Summary of Key Points Core Viewpoint - On September 18, Nanchip Technology executed a block trade of 230,000 shares at a transaction value of 8.855 million yuan, representing 1.35% of the total trading volume for the day, with a transaction price of 38.5 yuan, which is a discount of 20.94% compared to the market closing price of 48.7 yuan [1]. Group 1 - The block trade involved 230,000 shares of Nanchip Technology [1]. - The total transaction amount was 8.855 million yuan [1]. - The transaction price was 38.5 yuan per share, reflecting a significant discount of 20.94% from the market closing price [1].

证券代码：688484 证券简称：南芯科技 公告编号：2025-061 上海南芯半导体科技股份有限公司 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。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 9 月 26 日（星期五）下午 13:00-14:00 会议召开时间：2025 年 9 月 26 日（星期五）下午 13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 重要内容提示： 投资者可于 2025 年 9 月 19 日（星期五）至 9 月 25 日（星期四）16:00 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 invest ...

Core Viewpoint - Nanchip Technology plans to raise 1.933 billion yuan through convertible bonds to invest in three high-growth areas: smart computing power, automotive chips, and industrial sensors, aiming for strategic expansion and technological advancement [1][2][6]. Group 1: Investment Projects - The total investment for the three projects is approximately 4.592 billion yuan for smart computing power chips, 8.433 billion yuan for automotive chips, and 6.318 billion yuan for industrial sensor chips, summing up to 19.333 billion yuan [2][4]. - The smart computing power project focuses on developing multi-phase controllers and DrMOS chips to enhance the company's position in the PC, data center, and edge computing sectors [3][4]. - The automotive chip project addresses the low domestic chip localization rate, aiming to provide domestic alternatives to enhance supply chain security [4][5]. Group 2: Financial Performance - Nanchip Technology has shown robust growth, with revenue increasing from 1.301 billion yuan in 2022 to 2.567 billion yuan in 2024, and net profit rising from 246 million yuan to 307 million yuan during the same period [5]. - In the first half of 2025, the company achieved a revenue of 1.470 billion yuan, reflecting a year-on-year growth of 17.6% [5]. Group 3: Research and Development - The company invested 282 million yuan in R&D in the first half of 2025, a significant increase of 54.62% year-on-year, with 68.35% of its workforce dedicated to R&D [5][6]. - Nanchip Technology has developed key technologies such as multi-phase control technology for smart computing and high-side driver technology for automotive applications, positioning itself strongly in these markets [7][8]. Group 4: Market Position and Strategy - The company has established deep partnerships with leading brands in consumer electronics, such as Xiaomi and OPPO, and has entered the supply chains of several automotive manufacturers, facilitating quicker product validation and integration [8][9]. - The funding from the convertible bonds is expected to accelerate the implementation of these projects, potentially initiating a new growth cycle for the company [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In the first half of 2025, the company achieved revenue of 1.47 billion yuan, representing a year-on-year increase of 17.60%, while the net profit attributable to the parent company was 123 million yuan, down 40.21% year-on-year [5][9]. - In the second quarter of 2025, the company reported revenue of 785 million yuan, a year-on-year increase of 21.08% and a quarter-on-quarter increase of 14.54%. The net profit attributable to the parent company was 59 million yuan, down 43.44% year-on-year and down 6.81% quarter-on-quarter [5][9]. - Despite short-term pressure on profits due to product structure and high R&D investment, the continuous growth in revenue indicates that the platform strategy is gaining traction [5][9]. Summary by Sections Financial Performance - The company has achieved ten consecutive quarters of revenue growth both year-on-year and quarter-on-quarter. The gross margin for the first half of 2025 was 36.97%, down 4.32 percentage points year-on-year. The increase in R&D expenses has put pressure on profits, but the rich product matrix continues to support steady revenue growth [9]. - The gross margin for Q2 2025 was 35.92%, down 4.19 percentage points year-on-year and down 2.24 percentage points quarter-on-quarter. The decline in gross margin is attributed to the rapid ramp-up of lower-margin products [9]. R&D and Innovation - The company places a strong emphasis on R&D, with R&D expenses amounting to 282 million yuan in the first half of 2025, an increase of 54.62% year-on-year. The R&D expense ratio was 19.21%, up 4.60 percentage points year-on-year. The number of R&D personnel reached 756, a 33.33% increase from the end of 2024 [9]. - The company has obtained 50 new authorized patents, bringing the total to 165 patents, including key technologies such as piezoelectric micro-pump drivers and GaN drive control [9]. Product Development and Market Strategy - The company has launched several new products in the first half of 2025, including automotive-grade high-speed CAN/CAN FD transceivers and power converters. The product applications span consumer electronics and industrial sectors, indicating a broadening of the product portfolio [9]. - The company is expected to see a gradual increase in net profit attributable to the parent company, projected at 308 million yuan, 470 million yuan, and 695 million yuan for 2025, 2026, and 2027, respectively [9].

