.68 million, 66.05 million, and 78.43 million respectively, with a cumulative investment of 216 million over three years [6][7] Group 3: Market Position and Product Development - Youxun has established a complete core technology system in optical communication chip design, achieving breakthroughs in key areas such as transceiver integration and high-speed modulation [6] - The company has successfully entered the global supply chain and ranks first in China and second in the world for products with speeds below 10Gbps [6] - Youxun is actively developing high-value-added new products, including 50G PON transceiver chips and automotive optical communication chips [6] Group 4: R&D and Profitability - The R&D expense ratio for Youxun was 21.14%, 21.09%, and 19.10% for 2022, 2023, and 2024, significantly lower than the industry average of 31.65% and 31.45% [7][9] - The gross profit margin for the main business decreased from 55.26% in 2022 to 46.75% in 2024, indicating pressure from rising raw material costs and declining sales prices [13][14] Group 5: Supply Chain and Inventory Management - The average purchase price of wafers increased by approximately 40.19% from 6,815.70 yuan per piece in 2022 to 9,555.07 yuan in 2024 [15][16] - The company's inventory value at the end of each reporting period was 130 million, 90.36 million, and 175 million, accounting for 38.48%, 25.45%, and 32.55% of current assets respectively [19] Group 6: Ownership Structure - As of the IPO application, the founder and chairman, Ke Binglan, directly holds 10.92% of the shares, with a total of 15.51% when including indirect holdings [22] - The actual controller's voting rights may be diluted to 20.35% post-issuance, raising concerns about potential control changes [24]

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. (Youxun) has entered the first round of inquiry for its IPO, aiming to raise 889 million yuan for various projects including next-generation access network and high-speed data center chip development [2][4]. Company Overview - Youxun was established in 2003 and primarily engages in the research, design, and sales of optical communication front-end transceiver chips, with applications in optical modules and various network fields [6]. - The company holds the top domestic market share for 10G and below optical communication front-end chips but faces challenges from price competition in the chip industry [9]. Financial Performance - Revenue for Youxun from 2022 to 2024 was 339 million yuan, 313 million yuan, and 411 million yuan, respectively, with net profits of 81 million yuan, 72 million yuan, and 78 million yuan [6]. - The company experienced a year-on-year decline in revenue and net profit of 7.65% and 11.44% in 2023, respectively [6]. - Gross margin decreased from 55.26% in 2022 to 46.75% in 2024, while net profit margin fell from 24.01% to 18.97% over the same period [6]. Sales and Pricing Dynamics - Sales volume of the main product, optical communication transceiver chips, was 110 million, 107 million, and 137 million units from 2022 to 2024, with average selling prices declining from 2.66 yuan to 2.49 yuan [9]. - The sales revenue impact due to price changes was a decrease of 846.70 thousand yuan in 2024, while sales volume changes contributed positively by 7.60 million yuan [7]. Inventory and Cash Flow Concerns - Youxun's inventory value surged to 175 million yuan in 2024, a 94.44% increase year-on-year, constituting over 30% of current assets [9]. - The net cash flow from operating activities dropped by 93.24% to 3.91 million yuan in 2024, representing only 5.03% of net profit [9]. R&D Expenditure Trends - The R&D expense ratio for Youxun decreased from 21.14% in 2022 to 19.10% in 2024, falling below the average of comparable companies by 0.60 to 12.35 percentage points [10].

