大消费板块爆发。 A股市场今天（12月19日）上午整体上行，上证指数一度重回3900点之上。商贸零售板块大涨，板块内 个股掀起涨停潮，成为上午市场主要亮点之一。 新股方面，今天A股市场有一只新股上市，为优迅股份，盘中涨幅一度超过450%。 大消费板块掀起涨停潮 A股市场今天（12月19日）上午整体上行，主要指数不同程度上涨。截至上午收盘，上证指数报3899.31 点，上涨0.59%，盘中一度重回3900点之上；其他几个主要指数中，深证成指涨0.93%，创业板指涨 0.99%，科创50指数涨0.69%。 招股资料称，公司主要产品包括激光驱动器芯片（LDD）、跨阻放大器芯片（TIA）、限幅放大器芯片 （LA）、光通信收发合一芯片等。这些产品协同工作，为光通信实现高效、可靠的光电/电光信号转 换、放大和处理提供了完整的解决方案。 从行业板块和赛道来看，若按照申万一级行业划分，商贸零售板块大涨，板块盘中涨幅一度接近4%， 板块内个股掀起涨停潮。德必集团"20cm"涨停，中央商场、上海九百、大连友谊、东百集团等股票涨 停，百大集团涨9.25%，永辉超市涨8.20%。 此外，免税店、乳业、新零售等大消费概念亦大幅拉升。创 ...

大消费板块爆发。 A股市场今天（12月19日）上午整体上行，上证指数一度重回3900点之上。商贸零售板块大涨，板块内个股掀起涨停潮，成为上午市场主要 亮点之一。 其他行业板块方面，轻工制造、房地产、综合等板块涨幅居前，板块涨幅均超过2%。汽车、社会服务、钢铁、环保等板块跟涨。银行、煤 炭板块整体走弱。 新股优迅股份盘中大涨超450% 新股方面，今天A股市场有一只新股上市，为优迅股份，盘中涨幅一度超过450%。 大消费板块掀起涨停潮 A股市场今天（12月19日）上午整体上行，主要指数不同程度上涨。截至上午收盘，上证指数报3899.31点，上涨0.59%，盘中一度重回3900 点之上；其他几个主要指数中，深证成指涨0.93%，创业板指涨0.99%，科创50指数涨0.69%。 从行业板块和赛道来看，若按照申万一级行业划分，商贸零售板块大涨，板块盘中涨幅一度接近4%，板块内个股掀起涨停潮。德必集 团"20cm"涨停，中央商场、上海九百、大连友谊、东百集团等股票涨停，百大集团涨9.25%，永辉超市涨8.20%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | ...

申购日期:2025-12-08 周一 1 2003年成立 8、福建厦门 x 中信证券保存 业务院社 收入构成 | | | | | | | | | 单位:万元 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 产品类型 | 速率 | 2025年1-6月 | | 2024年度 | | 2023年度 | | 2022年度 | | 毛利率 | | | | 销售额 | 占比 | 销售额 | 日本 | 销售额 | 占比 | 销售额 | 占比 | | | | 10Gbps以下 | 10.615.18 | 44.53% | 17,886,19 | 43 58% | 16,216,42 | 51.82% | 19.314.16 | 57 21% | 46.06% | | 光通信收 发合 - 18-5 | 10Gbps | 10.020.23 | 42.03% | 16.113.56 | 39.26% | 11.053.69 | 35.32% | 9.961.29 | 29 50% | 52.44% | | 片 | 25Gbps ...

| | | A/ TISS IIJ THE | | --- | --- | --- | | | 源杰科技 | | | 主营构成 | 光通信收发合一芯片： 86.74%; | | | | 跨阻放大器芯片（TIA）： 11.81%； | | | | 限幅放大器芯片（LA）：0.79%; | | | | 激光驱动器芯片（LDD）：0.67%； | | | 业务及亮点 | 1、公司是全球光通信电芯片领域的主要供应商之 | | | | 据龙头地位、而25G速率以上产品已进入快速放鬆 | | | | 2、公司已在下一代万兆接入技术上取得实质性字 | | | | 发合一芯片的批量出货，并已完成50GPON方案: | | | | 阶段，预计2026年实现量产。 | | | | 3、公司100Gbps电芯片性能已对标国际头部厂宿 | | | | 进400Gbps及800Gbps收发芯片、4通道128Gbz | | | | 披露，上述产品现已完成回片测试。 | | | 近三年营收 | 4.11 亿元 (2024年, 31.11%) | 近三年归母 | | | 3.13 亿元 (2023年, -7.65%) | 净利润及业 | | ...

