“超募王”再闯港股IPO

Core Viewpoint - Naxin Micro (688052.SH) has applied for a listing on the Hong Kong Stock Exchange after a previous application lapsed in April 2025, aiming to raise funds for enhancing technology capabilities, expanding product offerings, and international market promotion [1][4] Company Overview - Naxin Micro, established in 2013, is a leading provider of analog chips in China, known for its strong performance in the automotive chip sector [3][5] - The company was previously recognized as the "super fundraising king" after raising approximately 5.58 billion yuan during its A-share IPO in April 2022, significantly exceeding its initial target [3][5] Financial Performance - Naxin Micro's revenue for the years 2022 to 2025 (first half) was reported as 1.67 billion yuan, 1.31 billion yuan, 1.96 billion yuan, and 1.52 billion yuan respectively, indicating overall revenue growth [6][7] - Despite revenue growth, the company has recorded net losses for two consecutive years, totaling 458 million yuan over the reporting period [6][7] Market Position - In the Chinese analog chip market, Naxin Micro ranks fifth among local manufacturers based on projected 2024 revenue, and it is the only company focusing on sensor products, signal chain chips, and power management chips among the top ten [5][6] - The company holds the top position in the Chinese automotive analog chip market and ranks second among all fabless manufacturers [6] Product Strategy - Naxin Micro focuses on high-performance analog and mixed-signal chip design, targeting applications in automotive electronics, energy, and consumer electronics [5] - The company plans to increase R&D investment, expand its product portfolio, and enhance international market operations while maintaining a focus on key customer collaborations [6][7] Profitability Challenges - The gross margin has declined from 48.5% in 2022 to 33.9% in 2023, further decreasing to 28% in 2024, attributed to intensified market competition and necessary price adjustments [7] - The company anticipates a recovery in gross margin to 32.9% in the first half of 2025, driven by increased market demand and strategic product optimization [7]