The benchmark IPO of domestic optical chips is about to explode! Fujian Youxun Co., Ltd. surged 365% at the opening, with a market value exceeding 20 billion yuan!

The domestic optical chip localization track welcomes another milestone event. Today, Fujian Xiamen optical communication chip leader Youxun Co., Ltd. officially listed on the Shanghai Stock Exchange's Science and Technology Innovation Board, starting its journey in the capital market with stunning performance. The company's issue price was 51.66 yuan/share, and the opening price soared directly to 240 yuan/share, a surge of 364.6% from the issue price, approaching 365%; As of shortly after the opening, the stock price further climbed to 259.99 yuan per share, corresponding to a total market value exceeding 20.8 billion yuan, surpassing the target of 20 billion yuan, becoming a "star target" for recent semiconductor IPOs.

The market popularity of Youxun Co., Ltd. stems from its hardcore strength in the field of optical communication electronic chips and the scarcity of domestic substitutes. Founded in 2003, UXun Co., Ltd. is one of the few domestic enterprises that can provide full application scenarios and a full range of optical communication chip solutions. It is also a "national level manufacturing industry single champion enterprise". According to ICC data, in 2024, the company ranked first in China and second in the world in terms of market share in the sub segment of 10Gbps and below speed products. In the field of low-speed optical chips, the company has successfully replaced international leading enterprises and entered the supply chain of globally renowned customers.

On the high-end track, Uxun Group has also achieved a key breakthrough. At present, the self-sufficiency rate of high-speed optical communication chips with a speed of 25G or above in China is extremely low, and downstream manufacturers highly rely on overseas imports. However, the company's single channel 25G chips and 4-channel 100G chips have been mass-produced in key areas such as data centers and 5G wireless transmission, filling the technical gap in related fields in China. Behind the technological advantage lies continuous R&D investment. From 2022 to 2024, the company's R&D expenses will remain above 66 million yuan, with R&D personnel accounting for over 54%. The company has mastered the dual process technology of deep sub micron CMOS and germanium silicon Bi CMOS, and has full rate chip design experience from single channel 155Mbps to multi-channel 800Gbps.

On the performance level, Uxun Co., Ltd. has formed a stable growth trend. From 2022 to 2024, the company's revenue was 339 million yuan, 313 million yuan, and 411 million yuan respectively, and its net profit was 81 million yuan, 72 million yuan, and 78 million yuan respectively. The cumulative revenue over the three years exceeded 1 billion yuan, and the net profit exceeded 200 million yuan. In this IPO, the actual total amount raised by the company reached 1.03 billion yuan, with a net amount of 928 million yuan after deducting issuance expenses. The company will focus on investing in projects such as the development of next-generation access networks and high-speed data center electronic chips, research and development of automotive electronic chips, and research and development of 800G and above optical communication electronic chips and silicon optical components, further strengthening technological barriers and production capacity advantages.

The successful listing of UXun Corporation also reflects the hot prospects of the domestic optical chip industry. The current explosive demand for AI computing power is driving the accelerated penetration of 800G and 1.6T optical modules, and the market size of optical chips as core components continues to expand. However, the current situation of less than 5% domestic substitution rate in the high-end field provides a broad space for local enterprises. The high valuation of Youxun Co., Ltd.'s entry into the capital market not only received support from industry capital such as Shengbang Co., Ltd. and China Mobile Fund, but also confirmed the market's recognition of domestic optical chip companies. Industry insiders believe that with the implementation of fundraising projects, Uxun Corporation will continue to break through in high-speed optical chips and emerging application scenarios, injecting stronger momentum into the domestic optical communication industry chain for independent and controllable operation.