Investment Rating - The report maintains a "Recommended" rating for key companies in the semiconductor industry, indicating a potential stock price increase of over 15% relative to the benchmark index within the next 12 months [4]. Core Viewpoints - The recent U.S. tariff policy is seen as a unilateral action that could accelerate the domestic replacement of semiconductor products in China. The report emphasizes the importance of increasing exposure to self-sufficient sectors within the semiconductor industry, particularly in areas with low domestic production rates [1][3]. - The semiconductor industry in China has made significant progress since the trade disputes began in 2018, and the new tariff measures are expected to further enhance the development of domestic alternatives [1][3]. Summary by Sections Semiconductor Industry Overview - The U.S. government announced a 34% tariff on all imports from the U.S. to China, effective April 10, 2025, which is viewed as a significant escalation in trade tensions [1]. - The report suggests that this situation is different from previous trade disputes, as it represents a broader attempt by the U.S. to isolate China economically [1]. Investment Opportunities - **Analog Chips**: The report highlights that the domestic supply rate for analog chips in China is below 15%, with even lower rates in automotive and high-end industrial markets. Companies like Siwei Pu, Naxin Micro, and Shengbang Co. are recommended due to their exposure to these sectors [2]. - **Semiconductor Equipment**: In 2024, China's total semiconductor equipment imports are projected to be $47.1 billion, with $4.5 billion from the U.S. The report suggests that the tariff response may accelerate the domestic replacement of semiconductor equipment, recommending companies like Northern Huachuang and Tuo Jing Technology [2]. - **Domestic Computing Power**: The report identifies SMIC as a key player in domestic computing power, with a focus on ASIC and CPU development. Companies such as Chipone Technology and Haiguang Information are highlighted for their potential growth in this area [3]. Key Company Forecasts and Valuations - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, with all listed companies receiving a "Recommended" rating. For example, SMIC is projected to have an EPS of 0.49 yuan in 2024 with a PE ratio of 180 [4].

2025 年第一次临时股东大会 会议资料 二〇二五年四月 1 / 26 苏州纳芯微电子股份有限公司 2025 年第一次临时股东大会会议资料 苏州纳芯微电子股份有限公司 2025 年第一次临时股东大会会议资料 证券代码：688052 证券简称：纳芯微 苏州纳芯微电子股份有限公司 2 / 26 苏州纳芯微电子股份有限公司 2025 年第一次临时股东大会会议资料目录 苏州纳芯微电子股份有限公司 2025 年第一次临时股东大会会议资料 苏州纳芯微电子股份有限公司 2025 年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保 证股东大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司股东大会规则（2022 年修订）》以及《苏州纳芯微电子股份有限 公司章程》《苏州纳芯微电子股份有限公司股东大会议事规则》等相关规定，特 制定 2025 年第一次临时股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工 作人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。出 席会议的股东及股东代理人须在会议召开前 30 分钟到 ...

Core Viewpoint - The current phenomenon of "increased revenue without increased profit" in the automotive industry is fundamentally a result of technological homogenization and excessive competition, driven by aggressive competitive strategies among companies to capture future market positions [1][4]. Group 1: Industry Challenges - The automotive chip industry in China currently holds approximately 10%-15% of the global market share, with significant growth and increasing product coverage [3]. - The challenges faced by domestic chip manufacturers include the need to enhance product competitiveness and navigate global market expansion while maintaining a strong presence in the domestic market [3]. Group 2: Innovation Strategies - The essential path to overcoming industry "involution" lies in differentiated innovation, particularly in the chip sector, to avoid highly homogeneous product competition [2][5]. - Companies should leverage their advantages in understanding the Chinese market and customer needs to develop differentiated, customized, and innovative products [5]. Group 3: Domestic Chip Development - Although there are domestic alternatives for various chip categories, not all possess high-quality replacement capabilities, and achieving 100% domestic substitution is not currently feasible [6]. - The long-term outlook for domestic chips is optimistic, with the belief that they will eventually achieve superior replacement capabilities in a broader range of applications [6]. Group 4: AI and Emerging Applications - The automotive industry is witnessing a trend where AI applications are leading to new opportunities, such as in smart cars, flying cars, and humanoid robots, which share similar electrical architectures with traditional vehicles [7]. - The evolution of AI is creating significant opportunities for the chip industry, with a focus on product development that aligns with AI applications and sensor technologies [8].

