证券代码：688052 证券简称：纳芯微 公告编号：2025-051 苏州纳芯微电子股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 373 | | --- | --- | | 普通股股东人数 | 373 | | 2、出席会议的股东所持有的表决权数量 | 70,602,037 | | 普通股股东所持有表决权数量 | 70,602,037 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 49.5765 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 49.5765 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 1、本次会议由公司董事会召集，董事长王升杨先生主持； 2、会议采用现场投票 ...

Investment Rating - The report maintains an investment rating of "Outperform" with a target price set for the next six months [4]. Core Insights - Alibaba has launched the "Qianwen" project, aiming to compete with ChatGPT by developing a personal AI assistant app, leveraging its Qwen model, which has a pre-training data volume of 36 trillion tokens and over one trillion parameters [1]. - SanDisk has raised NAND flash memory prices by 50%, indicating a tightening storage chip market driven by strong demand from AI data centers and limited global wafer production capacity [2]. - Baidu has unveiled its AI chip roadmap, introducing the Kunlun M100 and M300 chips, with plans to release new products annually over the next five years [3]. Summary by Sections Industry News Overview - The report highlights significant developments in the semiconductor and AI sectors, including the completion of the first phase of 6G technology trials in China and advancements in silicon carbide (SiC) technology [16][17]. Market Performance Review - The electronic sector experienced a decline of 4.77% in the week of November 10-14, 2025, ranking 30 out of 31 in overall industry performance [31][33]. - The report notes that the semiconductor sub-sector has a high price-to-earnings (PE) ratio of 95.27, indicating strong market expectations [40]. Investment Recommendations - The report suggests focusing on companies in the domestic computing power sector such as Feirongda and Xingsen Technology, as well as storage industry players like Zhaoyi Innovation and Bawei Storage [10].

Core Points - Naxin Micro (688052.SH) closed at 153.38 yuan, with a decline of 1.14%, and a total market capitalization of 21.861 billion yuan, currently in a state of breaking issue [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 22, 2022, with an initial public offering of 25.266 million shares at a price of 230.00 yuan per share [1] - Naxin Micro raised a total of 5.811 billion yuan from its IPO, with a net amount of 5.581 billion yuan, exceeding the originally planned fundraising by 4.831 billion yuan [1] - The original fundraising target was 750 million yuan, intended for signal chain chip development, R&D center construction, and working capital [1] - The total issuance costs for the IPO amounted to 230 million yuan (excluding VAT), with underwriting fees of 203 million yuan [1] Dividend Distribution - On May 24, 2023, Naxin Micro announced a profit distribution plan based on a total share capital of 101,064,000 shares, distributing a cash dividend of 0.8 yuan per share (tax included) [2] - The company will also increase its capital stock by 0.4 shares for every share held, resulting in a total cash dividend distribution of 80.8512 million yuan and a capital increase of 40.4256 million shares [2] - After this distribution, the total share capital will be 141,489,600 shares [2]

Core Viewpoint - The domestic analog chip industry is experiencing "collective growth with internal differentiation" driven by technological iteration and market demand in Q3 2025, with financial reports from 10 representative companies revealing both resilience among leading firms and competitive dynamics in a recovering market [1] Revenue Landscape - The total revenue of 10 analog chip manufacturers reached 7.087 billion yuan in Q3 2025, showing an overall growth trend [2] - Leading the high-growth segment, Jiehuate achieved a revenue increase of 71.18% year-on-year, followed by SIRUIPO and NAXINWEI with increases of 70.29% and 62.81% respectively, driven by technological breakthroughs in high-end analog chips and overall industry recovery [2][5] - Nanchip Technology ranked second in growth with a revenue increase of 40.26%, benefiting from its strong presence in consumer electronics and expectations of further growth in the second half of the year [2] Profitability Analysis - The total net profit attributable to shareholders of the 10 manufacturers was 346 million yuan, with a non-recurring net profit of 170 million yuan, indicating significant differentiation in profitability compared to revenue [6] - Shengbang's net profit reached 142 million yuan, up 34.02% year-on-year, while Awei Electronics reported a net profit of 119 million yuan, up 37.93% [6] - Conversely, NAXINWEI and Jiehuate reported net losses of 62 million yuan and 165 million yuan respectively, highlighting the competitive pressures within the industry [7] R&D Investment Trends - The total R&D investment among the 10 manufacturers was 1.184 billion yuan, reflecting varying recognition and strategic focus on technological iteration [8] - Jiehuate led in R&D investment with 258 million yuan, a 52.19% increase year-on-year, representing 34.20% of its revenue [8][11] - Nanchip Technology and Awei Electronics also increased their R&D investments significantly, with growth rates of 51.32% and 21.04% respectively, indicating a heightened focus on innovation [11] Market Dynamics - The competition among leading firms is intensifying as the analog chip sector approaches a critical phase, with companies emphasizing high-quality R&D investments to maintain competitive advantages [11][12] - The differentiation in R&D investment and its effectiveness in translating into competitive strength will be crucial as the industry undergoes potential reshuffling [12]

