《笔尖网》文/笔尖财经 近日，厦门优迅芯片股份有限公司（以下简称优迅股份）首发上会遭暂缓审议备受市场关注。 优迅股份作为光通信电芯片国内龙头，其毛利率在报告期呈现下降趋势。 首发上会遭暂缓审议 9月12日，上海证券交易所公告显示，上市审核委员会定于9月19日审议优迅股份的首发申请。但9月19 日，交易所公告，优迅股份首发申请审核被暂缓审议。 上市委会议现场问询的主要问题包括，公司代表需结合产品结构、议价能力、市场开拓、主要产品验证及 在手订单等情况，说明公司是否存在毛利率持续下滑风险，以及经营业绩的可持续性。 公司代表需说明Jina Shaw、Ping Xu 及萍妮茹投资、蔡春生及一方建设之间是否存在应披露未披露的关联 关系或一致行动关系。结合实控人持股比例不高、实际控制公司时间较短、公司报告期多次股权变动、历 史上股东之间存在的分歧等情况，说明公司实控人的控制权是否稳定，是否存在上市后控制权变更风险。 公司代表需说明报告期股份支付会计处理是否符合企业会计准则规定。 需进一步落实事项显示，公司需说明报告期股份支付会计处理是否符合企业会计准则规定。 招股书显示，优迅股份成立于2003年，是光通信电芯片国内龙头， ...

Core Viewpoint - The temporary suspension of the IPO review for companies does not indicate a complete halt on their path to listing, as it allows time for clarification of issues that may affect the listing process [1][9]. Company Summary - Xiamen Youxun Chip Co., Ltd. (Youxun Co.) has had its IPO review on the Sci-Tech Innovation Board temporarily suspended as of September 19, 2023. The company specializes in optoelectronic chips and was established in February 2003 [3]. - Youxun Co. submitted its IPO application in June 2023 and has quickly progressed through two rounds of inquiries within three months [3]. - Key concerns raised by the exchange include risks related to declining gross margins, sustainability of operating performance, changes in control by the actual controller, and accounting treatment of share-based payments during the reporting period [3][6]. Accounting Treatment Issues - A significant issue involves the accounting treatment of share-based payments related to a transfer of shares from an employee to one of the actual controllers, which was not accounted for as a share-based payment [4][5]. - The company claims that the transferred shares will be granted back to eligible incentive recipients within three years, and thus, according to relevant regulations, do not require accounting treatment as share-based payments [5]. - Youxun Co. estimated a share-based payment expense of 102,900 yuan, asserting that it has a minimal impact on operating performance during the reporting period [6]. Financial Projections - For the first half of 2025, Youxun Co. projects revenue of 238 million yuan, representing a year-on-year growth of 20.19%, with a net profit attributable to shareholders of 41.69 million yuan [6]. - The company aims to raise 889 million yuan through its IPO to fund projects related to next-generation access networks, high-speed data center chips, and other advanced chip developments [6]. Industry Context - In 2023, three companies, including Youxun Co., have experienced temporary suspensions in their IPO reviews on the Sci-Tech Innovation Board [7]. - Other companies facing similar situations include Hengkun New Materials and Taijin New Energy, both of which have also had their IPO applications temporarily suspended due to various concerns [7][10].