Core Viewpoint - The Chinese Ministry of Commerce has initiated anti-dumping investigations against imported analog chips from the United States, responding to domestic industry applications and aligning with WTO rules. The investigations focus on general interface and gate driver chips, revealing a significant increase in import volume and a drastic decrease in import prices, which have negatively impacted domestic sales prices and operations [1][2][4]. Group 1: Market Overview - The global semiconductor market reached $346 billion in the first half of 2025, marking an 18.9% year-on-year growth, with analog chips growing by 4% [4]. - In the A-share market, the semiconductor industry reported revenues of 321.2 billion yuan and a net profit of nearly 24.5 billion yuan, reflecting a year-on-year growth of approximately 30% [4]. - The demand for analog chips, particularly in mobile fast charging and power management, is significantly increasing, with domestic products rapidly capturing market share [4]. Group 2: Company Performance - Companies like Xilin Micro and Chipone reported substantial revenue growth, with Xilin Micro achieving a 36.83% increase and a 131.25% rise in net profit [6]. - Chipone's revenue grew by 40.32%, with net profit increasing by 106.02%, driven by new product categories and market expansion [7]. - Jiewa Tech reported a 58.2% revenue increase, primarily from power and signal chain chips, with a total revenue of 11.87 billion yuan [7]. Group 3: Profitability and Margins - The analog chip industry's gross margin improved, with the median gross margin rising from 34.72% in Q1 to 35.05% in Q2 of 2025 [11]. - Leading companies like Saimo Micro and Shengbang Co. maintain gross margins above 50%, showcasing their competitive advantage in the market [11]. - Companies such as Naxin Micro and Aiwai Electronics reported significant improvements in gross margins due to high-value product offerings and operational efficiencies [12][13]. Group 4: Inventory Management - The inventory turnover days for most analog chip companies decreased significantly in 2025 compared to 2024, indicating improved inventory management efficiency [16]. - Companies like Jiewa Tech and Xilin Micro saw their inventory turnover days reduced by over 100 days, reflecting enhanced operational performance [16]. Group 5: Mergers and Acquisitions - The anti-dumping investigations have prompted domestic analog chip companies to pursue mergers and acquisitions to enhance their technological capabilities and market presence [17][19]. - Recent acquisitions include Biyimei's purchase of Shanghai Xingan Semiconductor for approximately 295 million yuan and Jingfeng Mingyuan's acquisition of Yichong Technology for 3.283 billion yuan [18][19]. - These strategic moves aim to consolidate resources, fill technological gaps, and improve competitiveness against international giants [19].

Investment Rating - The report recommends a positive investment outlook for companies involved in the simulation IC industry, particularly those benefiting from the domestic substitution trend [3][4]. Core Insights - The Ministry of Commerce has initiated anti-dumping investigations against imported simulation chips from the United States, indicating a strong governmental push for domestic alternatives in the simulation IC sector [1][2]. - The report highlights that U.S. manufacturers have long held significant market shares in the simulation chip market in China, with major companies like TI and ADI generating substantial revenues from this market [2]. - The domestic simulation companies are poised to benefit from the ongoing trend of domestic substitution, especially in the context of increased competition and declining prices from U.S. firms [2]. Summary by Sections Section 1: Industry Overview - The anti-dumping investigation targets simulation chips, particularly those using 40nm and above process technologies, which include various interface and gate driver chips [1]. - The investigation period for dumping is set from January 1, 2024, to December 31, 2024, while the period for industry damage assessment spans from January 1, 2022, to December 31, 2024 [1]. Section 2: Market Dynamics - U.S. companies, including TI and ADI, accounted for over $5 billion in revenue from the Chinese market in 2024, indicating a significant opportunity for domestic manufacturers to capture market share [2]. - The report notes a 37% increase in the import volume of relevant chips from the U.S. and a 52% decrease in import prices from 2022 to 2024, which has severely impacted the profit margins of domestic companies [2]. Section 3: Investment Recommendations - The report suggests focusing on companies that have a high proportion of general interface and gate driver chips, which have been under pressure from U.S. competition, as they are likely to be the primary beneficiaries of the domestic substitution trend [3]. - Specific companies recommended for investment include SiRuPu, NaXinWei, ShengBang, NanXin Technology, AiWei Electronics, JieHuaTe, JingFengMingYuan, and MeiXinSheng [3][4].

