来源：博望财经 文|海山 来源|博望财经 来源：上交所网站 优迅股份在国内10Gbps及以下速率产品市场中占据龙头地位。但其也面临营收与净利润背离、毛利率持续下滑的情况，此外，历经多年控制权之 争后，控制权风险仍未完全消除，治理存在不确定性。 优迅股份是一家怎样的公司？其未来发展又面临哪些问题？ 01 营收净利背离 毛利率连续承压 优讯股份成立于2003年2月，专注于光通信前端收发电芯片的研发、设计与销售。公司产品广泛应用于光模组（包括光收发组件、光模块和光终 端）中，应用场景涵盖接入网、4G/5G/5G-A无线网络、数据中心、城域网和骨干网等领域。 招股书显示，根据ICC数据，2024年度，优迅股份在10Gbps及以下速率产品细分领域市场占有率位居中国第一，世界第二，公司是国内光通信领 域的"国家级制造业单项冠军企业"。根据2025年上半年的数据，公司10Gbps及以下速率产品的收入占比高达99%。 来源：招股书 上交所官网显示，10月15日，厦门优迅芯片股份有限公司（"优迅股份"）二次上会获通过并提交注册，此前9月19日，其首次上会被暂缓审议。 优讯股份营收整体呈增长态势。招股书显示，2022年至2025 ...

Core Insights - The A-share IPO review maintained a "full approval" pace from October 13 to 17, with three companies successfully passing the review, highlighting a focus on hard technology enterprises [2][3][4] Recent Approvals - **Tiansu Measurement**: On October 16, Tiansu Measurement's IPO application was approved after four previous suspensions. The company projects steady revenue growth from CNY 597 million in 2023 to CNY 800 million in 2025, with net profits increasing from CNY 84.39 million to CNY 111 million during the same period [2] - **Angrui Microelectronics**: Approved on October 15, Angrui Microelectronics aims to raise CNY 2.067 billion for the development of 5G RF front-end chips and related projects. The company specializes in RF and analog integrated circuit design [3] - **Yuxun Technology**: Yuxun Technology's IPO was approved after a previous deferral. The company focuses on optical communication chips and plans to raise CNY 809 million for various development projects, with projected revenues growing from CNY 313 million in 2023 to CNY 411 million in 2024 [4] New Listings - **Changjiang Energy Technology**: Listed on the Beijing Stock Exchange on October 16, with a share price increase of 254.03%. The company raised CNY 160 million for expanding production capacity and R&D in energy equipment [5] - **Yunji Technology**: Listed on the Hong Kong Stock Exchange on October 16, with a first-day price increase of 26.05%. The company raised approximately HKD 660 million, with significant oversubscription [6] - **Xuanzhu Biopharmaceutical**: Listed on October 15, with a first-day increase of 126.72%. The company focuses on innovative drug development in the biopharmaceutical sector [7] Recent Filings - **Shouchuang Securities**: Filed for a dual listing on the Hong Kong Stock Exchange, reporting total revenues of approximately CNY 2.519 billion in 2022, with a projected growth trend [8] - **Shuanglin Co.**: Recently submitted a prospectus for listing on the Hong Kong Stock Exchange, reporting a revenue of CNY 2.525 billion in the first half of 2025, with a 20.1% year-on-year growth [9] - **Tambor Group**: Filed for a listing on the Hong Kong Stock Exchange, focusing on outdoor apparel with a revenue of approximately CNY 732 million in 2022 [10] - **Chengyi Biotech**: Submitted a prospectus for a Hong Kong listing, focusing on developing new oral small molecule drugs for cardiovascular and metabolic diseases [11] - **Dongpeng Beverage**: Filed for a listing on the Hong Kong Stock Exchange, reporting a revenue of CNY 8.5 billion in 2022, with a leading market position in the functional beverage sector [12]

