智通财经APP获悉，10月24日，中国证监会发布《关于同意厦门优迅芯片股份有限公司首次公开发行股票注册的批复》。据悉，优迅股份拟在上交所科创板 上市，中信证券为其保荐机构，拟募资8.09065亿元。 招股书显示，优迅股份作为国内光通信领域的"国家级制造业单项冠军企业"，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。 自成立以来，优迅股份在光通信电芯片设计领域形成了完备的核心技术体系，在收发合一、高速调制、光电协同等关键领域实现国产化技术突破。公司坚持 正向设计，具备深亚微米CMOS、锗硅Bi-CMOS双工艺设计和集成研发能力，掌握全套带宽拓展、阻抗匹配、信号完整性补偿等技术，目前已实现155Mbps ～ 100Gbps 速率光通信电芯片产品的批量出货，并正在积极研发50G PON收发芯片、400Gbps 及 800Gbps 数据中心收发芯片、4通道128Gbaud相干收发芯 片、 FMCW激光雷达前端电芯片、车载光通信电芯片等系列新产品。 ...

Core Viewpoint - The article discusses the approval of two companies, Beijing Angrui Microelectronics Technology Co., Ltd. and Xiamen Youxun Chip Co., Ltd., for their IPO applications on the Sci-Tech Innovation Board, indicating a positive trend in the IPO market [1][2]. Summary by Sections Company Overview - Angrui Micro is focused on integrated circuit design in the RF and analog fields, recognized as a national-level "little giant" enterprise. The company specializes in RF front-end chips, RF SoC chips, and other analog chips, with a strong emphasis on R&D and product iteration [8]. - Youxun Chip is a national champion in the optical communication sector, concentrating on the development and sales of optical communication front-end transceiver chips, which are crucial for the performance of optical communication systems [12]. Financial Performance - Angrui Micro's revenue from 2022 to the first half of 2025 is reported as follows: 0.923 billion, 1.695 billion, 2.1 billion, and 0.844 billion respectively, with net losses of -0.29 billion, -0.45 billion, -0.0647 billion, and -0.0403 billion, indicating that the company has not yet achieved profitability [8]. - Youxun Chip's revenue for the same period is: 0.339 billion, 0.313 billion, 0.411 billion, and 0.238 billion, with net profits of 0.081 billion, 0.072 billion, 0.079 billion, and 0.047 billion, showing a relatively stable performance [12]. IPO Process - Angrui Micro's IPO application was accepted on March 28, 2025, and after two rounds of inquiries, it was approved on October 15, 2025. The listing committee raised questions regarding the company's growth potential and sales increase justification [7][8]. - Youxun Chip's IPO application was accepted on June 26, 2025, and after being deferred on September 19, 2025, it was approved in a second meeting just four months later. The committee's inquiries focused on the sustainability of profit margins and the stability of control by the actual controller [11][12].

Core Insights - Xiamen Youxun Chip Co., Ltd. has successfully passed the IPO review by the Shanghai Stock Exchange, marking a new development stage for the company [1] - The company is a leading player in the optical communication chip sector and is recognized as a national champion in manufacturing [1][2] Group 1: Company Overview - Youxun Chip focuses on the research, design, and sales of optical communication front-end transceiver chips, providing comprehensive solutions across all application scenarios [2] - The company has received multiple national-level recognitions, including being designated as a "National Planning Layout Integrated Circuit Design Enterprise" and a "National Specialized and Innovative 'Little Giant' Enterprise" [2] - The company has invested over 216 million yuan in R&D from 2022 to 2024, accounting for 20.34% of its revenue, with R&D personnel making up 57.04% of its workforce [2] Group 2: Technological Strength - Youxun Chip has developed seven core technology clusters and 21 key technologies, achieving significant market share in 10G and below speed products, ranking first in China and second globally [4] - The company employs a strategy of "one generation in production, one generation in research, and one generation in reserve," ensuring its technology remains ahead of customer needs and industry trends [4] Group 3: Market Opportunities - The domestic optical communication chip market presents significant growth opportunities due to low domestic production rates, particularly in high-end products [5] - The data center sector is identified as a core growth area, with increasing demand for 400G/800G optical modules driven by AI and smart computing applications [5] - The automotive sector is also a key focus, with the company collaborating with major automakers to develop laser radar and automotive optical communication chips [6] Group 4: Future Strategy - The company aims to enhance its R&D and accelerate domestic substitution through its IPO, with funds directed towards core projects in data centers and automotive applications [6] - Youxun Chip is pursuing an "industry collaboration" approach, working with optical chip manufacturers to provide integrated solutions and optimize supply chain issues for clients [6]

