Core Viewpoint - The analog chip industry is entering an upward cycle, with expected global market growth of 3.3% in 2025 and 5.1% in 2026, reaching $82.2 billion and $86.4 billion respectively. The long-term growth is driven by AI applications such as data centers, autonomous driving, and humanoid robots, indicating significant potential for domestic companies [3][7][12]. Industry Overview - The global analog chip market has a CAGR of 4.77% from 2004 to 2024, with a projected market size of $79.6 billion in 2024, which is a 2.0% decrease from the previous year. The market is expected to recover in 2025 and 2026 [3][12]. - The Chinese analog chip market is projected to reach ¥195.3 billion in 2024, with a CAGR of 11% from 2025 to 2029. The market is driven by sectors such as industrial, automotive, and AI [18][21]. Key Applications and Growth Areas - Key growth areas for analog chips include industrial applications, AI, and automotive sectors. The industrial sector is expected to see a recovery in procurement and new product introductions, while the automotive sector is experiencing a shift towards electrification and intelligence [7][21][37]. - AI applications are expected to significantly increase the demand for analog chips, particularly in power management and signal processing [31][34]. Domestic Market Potential - China accounts for approximately 35% of the global analog chip market, making it a crucial revenue source for international manufacturers. However, the domestic self-sufficiency rate remains low, indicating substantial room for growth [7][34]. - Major international players like TI and ADI derive significant revenue from China, with TI's revenue from China estimated at $3 billion in 2024, while ADI's is around $2.1 billion [34][35]. Competitive Landscape - The competitive landscape is characterized by a mix of established international firms and emerging domestic players. The industry is seeing increased competition as domestic companies aim to capture market share in high-end applications [51][52]. - The growth model for analog chip companies often involves a combination of product diversification and customer base expansion, with established firms leveraging extensive product lines and customer relationships to drive revenue [23][28]. Investment Strategy - The report recommends investing in companies with high-end and platform capabilities, as these firms are better positioned to capitalize on the growth opportunities in the analog chip market [5][8].

Core Viewpoint - The analog chip industry is in an upward cycle, with domestic companies expected to enter a phase of scale expansion for new products in the coming years [1][2] Industry Overview - The global analog chip market is projected to grow at a CAGR of 4.77% from 2004 to 2024, with expected growth rates of 3.3% and 5.1% in 2025 and 2026, reaching market sizes of $82.2 billion and $86.4 billion respectively [1] - Major domestic companies recommended include: Shengbang Co. (300661.SZ), Jiewate (688141.SH), Sirepu (688536.SH), Naxinwei (688052.SH), Nanxin Technology (688484.SH), Aiwei Electronics (688798.SH), Chipengwei (688508.SH), Diaowei (688381.SH), and Jingfeng Mingyuan (688368.SH) [1] Domestic Market Potential - In 2024, China is expected to account for approximately 35% of the global analog chip market, representing a significant revenue source for international manufacturers [2] - Major international companies like TI, ADI, and MPS are projected to generate revenues of approximately $30 million, $21 million, and $12 million from China in 2024, respectively [2] Key Application Areas - **Industrial Sector**: After inventory depletion, normal procurement and new product introduction are expected to resume, with domestic companies' new products likely to achieve scale [2] - **AI Sector**: The AI industry is driving overall demand for analog chips, with a focus on domestic production of core power management chips [2] - **Automotive Sector**: The electrification and intelligence of vehicles provide growth opportunities for domestic analog chip companies, with the market for automotive analog chips still in its early stages [3] - **Consumer Electronics**: Companies are increasingly diversifying their product offerings to provide comprehensive solutions for applications like mobile devices, leading to a more pronounced "Matthew Effect" [3]

Core Viewpoint - Naxin Micro's stock price has shown significant fluctuations, with a year-to-date increase of 34.84% and a recent decline of 5.39% over the past five trading days [1] Group 1: Stock Performance - As of September 8, Naxin Micro's stock price was 175.70 CNY per share, with a market capitalization of 25.042 billion CNY [1] - The stock has experienced a trading volume of 65.9815 million CNY, with a turnover rate of 0.27% [1] - Year-to-date, Naxin Micro has appeared on the trading leaderboard twice, with the most recent instance on April 11, where it recorded a net buy of -803.231 million CNY [1] Group 2: Financial Performance - For the first half of 2025, Naxin Micro achieved a revenue of 1.524 billion CNY, representing a year-on-year growth of 79.49% [2] - The company reported a net profit attributable to shareholders of -78.01 million CNY, which is a 70.59% increase year-on-year [2] Group 3: Shareholder Information - 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] - The top ten circulating shareholders include notable funds, with changes in holdings observed among several key investors [3]