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. has received approval for its listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 889 million yuan for its operations in optical communication chips [1]. Company Overview - Youxun specializes in the research, design, and sales of optical communication transceiver chips, with applications in optical modules across various fields including access networks, 4G/5G networks, data centers, metropolitan networks, and backbone networks [1]. - The company's main revenue comes from the sales of integrated optical communication chips, transimpedance amplifier chips, limiting amplifier chips, and laser driver chips [1]. Product Development - Youxun has achieved mass production of optical communication chips with speeds ranging from 155 Mbps to 100 Gbps and is actively developing new products such as 50G PON transceiver chips, 400 Gbps and 800 Gbps data center transceiver chips, and automotive optical communication chips [1]. Market Position - According to ICC data, Youxun holds the largest market share in China and the second largest globally in the segment of products with speeds of 10 Gbps and below for the year 2024 [1]. Fundraising and Investment Projects - The company plans to use the proceeds from its public offering for projects related to its main business, including: - Next-generation access network and high-speed data center chips with a total investment of 4.678 billion yuan [1]. - R&D and industrialization of automotive chips with an investment of 1.690847 billion yuan [1]. - Development of optical communication chips of 800 Gbps and above with an investment of 1.721738 billion yuan [1]. - The total investment for these projects amounts to 8.09065 billion yuan [2]. Financial Performance - The company reported revenues of approximately 339 million yuan, 313 million yuan, 411 million yuan, and 238 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - Net profits for the same periods were 81.3984 million yuan, 72.0835 million yuan, 77.8664 million yuan, and 46.9588 million yuan [2]. - As of June 30, 2025, total assets were reported at 8.449439 billion yuan, with equity attributable to shareholders at 7.815329 billion yuan [3].

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. successfully passed the IPO review for the Sci-Tech Innovation Board, becoming the second company from Xiamen to achieve this in 2023 [1] Company Overview - Youxun is one of the earliest companies in China to enter the optical communication chip design industry, focusing on the research, design, and sales of optical communication transceiver chips [3][4] - The company was established in 2003 and is located in Xiamen, Fujian Province [3] - Youxun's IPO represents a story of innovation in the optical communication industry, breaking international monopolies and showcasing the growth of a "national manufacturing single champion" [3][9] Industry Context - The optical communication industry is rapidly developing due to the demands of the digital and AI era, which require high-speed data transmission and large capacity [4] - Optical communication technology uses light waves for information transmission, offering advantages such as high-speed data transfer, large data capacity, long-distance transmission, and low signal loss [4] Product Portfolio - Youxun's main products include optical communication transceiver chips, transimpedance amplifier chips, limiting amplifier chips, and laser driver chips [5] - The optical communication transceiver chip contributes the most to revenue, accounting for over 80% in each reporting year [5] Financial Performance - Revenue for Youxun from 2022 to 2024 is projected to be 339 million, 313 million, and 411 million CNY respectively, with net profits of approximately 81.4 million, 72.1 million, and 77.9 million CNY [6] - The company maintains a high gross margin, with rates of 55.26%, 49.14%, and 46.75% over the reporting period, which is above the industry average [7][8] Market Position - Youxun has established a complete core technology system in optical communication chip design, achieving breakthroughs in key areas and becoming one of the few companies in China to provide comprehensive optical communication chip solutions [9][10] - The company has a leading market share in the 10Gbps and below segment in China, ranking second globally [12] Research and Development - Youxun has accumulated a rich pool of technology and core patents, with 114 authorized patents as of June 30, 2025 [15] - The company is actively developing new products to meet the increasing demand for high-speed optical communication chips, including 50G PON transceiver chips and 400Gbps data center transceiver chips [11] Ownership and Investment - The actual controllers of Youxun are Ke Binglan and Ke Tenglong, who collectively hold 27.13% of the voting rights [16] - The company has received investments from state-owned capital at both the provincial and municipal levels in Fujian and Xiamen [19] IPO Plans - Youxun plans to raise approximately 809 million CNY through its IPO, with funds allocated for the development and industrialization of next-generation access network and high-speed data center chips, as well as vehicle-mounted chip projects [19]

