Nations(SZ:300077) Xin Lang Cai Jing·2025-06-27 06:07Core Viewpoint - Nations Technologies Inc. (国民技术) has submitted its prospectus to the Hong Kong Stock Exchange for a proposed listing on the main board, aiming to leverage its position in the integrated circuit design and lithium battery anode materials sectors [3]. Business Overview - Founded in 2000, Nations Technologies is a platform-based integrated circuit design company that provides high-security, high-reliability, and high-integration control chips and system solutions for various smart terminals across key sectors including consumer electronics, industrial control, digital energy, smart home, automotive electronics, and medical electronics [6]. - The company also develops lithium battery anode materials, forming a dual business model of "integrated circuits + new energy materials" [6][8]. Market Position - According to Zhaoshang Consulting, Nations Technologies ranks among the top five Chinese companies in the global platform MCU market by revenue in 2024, and is among the top three in the global 32-bit platform MCU market [7]. - The company holds the number one position in the Chinese MCU market for built-in commercial encryption algorithm modules and maintains a leading position in niche markets such as energy storage BMS and smart home control [7]. Financial Performance - Nations Technologies reported revenues of RMB 1.19 billion, RMB 1.04 billion, and RMB 1.17 billion for the years 2022, 2023, and 2024, respectively, with corresponding net losses of RMB 0.19 billion, RMB 0.59 billion, and RMB 0.26 billion [15][16]. - The revenue breakdown for 2024 shows that chip sales accounted for 47.6% of total revenue, while sales of lithium battery anode materials and graphite processing services contributed 47.1% [9]. Shareholder Structure - Prior to the IPO, the largest shareholder of Nations Technologies is Mr. Sun Yingtong, holding 2.65% of the shares, while other A-share shareholders collectively hold 97.35% [10]. Management Team - The board of directors consists of seven members, including three executive directors: Mr. Sun Yingtong (Chairman and General Manager), Mr. Kan Yulun (Deputy General Manager), and Ms. Ye Yantao (Deputy General Manager and Board Secretary) [12][14].