Core Viewpoint - Since 2025, there has been a notable increase in A-share listed companies planning to list on the Hong Kong stock market, with over 30 companies having submitted applications or announced plans for such listings [1][3]. Group 1: Reasons for the Surge in Listings - The Hong Kong stock market is viewed as an international capital market that can assist companies in their global business expansion, with many companies citing "supporting global development" as a reason for their listings [1][3]. - Recent policies have also encouraged A-share companies to pursue secondary listings in Hong Kong, including measures to optimize the Shanghai-Hong Kong Stock Connect mechanism and support leading domestic enterprises in listing in Hong Kong [3]. Group 2: Specific Company Listings - Companies such as Lens Technology and Dazong CNC have announced plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance their international competitiveness and accelerate overseas capital platform development [3]. - A detailed list of companies planning to list in Hong Kong includes Lens Technology (submitted on March 31, 2025), Jiangdu Long (March 22, 2025), and others, indicating a broad interest across various sectors [2]. Group 3: Fundraising and Financial Health - Naxin Micro has submitted its application for a Hong Kong listing, with plans to use the raised funds for enhancing technology capabilities, expanding product offerings, and strategic investments, despite having a low debt ratio of 21.21% and significant cash reserves [5][8]. - The company previously raised 5.81 billion yuan from its A-share listing, significantly exceeding its initial fundraising target, and has since allocated part of the excess funds to improve liquidity [8][7]. Group 4: High-Priced Acquisitions and Market Concerns - Naxin Micro's acquisition of Shanghai Maige Microelectronics was conducted at a high premium, raising questions about potential conflicts of interest and the authenticity of the acquired company's performance [9][16]. - The acquisition involved a significant valuation increase, with the assessed value of Maige Microelectronics being substantially higher than its book value, leading to concerns about the sustainability of its reported earnings [10][12].

以下文章来源于橙子不糊涂 ，作者橙子 80后，集成电路背景，专注于AI硬科技、半导体领域的研究和投资。 申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 25年Q1财报全部披露完，科技领域的财报值得重点关注，有一大批非常炸裂的，今天具体讨论3个 话题： 1，哪些领域 创了历史最佳； 2，哪些领域 接近，或者说"实际上最佳"； 3，未来哪些领域会 持续加速增长。 首先， 历史最佳财报 主要集中在3个领域： （1）AI芯片：国产AI推理芯片需求爆发 橙子不糊涂 . 主要代表是 寒武纪和海光信息 。Q1营收11.11亿元，同比增长42倍，净利润3.55亿元，最炸裂的是存货 和预付款，预示着Q2将环比几倍的增长。 海光信息， DCU3深算3号作为少数几款国产全精度卡，在一些顶尖应用比如 AI for science 上非常 出色。 （2）端侧 SoC芯片 ：受益于AI端侧设备的井喷 AIoT、自动驾驶、机器人，以及AI玩具、AI智能终端等新兴场景带动端侧算力芯片需求，国内一些巨 头已经有了质的突破，比如 瑞芯微 强悍的3588已经大量上车，明显的4nm的3688 性能会更加猛烈。 端侧SoC整个板块各个公司Q ...

