Core Viewpoint - The company, Naxin Micro, is actively involved in providing products for AI servers and humanoid robots, indicating a strong position in emerging technology sectors [1] Group 1: AI Server Products - The company offers various products for AI servers, including driver chips, isolation chips, and MCUs for power supply units (PSUs) [1] - Some of these products are already in mass production for domestic and international server power supply customers [1] Group 2: Humanoid Robot Applications - The company's magnetic encoders enable precise motion control in robotic hands [1] - Various sensors, power products, and interfaces provided by the company facilitate perception and communication functions in humanoid robots [1] - The company's power products, current sensors, and temperature sensors can also be utilized in battery management systems (BMS) for power batteries [1]

证券日报网1月23日讯 ，纳芯微在接受调研者提问时表示，公司汽车电子收入保持快速增长，除三电系 统等优势应用领域外，公司在车身电子、智能驾驶、智能座舱、底盘安全等智能化和功能安全领域的产 品已实现持续突破或规模量产。公司和多家国内外Tier1和主机厂保持紧密的合作关系，依托国内主流 车厂出海战略和自身的海外拓展，公司已在日、韩、欧等多地实现车规产品的量产收入。泛能源领域保 持稳健增长态势，其中光伏与储能市场（涵盖微型逆变器、大型逆变、储能电站及户用储能）需求有所 恢复；电源模块业务（包括服务器电源、通信电源等）也在AI服务器需求拉动下实现快速增长；工业 自动化市场保持温和复苏态势。消费电子板块公司主要聚焦于扫地机器人、智能家电、无人机、3D打 印等成长型新兴应用场景，同时公司在消费电子板块业务也受益于并购麦歌恩的客户协同效应。 ...

证券日报网1月23日讯，纳芯微在接受调研者提问时表示，当前，公司汽车电子业务的量产单车价值量 已超过1500元人民币。随着在研及规划中产品陆续量产，单车价值量有望持续攀升，长期展望可达到 3000-4000元人民币。 ...

Core Viewpoint - The company has successfully achieved mass production of its isolation products in automotive three-electric systems, covering major domestic new energy vehicle manufacturers and Tier 1 suppliers [1] Group 1: Product Development and Applications - The company's isolation products are now mature and have been applied in automotive systems such as OBC, DCDC, and PDU [1] - The company's high and low side switches, motor drivers, LDOs, sensors, and MCU/SoC products are expected to enter a rapid growth phase starting in 2025, expanding application scenarios from three-electric systems to battery management systems, body control and lighting, thermal management, and chassis and safety [1] - New products such as Class D audio amplifiers, ambient light drivers, and high-speed interface Serdes are anticipated to gradually enter mass production this year [1]

Group 1 - The core viewpoint of the news highlights the financial performance and trading activity of Naxin Microelectronics, indicating a significant increase in revenue and a notable presence in the market [1][2]. Group 2 - As of January 22, Naxin Microelectronics experienced a stock price increase of 0.32%, with a trading volume of 804 million yuan. The net financing purchase on that day was 30.99 million yuan, with a total financing and securities balance of 921 million yuan [1]. - The financing balance of Naxin Microelectronics is 912 million yuan, accounting for 3.45% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - On the short selling side, Naxin Microelectronics had a short selling balance of 847.45 million yuan, which is above the 50th percentile level over the past year, suggesting a relatively high level of short selling activity [1]. Group 3 - For the period from January to September 2025, Naxin Microelectronics achieved a revenue of 2.366 billion yuan, representing a year-on-year growth of 73.18%. The net profit attributable to the parent company was -140 million yuan, with a year-on-year increase of 65.54% [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]. - As of September 30, 2025, the number of shareholders of Naxin Microelectronics increased to 11,200, a rise of 39.73%, while the average circulating shares per person decreased by 28.44% [2].

来源：环球网 近日，联合动力与纳芯微围绕新一代电驱平台展开深度联合创新，双方基于系统级需求定制开发隔离采 样及逻辑ASC集成芯片方案。该方案已在联合动力第五代电控产品上成功实现大规模量产，获得多家主 机厂的认可和采用。 此次合作中，联合动力基于对电机控制器系统架构及功能安全技术十余年的实践积累，结合多代电控产 品的量产运行与真实工况反馈，前瞻性地完成了芯片功能与性能需求的系统级定义，明确其在转速检 测、电压保护、ASC 状态处理及安全关断路径中的关键角色。围绕上述定义，纳芯微承担芯片的架构 设计与工程实现，依托其"隔离+"技术体系，将成熟的分立安全逻辑高度集成于单芯片之中，推动方案 实现稳定量产。 通过此次联合创新，双方成功推动电驱系统由分立架构向芯片化方案演进：硬件体系更加简洁可靠，有 效降低潜在失效率；高度集成释放系统空间，为小型化与功率密度提升创造条件；标准化芯片方案显著 提升开发效率，加快产品导入节奏。该合作为新能源汽车电驱系统持续升级提供了可验证、可复制的实 践路径。 ...