Core Viewpoint - Naxin Micro, a high-tech company focused on automotive-grade signal chain chip development, is facing significant financial challenges despite its impressive market performance and global expansion efforts [2][4][5]. Group 1: Company Overview - Naxin Micro is dedicated to providing core chip solutions for the deep integration of the real world and digital systems, covering semiconductor devices, integrated circuits, and sensor sales [2]. - The company has expanded its business to include full-chain technology development services for electronic products and is also venturing into computer software and system integration [2]. Group 2: Financial Performance - In 2023, Naxin Micro reported a revenue of 1.311 billion yuan, a year-on-year decline of 21.52%, marking its first loss since going public [6]. - The net profit and net profit excluding non-recurring items were losses of 305 million yuan and 393 million yuan, respectively, with year-on-year declines of 221.85% and 332.08% [6]. - For 2024, the company expects a revenue of 1.961 billion yuan, a year-on-year increase of 49.56%, but still anticipates a net loss of 403 million yuan, an increase in loss of 31.97% [6]. Group 3: Strategic Initiatives - Naxin Micro has faced two consecutive years of losses, accumulating a total loss of 708 million yuan [7]. - The company is seeking to break through its current financing framework through an H-share issuance plan, aiming to connect with international capital markets to optimize its capital structure and enhance global resource allocation capabilities [7]. - Despite having a clear capital strategy, the company faces uncertainties from intense market competition and macroeconomic conditions, raising questions about its ability to reverse its performance through the Hong Kong listing [7].

Core Viewpoint - The company, Naxin Micro, is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its competitiveness and international strategy, despite facing significant losses in recent years [1][2][5]. Group 1: Company Overview - Naxin Micro specializes in high-performance analog and mixed-signal chips, focusing on sensors, signal chains, and power management for various sectors including automotive and industrial [2][4]. - The company has established branches in Germany, Japan, and South Korea, and has a localized sales team to support its international operations [1][3]. Group 2: Financial Performance - In 2024, Naxin Micro reported a revenue of 1.961 billion yuan, a year-on-year increase of 49.56%, but incurred a net loss of 403 million yuan, representing a 31.97% increase in losses compared to the previous year [1][5]. - The company has experienced a cumulative net loss of 708 million yuan over the past two years, with a significant decline in profitability in 2023, marking its first loss since going public [5][6]. Group 3: Market Position and Strategy - Naxin Micro's overseas revenue share has been steadily increasing, reaching 15.41% in the first half of 2024, up from 12.34% in 2023 [1][3]. - The company has made strategic acquisitions, including the purchase of 100% of Maigen for 1 billion yuan, which is expected to enhance its market position [6]. Group 4: Future Outlook - The company anticipates growth in the automotive electronics sector and improvements in consumer electronics demand, although it faces challenges from macroeconomic conditions and increased market competition [6].

Group 1 - The company, Naxin Micro, announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its competitiveness and internationalization strategy [1][3] - Naxin Micro is currently in discussions with intermediaries regarding the H-share issuance and listing, with specific details yet to be finalized [3] - The company focuses on product development around downstream application scenarios, specializing in sensors, signal chains, and power management, with applications in automotive, energy, and consumer electronics sectors [3] Group 2 - For the year 2024, Naxin Micro reported a revenue of 1.961 billion yuan, representing a year-on-year growth of 49.56%, while the net profit attributable to shareholders was a loss of 403 million yuan [3] - Naxin Micro was listed on the Sci-Tech Innovation Board on April 22, 2022, with an initial offering price of 230 yuan per share, making it the most expensive new stock that year; as of the latest report, the stock price is 145.77 yuan, with a market capitalization of approximately 20.776 billion yuan [4]