Core Viewpoint - Youxun Co., Ltd. has successfully passed the IPO review by the Shanghai Stock Exchange, focusing on the research, design, and sales of optical communication front-end transceiver chips, which are critical components in optical communication systems [1][2]. Company Overview - Youxun Co., Ltd. is recognized as a "national manufacturing single champion enterprise" in the optical communication sector, specializing in optical communication front-end transceiver chips [1]. - The company's products are essential for amplifying, driving, retiming, and processing complex digital signals in optical communication systems, directly impacting the performance and reliability of these systems [1]. Market Position - China has become the largest production base for optical devices and modules globally, with seven out of the top ten manufacturers being Chinese companies, indicating a strong market position [2]. - However, the development of optical communication chips in China remains relatively unbalanced, representing a weak link in the optical communication industry chain [2]. Product Development - Youxun has established a comprehensive 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 launched products with transmission rates ranging from 155 Mbps to 100 Gbps and is actively developing new products, including 50G PON transceiver chips and 400 Gbps data center transceiver chips [2][3]. Financial Performance - The company reported revenues of 313 million yuan, 411 million yuan, and 238 million yuan for the years 2023, 2024, and the first half of 2025, respectively, with net profits of approximately 72.08 million yuan, 77.87 million yuan, and 46.96 million yuan [3]. IPO Fundraising - Youxun plans to raise 809 million yuan through its IPO, which will be invested in projects related to the development and industrialization of next-generation access network and high-speed data center chips, as well as automotive chip research and development [3]. - The fundraising projects align closely with the company's main business and future strategic development plans, aimed at enhancing R&D capabilities and product offerings [3].

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. has applied for a change in its listing review status on the Shanghai Stock Exchange's Sci-Tech Innovation Board to "inquired," with a fundraising target of 889 million yuan [1] Company Overview - Youxun is recognized as a "national manufacturing single champion enterprise" in the optical communication sector, focusing on the research, design, and sales of optical communication front-end transceiver chips [1] - The company's products are widely used in optical modules, including optical transceiver components, optical modules, and optical terminals, across various applications such as access networks, 4G/5G/5G-A wireless networks, data centers, metropolitan area networks, and backbone networks [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, including 50G PON transceiver chips, 400 Gbps and 800 Gbps data center transceiver chips, and automotive optical communication chips [2] - The company has successfully replaced similar products from leading international chip manufacturers and has entered the supply chains of numerous well-known global clients [2] - 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 [2] Fundraising and Investment Projects - The funds raised from the public offering will be allocated to the company's main business-related projects, including: - Next-generation access networks and high-speed data center chip development with a total investment of approximately 467.81 million yuan [3] - Research and industrialization of automotive chips with an investment of about 169.08 million yuan [3] - Development of 800G and above optical communication chips and silicon photonics components with an investment of around 172.17 million yuan [3] 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 [3] - Net profits for the same periods were approximately 81.40 million yuan, 72.08 million yuan, 77.87 million yuan, and 46.96 million yuan [3] - As of June 30, 2025, the total assets amounted to approximately 844.94 million yuan, with equity attributable to shareholders of the parent company at about 781.53 million yuan [5]

Core Viewpoint - The article discusses the rapid IPO process of Xiamen Youxun Chip Co., Ltd. and highlights the company's historical internal power struggles, fluctuating financial performance, and declining gross margins. Group 1: IPO Process - The Shanghai Stock Exchange's listing review committee will review Youxun's IPO on September 19, with the application process taking less than three months, described as "lightning speed" [1] - Youxun aims to raise approximately 800 million yuan for projects related to next-generation access networks, high-speed data center chips, and automotive chips [1] Group 2: Historical Power Struggles - The company has experienced a 15-year power struggle among its founders, leading to a period of nearly nine years without a controlling shareholder and multiple board suspensions [4][8] - The internal conflict primarily involved Ping Xu and Ke Binglan, resulting in two changes of actual controllers and significant operational disruptions [4][9] Group 3: Financial Performance - Youxun's revenue and net profit have shown significant volatility, with gross margins declining year over year [1][15] - The company's revenue for the years 2022 to 2024 was reported as 339.07 million yuan, 313.13 million yuan, and 410.56 million yuan, respectively, with net profits of 95.73 million yuan, 54.91 million yuan, and 68.57 million yuan [13][14] - The gross margin has decreased from 55.26% in 2022 to 43.48% in the first half of 2025, indicating a continuous downward trend [15][17] Group 4: R&D Investment - Youxun's R&D expenditure ratio has decreased from 21.14% in 2022 to 15.81% in the first half of 2025, falling below the industry average [17]

