光大证券股份有限公司关于 苏州纳芯微电子股份有限公司 2025 年度现场检查报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等 有关法律、法规要求，光大证券股份有限公司（以下简称"光大证券"或"保荐 机构"）作为苏州纳芯微电子股份有限公司（以下简称"纳芯微""上市公司" 或"公司"）首次公开发行股票并在科创板上市的持续督导保荐机构，于 2025 年 8 月对纳芯微 2025 年度规范运作情况进行了现场检查，现就现场检查的有关 情况报告如下： 一、本次现场检查的基本情况 光大证券针对纳芯微实际情况制订了 2025 年度现场检查工作计划。为顺利 实施本次现场工作，提高现场工作效率，切实履行持续督导工作，光大证券要求 公司提前准备现场检查工作所需的相关文件和资料。2025 年 8 月，光大证券根 据事先制订的现场检查工作计划，采取与公司董事、监事、高级管理人员及有关 人员进行沟通和询问、查阅 2025 年 1 月 1 日至今召开的历次三会会议资料、查 看公司生产经营场所、查阅和复印公司原始凭证及其他相关资料等形式，对包 ...

投资者可于 2025 年 9 月 17 日 （星期三） 至 9 月 23 日 （星期二）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 8 月 19 日在 《上海证券报》《证券日报》及上海证券交易所网站（www.sse.com.cn）披露公司 《2025 年半年度报告》，为便于广大投资者更全面深入地了解公司 2025 年半年度 的经营成果、财务状况，公司计划 2025 年 9 月 24 日（星期三）下午 14:00-15:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 证券代码：688052 证券简称：纳芯微 公告编号：2025-037 苏州纳芯微电子股份有限公司 关于召开 2025 年半年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 9 月 2 ...

Group 1: Overview of Companies Planning to List in Hong Kong - A-share companies are increasingly planning to list in Hong Kong, with six companies including Junsheng Electronics, Naxin Micro, Estun, Puyuan Precision, Sanhua Intelligent Control, and Changguang Chenchip disclosing plans for IPOs in the first half of 2025 [1] - Junsheng Electronics has initiated its A+H share listing plan, with over 70% of its revenue coming from overseas markets, indicating a strong global presence [2] - Naxin Micro has approved plans to issue H shares and list on the Hong Kong Stock Exchange to enhance its competitiveness and international strategy [3] - Estun aims to issue H shares to accelerate its global strategy and improve its international brand image, with a focus on expanding its overseas business [4][5] - Puyuan Precision plans to issue H shares to enhance its competitiveness and utilize international capital markets for diversified financing [6][7] - Sanhua Intelligent Control has passed the listing hearing for its IPO on the Hong Kong Stock Exchange, aiming to issue up to 477 million shares [8] - Changguang Chenchip has submitted its IPO application to the Hong Kong Stock Exchange, with plans to use the funds for R&D and expanding its international business [9] Group 2: Regulatory and Market Context - The China Securities Regulatory Commission has introduced measures to support domestic companies in listing overseas, enhancing their global market capabilities [10] - The People's Bank of China and the State Administration of Foreign Exchange have issued guidelines to improve cross-border financing for domestic companies seeking to list abroad [10] - The Hong Kong Stock Exchange has launched initiatives to facilitate listings for technology and biotech companies, enhancing its attractiveness as a listing destination [10]

