Core Insights - Naxin Micro officially listed on the Hong Kong Stock Exchange on December 8, becoming one of the few companies in the analog chip industry to establish an "A+H" dual capital platform [2] - Naxin Micro ranks first among Chinese manufacturers in the automotive analog chip market based on projected revenue for 2024, positioning itself as a representative enterprise in China's analog chip sector [3] - The company aims to use Hong Kong as a strategic hub for global expansion, indicating that its listing is not solely for fundraising but also for building a high-standard platform for international operations [3] Company Strategy - Naxin Micro's co-founder and COO outlined a "three-step" strategy for international expansion: Local for Local, Local for Global, and Global for Global [4] - The current phase, "Local for Global," focuses on leveraging domestic market collaborations to gain trust and extend projects to international clients [4] - The ultimate goal, "Global for Global," involves building a global capital and operational platform through the Hong Kong listing [4] Market Position and Challenges - Despite achieving breakthroughs in various segments, Naxin Micro acknowledges the gap between itself and established international giants like Texas Instruments and Infineon, particularly in product portfolio scale and manufacturing capabilities [5] - The company has over 4,000 product SKUs, but this is still less comprehensive compared to competitors with tens of thousands of products [5] - Naxin Micro operates under a Fabless model, relying on foundries, which creates a gap in manufacturing capabilities compared to vertically integrated manufacturers [5] Operational Efficiency - Naxin Micro plans to establish an independent and efficient overseas supply chain centered in Hong Kong, enhancing operational efficiency and providing a buffer against complex trade environments [7] - The company aims to attract global R&D talent by leveraging Hong Kong's top universities and international environment [7] Financial Performance - Naxin Micro's revenue grew from approximately 250 million yuan to about 840 million yuan from Q2 2023 to Q3 2025, despite the overall industry facing challenges [8] - The company has shipped over 980 million automotive chips, with an average of over 20 chips per vehicle produced in China, and 40 to 50 chips per electric vehicle [9] - Naxin Micro is currently operating at a loss, attributed to increased market competition and ongoing investments in new products and directions [9] Future Goals - The company aims to surpass the $1 billion revenue mark by 2029, which is a significant challenge given that leading domestic firms typically hover around 3 billion yuan (approximately $400 to $500 million) [10] - Naxin Micro's growth strategy emphasizes organizational capability over product alone, with a focus on building a systematic organization that does not rely on individual leadership [10]

Investment Rating - The investment rating for the company is "Buy" [3][5]. Core Insights - The company successfully listed on the Hong Kong Stock Exchange on December 8, 2025, with a maximum share price of 116 HKD, marking a significant step in its internationalization process [1][5]. - The company's revenue structure for Q1-Q3 2025 shows that automotive electronics account for 34%, the general energy sector for 53%, and consumer electronics for 13% [2]. - The automotive electronics segment has seen a quarterly growth in Q3 2025, driven by new applications in body electronics, smart lighting, and thermal management, with the per-vehicle value exceeding 1300 RMB [2]. - The general energy sector has experienced significant growth, particularly in the photovoltaic and energy storage markets, supported by AI server demand [2]. - The consumer electronics segment focuses on emerging scenarios such as robotic vacuum cleaners and smart home appliances, benefiting from the acquisition of Maiguan [2]. Financial Projections - Revenue projections for 2025-2027 are estimated at 3.301 billion, 4.342 billion, and 5.066 billion RMB, respectively, with a growth rate of 68.4% in 2025 [3][4]. - The net profit attributable to the parent company is projected to be -133 million, 203 million, and 549 million RMB for 2025-2027, indicating a significant recovery in profitability [3][4]. - The earnings per share (EPS) is expected to improve from -0.82 RMB in 2025 to 3.40 RMB in 2027 [4].

来源：智通财经网 香港联交所最新资料显示，12月10日，纳芯微(02676)股东将股票由UBS Securities Hong Kong Limited转 入花旗银行，转仓市值1.82亿港元，占比8.40%。 纳芯微当日发布公告称，于2025年12月10日该公司斥资人民币3067.05万元回购20.15万股A股，回购价 格为每股人民币148.9-153.5元。 ...

