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. 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 - Youxun Co., Ltd. is focusing on the research and development of optical communication front-end transceiver chips and has initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 889 million yuan [1][6]. Company Overview - Youxun Co., Ltd. is recognized as a "national manufacturing single champion enterprise" in China's optical communication sector, specializing in the R&D, design, and sales of optical communication front-end transceiver chips [4]. - The optical communication chips serve as the "nerve center" of optical communication systems, playing a crucial role in amplifying, driving, retiming, and processing complex digital signals, which directly impacts the performance and reliability of the entire optical communication system [4]. Product Applications - The products of Youxun Co., Ltd. are widely used in optical modules, including optical transceiver components, optical modules, and optical terminals, with applications spanning access networks, 4G/5G/5G-A wireless networks, data centers, metropolitan area networks, and backbone networks [4]. - The company has achieved breakthroughs in domestic technology in key areas such as transceiver integration, high-speed modulation, and optoelectronic collaboration [4]. Market Position - According to ICC data, Youxun Co., Ltd. holds the leading market share in China for products with speeds of 10Gbps and below, ranking second globally. In the market for products above 25G, Chinese manufacturers account for only 7% of the global market by revenue [5]. - The company’s single-channel 25G chips and four-channel 100G chips have been successfully applied in critical areas such as data centers and 5G wireless transmission [5]. Financial Performance - Youxun Co., Ltd. reported revenues of 339 million yuan, 313 million yuan, and 411 million yuan for the years 2022, 2023, and 2024, respectively. The net profits for the same years were 81.39 million yuan, 72.08 million yuan, and 77.87 million yuan [5]. IPO Fund Utilization - The funds raised from the IPO will be allocated to the development and industrialization 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 and silicon photonic components, as well as to supplement working capital [6]. - The investment projects align closely with the company's main business and future strategic development plans, enhancing R&D capabilities, enriching the product portfolio, and improving core competitiveness [6].

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].

Core Viewpoint - The company has achieved significant milestones in the optical communication chip market, with a focus on high-speed products and a broad customer base [1] Group 1 - The company has successfully achieved bulk sales of optical communication chips with speeds ranging from 155M to 100G [1] - The total shipment volume of these chips has exceeded 2 billion units [1] - The customer base includes major domestic and international telecom operators, system equipment manufacturers, and optical module vendors [1]