Group 1: Company Performance - China Life reported a net profit of 106.935 billion yuan for 2024, representing a year-on-year increase of 108.9% [3] - China Life's operating revenue for 2024 reached 528.567 billion yuan, up 30.5% compared to the previous year [3] - Aluminum Corporation of China announced a net profit of 12.4 billion yuan for 2024, reflecting an 85.38% year-on-year growth [4] - Broadcom Electric's net profit surged by 411.28% in 2024, with a proposed dividend of 0.70 yuan per 10 shares [10] - China Pacific Insurance's net profit for 2024 increased by 64.9%, with a proposed dividend of 10.8 yuan per 10 shares [10] Group 2: Corporate Actions - Naxin Micro announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance competitiveness and diversify financing channels [7] - Xunji Technology is planning to acquire 100% equity of Shenzhen Jiazhihong Electronics, leading to a significant asset restructuring [5] - Nasda announced the sale of its 100% stake in Lexmark International for an estimated price between 75 million and 150 million USD, significantly lower than the historical investment of 1.385 billion USD [8] - General Shares announced that its controlling shareholder is planning a change in control, leading to a temporary suspension of its stock [9] Group 3: Market Impact - The inclusion of Southwest Design, a subsidiary of Electric Science and Technology, on the U.S. Department of Commerce's Entity List may affect its operations, although the company claims no substantial impact on business [6] - The stock of General Shares will be suspended due to potential changes in control, which may affect investor sentiment [9]

Group 1 - The company, Naxin Microelectronics (688052.SH), plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its competitiveness and advance its international strategy [1][4][5] - The company reported a total revenue of 1.961 billion yuan for the fiscal year 2024, representing a year-on-year increase of 49.56% [1] - The net loss attributable to the parent company for the same period was 403 million yuan, indicating an expanded loss compared to the previous year [1] Group 2 - Naxin Microelectronics focuses on the research, design, and application of automotive-grade signal chain chips, providing chip-level solutions for the digital and real worlds [2] - The company's business scope includes the sale of semiconductor components, integrated circuits, sensors, and technology development and consulting related to electronic products [2]

Core Viewpoint - Naxin Micro announced the nomination of Du Linlin as a candidate for the independent non-executive director of the third board of directors following the resignation of director Yin Yifeng [2][3] Group 1: Board Changes - Director Yin Yifeng submitted a written resignation report, resigning from his positions on the third board of directors and its committees, effective immediately [2][3] - The company plans to elect Du Linlin as an independent non-executive director, pending approval at the shareholders' meeting [2][3] - Du Linlin is also proposed to serve on the audit committee, nomination committee, and remuneration and assessment committee, and will act as the chairperson of the audit committee if elected [3] Group 2: Company Performance - In 2023, Naxin Micro's revenue composition was 99.46% from integrated circuits [4]

苏州纳芯微电子股份有限公司 第四条 股东大会分为年度股东大会和临时股东大会。年度股东大会每年召 开一次，应当于上一会计年度结束后的 6 个月内举行。 有下列情形之一的，公司在事实发生之日起 2 个月以内召开临时股东大 会： （一）董事人数不足《公司法》规定人数或者《公司章程》所定人数的 2/3 时； 股东大会议事规则（草案） 第一章 总则 第一条 为规范公司行为，保证股东大会依法行使职权，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、《上市公司股东大会规则》《香港联合交易所有限公司 证券上市规则》（以下简称"《香港上市规则》"）等相关法律、法规、规范 性文件和《苏州纳芯微电子股份有限公司章程》（以下简称"《公司章程》"） 的有关的规定，制定本规则。 第二条 公司应当严格按照法律、行政法规、《公司章程》以及本规则的相 关规定召开股东大会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东大会。公司全体董事 应当勤勉尽责，确保股东大会正常召开和依法行使职权。 第三条 股东大会应当在《公司法》和《公司章程》规定的范围内行使职 ...