纳芯微(688052) - 2025 Q2 - 季度财报

Company Profile and Key Financial Indicators This section outlines the company's fundamental information and presents key financial performance indicators Company Overview Suzhou Novosense Microelectronics Co., Ltd. (Novosense) is a company listed on the STAR Market of the Shanghai Stock Exchange with stock code 688052, led by legal representative Wang Shengyang and headquartered in Suzhou Industrial Park - The company's Chinese name is Suzhou Novosense Microelectronics Co., Ltd., with stock abbreviation Novosense, listed on the STAR Market of the Shanghai Stock Exchange under stock code 688052[15][18] Key Accounting Data and Financial Indicators In H1 2025, the company achieved 1.524 billion yuan in revenue, a 79.49% increase, with Q2 revenue reaching a record high; net loss narrowed significantly, though operating cash flow turned negative due to increased inventory for rising orders, while R&D expenses grew 51.43% excluding share-based payments Key Accounting Data for H1 2025 | Item | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue (billion yuan) | 1.524 | 0.849 | 79.49% | | Net Profit Attributable to Shareholders (million yuan) | -78 | -265 | Not applicable | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) (million yuan) | -106 | -286 | Not applicable | | Net Cash Flow from Operating Activities (million yuan) | -308 | 8 | -3,763.68% | | Total Assets (Period-end) (billion yuan) | 7.61 | 7.674 | -0.83% | Key Financial Indicators for H1 2025 | Item | Current Period (Jan-Jun) | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic EPS (yuan/share) | -0.55 | -1.86 | Not applicable | | Weighted Average ROE (%) | -1.32% | -4.31% | Increased 2.99 percentage points | | R&D Investment as % of Revenue (%) | 23.71% | 37.61% | Decreased 13.90 percentage points | - Revenue growth was primarily driven by robust demand in automotive electronics, recovery in the general energy sector, and the consolidation of Magaon; the net loss narrowed mainly due to significant revenue growth and improved gross margins from product structure optimization[23] - Net cash flow from operating activities turned negative, primarily because inventory procurement expenses (up 154.95% YoY) grew faster than sales collections, alongside a 49.17% increase in employee compensation expenses[24] Management Discussion and Analysis This section analyzes the company's industry, operations, core competencies, and key financial performance during the reporting period Industry and Main Business Overview Operating in the integrated circuit design industry, the company focuses on analog chips, with its main business in sensors, signal chains, and power management, serving automotive, general energy, and consumer electronics sectors amidst a global semiconductor market recovery and domestic growth - The company operates in the integrated circuit design industry, specializing in analog and mixed-signal chips, with primary product focuses on sensors, signal chains, and power management[30][40] - The global semiconductor market is experiencing a moderate recovery, with WSTS forecasting the global market size to reach 700.9 billion USD in 2025; China's analog chip market is projected to grow to 343.1 billion yuan by 2025[30][31] - The company's downstream markets primarily include automotive electronics, general energy (industrial control, photovoltaics, server power), and consumer electronics; automotive electrification and intelligence trends, along with domestic substitution, present growth opportunities for the company[32][33][34] Discussion and Analysis of Operations In H1 2025, the company's revenue grew significantly to 1.524 billion yuan, driven by automotive electronics and general energy markets, with R&D investment increasing 51.43% (excluding share-based payments), leading to new product launches and market breakthroughs, while cumulative automotive electronics shipments exceeded 980 million units H1 2025 Downstream Application Revenue Structure | Downstream Application Sector | Revenue Share (%) | Change from Prior Period | | :--- | :--- | :--- | | Automotive Electronics | 34.04% | Slight increase (vs 33.51%) | | General Energy | 52.57% | Relatively flat (vs 52.75%) | | Consumer Electronics | 13.38% | Slight decrease (vs 13.74%) | - R&D investment continued to strengthen, with R&D expenses reaching 361 million yuan in H1 2025, a 13.18% YoY increase; excluding share-based payment expenses, R&D expenses grew by 51.43%, primarily due to an increase in R&D personnel[48] - Automotive electronics business continued to grow, with shipments reaching 312 million units during the reporting period and cumulative shipments exceeding 980 