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. (Youxun Co.) is set to have its IPO reviewed again on October 15 after a previous delay due to concerns over the sustainability of its operating performance and the stability of its actual controller's control rights [1][3]. Group 1: IPO Details - Youxun Co. plans to raise 809 million yuan through its IPO, 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 [4]. - The company has removed a project for "supplementary working capital" from its fundraising plan, adjusting the total amount accordingly [4]. Group 2: Company Background - Established in February 2003 and headquartered in Xiamen, Youxun Co. claims to be a "national champion enterprise" in the optical communication field, focusing on the R&D, design, and sales of optical communication front-end transceiver chips [4]. - The company's products are widely used in optical modules and cover various applications, including access networks, 4G/5G networks, data centers, metropolitan area networks, and backbone networks [4]. Group 3: Market Position and Financial Performance - Youxun Co. holds the largest market share in China and the second largest globally in the segment of chips with speeds of 10Gbps and below, with a projected market size of 370 million USD (approximately 2.66 billion yuan) in 2024 [5]. - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately 339 million yuan, 313 million yuan, 411 million yuan, and 238 million yuan, respectively, showing a compound annual growth rate of 10.26% [8]. - However, net profits during the same period were 81.4 million yuan, 72.1 million yuan, 77.9 million yuan, and 46.9 million yuan, with a declining gross margin from 55.26% to 43.48% [8][9]. Group 4: Pricing and Cost Pressures - The average selling price of Youxun Co.'s main product, the optical communication transceiver chip, decreased from 2.66 yuan per unit in 2022 to 2.29 yuan in the first half of 2025, a decline of nearly 14% [9]. - The average unit cost of the optical communication transceiver chip increased from 1.22 yuan in 2022 to 1.29 yuan in the first half of 2025, attributed to rising wafer costs [9]. Group 5: Customer and Supplier Concentration - Youxun Co. has a high customer concentration, with sales to its top five customers accounting for 65.22% to 65.53% of total revenue during the reporting period [9]. - The company also has a high supplier concentration, with purchases from its top five suppliers representing 83.68% to 89.47% of total procurement [10]. Group 6: Governance and Control Risks - The company has faced governance issues, with its actual controller's control rights being unstable due to historical disputes among founders, leading to changes in control over the years [11][12]. - The current actual controllers hold a combined 27.13% of voting rights, raising concerns about potential control changes post-IPO [12].

Core Viewpoint - The listing of Youxun Co., a leading domestic optical communication chip company, on the Sci-Tech Innovation Board marks an acceleration in the listing process for domestic optical communication chip enterprises [1][2] Group 1: Company Overview - Youxun Co. specializes in optical communication transceiver chips, with products widely used in access networks, wireless networks, and data centers, covering major domestic and international operators and equipment manufacturers [1] - The company holds a dominant position in the domestic market for chips with speeds of 10Gbps and below, with a projected market share of 1st in China and 2nd globally in 2024 according to ICC data [1] Group 2: Financial Performance - The company's revenue has shown consistent growth, increasing from 339 million yuan in 2022 to 411 million yuan in 2024, with a revenue of 238 million yuan in the first half of 2025, representing a year-on-year growth of over 20% [1] - The revenue from optical communication transceiver chips has consistently accounted for over 80% of total revenue, with a rapid increase in orders for high-speed products of 25Gbps and above, indicating an optimization of product structure [1] Group 3: Product Development and Market Position - Youxun Co. is accelerating domestic substitution in the high-end product sector, with single-channel 25G and four-channel 100G chips already in mass application in data centers and 5G transmission, leading in domestic production progress [1] - The company has made significant breakthroughs in ultra-high-speed chip development, with 25G PON chip performance at a global leading level, and 50G PON development synchronized with international leading manufacturers, expected to enter mass production by 2026 [1] - The company has completed backplane testing for 400Gbps/800Gbps and coherent transceiver chips, with performance meeting expectations [1] Group 4: Strategic Initiatives - Youxun Co. is actively expanding into emerging markets such as FTTR, automotive optical communication, laser radar chips, and embodied intelligence, establishing a growth pattern of "stable existing business and explosive new business" [2] - The upcoming IPO on the Sci-Tech Innovation Board is expected to help Youxun Co. overcome high-end chip technology barriers and expand into new markets like automotive and silicon photonics, propelling the company from a domestic leader to international competition and injecting new momentum into the domestic optical communication chip industry [2]