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. is pursuing an IPO on the Sci-Tech Innovation Board, but faces significant uncertainties due to internal conflicts, control issues, and declining profit margins [1] Group 1: Control and Management Issues - The company has experienced a 15-year power struggle between founder Ping Xu and the current controlling shareholders, the Ke family, leading to instability in management [2][3] - The Ke family, lacking a technical background, now holds a combined voting power of only 27.13%, raising concerns about the stability of control [4] - Post-IPO, the controlling shareholders' voting power is expected to dilute to 20.35%, below the critical threshold of 30% for absolute control [5] Group 2: Related Party Transactions - The company has engaged in outsourcing R&D and business transactions with entities associated with the spouse of the controlling shareholder, raising regulatory scrutiny [6] - The total outsourced R&D expenses exceeded 21 million yuan, with significant contracts in place for various projects, including collaborations with universities [9] Group 3: Financial Performance - Revenue showed a decline from 339 million yuan in 2022 to 313 million yuan in 2023, before rebounding to 411 million yuan in 2024 [10] - The net profit followed a similar trend, decreasing from approximately 81.4 million yuan in 2022 to 72.1 million yuan in 2023, then slightly recovering to 77.9 million yuan in 2024 [10] - Despite revenue recovery in 2024, the company's gross margin has been under pressure, declining from 55.26% in 2022 to 46.75% in 2024 [11][12]

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. is set to go public on the Sci-Tech Innovation Board, aiming to raise 809 million yuan for various chip development projects, while facing challenges in profitability and potential control changes post-IPO [2][4][5]. Company Overview - Youxun specializes in the research, design, and sales of optical communication front-end transceiver chips, positioning itself in the upstream of the optical communication industry chain [4][5]. - The company claims to be a "national manufacturing single champion enterprise" in the optical communication field, with a leading market share in 10G and below products [5][6]. Financial Performance - The company reported a fluctuating revenue trend: 339 million yuan in 2022, a slight decline to 313 million yuan in 2023, and a projected increase to 411 million yuan in 2024, representing a year-on-year growth of 31.1% [4][5]. - The net profit excluding non-recurring items for 2022 to 2024 is projected to total 219 million yuan, with 41.69 million yuan reported for the first half of 2025, indicating ongoing profitability [4][5]. Profitability Challenges - The overall gross margin has declined from 55.26% in 2022 to 43.48% in the first half of 2025, attributed to price pressures and increased costs [5][6]. - The company faces intense competition, with a significant reliance on low-margin distribution revenue, which has increased its average unit cost [6]. Control and Governance Issues - The company has experienced a long-standing control dispute, with the current actual controllers, Ke Binglan and his son, having gained control after a decade of changes in ownership and governance [8][12]. - Post-IPO, the combined voting rights of the actual controllers may drop to approximately 20.35%, raising concerns about potential changes in control [2][12].

Core Viewpoint - Youxun Co., Ltd. is preparing for its IPO on the Sci-Tech Innovation Board, aiming to raise 809 million yuan for various chip development projects, while facing challenges in profitability and potential control changes post-IPO [1][5]. Group 1: Company Overview - Youxun Co., Ltd. specializes in the research, design, and sales of optical communication front-end transceiver chips, positioning itself as a leading player in the upstream segment of the industry [5]. - The company claims to be a "national manufacturing single champion enterprise" in the optical communication field, with a significant market share in 10G and below front-end chips [5][6]. Group 2: Financial Performance - The company's net profit excluding non-recurring items is projected to be 95.73 million yuan in 2022, 54.91 million yuan in 2023, and 68.57 million yuan in 2024, totaling 219 million yuan over three years [5]. - Revenue has shown a fluctuating upward trend, with 339 million yuan in 2022, a slight decline to 313 million yuan in 2023, and a rebound to 411 million yuan in 2024, representing a year-on-year growth of 31.1% [5][6]. Group 3: Market Position and Competition - In the 10Gbps and below product segment, Youxun holds the largest market share in China and the second largest globally, competing with major players like MACOM and Semtech [6]. - Despite its champion status, Youxun faces intense competition, with its overall gross margin declining from 55.26% in 2022 to 43.48% in the first half of 2025 [6][7]. Group 4: Control and Governance Issues - The company has experienced a prolonged control struggle, with its actual controller changing multiple times over nearly a decade, leading to governance challenges [9][10]. - Following a series of strategic moves, the current controllers, Ke Binglan and his son, have consolidated their control, but the upcoming IPO may dilute their voting power to approximately 20.35%, raising concerns about potential control changes [9][13].