Financial Performance - The company's revenue for Q1 2025 reached ¥717,066,683.60, representing a 97.82% increase compared to ¥362,481,635.24 in the same period last year[4]. - Total operating revenue for Q1 2025 reached ¥717,066,683.60, a significant increase of 97.6% compared to ¥362,481,635.24 in Q1 2024[17]. - The net loss attributable to shareholders was ¥51,338,300.13, an improvement from a loss of ¥150,029,219.93 in the previous year[4]. - Net loss for Q1 2025 was ¥51,338,269.71, an improvement from a net loss of ¥150,029,219.93 in Q1 2024[18]. - Operating profit for Q1 2025 was -¥103,498,137.80, an improvement from -¥123,077,562.90 in Q1 2024[27]. - Net profit for Q1 2025 was -¥96,842,995.27, compared to -¥122,534,806.37 in Q1 2024, indicating a reduction in losses[28]. Cash Flow - The net cash flow from operating activities was negative at ¥170,200,915.43, a significant decline from a positive cash flow of ¥12,755,456.56 in the same period last year, primarily due to increased inventory and employee-related cash payments[4][9]. - Operating cash inflow for Q1 2025 was 666,158,045.57 RMB, a significant increase from 372,661,850.52 RMB in Q1 2024, representing an increase of approximately 78.8%[21]. - Operating cash outflow for Q1 2025 was 836,358,961.00 RMB, compared to 359,906,393.96 RMB in Q1 2024, resulting in a net cash flow from operating activities of -170,200,915.43 RMB[21]. - Cash flow from operating activities for Q1 2025 was -¥216,119,035.40, a decline from a positive cash flow of ¥36,144,148.71 in Q1 2024[30]. - The company reported cash and cash equivalents of ¥743,136,509.75 at the end of Q1 2025, down from ¥2,631,012,700.08 at the end of Q1 2024[31]. Research and Development - Research and development expenses totaled ¥178,681,849.20, accounting for 24.92% of revenue, a decrease of 17.03 percentage points from 41.95% in the previous year[5]. - Research and development expenses increased to ¥178,681,849.20 in Q1 2025, compared to ¥152,049,258.16 in Q1 2024, reflecting a growth of 17.5%[17]. - Research and development expenses increased to ¥178,131,638.26 in Q1 2025, up from ¥142,175,998.40 in Q1 2024, reflecting a focus on innovation[27]. Assets and Liabilities - Total assets at the end of the reporting period were ¥7,514,128,161.76, a decrease of 2.08% from ¥7,673,575,907.32 at the end of the previous year[5]. - Total assets decreased to ¥7,514,128,161.76 in Q1 2025 from ¥7,673,575,907.32 in Q1 2024, a decline of 2.1%[16]. - Total liabilities decreased to ¥1,594,059,369.19 in Q1 2025 from ¥1,726,461,672.37 in Q1 2024, a reduction of 7.7%[15]. - Total liabilities as of March 31, 2025, were 1,065,474,310.80 RMB, compared to 1,133,401,812.56 RMB in the previous year[26]. - The company's total equity decreased to ¥5,920,068,792.57 in Q1 2025 from ¥5,947,114,234.95 in Q1 2024, a decline of 0.5%[15]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 7,626[11]. - The largest shareholder, Wang Shengyang, holds 15,487,920 shares, representing 10.87% of total shares[11]. - The second largest shareholder, Sheng Yun, holds 14,432,040 shares, representing 10.13% of total shares[11]. - The company has a total of 6,526,800 shares held by Suzhou Ruixi Information Consulting Partnership, accounting for 4.58%[11]. - The company has not reported any changes in the top 10 shareholders due to securities lending or borrowing[13]. - The company has not received any declarations of other related party relationships among the top shareholders[12]. Other Financial Metrics - The weighted average return on equity was -0.87%, an improvement from -2.43% in the previous year[4]. - The company reported non-recurring gains of ¥13,023,001.79 during the period, primarily from government subsidies and other non-operating income[7]. - The company reported a gross profit margin of approximately 34.0% for Q1 2025, compared to 31.0% in Q1 2024[17]. - Basic earnings per share for Q1 2025 were -0.36 RMB, compared to -1.05 RMB in Q1 2024[19].

纳芯微公告，2025年第一季度营收为7.17亿元，同比增长97.82%；净亏损5133.83万元，去年同期净亏 损1.5亿元。 ...

谈及本次展出的亮点，高峰首先强调了围绕"核心应用场景"的产品布局思路。在智能座舱方面，纳 芯微推出了Class D音频功放芯片NSDA6934-Q1，以低延迟、高采样率和适配复杂车载环境的特 性，满足75瓦、150瓦不同功率级别的需求。此外，基于全国产供应链、采用HSMT公有协议的高 速SerDes接口产品也亮相现场，为ADAS及智能座舱系统中的高速数据传输场景提供关键基础支 撑。 值得一提的是，纳芯微在智能电机控制领域的突破——NovoGenius®系列产品——NSUC1610、 NSUC1602和NSUC1500，单芯片集成丰富接口与专有算法，能够精准控制直流有刷、无刷以及步 进电机，全面支撑HUD抬头显示、大屏旋转等新一代座舱体验。 这一产品线并非一朝一夕之功，高峰表示，纳芯微早在2023年就已悄然发力座舱领域，从最初单 一的驱动器件扩展到如今的系统级方案，技术上的不断演进正是国产芯片厂商在智能化趋势下的缩 影。 如果您希望可以时常见面，欢迎标星收藏哦~ 除了座舱系统，高峰还为我们特别介绍了在新能源汽车三电系统上的一站式布局——涵盖隔离电 源、电源管理、采样接口、马达驱动及传感器产品族，并且首次带来了实 ...

Core Insights - Naxin Micro (688052) has launched a series of automotive-grade SerDes chipsets based on a fully domestic supply chain and utilizing the HSMT public protocol [1] - The product line includes a single-channel serializer chip NLS9116 and a four-channel deserializer chip NLS9246, designed for high-speed data transmission in ADAS (cameras, domain controllers) and intelligent cockpit (cameras, displays, domain controllers) systems [1] - The current value of SerDes chips per vehicle is approximately several tens of dollars, with potential for increase as the number of cameras and displays in vehicles rises [1]