Core Viewpoint - The news highlights the IPOs of two companies, Nabichuan and Youxun, focusing on their business models, market positions, and financial metrics, indicating potential investment opportunities in the automotive and semiconductor sectors. Group 1: Nabichuan (301667.SZ) - Nabichuan, established in 2007, specializes in thermal management products for electric vehicle batteries, fuel vehicle power systems, and energy storage batteries, with key products including battery liquid cooling plates and engine radiators [1][3] - The IPO price is set at 22.63 CNY per share, with an institutional offering price of 23.01 CNY, and a market capitalization of 18.95 billion CNY [2] - The company has a significant reliance on CATL, with sales to CATL accounting for 53.73% of revenue in 2022, indicating a risk due to dependency on a single major customer [4] - Nabichuan's market share in battery liquid cooling plates is projected to reach approximately 12.16% by 2024, positioning it as a leader in this niche market [3] Group 2: Youxun (688807.SH) - Youxun focuses on the research, design, and sales of optical communication front-end transceiver chips, positioning itself upstream in the semiconductor supply chain [5] - The IPO price is set at 51.66 CNY per share, with an institutional offering price of 52.90 CNY, and a market capitalization of 31 billion CNY [6] - Youxun is recognized as a "national champion" in the optical communication sector, with its core products achieving significant market share, ranking first in China and second globally in the 10Gbps and below segment [9] - The company plans to allocate 4.68 billion CNY (57.82%) of its raised funds towards the development and industrialization of next-generation access network and high-speed data center chips [8]

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. (Youxun Co.) is set to have its IPO reviewed again on October 15 after a previous delay due to concerns over the sustainability of its operating performance and the stability of its actual controller's control rights [1] Group 1: Company Overview - Youxun Co. is a leading player in the domestic market for optical communication chips, focusing on the research, design, and sales of optical communication front-end transceiver chips [2] - The company plans to raise 809 million yuan for projects related to next-generation access networks, high-speed data center chips, and 800G optical communication chips [2] - Youxun Co. claims to be a "national champion" in the optical communication sector, with a market share of 26.64 billion yuan in the 10Gbps and below segment, projected to be the largest in China and second globally by 2024 [4] Group 2: Financial Performance - Revenue for Youxun Co. during the reporting period was approximately 339 million yuan in 2022, 313 million yuan in 2023, 411 million yuan in 2024, and 238 million yuan in the first half of 2025, showing a compound annual growth rate of 10.26% [7] - The company's net profit for the same periods was 81.4 million yuan, 72.1 million yuan, 77.9 million yuan, and 46.9 million yuan, with non-recurring net profits also showing a decline [7] - The gross margin of the main business has decreased from 55.26% in 2022 to 43.48% in the first half of 2025, indicating pressure from both product pricing and costs [8] Group 3: Market Dynamics - The average selling price of key products has declined, with the average price of the optical communication transceiver chip dropping from 2.66 yuan per unit in 2022 to 2.29 yuan in the first half of 2025, a decrease of nearly 14% [8] - The market size for 10Gbps and below optical chips is projected to grow from 370 million USD (approximately 2.66 billion yuan) in 2024 to 490 million USD (approximately 3.53 billion yuan) by 2029 [4] - Youxun Co. has a high customer concentration, with sales to the top five customers accounting for over 65% of total revenue during the reporting period [10] Group 4: Governance and Control Issues - The company has faced internal governance issues, with significant power struggles among founders lasting up to 15 years, impacting its operational stability [11] - The actual control of the company has changed hands multiple times, with the current controllers holding only 27.13% of voting rights, raising concerns about control stability [12] - The listing committee has requested explanations regarding the stability of the actual controller's rights and the potential risks of control changes post-IPO [12]

Core Viewpoint - The initial public offering (IPO) application of Xiamen Youxun Chip Co., Ltd. has been postponed for review, raising concerns in the market regarding the company's declining gross margin and the sustainability of its operating performance [2][3][9]. Group 1: Company Overview - Youxun Chip, established in 2003, is a leading domestic player in optical communication chips, focusing on the research, design, and sales of optical communication front-end transceiver chips [6]. - The company's main products include laser driver chips (LDD), transimpedance amplifier chips (TIA), limiting amplifier chips (LA), and integrated optical communication transceiver chips, which provide a complete solution for efficient and reliable optoelectronic signal conversion, amplification, and processing [6]. Group 2: Financial Performance - The company's main business compound annual growth rate (CAGR) over the last three years is 10.26%, but it has shown significant volatility [9]. - In 2022, Youxun Chip's revenue was 339 million yuan, which decreased by 7.67% to 313 million yuan in 2023, but is projected to increase by 31.31% to 411 million yuan in 2024 [9]. - The gross margin has been declining, with figures of 55.26%, 49.14%, 46.75%, and 43.48% for the years 2022 to 2025 (first half) respectively [10]. Group 3: IPO Review and Concerns - The Shanghai Stock Exchange announced that the review of Youxun Chip's IPO application was postponed due to concerns about the continuous decline in gross margin and the sustainability of its operating performance [3][9]. - Key questions raised during the review include the company's product structure, pricing power, market expansion, and the stability of its actual controller's control rights [3][6]. Group 4: Funding and Future Projects - Youxun Chip plans to raise 809 million yuan to enhance its competitiveness, with funds allocated to projects such as the development and industrialization of next-generation access network and high-speed data center chips, automotive chips, and 800G and above optical communication chips [13][16]. - The company aims to address the core demands of global infrastructure upgrades and keep pace with industry trends through these projects [16][17].

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].