Core Viewpoint - Xiamen Youxin Chip Co., Ltd. is preparing for its IPO on the Sci-Tech Innovation Board, focusing on optical communication chips, with potential growth driven by AI data center construction, despite recent performance declines due to the semiconductor cycle [1][28]. Company Background - Youxin Chip was established in February 2003 and became a joint-stock company in May 2024, headquartered in Xiamen Software Park [2]. - The company has undergone two changes in actual controllers, with the current control held by the father-son duo, Ke Binglan and Ke Tenglong, since November 2022 [4][5]. Business Focus - Youxin Chip specializes in the research, design, and sales of optical communication front-end transceiver chips, operating under a Fabless model [6]. - The company's products play a crucial role in the optical communication industry, serving as key components in optical modules [6][10]. Financial Performance - The company's revenue has fluctuated in recent years, with reported revenues of 339 million yuan in 2022, 313 million yuan in 2023, and projected 411 million yuan in 2024 [15]. - The gross profit margin has been declining, with figures of 55.26% in 2022, 49.14% in 2023, and 43.48% in the first half of 2025, primarily due to price competition and rising costs [18][19]. Market Position - Youxin Chip holds approximately 28% market share in the 10Gbps and below segment, ranking first in China and second globally [21][26]. - The global market for optical communication chips is expected to grow significantly, particularly in data centers, with a projected market size of 20.9 billion USD in 2024 and 60.2 billion USD by 2029 [23][26]. Customer Base - The company has established strong relationships with major optical module manufacturers, with over 60% of its revenue coming from the top ten clients [13][15].

Group 1 - The core viewpoint of the article highlights that Xiamen Youxin Chip Co., Ltd. is preparing for its IPO on the Sci-Tech Innovation Board, with a focus on optical communication chips, which are expected to benefit from the construction of AI data centers [1][33] - The company was established in February 2003 and transformed into a joint-stock company in May 2024, headquartered in Xiamen Software Park [3] - The actual controller of the company has changed twice, with the current control held by the father-son duo, Ke Binglan and Ke Tenglong, who control 27.13% of the voting rights [5][6] Group 2 - Youxin Chip specializes in the research, design, and sales of optical communication front-end transceiver chips, operating under a Fabless model [9][10] - The main products include laser driver chips, transimpedance amplifier chips, limiting amplifier chips, and optical transceiver chips, with a focus on products with speeds of 10Gbps and below [12][21] - The company has established good relationships with major optical module manufacturers, with over 60% of its revenue coming from the top ten customers [15][21] Group 3 - The company's revenue has fluctuated in recent years, with reported revenues of 339 million yuan in 2022, 313 million yuan in 2023, and projected revenues of 411 million yuan in 2024 [19] - The gross profit margin has been declining, with figures of 55.26%, 49.14%, 46.75%, and 43.48% over the past four years, primarily due to price reductions and rising costs [22] - The company faces high accounts receivable pressure, with balances reaching 645.3 million yuan, 134 million yuan, 115 million yuan, and 129 million yuan over the past four years, representing 19.03%, 42.67%, 27.93%, and 54.25% of revenue respectively [24] Group 4 - The optical communication chip market is expected to grow significantly, with the global market for telecom-side optical communication chips projected to reach $1.85 billion in 2024 and the data center-side market expected to reach $2.09 billion [26][27] - Youxin Chip holds a market share of approximately 28% in the 10Gbps and below segment, ranking first in China and second globally [25][29] - The company is positioned to benefit from the ongoing AI data center construction wave, although it has faced challenges due to the semiconductor cycle affecting its performance in 2023 [33]

Group 1: New IPOs - This week (September 15 to 19), there are 5 new stocks available for subscription, including 1 from the Shenzhen Main Board, 3 from the ChiNext, and 1 from the Beijing Stock Exchange [1] - The ChiNext new stock, United Power, has an issue price of 12.48 CNY per share and a price-to-earnings ratio of 32.87, compared to the industry average of 28.3 [2] - United Power is a leading enterprise in the new energy vehicle power system, operating independently within the Inovance Technology system since 2016, and plans to raise 3.601 billion CNY through its IPO [2] - Another ChiNext new stock, Jianfa Zhixin, focuses on high-value medical device distribution and plans to raise 484 million CNY [3] - The Shenzhen Main Board new stock, Ruili Kemi, specializes in active safety systems for vehicles and aims to raise funds for various projects [3] - The ChiNext new stock, Yunhan Xincheng, is an innovative high-tech enterprise in electronic component distribution, planning to raise 522 million CNY [4] Group 2: Upcoming IPO Meetings - Three companies are scheduled for IPO meetings this week: Yuxun Co. for the Sci-Tech Innovation Board, Xin Guoyi for the ChiNext, and Yuanchuang Co. for the Shenzhen Main Board [5] - Yuxun Co. is a national champion in the optical communication field, focusing on the development and sales of optical communication chips, with an IPO fundraising target of 889 million CNY [6] - Xin Guoyi specializes in high-performance specialty functional materials, aiming to raise 638 million CNY through its IPO [6] - Yuanchuang Co. is a leading player in the rubber track industry, with a significant market share and plans to raise 485 million CNY [7]

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]