纳芯微(02676)于2025年11月28日至2025年12月3日招股，公司拟全球发售1906.84万股H股，香港公开发 售占10%，国际发售占90%(可予重新分配)，另有15%超额配股权。发售价不会高于每股发售股份116.00 港元，每手100股，预期H股将于2025年12月8日(星期一)上午九时正开始在联交所买卖。 ...

智通财经APP讯，纳芯微(02676)于2025年11月28日至2025年12月3日招股，公司拟全球发售1906.84万股 H股，香港公开发售占10%，国际发售占90%(可予重新分配)，另有15%超额配股权。发售价不会高于每 股发售股份116.00港元，每手100股，预期H股将于2025年12月8日(星期一)上午九时正开始在联交所买 卖。 ...

格隆汇11月28日｜纳芯微申请香港IPO。寻求首次公开发行1910万股股票。股票发行价指导区间顶端为 每股116港元。预计股票将从12月8日开始交易。 ...

SUZHOU NOVOSENSE MICROELECTRONICS CO., LTD. 蘇州納芯微電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號: 2676 全球發售 聯席保薦人、整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 重要提示 閣下如對本招股章程任何內容有任何疑問，應諮詢獨立專業意見。 Suzhou Novosense Microelectronics Co., Ltd. 蘇州納芯微電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售項下發售股份數目 ： 19,068,400股H股（視乎超額配股權行使與否而 股份代號 ： 2676 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示概不就因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 2025年11月28日 定） 香港發售 ...

Group 1 - The company, 纳芯微, has applied for an IPO in Hong Kong, seeking to issue 19.1 million shares [1]

Core Viewpoint - The article discusses the rapid development and strategic positioning of the domestic semiconductor company, 纳芯微, in the analog chip market, particularly in automotive electronics and energy sectors, amidst the ongoing transition in energy structures and the increasing demand for domestic alternatives to foreign products [1][3]. Group 1: Strategic Focus - 纳芯微's strategy revolves around application-centric development, focusing on three core sectors:泛能源 (broad energy), automotive electronics, and smart terminals [3][5]. - In the泛能源 sector, the company is expanding its power device product matrix to cater to applications in photovoltaic storage, industrial power supplies, and high-efficiency drives [3][5]. - The automotive electronics market is identified as a strategic core, with increasing demand driven by electrification and intelligent features in vehicles [5][6]. Group 2: Product Development - 纳芯微 has launched several new products aimed at addressing core bottlenecks in automotive electronics and energy, including the NSD2622N high-voltage half-bridge driver chip designed for GaN applications [3][5]. - The company plans to release the NSI67xx series by the end of 2024, which will reduce PCBA area by 40%, and the NSI6911F, the first ASIL-D functional safety driver in China, by the end of 2025 [6][8]. - The introduction of the NSDA6934-Q1 digital input class D power amplifier for automotive audio systems highlights the company's focus on enhancing audio experiences in vehicles [8][20]. Group 3: Market Trends and Opportunities - The article notes a significant increase in the demand for motor drive chips due to the proliferation of electric vehicles and the growing complexity of automotive systems [15][16]. - The domestic market for automotive-grade motor drive chips is still in its early stages, with ample room for growth as domestic manufacturers accelerate their development [16][18]. - The shift towards active noise cancellation in automotive audio systems is driving the need for low-latency digital amplifiers, which 纳芯微 is addressing with its new product offerings [19][20]. Group 4: Competitive Advantages - 纳芯微's competitive edge lies in its ability to provide localized supply capabilities, rapid response to market changes, and effective problem-solving for clients [28][29]. - The company has established long-term partnerships with key wafer and packaging manufacturers to ensure stable delivery and production capabilities [29][30]. - The focus on providing comprehensive solutions across multiple product lines enhances customer retention and reduces the need for clients to source from multiple suppliers [29][30]. Group 5: Future Outlook - The company aims to transition from "domestic substitution" to "global leadership" in the next 2-3 years, with specific targets for its product lines [31][32]. - Future product development will continue to leverage partnerships with leading clients and explore new applications, including in the robotics sector [31][32]. - The strategic emphasis on international expansion aligns with the growing demand for Chinese chips in global markets, driven by geopolitical factors and cost optimization needs [25][26].