纳芯微当日发布公告称，于2025年12月10日该公司斥资人民币3067.05万元回购20.15万股A股，回购价 格为每股人民币148.9-153.5元。 智通财经APP获悉，香港联交所最新资料显示，12月10日，纳芯微(02676)股东将股票由UBS Securities Hong Kong Limited转入花旗银行，转仓市值1.82亿港元，占比8.40%。 ...

香港联交所最新资料显示，12月10日，纳芯微(02676)股东将股票由UBS Securities Hong Kong Limited转 入花旗银行，转仓市值1.82亿港元，占比8.40%。 纳芯微当日发布公告称，于2025年12月10日该公司斥资人民币3067.05万元回购20.15万股A股，回购价 格为每股人民币148.9-153.5元。 ...

呈交日期： 2025年12月10日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | A股（上海證券交易所） | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年12月8日 ...

Group 1 - The company Nanxinwei (02676.HK) announced a share buyback on December 10, spending RMB 30.67 million to repurchase 201,500 A-shares at a price range of RMB 148.9 to 153.5 per share [1] - The buyback reflects the company's strategy to enhance shareholder value and confidence in its stock performance [1] - Nanxinwei's H-shares (688052.SH) are listed and traded on the overseas market, indicating its dual listing status [1]

智通财经APP讯，纳芯微(02676)发布公告，于2025年12月10日该公司斥资人民币3067.05万元回购20.15 万股A股，回购价格为每股人民币148.9-153.5元。 ...

纳芯微(02676)发布公告，于2025年12月10日该公司斥资人民币3067.05万元回购20.15万股A股，回购价 格为每股人民币148.9-153.5元。 ...

Core Insights - Naxin Micro, a leading domestic analog chip company, officially listed on the Hong Kong Stock Exchange on December 8, becoming the first company in Suzhou to achieve dual listing in A-shares and H-shares, setting a new record in the domestic analog chip industry [1][14] Company Performance - Naxin Micro has achieved continuous revenue growth for 10 consecutive quarters from Q2 2023 to Q4 2025, with quarterly revenue increasing from 250 million yuan to 840 million yuan, a growth rate exceeding 236% [4] - Even excluding the additional revenue from the acquisition of Maige, the revenue growth rate for Q1-Q3 2025 remains at 50%, maintaining a leading position among domestic analog chip companies [4] Strategic Focus - The company emphasizes its commitment to the energy and automotive electronics sectors, which are experiencing significant structural changes and demand for new chips due to the transition to new energy and intelligent systems [5] - Naxin Micro's product matrix has expanded rapidly, increasing from over 800 sales items in 2021 to over 4,000 by Q3 2025, covering all scene demands in its two core sectors [5] Automotive Business Growth - By 2029, Naxin Micro aims for its automotive business revenue to exceed 50%, becoming the company's largest core business, supported by explosive growth in the electric vehicle market [9] - Revenue from automotive chips is projected to double from 386 million yuan in 2022 to 719 million yuan in 2024, with expectations to reach 1.2 to 1.3 billion yuan in 2025 [9] - The company has shipped over 980 million automotive chips, with an expected annual shipment of over 70 million chips in 2025, translating to approximately 1.92 million chips per day [9] Product Development and R&D - Naxin Micro has established a three-tier product system of "mature production + rapid growth + newly produced," with mature products contributing about 70% of automotive business revenue [10] - The company has over 100 ongoing R&D projects and aims to release hundreds to thousands of new products annually, adhering to strict quality management standards [11] Global Strategy - The listing in Hong Kong is seen as a key step in Naxin Micro's globalization strategy, with plans to use Hong Kong as a hub for overseas operations and sales [14] - The company has already established production supply relationships with 15 leading global automotive parts manufacturers in Europe and eight major battery and automotive parts companies in East Asia [14] - Naxin Micro aims for overseas revenue to account for about 20% by 2029, with established entities in Europe, Japan, South Korea, and the United States [15] Future Outlook - The company has a clear development blueprint focusing on target industries, application innovation, core capability consolidation, and global market operations [16] - With the increasing number of chips required for smart vehicles, Naxin Micro is positioned to become a preferred supplier in the global automotive analog and mixed-signal chip market [16]