million units, covering multiple systems in new energy vehicles such as electric drive, thermal management, and body control[52] - The company obtained IATF 16949 supporting site certification and ISO 26262 ASIL-D functional safety certification in the automotive-grade chip sector, signifying its systemic capabilities have reached international standards[56] Analysis of Core Competencies The company's core competencies span technology R&D, quality control, product breadth, customer resources, and supply chain, featuring extensive core technology, robust quality management (especially for automotive-grade products), a comprehensive product portfolio, strong client relationships in the automotive pre-installation market, and stable supplier partnerships - Technology and R&D advantages: Possessing multiple core technologies in five major areas including sensors, signal chains, power and drive, and third-generation power semiconductors, along with strong capabilities in customized non-standard product development[59] - Quality control advantages: Established a comprehensive quality management system compliant with automotive-grade requirements, pursuing a "zero defect" quality objective[60] - Product category advantages: Offering full-link products from signal acquisition to processing and transmission, as well as a product matrix from power supply and drive to power path protection, covering consumer, industrial, and automotive grades[60] - Customer resource advantages: Recognized by numerous industry-leading benchmark clients, with automotive-grade chips mass-installed in a large number of mainstream vehicle manufacturers/Tier-1 suppliers[61] - Supply chain advantages: Maintaining long-term stable cooperation with major wafer fabrication and packaging & testing suppliers, and ensuring capacity and cost control through self-built packaging and testing facilities[61] Risk Factors The company faces risks including continued losses, core competency challenges (e.g., innovation, talent retention, tech leakage), operational and financial vulnerabilities (e.g., outsourcing reliance, inventory impairment, margin volatility), intense industry competition from international leaders, and adverse macroeconomic and trade conditions - Performance loss risk: Net profit remained negative during the reporting period, and there is a risk of continued losses if downstream market demand declines or competition intensifies[79] - Core competency risks: Including insufficient continuous technological innovation capability, shortage and loss of R&D talent, and leakage of core technologies[80][81] - Operational and financial risks: Including high reliance on outsourced processing and concentrated suppliers, inventory impairment, gross margin fluctuations, and exchange rate volatility[82][84] - Industry and macroeconomic risks: Facing intense competition from international leading enterprises, while macroeconomic fluctuations and international trade frictions may adversely affect the company's operations[85][87] Analysis of Key Operating Performance During the reporting period, revenue increased by 79.49% driven by automotive electronics, general energy, and Magaon's consolidation; operating costs rose 75.94%, sales expenses increased 28.67%, and financial expenses fluctuated significantly, while operating cash flow turned negative due to increased inventory and payroll, and investing cash flow decreased sharply due to reduced wealth management product purchases Analysis of Major Financial Statement Item Changes | Item | Current Period Amount | Prior Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (billion yuan) | 1.524 | 0.849 | 79.49% | | Operating Cost (million yuan) | 987 | 561 | 75.94% | | Sales Expenses (million yuan) | 110 | 85 | 28.67% | | Financial Expenses (million yuan) | 8.4728 | -9.2871 | Not applicable | | R&D Expenses (million yuan) | 361 | 319 | 13.18% | | Net Cash Flow from Operating Activities (million yuan) | -308 | 8.3977 | -3,763.68% | | Net Cash Flow from Investing Activities (million yuan) | 13.1814 | 831 | -98.41% | - Regarding assets and liabilities, accounts receivable increased by 47.24% due to revenue growth, inventory increased by 26.53% due to increased stocking, and prepayments increased by 163.60% due to advance payments for goods[92] Corporate Governance, Environment, and Society This section details changes in the company's governance structure, including key personnel appointments and resignations Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, the company's board of directors saw changes, with Mr. Yin Yifeng resigning for personal reasons and Ms. Du Linlin elected as a new independent non-executive director - Mr. Yin