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]

10月9日晚，上交所发布公告，将于10月15日审议厦门优迅芯片股份有限公司(以下简称 "优迅股份")科 创板IPO首发申请。此次IPO拟发行不超过2,000万股，将成为A股市场的"光通信电芯片行业第一股"。 在全球光通信产业竞争格局中，我国在光模块领域已占据主导地位，但产业链核心环节的光通信电芯 片，长期依赖进口。优迅股份的崛起，正在打破这一竞争局面。 招股书显示，作为国内光通信领域的"国家级制造业单项冠军企业"，优迅股份是我国为数不多可提供全 应用场景、全系列产品光通信电芯片解决方案的企业。据讯石信息咨询ICC数据，2024年，公司在 10Gbps及以下速率产品细分领域创下中国第一、世界第二的市场佳绩，成为国产光通信电芯片产业跨 越的核心力量。 全场景覆盖：构建"全栈式"解决方案 光通信电芯片被喻为光通信系统的"神经中枢"，其性能直接决定光模块乃至整个通信网络的传输效率与 稳定性。不同于多数企业聚焦单一应用场景或特定速率产品的局限，优迅股份凭借二十余年技术沉淀， 构建起覆盖"电信侧+数据中心侧+终端侧"全应用场景、"155Mbps~800Gbps"全速率层级的产品矩阵，成 为国内极少数能提供"全栈式"解决方 ...

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, with a public offering of no more than 20 million shares, but the company exhibits a significant "revenue growth without profit increase" characteristic, particularly in 2024, where revenue is expected to grow by 21.08% compared to 2022, while net profit is projected to decline by 4.34% [2][4]. Financial Performance - The company reported revenues of 339.07 million yuan, 313.13 million yuan, 410.56 million yuan, and 238.50 million yuan for the years 2022 to 2024 and the first half of 2025, respectively, with net profits of 81.40 million yuan, 72.08 million yuan, 77.87 million yuan, and 46.96 million yuan, indicating performance volatility [4]. - The gross profit margin has been declining, from 55.26% in 2022 to 43.48% in the first half of 2025, representing a decrease of 11.78 percentage points [4][5]. Comparison with Peers - Despite the decline in gross profit margin, Youxun's margin remains significantly higher than the average of comparable domestic companies, which are 43.41%, 32.58%, 35.45%, and 41.73% for the respective years [5][6]. - The company's R&D expense ratio has been consistently lower than the industry average, with ratios of 21.14%, 21.09%, 19.10%, and 15.81% compared to the industry averages of 21.61%, 36.38%, 36.24%, and 34.10% [7][8]. Fundraising and Investment Plans - Initially, the company planned to allocate 8 million yuan for working capital in its IPO application submitted in June 2025, but this project was removed in the subsequent application, redirecting all funds towards technology R&D and industrialization projects [3][9]. - The company has demonstrated strong short-term solvency with current ratios of 4.46, 5.25, 6.23, and 9.47, and quick ratios of 2.74, 3.91, 4.20, and 7.04 over the same period, indicating a robust financial position [9][10]. Cash Flow and Dividend Policy - Youxun has maintained positive operating cash flow, with net cash flows from operating activities of 32.95 million yuan, 57.91 million yuan, 3.91 million yuan, and 90.47 million yuan over the reporting period, totaling 185.24 million yuan [10]. - The company has also engaged in cash dividends, distributing 40 million yuan in 2022 and 18 million yuan in 2024, totaling approximately 58 million yuan, which is close to the initially planned 8 million yuan for working capital [11].

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. (referred to as "Youxun Chip" or "Youxun Co.") has updated its prospectus for an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 889 million yuan [1] Financial Performance - For the first half of 2025, Youxun Co. reported revenue of approximately 238 million yuan and net profit of about 46.96 million yuan, with a non-recurring net profit of around 41.69 million yuan [3] - Revenue figures for 2022, 2023, and 2024 were approximately 339 million yuan, 313 million yuan, and 411 million yuan, respectively, with net profits of 81.40 million yuan, 72.08 million yuan, and 77.87 million yuan [3] - The company declared cash dividends of 40 million yuan in 2022 and 18 million yuan in 2024 [3] Business Model and Operations - Youxun Co. specializes in the research, design, and sales of optical communication front-end transceiver chips, with applications in various fields including access networks and data centers [4] - The company operates on a Fabless model, outsourcing wafer procurement and testing services while focusing solely on chip design and sales [5] Historical Background - Youxun Co. was originally established as Xiamen Kexin Microelectronics Technology Co., Ltd. in February 2003, with an initial registered capital of 250,000 USD [5] - The company has undergone multiple equity transfers and capital increases, with significant changes in shareholding structure over the years [6][11] Shareholding and Control - As of November 2022, Youxun Co. had no actual controller, but since then, the actual controllers have been Ke Binglan and Ke Tenglong, collectively holding 27.13% of the voting rights [12]

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]