每经AI快讯，纳芯微(02676.HK)午后一度涨超5%，截至发稿涨5%，报144.9港元，成交额4093.69万港 元。 ...

Core Viewpoint - Naxin Micro (02676) has seen a stock increase of over 5%, currently trading at 144.9 HKD, following the announcement of a deep collaboration with Union Power (301656) for the mass production of two highly integrated chips for electric vehicle platforms [1] Group 1: Partnership and Product Development - Naxin Micro has announced a partnership with Union Power, a leading provider of components and solutions for smart electric vehicles, focusing on two integrated chips: isolation sampling and logic ASC [1] - The collaboration has resulted in the mass production of these chips for Union Power's next-generation electric drive platform [1] Group 2: Technical Innovations - The isolation sampling chip integrates high-voltage LDO, isolation sampling amplifier, and isolation comparator into a single chip, significantly reducing the number of external components required [1] - This innovation supports high-precision isolation voltage sampling, rapid over/under voltage protection, and miniaturized design for electric drive systems [1] Group 3: Cost and Efficiency Benefits - The custom logic ASC chip includes multiple logic devices and supports frequency detection, simplifying interface design while enhancing system integration and miniaturization [1] - The design also lowers the BOM (Bill of Materials) cost, contributing to the optimization of functional safety architecture for electric drive and main drive systems [1]

Core Viewpoint - Naxin Micro (02676) has announced a significant partnership with United Power, leading to the mass production of two highly integrated chips for electric vehicle applications, which has positively impacted its stock price, increasing by over 5% to HKD 144.9 [1] Group 1: Partnership and Product Development - Naxin Micro has entered into a deep collaboration with United Power, a provider of smart electric vehicle components and solutions [1] - The collaboration focuses on two integrated chips: an isolation sampling chip and a logic ASC chip, which are now in mass production for United Power's next-generation electric drive platform [1] Group 2: Technical Innovations - The isolation sampling chip integrates high-voltage LDO, isolation sampling amplifier, and isolation comparator into a single chip, significantly reducing the number of external components required [1] - This innovation supports high-precision isolation voltage sampling, rapid over/under voltage protection, and miniaturized design for electric drive systems [1] Group 3: Cost and Efficiency Benefits - The custom logic ASC chip includes multiple logic devices and supports frequency detection, simplifying interface design and enhancing system integration [1] - The integration leads to a reduction in BOM (Bill of Materials) costs while optimizing the functional safety architecture of electric drive and main drive systems [1]

Group 1: Hong Kong IPO Market - The recent performance of Hong Kong IPOs has been mixed, with some companies like Tianri, MINI, Ruibo, and Birun being sold a day early, leading to missed opportunities for investors [1] - The analyst highlights the significant difference in subscription rates between Naxinwei (25 times) and Zhuoyue Ruixin (4813 times), suggesting that Naxinwei may offer better profitability despite lower demand [1] - The current batch of IPOs is limited, with Dragon Flag Technology being the only notable option, but it is expected to be difficult to acquire shares due to a discount greater than 40% [1] Group 2: Ctrip's Market Position and Regulatory Challenges - Ctrip is recognized as a leader in the online travel market, with a 60% growth in international business last year and a dominant share in the domestic online travel agency market [4] - The company is currently under investigation for monopolistic practices, which has led to a significant drop in its stock price [4][6] - Despite the regulatory challenges, Ctrip's financial health remains strong, with substantial cash reserves that can absorb potential fines estimated at 4 billion RMB [6] Group 3: Market Sentiment and Investment Strategy - The A-share market has shown resilience with a record high in margin financing, indicating strong investor sentiment despite recent declines [3] - The experience from previous regulatory actions against companies like Alibaba and Meituan suggests that the stock price may experience a temporary drop of 20%-40% before stabilizing [6] - The importance of patience in investment is emphasized, as good opportunities often arise after periods of volatility and negative sentiment [6]