Yifeng resigned from his positions as director and related committee memberships[105] - The company elected Ms. Du Linlin as an independent non-executive director for the third board of directors[105] Significant Matters This section covers the fulfillment of commitments, significant contracts, and the utilization progress of raised funds Fulfillment of Commitments During the reporting period, the company, its controlling shareholders, shareholders, and related parties strictly fulfilled all commitments made during the initial public offering and equity incentive programs, including share lock-ups, price stabilization, profit distribution, non-competition, and regulated related-party transactions, with no breaches observed - All commitments made by the company and related parties, either during or continuing into the reporting period, were strictly fulfilled[111] Significant Contracts and Their Performance During the reporting period, the board approved providing a guarantee of up to 80 million yuan for wholly-owned subsidiary Vision Technology's bank comprehensive credit line to support its operations, though related agreements had not yet been signed by period-end - The company plans to provide a full guarantee of up to 80 million yuan for its wholly-owned subsidiary Vision Technology to apply for a comprehensive bank credit line[165] Progress of Raised Funds Utilization The company's IPO raised 5.581 billion yuan net, with 5.013 billion yuan (89.82%) cumulatively invested by period-end; over-raised funds totaled 4.831 billion yuan, with 4.300 billion yuan (89.01%) invested, and resolutions passed to manage idle funds and permanently supplement working capital with remaining over-raised funds Overall Utilization of Raised Funds | Item | Amount (yuan) | | :--- | :--- | | Net Raised Funds | 5,581,246,573.39 | | Cumulative Investment by Period-end | 5,013,057,699.33 | | Overall Investment Progress | 89.82% | | Total Over-raised Funds | 4,831,246,573.39 | | Cumulative Over-raised Funds Invested by Period-end | 4,300,106,133.01 | | Over-raised Funds Investment Progress | 89.01% | - In June 2025, the company approved a proposal to permanently supplement working capital with approximately 719 million yuan of remaining over-raised funds[177] Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure Changes in Share Capital During the reporting period, the company's total share capital remained unchanged at 142,528,433 shares, with the primary change being the lifting of lock-up on 49,187,880 shares from the initial public offering on April 22, 2025, converting all restricted shares into unrestricted tradable shares - On April 22, 2025, 49,187,880 shares of the company's initial public offering restricted shares became tradable, resulting in zero restricted shares for the company[179][181] Shareholder Information As of the reporting period end, the company had 8,026 common shareholders, with the top three being Wang Shengyang (10.87%), Sheng Yun (10.13%), and Suzhou Ruixi Information Consulting Partnership (Limited Partnership) (4.58%), with Wang Shengyang, Sheng Yun, Wang Yifeng, and Ruixi Consulting acting in concert - As of the end of the reporting period, the total number of shareholders was 8,026[185] Top Three Shareholders' Shareholding | Shareholder Name | Shares Held at Period-end (shares) | Shareholding Percentage (%) | | :--- | :--- | :--- | | Wang Shengyang | 15,487,920 | 10.87 | | Sheng Yun | 14,432,040 | 10.13 | | Suzhou Ruixi Information Consulting Partnership (Limited Partnership) | 6,526,800 | 4.58 | Financial Report This section presents the company's financial statements, significant accounting policies, and detailed notes to consolidated financial items Financial Statements This report includes unaudited consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity, reflecting the company's H1 2025 financial position and operating results, with key data showing significant revenue growth, narrowed net loss, but negative operating cash flow Significant Accounting Policies and Estimates The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, with this section detailing specific accounting policies and key estimates for consolidation, financial instruments, revenue recognition, R&D expenses, and government grants, noting no significant changes during the period Notes to Consolidated Financial Statement Items This section provides detailed explanations and data breakdowns for key items in the consolidated financial statements, including cash, accounts receivable, inventory, fixed assets, goodwill, borrowings, accounts payable, revenue and cost composition, expense details, share-based payments, and related-party transactions