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]

Summary of Nanxin Technology Conference Call Company Overview - **Company**: Nanxin Technology - **Industry**: Semiconductor, specifically in charge pump and charging management chips Key Points and Arguments 1. **Rapid Growth in Fast Charging Market**: Nanxin Technology achieved rapid growth in the fast charging market in 2021 due to its charge pump technology, with significant revenue increases driven by high wattage fast charging technology upgrades [2][4] 2. **New Product Launches**: Starting in 2024, new products such as OLED Power, BMS, wireless charging, multi-in-one solutions, and ACDC are expected to ramp up, with growth rates surpassing traditional charge pump business, laying a solid foundation for growth in 2025 and beyond [2][5] 3. **Experienced Management Team**: The core management team has experience from leading international analog chip companies like Texas Instruments and Linear Technology, which aids in accurately grasping product direction and enhancing core competitiveness in automotive and industrial sectors [2][6] 4. **Concentrated Shareholding Structure**: The actual controller, Mr. Ruan, holds over 30% of shares through an indirect employee platform, which supports proactive product layout. The introduction of strategic investors like Anker and Xiaomi before the IPO reflects high recognition of the company's technological strength [2][7] 5. **Increased R&D Investment**: Since its IPO, Nanxin Technology has increased R&D investment and attracted quality R&D personnel to ensure long-term growth points. Stock incentives are used to align core employees with company development goals [2][8][9] 6. **Revenue Growth**: The company has maintained over 30% annualized revenue growth since 2021, with a 17.6% year-on-year increase in the first half of 2025. The introduction of new products in the second half is expected to drive annual revenue growth above 30% [2][10] 7. **Gross Margin Recovery**: Although the gross margin slightly declined in the first half of the year, it is expected to recover to around 40% in the second half due to the ramp-up of high-margin products [2][10] 8. **Challenges and Responses**: The company faces challenges from an increase in low-margin products affecting overall gross margin. However, by focusing on high-margin products like BMS and OLED Power, the company anticipates a recovery in gross margin [2][11] 9. **Future Revenue Growth from Samsung**: In 2026, revenue from Samsung is expected to grow significantly as more models are introduced. The company has established end-to-end solutions, particularly in the mobile market, which constitutes a major part of its revenue [2][12][13] 10. **Focus on Automotive and Industrial Markets**: Approximately 50% to 60% of R&D resources are allocated to automotive and industrial products, including AI server-related product matrices, which are crucial for future growth [2][14] 11. **Long-term Growth Prospects**: As a leading domestic analog chip company, Nanxin Technology is well-positioned for future growth, particularly with the ramp-up of automotive, industrial, and AI-related products, ensuring a solid foundation for long-term growth [2][15] Additional Important Information - **Market Reach**: The company has a broad customer base, including major domestic and international smartphone brands such as Huawei, OPPO, Vivo, Xiaomi, Honor, and Samsung [3] - **Complete Solution Offering**: Nanxin Technology has achieved a complete solution layout from mobile devices to charging heads, enhancing the value per unit to $3-4 [4][11]

Group 1 - Lei Jun, through Xiaomi Group and Shunwei Capital, has built a complex capital landscape, frequently reducing holdings while betting on new opportunities [2][3] - Shunwei Capital plans to reduce its stake in Longqi Technology by up to 19.19 million shares, accounting for 4.09% of the total share capital, due to the shareholder's funding needs [2][11] - In the past year, Shunwei Capital has frequently reduced its stakes in several companies, including QuSleep Technology, Nanchip Technology, and Stone Technology [2][11] Group 2 - Longqi Technology, primarily engaged in smart product R&D and manufacturing, has seen significant investment from Shunwei and Tianjin Jinmi, both controlled by Lei Jun [4][8] - The partnership between Longqi Technology and Xiaomi has evolved from independent design to original design manufacturing (ODM), making Xiaomi a key customer [11][12] - Longqi Technology's revenue heavily relies on smartphone OEM business, which constituted 77.9% of its revenue in 2024, but with a low gross margin of 4.92% [14][12] Group 3 - Shunwei Capital has invested in various sectors, focusing on advanced manufacturing, e-commerce, and artificial intelligence, with over 60% of its investments in these areas [30][25] - The firm has participated in 837 investment rounds, with a preference for early-stage investments, particularly in advanced manufacturing and AI [25][27] - The investment strategy emphasizes balancing high risks with high returns, leveraging Xiaomi's ecosystem for strategic support [34][25]