Core Insights - Naxinwei is a leading domestic automotive analog chip manufacturer, holding a 1.8% market share in China's automotive analog chip market in 2024, ranking tenth among all manufacturers and first among domestic firms [1] - The company is experiencing strong growth driven by the acceleration of high-value products like SerDes chips, which are enhancing gross margins, and the synergistic effects from the acquisition of Maiguan are becoming evident [1] - Naxinwei plans to repurchase shares with a budget of no less than 200 million and no more than 400 million yuan, with a repurchase price not exceeding 200 yuan per share [1] Automotive Sector - In the first three quarters of 2025, automotive electronics revenue accounted for 34% of total revenue, with the per vehicle value of mass-produced products exceeding 1300 yuan [2] - The company has established significant advantages in the three electric systems, particularly in isolation products, and has achieved high market share, contributing to stable revenue [2] - The product line is expanding into new areas such as body electronics, intelligent lighting, and thermal management, with collaborations on smart GaN products to enhance system power density [2] Energy Sector - In the first three quarters of 2025, the energy sector (including industrial control, power modules, and photovoltaic storage) accounted for 53% of total revenue [2] - There is a noticeable recovery in demand for photovoltaic and storage markets, with rapid growth in power module business driven by AI server demand [2] - The company is providing isolation chips for server power supplies, achieving mass production for domestic and international clients [2] Consumer Electronics - In the first three quarters of 2025, consumer electronics revenue accounted for 13% of total revenue, focusing on emerging scenarios like robotic vacuums, smart home appliances, drones, and 3D printing [3] - Growth in this segment is primarily driven by the contribution from the sensor business post-acquisition of Maiguan and steady growth in traditional signal conditioning chips [3] Investment Outlook - Naxinwei is positioned to benefit significantly from the trend of domestic substitution in high-end analog chips, with continued growth in high-value products and increased R&D investment [3] - Revenue forecasts for 2025-2027 are adjusted to 32.76 billion, 42.02 billion, and 50.30 billion yuan, with net profits projected at -1.62 billion, 1.28 billion, and 3.50 billion yuan respectively [3]

Core Viewpoint - Naxin Micro (688052.SH) plans to repurchase shares worth between 200 million to 400 million RMB, reflecting confidence in future growth and long-term value recognition [1][2] Share Repurchase Plan - The repurchase will be conducted through centralized bidding, with a maximum price of 200 RMB per share, and aims to buy back approximately 1 million to 2 million shares, representing 0.70% to 1.40% of the total share capital [2][3] - The repurchased shares will be used for employee stock ownership plans or equity incentives, to be utilized within three years [2] Financial Performance - For the first three quarters of 2025, Naxin Micro reported a revenue of 2.366 billion RMB, a year-on-year increase of 73.18%, and a net loss of 140 million RMB, a significant reduction in loss by 65.54% compared to the previous year [5] - The company has consistently increased its R&D investment, with cumulative R&D expenses reaching 2.028 billion RMB over the past four years [5] Market Position and Product Offering - Naxin Micro ranks 14th in China's analog chip market with a 0.9% market share and is the leading domestic company in automotive analog chip revenue [4][5] - The company operates under a fabless model, focusing on chip design and development across three main product categories: sensors, signal chain chips, and power management chips [4]