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].

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. is set to go public on the Sci-Tech Innovation Board, aiming to raise 809 million yuan for various chip development projects, while facing challenges in profitability and potential control changes post-IPO [1][3]. Company Overview - Youxun specializes in the research, design, and sales of optical communication front-end transceiver chips, primarily operating in the upstream segment of the optical communication industry [2]. - The company claims to be a "national manufacturing single champion enterprise" in the optical communication field, with a leading market share in 10G and below front-end chips [3]. Financial Performance - The projected non-GAAP net profits for Youxun from 2022 to 2024 are 95.73 million yuan, 54.91 million yuan, and 68.57 million yuan, totaling 219 million yuan [3]. - Revenue has shown fluctuations, with 339 million yuan in 2022, a slight decline to 313 million yuan in 2023, and an expected increase to 411 million yuan in 2024, representing a year-on-year growth of 31.1% [3]. - In the first half of 2025, revenue reached 238 million yuan [3]. Revenue Structure - Approximately 90% of Youxun's revenue comes from optical communication transceiver chips, with 86.74% of sales in the first half of 2025 derived from 10G and below products [4]. Profitability Challenges - The overall gross margin has declined from 55.26% in 2022 to 43.48% in the first half of 2025, indicating pressure on profitability despite the company's market position [5][6]. - Factors contributing to the gross margin decline include price reductions due to industry competition and increased costs from changes in customer structure [6]. Control and Governance Issues - Youxun has experienced a prolonged control struggle, with the current actual controllers, Ke Binglan and his son, having gained control after a decade of disputes [7][11]. - Post-IPO, the combined voting rights of the actual controllers may drop to approximately 20.35%, raising concerns about potential changes in control [1][11].

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]

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, facing challenges related to control stability and historical equity issues [3][11]. Group 1: Company Background and Control Issues - The founder of Youxun, Ke Binglan, has a diverse background, including roles as a communication soldier, university lecturer, lawyer, and state-owned enterprise executive before founding the company in 2003 [2][5]. - The company has experienced a long period without a clear controlling shareholder until late 2022 when Ke Binglan and his son, Ke Tenglong, became the actual controllers, although their combined voting rights remain low [3][8]. - The company's voting rights are fragmented, with no single shareholder holding more than 30%, leading to potential risks in control stability post-IPO [9][11]. Group 2: Historical Equity and Governance Issues - Youxun has faced historical equity issues, including unregistered equity transfers and shareholding arrangements that could attract scrutiny from regulators [4][14]. - The initial shareholding structure was complicated, with the largest shareholder, Ping Xu, holding 60% of the shares at the company's inception, which created governance challenges [12][13]. - The transfer of shares has been slow, with significant delays in registering changes, leading to a lack of clarity in ownership [16][18]. Group 3: Financial Performance and Market Strategy - Youxun's revenue fluctuated from 339 million yuan in 2022 to 411 million yuan in 2024, with net profits of 81.4 million yuan, 72.1 million yuan, and 77.9 million yuan during the same period [30]. - The company adopted a "price-for-volume" strategy to reverse declining sales, resulting in a drop in product prices while increasing sales volume [35][36]. - The average procurement price of wafers increased by 40.19% from 6,815.7 yuan per piece to 9,555.07 yuan per piece, impacting profit margins [36]. Group 4: Supply Chain and Inventory Management - Youxun operates under a Fabless model, relying heavily on external suppliers, with over 86% of procurement coming from the top five suppliers [38]. - The company has a high inventory level, with a book value of 175 million yuan at the end of 2024, and a low inventory write-down ratio compared to peers [42][43]. - The company maintains a strong cash position, with a liquidity ratio of 6.23 and a debt ratio of 11.3%, indicating good financial health [46]. Group 5: Dividend Policy - Youxun has implemented cash dividends totaling 58 million yuan over the past two years, reflecting its strong cash flow and commitment to returning value to shareholders [47].