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. (Youxun Co.) is set to have its IPO reviewed again on October 15 after a previous delay due to concerns over the sustainability of its operating performance and the stability of its actual controller's control rights [1] Group 1: Company Overview - Youxun Co. is a leading player in the domestic market for optical communication chips, focusing on the research, design, and sales of optical communication front-end transceiver chips [2] - The company plans to raise 809 million yuan for projects related to next-generation access networks, high-speed data center chips, and 800G optical communication chips [2] - Youxun Co. claims to be a "national champion" in the optical communication sector, with a market share of 26.64 billion yuan in the 10Gbps and below segment, projected to be the largest in China and second globally by 2024 [4] Group 2: Financial Performance - Revenue for Youxun Co. during the reporting period was approximately 339 million yuan in 2022, 313 million yuan in 2023, 411 million yuan in 2024, and 238 million yuan in the first half of 2025, showing a compound annual growth rate of 10.26% [7] - The company's net profit for the same periods was 81.4 million yuan, 72.1 million yuan, 77.9 million yuan, and 46.9 million yuan, with non-recurring net profits also showing a decline [7] - The gross margin of the main business has decreased from 55.26% in 2022 to 43.48% in the first half of 2025, indicating pressure from both product pricing and costs [8] Group 3: Market Dynamics - The average selling price of key products has declined, with the average price of the optical communication transceiver chip dropping from 2.66 yuan per unit in 2022 to 2.29 yuan in the first half of 2025, a decrease of nearly 14% [8] - The market size for 10Gbps and below optical chips is projected to grow from 370 million USD (approximately 2.66 billion yuan) in 2024 to 490 million USD (approximately 3.53 billion yuan) by 2029 [4] - Youxun Co. has a high customer concentration, with sales to the top five customers accounting for over 65% of total revenue during the reporting period [10] Group 4: Governance and Control Issues - The company has faced internal governance issues, with significant power struggles among founders lasting up to 15 years, impacting its operational stability [11] - The actual control of the company has changed hands multiple times, with the current controllers holding only 27.13% of voting rights, raising concerns about control stability [12] - The listing committee has requested explanations regarding the stability of the actual controller's rights and the potential risks of control changes post-IPO [12]

IPO Review and Registration Progress - New Tianli's IPO was approved on September 30, raising 398 million yuan for expansion projects and working capital [2] - New Tianli's revenue and net profit for the first half of 2025 are projected to be 536 million yuan and 43 million yuan, respectively [2] - Yuxun Technology and Angrui Micro will present their IPOs on October 15, while Tiansu Measurement will present on October 16 [3] - Angrui Micro aims to raise 2.067 billion yuan for 5G chip development and headquarters construction [4] - Tiansu Measurement plans to raise 424 million yuan for measurement service enhancements and digital center construction [4] New IPO Applications - Five new IPO applications were accepted between September 29 and October 12, including Qichacha aiming for 1.5 billion yuan in funding [5] - Qichacha's revenue for 2022-2025 is projected to grow from 518 million yuan to 375 million yuan in the first half of 2025 [5] - Two semiconductor companies, Laipu Technology and Yueya Semiconductor, also submitted IPO applications [6] New Stock Listings and Subscription Dynamics - Three new stocks were listed, with Yunhan Xincheng seeing a first-day increase of 332.59% [10] - Investors in Yunhan Xincheng earned a profit of 44,900 yuan per share on the first day [10] - Five new stocks are scheduled for subscription this week, including Marco Polo with an issue price of 13.75 yuan per share [11] - Marco Polo's revenue for the first half of 2025 is expected to be 3.218 billion yuan, down 11.82% year-on-year [11]

