Novosense(SH:688052) 智通财经网·2025-10-27 22:56Core Viewpoint - Suzhou Naxin Microelectronics Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CICC, CITIC Securities, and Jianyin International as joint sponsors. The company previously submitted an application on April 25, 2025 [1]. Company Overview - Naxin Micro is a leading provider of analog chips in China, operating under a fabless model that focuses on chip research and design while outsourcing wafer manufacturing and packaging testing to trusted third-party foundries. The company offers a wide range of high-performance and reliable products and solutions in automotive electronics, general energy, and consumer electronics [4]. - The company's product categories include sensors, signal chain chips, and power management chips, forming a complete system link from perception to signal processing and system power supply, playing a critical role in the connection and interaction between the real and digital worlds [4]. - According to Frost & Sullivan, Naxin Micro ranks 14th among all analog chip companies and 5th among Chinese manufacturers in the analog chip market, with a market share of 0.9% as of 2024 [4]. Competitive Advantages - Naxin Micro believes it can seize future opportunities and achieve sustainable growth due to several advantages: 1. Being a leading company in China's analog chip sector with a rich product matrix around key downstream application scenarios 2. Leading in the automotive chip field with a strong position in high-barrier markets 3. Excellent product performance backed by extensive technical reserves 4. A strict quality control system ensuring product reliability 5. A forward-looking management team with industry experience and a high-quality talent pool [4]. Financial Performance - For the fiscal years 2022, 2023, and 2024, Naxin Micro reported revenues of approximately 1.67 billion, 1.31 billion, and 1.96 billion RMB, respectively. For the six months ending June 30 in 2024 and 2025, revenues were approximately 849 million and 1.52 billion RMB, respectively [5]. - The total comprehensive income for the same periods was approximately 250 million, -305 million, -403 million, -266 million, and -78 million RMB [5]. - The company experienced a gross profit margin of 48.5% in 2022, which decreased to 28.0% in 2024, with a notable increase in sales costs as a percentage of revenue [6].