Core Insights - The article discusses the challenges of managing excess inventory in the semiconductor industry, highlighting the financial burden of storage and capital costs associated with unsold materials [1] - It promotes a service called "Chip Superman," which has served 22,000 users and offers rapid inventory clearance, claiming transactions can be completed in as little as half a day [9] Group 1: Inventory Management - The company faces significant costs related to excess inventory, estimating a loss of at least 30,000 yuan after six months due to storage fees and capital costs [1] - There is a need for effective promotion strategies for unsold materials, as the company struggles to find buyers and achieve favorable prices [1] Group 2: Inventory Offerings - The article lists various semiconductor components available for sale, including brands like Nexperia, TI, and ON, with quantities ranging from 15 to 87,500 units [4][5] - The total inventory includes over 5 million chips across more than 1,000 models, with a total value exceeding 100 million yuan [8] Group 3: Service Features - "Chip Superman" provides a platform for users to buy and sell excess inventory, emphasizing quick transaction times and discounts to clear stock [9] - The company operates a 1,600 square meter smart storage facility in Shenzhen, equipped with a dedicated laboratory for quality control [8]

Core Insights - The article discusses the challenges of managing excess inventory in the semiconductor industry, highlighting the financial burden of storage and capital costs associated with unsold materials [1] - It emphasizes the services provided by Chip Superman, which has successfully served 22,000 users and offers rapid inventory clearance solutions [8][9] Group 1: Inventory Management - Excess inventory of 100,000 units incurs monthly storage and capital costs of at least 5,000, leading to a potential loss of 30,000 over six months [1] - The article suggests that companies struggling to sell their materials can utilize Chip Superman's services for better pricing and faster transactions [10] Group 2: Inventory Offerings - Chip Superman has a substantial inventory, with over 5,000 million chips across 1,000+ models and 100 brands, valued at over 100 million [7] - The article lists various semiconductor components available for sale, including specific models from brands like Nexperia, TI, and ST, with quantities ranging from thousands to hundreds of thousands [4][5] Group 3: Purchase Requests - The article includes a section for companies looking to purchase specific semiconductor components, indicating a demand for various models from brands like ST, Broadcom, and Micron [6] Group 4: Service Efficiency - Chip Superman claims to complete transactions in as little as half a day, showcasing its efficiency in clearing inventory [9]

晨会纪要 证券研究报告 2025 年 12 月 12 日 核心结论 分析师 【医药生物】2026 年医药行业策略报告：黄金赛道：寻找中国的 Global Pharma 推荐标的：恒瑞医药、科伦博泰、特宝生物、京新药业、医脉通、平安好医 生等； 建议关注：康方生物、三生制药、信达生物等。 【汽车】易鑫集团（2858.HK）业务更新点评：纳入港交所科技 100 指数、 Q3 运营数据表现优异 公司业务结构持续优化，金融科技能力持续增强，我们看好公司凭借领先的 金融科技能力实现份额和收入的进一步提升。我们维持此前预期，预计公司 2025 年归母净利润 11.43 亿元，同比+41.2%，12 月 10 日对应 PE 为 16 倍，维持"增持"评级。 zhouying@research.xbmail.com.cn 国内市场主要指数 | 指数名称 | 收盘 | 涨跌(%) | | --- | --- | --- | | 上证指数 | 3,873.32 | -0.70 | | 深证成指 | 13,147.39 | -1.27 | | 沪深 300 | 4,552.18 | -0.86 | | 上证 180 | 9,838 ...

以2024年汽车模拟芯片的收入计，纳芯微在中国汽车模拟芯片市场中位列中国厂商第一名，成为 中国模拟芯片的代表性企业之一。 在中国模拟芯片行业，头部本土企业的营收规模常常在30亿元 （约4亿至5亿美元）附近徘徊，难以突破10亿美元大关。而 纳芯微2029年的目标营收高于10亿美元，这意味着其必须在 四年内跨越这一门槛。 作者：濮振宇 封图：图虫创意 12月8日，纳芯微（02676.HK）正式在香港联合交易所主板挂牌上市，成为模拟芯片行业少数构 建"A+H"双资本平台的企业。 纳芯微联合创始人、副总经理、COO王一峰将中国芯片的出海之路概括为"三步走"战略：Local for Local（本地为本地）, Local for Global（本地为全球）, Global for Global（全球为全 球）。 其中，过去两三年即是"Local for Local"阶段，即借全球芯片短缺的窗口期，以解决海外客户供 应链"有无"问题的角色快速切入。"Local for Global"是当前的阶段，即凭借在国内市场与客户 合作中展现的平台化规划与体系能力，获得信任，进而将合作项目延伸至国际客户的全球平 台。"Global ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 蘇州納芯微電子股份有限公司 呈交日期： 2025年12月11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 ...

纳芯微首次公开发行股票募集资金总额为58.11亿元，募集资金净额为55.81亿元。纳芯微实际募资净额 比原拟募资多48.31亿元。纳芯微于2022年4月18日披露的招股书显示，该公司原拟募资7.50亿元，拟分 别用于信号链芯片开发及系统应用项目、研发中心建设项目、补充流动资金项目。 纳芯微首次公开发行股票的发行费用总额为2.30亿元(不含增值税)，其中，保荐及承销费2.03亿元。 纳芯微于2025年12月8日在港交所上市。最终发售价及配发公告显示，纳芯微全球发售项下的发售股份 数目19,068,400股H股，香港发售股份数目1,906,900股H股，国际发售股份数目17,161,500股H股。纳芯 微的最终发售价为116.00港元，所得款项总额2,211.9百万港元，扣除基于最终发售价的估计应付上市开 支115.6百万港元，所得款项净额2,096.4百万港元。目前纳芯微H股处于破发状态。 中国经济网北京12月11日讯纳芯微(688052.SH)A股今日收报148.80元，跌幅3.24%。纳芯微(02676.HK) 港股今日收报115.3港元，跌幅0.35%。 纳芯微于2022年4月22日在上交所科创板上市，公 ...

智通财经APP讯，纳芯微(02676)发布公告，于2025年12月11日斥资2833.14万元回购18.79万股A股。 ...

纳芯微创始人、董事长、CEO王升杨在接受经济观察报等媒体采访时表示："作为一家芯片企业，如果想真正变成全球领导者，单靠经营中国市场是不够的 ——哪怕中国已经是全球最大的单一市场。" 过去多年来，中国模拟芯片企业往往被困在10亿美元营收的"隐形天花板"之下。此次获得香港这一全球化新支点的纳芯微，未来能否跨越这道鸿沟？ 香港支撑全球化突围 纳芯微联合创始人、副总经理、COO王一峰将中国芯片的出海之路概括为"三步走"战略：Local for Local（本地为本地）, Local for Global（本地为全球）, Global for Global（全球为全球）。 12月8日，纳芯微（02676.HK）正式在香港联合交易所主板挂牌上市，成为模拟芯片行业少数构建"A+H"双资本平台的企业。 以2024年汽车模拟芯片的收入计，纳芯微在中国汽车模拟芯片市场中位列中国厂商第一名，成为中国模拟芯片的代表性企业之一。 港股上市之际，纳芯微将香港定位为海外总部，以此作为面向世界的战略枢纽。这意味着，纳芯微赴港上市的目的不只是募集资金，也是为搭建一个高规格 的出海平台。 其中，过去两三年即是"Local for Local"阶 ...

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。 ...