Core Viewpoint - The article discusses the complex 15-year power struggle over the control of Xiamen Youxun Chip Co., Ltd., a leading domestic optical communication chip company, which is now preparing for its IPO on the Sci-Tech Innovation Board. Group 1: Company Overview - Xiamen Youxun, established in 2003, is one of the earliest companies in China focusing on the design of optical communication front-end transceiver chips, with applications in 5G base stations, data centers, and broadband access networks [2][4]. - The company has experienced fluctuations in revenue, with projections showing a drop from 3.39 billion yuan in 2022 to 3.13 billion yuan, followed by a rebound to 4.11 billion yuan in 2024 [4][5]. Group 2: Financial Performance - Despite a revenue rebound, the company's gross margin has been declining, from 55.26% in 2022 to 43.48% in the first half of 2025, primarily due to high reliance on a single product, which accounts for over 80% of its revenue [6][5]. - R&D expense ratio has decreased from 21.14% in 2022 to 15.81% in the first half of 2025, falling below industry averages [6][5]. Group 3: Governance and Control Issues - The company faced a governance crisis for nine years without a real controlling shareholder, which was resolved in 2022 when the founder Ke Binglan and his son Ke Tenglong became the actual controllers [4][20]. - The power struggle began in 2007 due to differences in management philosophy between the founder and the technical leader Xu Ping, leading to Xu's gradual exit from management and eventual divestment of his shares [12][13]. Group 4: Shareholding Structure - The shareholding structure has evolved significantly, with Xu Ping's shares being diluted over time, culminating in his complete exit from direct shareholding by 2022 [24][25]. - The current controlling shareholders, the Ke father-son duo, hold a combined voting power of 27.13%, although this is expected to dilute to around 20% post-IPO [27][20].

Core Viewpoint - The IPO process of Xiamen Youxun Chip Co., Ltd. is under scrutiny due to concerns over its control rights and financial performance, with the company facing a long-standing governance struggle that has lasted 15 years [1][14]. Group 1: IPO Process and Governance - The IPO application was accepted on June 26, 2025, and after two rounds of inquiries, it was initially postponed for review due to concerns about declining gross margins and the sustainability of operational performance [1][2]. - The company has experienced a prolonged governance crisis, with a lack of actual control for nine years, which has raised questions about the stability of its control rights [1][6][13]. - The actual control of the company has recently shifted to the founder Ke Binglan and his son, ending a long-standing power struggle [10][14]. Group 2: Financial Performance - Youxun Chip's revenue fluctuated from 339 million yuan in 2022 to 313 million yuan in 2023, and then rebounded to 411 million yuan in 2024, while net profit followed a similar pattern [2][3]. - The company's gross margin has been declining, dropping from 55.26% in 2022 to 43.48% in the first half of 2025, primarily due to reliance on a single product that accounts for over 80% of its revenue [3][4]. - R&D expense ratio decreased from 21.14% in 2022 to 15.81% in the first half of 2025, falling below industry averages, indicating reduced investment in innovation [3][4]. Group 3: Supply Chain and Customer Concentration - The company relies heavily on a few suppliers, with over 83% of procurement coming from its top five suppliers, which poses risks related to production costs and delivery capabilities [3][4]. - Customer concentration is high, with the top five customers accounting for 65.53% of sales in the first half of 2025, making the company vulnerable to fluctuations in demand from these clients [4][5]. Group 4: Control Rights and Historical Context - The governance issues stem from a conflict between the technical founder Xu Ping and the board, leading to a power struggle that resulted in a lack of actual control for nearly a decade [6][9]. - The control rights have been complicated by shareholding arrangements and disputes, with Xu Ping's shares being diluted over time until he no longer held any direct stake [13][14]. - The recent consolidation of control by the Ke family, who now hold a combined 27.13% of voting rights, marks the end of a prolonged internal conflict [12][14].