Core Viewpoint - The company Nanxin Microelectronics has shown significant trading activity and financial performance, with a notable increase in revenue and changes in shareholder structure. Group 1: Trading Activity - On September 1, Nanxin Microelectronics experienced a decline of 0.70% in stock price, with a trading volume of 671 million yuan [1] - The financing buy-in amount for Nanxin Microelectronics on the same day was 66.79 million yuan, while the financing repayment was 46.21 million yuan, resulting in a net financing buy-in of 20.59 million yuan [1] - As of September 1, the total financing and securities lending balance for Nanxin Microelectronics was 663 million yuan, with the financing balance exceeding the 90th percentile level over the past year, indicating a high level of activity [1] Group 2: Financial Performance - For the first half of 2025, Nanxin Microelectronics reported a revenue of 1.524 billion yuan, representing a year-on-year growth of 79.49% [2] - The net profit attributable to shareholders for the same period was -78.01 million yuan, showing a year-on-year increase of 70.59% [2] - Since its A-share listing, Nanxin Microelectronics has distributed a total of 162 million yuan in dividends, with 80.85 million yuan distributed over the past three years [2] Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders for Nanxin Microelectronics increased to 8,026, a rise of 5.25% from the previous period [2] - The average number of circulating shares per shareholder increased by 45.09% to 17,758 shares [2] - Notable changes in institutional holdings include a decrease in shares held by the fifth-largest shareholder, while the seventh-largest shareholder increased their holdings significantly [2]

Core Viewpoint - Naxin Micro has launched the AK2 ultrasonic radar probe chip NSUC1800, which is based on a fully domestic supply chain and compatible with the DSI3 protocol [1] Group 1: Product Features - The NSUC1800 chip has a close-range recognition capability of 10 centimeters and a detection range of 7 meters [1] - It can cover scenarios such as APA (Automatic Parking Assist), AVP (Automated Valet Parking), and low-speed AEB (Automatic Emergency Braking) [1] - The chip has passed functional safety and automotive regulations certification [1]

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Naxin Microelectronics, indicating a decline in stock price and significant trading activity on August 29 [1] - On August 29, Naxin Microelectronics experienced a stock price drop of 2.20%, with a trading volume of 5.92 billion yuan, and a net financing purchase of 33.81 million yuan [1] - As of August 29, the total balance of margin trading for Naxin Microelectronics reached 643 million yuan, which is at a high level compared to the past year [1] Group 2 - As of June 30, Naxin Microelectronics had 8,026 shareholders, an increase of 5.25% from the previous period, with an average of 17,758 circulating shares per person, up by 45.09% [2] - For the first half of 2025, Naxin Microelectronics reported a revenue of 1.524 billion yuan, representing a year-on-year growth of 79.49%, while the net profit attributable to shareholders was -78.01 million yuan, a 70.59% increase [2] - The company has distributed a total of 162 million yuan in dividends since its A-share listing, with 80.85 million yuan distributed over the past three years [2]

Core Viewpoint - The company, Naxin Micro, is positioned to significantly benefit from the domestic substitution trend in high-end analog chips, particularly in the automotive simulation chip market, where it holds a 1.8% market share in China for 2024, ranking first among domestic manufacturers [1]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.524 billion yuan, representing a year-on-year growth of 79.49%, while the net profit attributable to shareholders was a loss of 78.01 million yuan, with the loss narrowing when excluding share-based payment expenses [1]. - For Q2 2025, the company reported revenue of 807 million yuan, a year-on-year increase of 65.83% and a quarter-on-quarter increase of 12.49%, marking a historical high [2]. Market Segmentation - In H1 2025, revenue contributions from various downstream markets were 34.04% from automotive electronics, 52.57% from the energy sector, and 13.38% from consumer electronics, with respective year-on-year growth rates of 82.08%, 78.57%, and 74.66% [1]. - The company holds a 7.1% market share in China's magnetic sensor market for 2024, ranking fifth overall and first among domestic manufacturers [2]. Product Development - The company is expanding its product matrix in the sensor segment, with significant advancements in various technologies, including the launch of a differential Hall automotive-grade angle sensor chip and a miniaturized pressure sensor series [2]. - In the signal chain segment, the company has a 15.6% market share in China's digital isolator chip market for 2024, ranking second overall and first among domestic manufacturers [3]. - The company has introduced several new products in power management, including second-generation isolated gate drivers and high-voltage GaN drivers for AI servers, which are now in mass production [4]. Growth Outlook - The company is expected to see strong revenue growth, with projected revenues of 3.007 billion yuan, 3.810 billion yuan, and 4.806 billion yuan for the years 2025 to 2027, respectively [5].