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, facing challenges related to control stability and historical equity issues [3][11]. Group 1: Company Background and Control Issues - The founder of Youxun, Ke Binglan, has a diverse background, including roles as a communication soldier, university lecturer, lawyer, and state-owned enterprise executive before founding the company in 2003 [2][5]. - The company has experienced a long period without a clear controlling shareholder until late 2022 when Ke Binglan and his son, Ke Tenglong, became the actual controllers, although their combined voting rights remain low [3][8]. - The company's voting rights are fragmented, with no single shareholder holding more than 30%, leading to potential risks in control stability post-IPO [9][11]. Group 2: Historical Equity and Governance Issues - Youxun has faced historical equity issues, including unregistered equity transfers and shareholding arrangements that could attract scrutiny from regulators [4][14]. - The initial shareholding structure was complicated, with the largest shareholder, Ping Xu, holding 60% of the shares at the company's inception, which created governance challenges [12][13]. - The transfer of shares has been slow, with significant delays in registering changes, leading to a lack of clarity in ownership [16][18]. Group 3: Financial Performance and Market Strategy - Youxun's revenue fluctuated from 339 million yuan in 2022 to 411 million yuan in 2024, with net profits of 81.4 million yuan, 72.1 million yuan, and 77.9 million yuan during the same period [30]. - The company adopted a "price-for-volume" strategy to reverse declining sales, resulting in a drop in product prices while increasing sales volume [35][36]. - The average procurement price of wafers increased by 40.19% from 6,815.7 yuan per piece to 9,555.07 yuan per piece, impacting profit margins [36]. Group 4: Supply Chain and Inventory Management - Youxun operates under a Fabless model, relying heavily on external suppliers, with over 86% of procurement coming from the top five suppliers [38]. - The company has a high inventory level, with a book value of 175 million yuan at the end of 2024, and a low inventory write-down ratio compared to peers [42][43]. - The company maintains a strong cash position, with a liquidity ratio of 6.23 and a debt ratio of 11.3%, indicating good financial health [46]. Group 5: Dividend Policy - Youxun has implemented cash dividends totaling 58 million yuan over the past two years, reflecting its strong cash flow and commitment to returning value to shareholders [47].

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. has changed its listing review status to "inquired" on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 889 million yuan for its operations [1] Group 1: Company Overview - Youxun specializes in the research, design, and sales of optical communication front-end transceiver chips, with applications in access networks, 4G/5G networks, data centers, metropolitan area networks, and backbone networks [1] - The company's optical communication chips are critical components in optical modules, responsible for amplifying, driving, retiming, and processing complex digital signals, directly impacting the performance and reliability of optical communication systems [1] Group 2: Market Position - Youxun has successfully replaced similar products from leading international chip companies and has entered the supply chains of numerous well-known global clients [2] - According to ICC data, Youxun ranks first in China and second globally in the market share for products with speeds of 10Gbps and below for the year 2024 [2] Group 3: Fundraising and Investment Projects - The funds raised will be allocated to various projects, including the development of next-generation access network and high-speed data center chips, vehicle-mounted chip R&D, and the development of 800G and above optical communication chips [3] - The total investment for these projects is approximately 889.065 million yuan, with the same amount expected to be raised through the public offering [3] Group 4: Financial Performance - Youxun's revenue for the years 2022, 2023, and 2024 is approximately 339 million yuan, 313 million yuan, and 411 million yuan, respectively, with net profits of approximately 81.4 million yuan, 72.1 million yuan, and 77.9 million yuan for the same years [3] - As of December 31, 2024, the total assets are approximately 817.5 million yuan, with equity attributable to the parent company at approximately 725.1 million yuan [4] - The company has maintained a low debt ratio, with a debt ratio of 10.99% for the parent company and 11.30% for the consolidated entity as of 2024 [4]

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. has officially submitted its IPO application to the Shanghai Stock Exchange, focusing on the development, design, and sales of optical communication front-end transceiver chips, which are crucial components in optical communication systems [1][2]. Group 1: Company Overview - Youxun Chip is recognized as a "national manufacturing single champion enterprise" in the optical communication sector, specializing in optical communication transceiver chips [1]. - The company's products are widely used in optical modules, including optical transceiver components, optical modules, and optical terminals, with applications in access networks, 4G/5G/5G-A wireless networks, data centers, metropolitan area networks, and backbone networks [1]. Group 2: Technology and Product Development - Since its establishment, Youxun Chip has developed a complete core technology system in optical communication chip design, achieving breakthroughs in key areas such as transceiver integration and high-speed modulation [2]. - The company has successfully shipped optical communication chips with speeds ranging from 155 Mbps to 100 Gbps and is actively developing new products, including 50G PON transceiver chips and 400 Gbps and 800 Gbps data center transceiver chips [2]. Group 3: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 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]. - Revenue from optical communication transceiver chips for the same years is expected to be 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]. Group 4: Market Trends and Future Outlook - In 2023, revenue from optical communication transceiver chips decreased by 20 million yuan, a decline of 6.84% year-on-year, primarily due to supply shortages and increased competition [3]. - However, in 2024, revenue is expected to increase by 67.6 million yuan, a rise of 24.78%, driven by the upgrade and promotion of communication infrastructure by operators [3]. Group 5: IPO Plans - Youxun Chip plans to raise 889 million yuan through its IPO to fund projects related to next-generation access networks, high-speed data center chip development, and vehicle-mounted chip research, as well as to supplement working capital [3].