分组1 - Weili Medical plans to distribute a cash dividend of 2 yuan per 10 shares to all shareholders, based on an undistributed profit of 704 million yuan as of September 30, 2025 [1] - Tongding Interconnect's shareholder plans to reduce their stake by up to 0.49%, equating to a maximum of 605,800 shares [1] - Caitong Securities has received approval from the China Securities Regulatory Commission to issue short-term corporate bonds with a total face value of up to 5 billion yuan [1] 分组2 - Youfu Food intends to use 70 million yuan of its own funds to invest in wealth management products with expected annual returns of up to 4.2% [3] - Keres received an administrative regulatory decision from the Guangdong Securities Regulatory Bureau for violations related to accounts receivable aging calculations and related party transactions [5] - Ouma Software's controlling shareholder has completed the transfer of state-owned equity, changing the controlling shareholder to Shandong Guotou [7] 分组3 - ST Huapeng's wholly-owned subsidiary has completed a major overhaul project and is now in production [8] - Beiqi Blue Valley has received approval from the China Securities Regulatory Commission for a stock issuance to specific investors [8] - Weijie Chuangxin received a government subsidy of 5 million yuan, accounting for 21.07% of its projected net profit for 2024 [9] 分组4 - China Resources Double Crane's subsidiary has received a drug registration certificate for a hypertension treatment drug [11] - Huafeng shares are continuing to suspend trading due to a planned change in control [13] - Kaifa Electric's shareholder plans to transfer 36.6869 million shares, representing 11.63% of the total share capital [14] 分组5 - Heng Rui Medicine has received approval for two clinical trials for innovative anti-tumor drugs [15] - Kosen Technology plans to invest 30 million USD to establish a new production base in Malaysia [17] - Sanxing Medical's subsidiary is expected to win a procurement project from the State Grid worth approximately 107 million yuan [18] 分组6 - Sitai Li's subsidiary has received a drug registration certificate for a contrast agent used in MRI [21] - Daren Tang's subsidiary has received a drug registration certificate for a pain relief gel [22] - Saike Xide has received approval for three medical device products, expanding its product range in the in vitro diagnostic field [23] 分组7 - Hasa Lian has elected a new chairman and vice chairman for its board of directors [24] - Two-sided Needle's subsidiary plans to invest 68.8522 million yuan in a production base expansion project [25] - Sunshine Nuohe plans to transfer 70% of its controlling subsidiary's equity for 2 million yuan [26] 分组8 - Hengbang shares received an administrative regulatory decision from the Shandong Securities Regulatory Bureau for failing to complete the election of independent directors [27] - Huali shares plan to sign a related transaction contract worth approximately 59.2847 million yuan [28] - Shangwei shares plan to invest 520.4 million yuan to gain a controlling stake in Sichuan Zhongfu Taihua [30] 分组9 - Zejing Pharmaceutical's ZG006 has been included in the list of breakthrough therapeutic varieties for treating advanced neuroendocrine cancer [32] - Yaopi Glass's shareholder plans to reduce their stake by up to 2.26%, equating to a maximum of 21.1469 million shares [34] - Huate Gas has initiated a major lawsuit involving a claim of 180 million yuan [36] 分组10 - Zhongchumei's controlling shareholder plans to increase their stake by between 42 million and 80 million yuan [37] - Huitong shares' shareholder plans to reduce their stake by up to 1% [38] - Miaowei Exhibition plans to apply for an initial public offering of H shares on the Hong Kong Stock Exchange [40] 分组11 - Tianqi Lithium's subsidiary has appealed to the Chilean Supreme Court regarding a partnership agreement with SQM and Codelco [42] - Naxin Micro plans to repurchase shares worth between 200 million and 400 million yuan [44] - Pingao shares have reported significant uncertainty regarding future business development and profitability [46] 分组12 - Shunyu shares have been pre-selected for a project worth 1.023 billion yuan [48] - Zhongyuan Neipei plans to acquire a 2.5% share in an aerospace industry fund for 50 million yuan [50] - Huifa Food's shareholder plans to reduce their stake by up to 3%, equating to a maximum of 727.14 million shares [53] 分组13 - Junshi Biosciences' subcutaneous PD-1 new formulation has reached its primary endpoint in a Phase III clinical trial [54] - Industrial Fulian clarified that it has not lowered its fourth-quarter profit target amid market rumors [55] - Longpan Technology's subsidiary has signed a major supply agreement for lithium iron phosphate materials, significantly increasing the supply volume [56]

Group 1 - The People's Bank of China announced a 1 trillion yuan MLF operation to maintain liquidity in the banking system, set to take place on November 25, 2025 [2] - The National Energy Administration reported that as of October, the total installed power generation capacity reached 3.75 billion kilowatts, a year-on-year increase of 17.3%, with solar power capacity growing by 43.8% [6] - The Shanghai Municipal Government issued measures to promote the digital transformation of the pharmaceutical industry, encouraging the integration of AI technology across the entire industry chain [4] Group 2 - Xiaomi Group's controlling shareholder Lei Jun invested approximately 100 million Hong Kong dollars to increase his stake in the company [6] - Alibaba's AI assistant Qianwen APP surpassed 10 million downloads within a week of its public testing [9] - Shanghai Port Bay's commercial space business and perovskite solar business accounted for less than 1% of the company's revenue [10] Group 3 - The stock of *ST Suwu has seen a continuous limit-up for four days, indicating potential market overheating and irrational speculation [12] - Longpan Technology signed a significant contract with a total sales amount exceeding 45 billion yuan [24] - The stock of Hualong Holdings is set to be suspended from trading due to the first major shareholder planning a change of control [25]