Core Viewpoint - The domestic analog chip market in China is experiencing a significant push for self-sufficiency, with companies like Naxin Micro (688052.SH) preparing for domestic alternatives as the localization rate remains low across various sectors, particularly in the automotive industry, which stands at only about 5% [1] Group 1: Company Overview - Naxin Micro focuses on three main areas: sensors, signal chains, and power management, and is the only major player in China's top ten analog chip manufacturers to emphasize these directions [1] - In 2024, Naxin Micro achieved a record revenue of 1.96 billion RMB, marking a nearly 50% increase from the previous year, driven by improvements in downstream demand [2][3] - The company's revenue sources for 2024 include automotive electronics (719 million RMB), general energy (976 million RMB), and consumer electronics (266 million RMB), with respective year-on-year increases of 77.9%, 26.5%, and 95.8% [2] Group 2: Financial Performance - Naxin Micro's revenue growth is contrasted by declining profit margins, with gross profits of 810 million RMB in 2022, 444 million RMB in 2023, and 549 million RMB in 2024, leading to gross margins of 48.5%, 33.9%, and 28% respectively [4][5] - The gross margins for sensor products and signal chain chips have decreased significantly, with sensor margins dropping to 43.8% and signal chain margins to 37.6% by 2024 [5][6] - Despite revenue growth, Naxin Micro reported net losses of 250 million RMB in 2022, 305 million RMB in 2023, and 403 million RMB in 2024, although there was a slight profit recovery in Q4 2024 [6] Group 3: Market Potential - The analog chip industry has high technical barriers, particularly in automotive and general energy sectors, which are expected to see significant growth due to low domestic self-sufficiency rates [8] - The automotive electronics analog chip market is projected to grow from 37.1 billion RMB in 2024 to 85.8 billion RMB by 2029, with localization rates expected to increase from 5% to 20% during the same period [9] - Naxin Micro's early entry into the automotive electronics market positions it well to benefit from the anticipated growth, having already provided over 700 automotive electronic product models [8][9] Group 4: Strategic Outlook - Naxin Micro's focus on high-barrier markets with significant domestic replacement potential is a key reason for investor interest, although this requires substantial funding support for continued development [9][10] - The company’s recent move to seek additional funding through the Hong Kong market indicates a strategy to bolster its financial position amid intense competition in the analog chip sector [10]

Core Viewpoint - Suzhou Naxin Microelectronics Co., Ltd. (Naxin Micro) has submitted an application for listing on the Hong Kong Stock Exchange, aiming to raise funds for its internationalization strategy, marking a significant step for Chinese analog chip companies towards global capital integration [1] Group 1: Company Overview - Naxin Micro is focused on developing products around downstream application scenarios, concentrating on three main product areas: sensors, signal chains, and power management, covering automotive electronics, energy, and consumer electronics [1] - The company plans to enhance its product line and competitiveness in the consumer electronics and new energy vehicle markets through the acquisition of magnetic sensor company Meigen [1] Group 2: Financial Performance - Naxin Micro's revenue for 2022, 2023, and 2024 was 1.67 billion, 1.31 billion, and 1.96 billion respectively, showing a fluctuating growth trend, while the net profit has been in continuous loss for two years, totaling approximately 700 million [2] - The main reasons for the losses include intensified market competition leading to a significant drop in product prices (sensor average price decreased by 64%), high R&D expenditures (5.4 billion in 2024, accounting for 27.5% of revenue), and increased equity incentive costs [2] Group 3: Market Position and Strategy - Naxin Micro aims to build a global sales network and strengthen its technological advantages while addressing the current reliance of China's analog chip supply chain on international manufacturers (with only 5% localization rate for automotive chips) [4] - The A+H listing journey of Naxin Micro reflects the broader trend of semiconductor localization in China and serves as a test of its technological strength and strategic execution [4]

Group 1 - The core viewpoint of the articles highlights that Naxin Microelectronics (688052.SH) has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds through H-share issuance to advance its international strategy [1][2] - If successful, Naxin Micro will become the first "A+H" dual-listed company in Suzhou, reinforcing China's semiconductor industry's presence in the global capital market [1] - In 2024, Naxin Micro reported revenue of 1.96 billion yuan, a year-on-year increase of 49.53%, but faced a net loss of 403 million yuan, which is a 31.95% increase in losses compared to the previous year [1] Group 2 - The company's gross profit margin decreased by nearly 6 percentage points to 32.70% in 2024, significantly lower than the over 50% margin in earlier years, indicating pressure on profitability [1] - The company's expense ratio, excluding financial costs, reached 51.54% in 2024, which has severely squeezed profit margins due to ongoing mergers and acquisitions [1] - Naxin Micro's capital operation path is not isolated, as other semiconductor and renewable energy companies like JA Solar and Jiewa Microelectronics have also initiated "A+H" listing plans since 2025 [2] Group 3 - The dual listing strategy presents challenges such as valuation differences in the Hong Kong market for the semiconductor industry, which may exert pressure on stock prices [2] - Companies face dual regulatory and compliance costs due to the "A+H" structure, needing to adhere to different disclosure and accounting standards in both markets [2] - The move signifies a transition for Chinese semiconductor companies from "technological catch-up" to "capital going global," with the opening of specialized technology listing channels in Hong Kong potentially leading to more hard-tech companies following this path [2]