Group 1: Company Overview - Both Xiamen Youxun Chip Co., Ltd. and Beijing Angrui Microelectronics Technology Co., Ltd. successfully passed the IPO review on October 15, 2025 [1] - Angrui Micro specializes in RF and analog integrated circuit design, recognized as a national-level "little giant" enterprise [2] - Youxun focuses on optical communication front-end transceiver chips, recognized as a national champion in the manufacturing sector [4] Group 2: Angrui Micro's Business and Performance - Angrui Micro's products include RF front-end chips and RF SoC chips, with significant sales to major brands like Honor, Samsung, and Xiaomi [2] - The company has participated in six national-level major scientific research projects, contributing to the advancement of China's RF field [2] - Angrui Micro's revenue for 2024 is projected at 2.101 billion yuan, with RF front-end revenue at 1.790 billion yuan [3] - The company has not yet achieved profitability, reporting revenues of 1.695 billion yuan in 2023 and a net loss of 450 million yuan [3] Group 3: Youxun's Business and Market Position - Youxun's optical communication chips are critical components in optical modules, impacting the performance and reliability of communication systems [4] - The company holds the number one market share in China and the second globally for products with speeds of 10Gbps and below [4] - Youxun's revenue for 2023 is reported at 313 million yuan, with a net profit of 72.08 million yuan [5] Group 4: Market Dynamics and Future Prospects - The domestic optical communication chip market is characterized by low self-sufficiency in the 25G and above segment, with only 7% market share held by Chinese manufacturers [5] - Both companies are seeking to raise funds through their IPOs to enhance R&D and production capabilities in their respective fields [3][5]

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]