Zheng Quan Zhi Xing·2025-09-04 16:21Core Viewpoint - The report highlights that Suzhou Naxin Microelectronics Co., Ltd. has experienced a significant increase in operating revenue, but still reported a net loss, indicating ongoing financial challenges despite improvements in product structure and gross margin [1][8]. Financial Performance - The net profit attributable to shareholders for the reporting period was -78.01 million yuan, with a net profit of -105.64 million yuan after excluding non-recurring gains and losses, showing a narrowing of losses compared to the previous period [8][15]. - Operating revenue reached 152,366.48 million yuan, representing a year-on-year increase of 79.49% [14]. - The company’s gross margin improved due to product structure optimization, contributing to the reduction in net losses [15]. Risk Factors - The company faces risks related to ongoing losses, core competitiveness, operational challenges, financial management, industry competition, and macroeconomic conditions [8][12]. - Potential risks include a decline in downstream market demand, intensified market competition, and changes in national industrial policies [8][12]. Core Competitiveness - The company specializes in the research, design, and sales of analog chips, operating in the technology-intensive integrated circuit design industry [8][10]. - It has developed core technologies in various fields, including sensors, signal chains, power management, and third-generation power semiconductors, achieving competitive technical indicators [16][19]. Governance and Compliance - The company has established effective governance structures and internal control systems, ensuring compliance with relevant laws and regulations [4][5]. - Continuous supervision and guidance are provided to ensure adherence to commitments made by the company and its management [4][5]. Research and Development - R&D expenditures for the first half of 2025 amounted to 361.28 million yuan, reflecting a 13.18% increase compared to the same period in 2024 [20]. - The company has been actively applying for and obtaining patents, with 18 new domestic invention patents and 9 integrated circuit layout designs during the reporting period [20]. Market Position - The company has established long-term partnerships with major suppliers for wafer manufacturing and packaging testing, ensuring stable production capacity [19][20]. - It has successfully entered the automotive supply chain, gaining recognition from leading industry clients, which enhances its competitive position in the market [19].