Core Insights - Naxin Micro experienced a stock price increase of 3.38% on August 28, with a trading volume of 725 million yuan [1] - The company reported a financing buy-in of 132 million yuan and a net financing buy-in of approximately 66.42 million yuan on the same day [1] - As of August 28, the total balance of margin trading for Naxin Micro reached 609 million yuan, indicating a high level of financing activity [1] Financing Summary - On August 28, Naxin Micro had a financing buy-in of 132 million yuan, with a current financing balance of 600 million yuan, accounting for 2.20% of its market capitalization [1] - The financing balance is above the 90th percentile level for the past year, indicating a high level of investor interest [1] Short Selling Summary - On August 28, Naxin Micro repaid 1,319 shares in short selling and sold 700 shares, amounting to a selling value of approximately 13,380 yuan [1] - The remaining short selling volume was 47,800 shares, with a short selling balance of approximately 9.13 million yuan, also above the 90th percentile level for the past year [1] Company Overview - Naxin Micro Electronics Co., Ltd. was established on May 17, 2013, and listed on April 22, 2022 [1] - The company focuses on the research and sales of high-performance, high-reliability analog integrated circuits, with revenue composition as follows: signal chain products 38.45%, power management products 34.09%, sensor products 27.11%, and others 0.35% [1] Financial Performance - For the first half of 2025, Naxin Micro reported a revenue of 1.524 billion yuan, representing a year-on-year growth of 79.49% [2] - The net profit attributable to shareholders was -78.01 million yuan, showing a year-on-year increase of 70.59% [2] - The company has distributed a total of 162 million yuan in dividends since its A-share listing, with 80.85 million yuan distributed over the past three years [2] Shareholder Structure - As of June 30, 2025, Naxin Micro had 8,026 shareholders, an increase of 5.25% from the previous period [2] - The average number of circulating shares per shareholder increased by 45.09% to 17,758 shares [2] - Notable changes in institutional holdings include a decrease in shares held by some funds and an increase in others among the top ten circulating shareholders [2]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6] Core Views - The company achieved a record high revenue of 1.524 billion yuan in the first half of 2025, representing a year-on-year growth of 79.49%. The net profit attributable to the parent company was -78 million yuan, with a year-on-year growth of 70.59% [1] - The automotive electronics sector continues to show high growth, with the company shipping 312 million automotive chips in the first half of 2025, bringing the cumulative shipment to over 980 million chips [2] - The product structure is becoming more balanced, with the three main product lines—sensors, signal chain products, and power management products—accounting for 27.11%, 38.45%, and 34.09% of total revenue, respectively [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 807 million yuan, a quarter-on-quarter increase of 12.49% and a year-on-year increase of 65.83%. The gross margin was 35.97%, with a year-on-year change of 0.64 percentage points [1] - The company forecasts net profits attributable to the parent company of -94 million yuan, 138 million yuan, and 482 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 197 and 56 for 2026 and 2027 [4][5] Market Position and Product Development - The company has established a comprehensive automotive chip product layout, catering to various applications in new energy vehicles, including main drive inverter control and battery management systems [2] - New products are being mass-produced, including a differential Hall automotive-grade angle sensor chip and a new generation of digital isolators that meet automotive EMC standards [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved significant revenue growth, with a 79.49% year-on-year increase in revenue for the first half of 2025, reaching 1.524 billion yuan. The net loss narrowed significantly compared to the previous year, with a gross margin of 35.21% [1] - The company's revenue from the general energy sector remained stable at 52.57% of total revenue, while automotive electronics revenue accounted for 34.04%, with a total shipment of 3.12 billion units [2] - The company launched numerous new products in the first half of 2025, enhancing its product structure across various sensor categories and signal chain products [3] Financial Forecast - The company is projected to achieve revenues of 3.051 billion yuan, 3.838 billion yuan, and 4.742 billion yuan for the years 2025, 2026, and 2027, respectively. The expected net profits for the same years are -0.24 billion yuan, 0.96 billion yuan, and 3.01 billion yuan [4][6]