Core Viewpoint - Xiamen Youxun Chip Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone for the company and the local economy [1] Group 1: Company Overview - Youxun was established in 2003 and is recognized as a leading enterprise in the optical communication chip sector in Xiamen, designated as a national-level manufacturing "single champion" [6] - The company specializes in the research, design, and sales of optical communication front-end transceiver chips, with applications in various fields including access networks, 4G/5G wireless networks, data centers, metropolitan area networks, and backbone networks [6] Group 2: Financial Performance - Youxun's revenue for the years 2022 to 2024 and the first half of 2025 is reported as follows: 339 million yuan, 313 million yuan, 411 million yuan, and 238 million yuan respectively. The net profit attributable to the parent company for the same periods is 81.4 million yuan, 72.1 million yuan, 77.9 million yuan, and 46.9 million yuan [10] - The company has attracted investment from local state-owned enterprises during its IPO, indicating strong local support [10][11] Group 3: Market Position - In the market segment for products with speeds of 10Gbps and below, Youxun holds the largest market share in China and the second largest globally [9] Group 4: Strategic Initiatives - The funds raised from the IPO, totaling approximately 1.033 billion yuan, will be directed towards the development and industrialization of next-generation access network and high-speed data center chips, automotive chips, and optical communication chips with 800G and above [3] Group 5: Founder Background - The founder and chairman, Ke Binglan, transitioned from a legal academic background to the chip industry, starting Youxun with an initial capital of 2 million yuan. The company faced significant challenges in its early years but eventually succeeded in launching the first domestic chip supporting "fiber to the home" in 2010 [12][14]

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, with CITIC Securities as the sponsor and the company focusing on the research, design, and sales of optical communication front-end transceiver chips [2]. Company Overview - Youxun Chip is recognized as a "national manufacturing single champion enterprise" in the optical communication sector in China [2]. - The company was founded by Ke Binglan, who has a diverse background in law and management before entering the chip industry [2][3]. Historical Development - In 2008, the company adjusted its strategy and developed the first PON driver chip in the industry [3]. - In 2010, it launched the UX3328 chip, the first in China to support "fiber to the home," which was the most integrated product globally at that time [3]. - By 2016, the company began mass production of 10G optical transceiver chipsets, and post-2019, it accelerated penetration into the high-end market [3]. Ownership Structure - The company was without a practical controller for a long time until November 2022, when it confirmed that Ke Binglan and his son, Ke Tenglong, are the actual controllers [3]. - Ke Binglan holds 10.92% of the company's shares directly and controls an additional 4.59% through Kexun Development, totaling 15.51% of voting rights [3]. - Ke Tenglong controls 11.63% of voting rights through three employee stock ownership platforms, bringing the total voting rights controlled by the Ke family to 27.13% [3]. Control Risks - The relatively low shareholding percentage of the actual controllers raises concerns about the stability of the company's control [5]. - Post-IPO, the voting rights of Ke Binglan and Ke Tenglong are expected to dilute from 27.13% to 20.35%, which may lead to risks of control being acquired by third parties [5].