当日关注点 交易信息汇总资金流向 9月5日主力资金净流入569.2万元，占总成交额1.13%；游资资金净流出2257.0万元，占总成交额 4.46%；散户资金净流入1687.8万元，占总成交额3.34%。 公司公告汇总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 光大证券于2025年8月对苏州纳芯微电子股份有限公司2025年度规范运作情况进行了现场检查。检查内 容包括公司治理、三会运作、信息披露、独立性、募集资金使用、关联交易、对外担保、重大对外投资 及经营状况等。经核查，公司治理机制有效运行，三会运作合规，信息披露真实准确完整，未发现关联 方违规占用资金情形。募集资金专户存储、专项使用，使用情况符合规定。关联交易、对外担保及对外 投资内部控制制度健全，无损害中小股东利益情形。公司主营业务和核心竞争力未发生重大不利变化， 生产经营正常，2025年上半年收入同比增长，毛利率提升，亏损收窄。未发现需向证监会和交易所报告 的重大事项。公司配合检查工作，保荐机构独立完成现场检查。 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年半年度持续督导跟踪报告 截至2025年9月5日收 ...

Core Viewpoint - The report highlights that Suzhou Naxin Microelectronics Co., Ltd. has experienced a significant increase in operating revenue, but still reported a net loss, indicating ongoing financial challenges despite improvements in product structure and gross margin [1][8]. Financial Performance - The net profit attributable to shareholders for the reporting period was -78.01 million yuan, with a net profit of -105.64 million yuan after excluding non-recurring gains and losses, showing a narrowing of losses compared to the previous period [8][15]. - Operating revenue reached 152,366.48 million yuan, representing a year-on-year increase of 79.49% [14]. - The company’s gross margin improved due to product structure optimization, contributing to the reduction in net losses [15]. Risk Factors - The company faces risks related to ongoing losses, core competitiveness, operational challenges, financial management, industry competition, and macroeconomic conditions [8][12]. - Potential risks include a decline in downstream market demand, intensified market competition, and changes in national industrial policies [8][12]. Core Competitiveness - The company specializes in the research, design, and sales of analog chips, operating in the technology-intensive integrated circuit design industry [8][10]. - It has developed core technologies in various fields, including sensors, signal chains, power management, and third-generation power semiconductors, achieving competitive technical indicators [16][19]. Governance and Compliance - The company has established effective governance structures and internal control systems, ensuring compliance with relevant laws and regulations [4][5]. - Continuous supervision and guidance are provided to ensure adherence to commitments made by the company and its management [4][5]. Research and Development - R&D expenditures for the first half of 2025 amounted to 361.28 million yuan, reflecting a 13.18% increase compared to the same period in 2024 [20]. - The company has been actively applying for and obtaining patents, with 18 new domestic invention patents and 9 integrated circuit layout designs during the reporting period [20]. Market Position - The company has established long-term partnerships with major suppliers for wafer manufacturing and packaging testing, ensuring stable production capacity [19][20]. - It has successfully entered the automotive supply chain, gaining recognition from leading industry clients, which enhances its competitive position in the market [19].

证券日报网讯9月4日晚间，纳芯微发布公告称，公司将于2025年9月24日召开2025年半年度业绩说明 会。 ...

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 年半年度持续督导跟踪报告 | 保荐机构名称：光大证券股份有限公司 | 上市公司：苏州纳芯微电子股份有限公司 | | --- | --- | | 保荐代表人姓名：江嵘 | 联系方式：021-52523200 | | | 联系地址：上海市静安区新闸路 1508 号 | | 保荐代表人姓名：陆佳杭 | 联系方式：021-52523200 | | | 联系地址：上海市静安区新闸路 号 1508 | 重大事项提示 2025 年 1-6 月，公司实现营业收入 152,366.48 万元，同比上涨 79.49%，实 现归属于上市公司股东的扣除非经常性损益的净利润为-10,564.03 万元。本报告 期内，公司营业收入同比增长显著，且产品结构优化，毛利率同比提升，带动净 利润亏损收窄，但仍处于亏损状态。针对前述情况，本保荐机构提醒投资者予以 关注。 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"公司"或"纳芯微"）首次公开发行股票 并在科创板上市项目的保荐机构，根据《证券发行上市保荐业务管理办法》《上 海证 ...

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]