Core Viewpoint - The company clarified that the shares transferred through block trading this year are not reflected in the top ten shareholders or circulating shareholders due to the single product of the transferee not entering the top ten list, and these shares remain locked until September 30, 2025 [2] Group 1 - The company responded to an investor inquiry regarding the status of shares transferred through block trading [2] - The transferee's shares did not appear in the top ten shareholders list as of the specified date [2] - The transferred shares are still under a lock-up period [2]

Core Viewpoint - The company addressed a query regarding the transfer of shares to Xingzheng Global Fund, clarifying that the shares were not listed among the top ten shareholders as of September 30, 2025 [1] Group 1 - An investor inquired about the transfer of over 3.6 million shares to Xingzheng Global Fund in May and the absence of these shares in the shareholder list as of September 30 [1] - The company confirmed that Xingzheng Global Fund Management Co., Ltd. acquired 3,620,000 shares through different products [1] - As of September 30, 2025, no single product from Xingzheng Global Fund entered the company's top ten shareholder list [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In the first three quarters of 2025, the company achieved revenue of 2.366 billion yuan, a year-on-year increase of 73.18%, and a net profit attributable to the parent company of -140 million yuan, significantly reducing losses [2][6]. - In Q3 2025, the company reported revenue of 842 million yuan, a year-on-year increase of 62.81% and a quarter-on-quarter increase of 4.38%, with a net profit attributable to the parent company of -62 million yuan, also showing a reduction in losses [2][6]. - The company's revenue growth is driven by the recovery in downstream markets and the consolidation of Maiguan, with significant contributions from automotive electronics, general energy, and consumer electronics [13]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a gross margin of 34.66%, up 1.46 percentage points year-on-year, despite a net loss of 140 million yuan [13]. - In Q3 2025, the gross margin was 33.67%, reflecting a year-on-year increase of 1.61 percentage points but a quarter-on-quarter decrease of 2.30 percentage points [13]. Market and Product Development - The company has achieved broad coverage with major automotive manufacturers, with new applications in body electronics, smart lighting, and thermal management [13]. - The R&D expenses for the first three quarters of 2025 amounted to 562 million yuan, representing a R&D expense ratio of 23.74% [13]. - The company has expanded its product offerings significantly, with over 3,600 products available for sale as of H1 2025 [13]. Future Outlook - The company is expected to continue its long-term growth trajectory, particularly in high-performance analog chips, with projected net profits of -150 million yuan, 94 million yuan, and 317 million yuan for 2025, 2026, and 2027 respectively [13].

Core Viewpoint - The company, Suzhou Naxin Microelectronics Co., Ltd., is set to hold a performance briefing for the third quarter of 2025 on December 1, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The performance briefing will take place on December 1, 2025, from 15:00 to 16:00 [4]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, accessible online [4]. - The meeting will be conducted in an interactive online format, allowing for real-time communication with investors [3][4]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date and time [5]. - A pre-collection of questions from investors will be open from November 24 to November 28, 2025, allowing them to submit inquiries via the website or email [5]. - The company will address commonly asked questions during the briefing [5]. Group 3: Company Representatives - Key personnel attending the meeting include the Chairman and General Manager, Wang Shengyang, the Board Secretary, Jiang Chaoshan, the Chief Financial Officer, Zhu Ling, and the Independent Director, Hong Zhiliang [4].

证券代码：688052 证券简称：纳芯微 公告编号：2025-049 苏州纳芯微电子股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 12 月 1 日（星期一）15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 24 日 （星期一） 至 11 月 28 日 （星期五）前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 ir@novosns.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 苏州纳芯微电子股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日 在《上海证券报》《证券日报》及上海证券交易所网站（www.ss ...

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