Novosense(SH:688052) Sou Hu Cai Jing·2025-11-24 15:08Core Viewpoint - Naxin Micro plans to repurchase shares through centralized bidding, with a total amount between 200 million and 400 million yuan, and a maximum repurchase price of 200 yuan per share, indicating confidence in long-term development and commitment to core team incentives [1][2][3] Summary by Relevant Sections Repurchase Plan - The repurchase plan was first disclosed on November 25, 2025, and will be implemented within 12 months after board approval [2] - The expected repurchase amount is between 200 million and 400 million yuan [2] - The source of funds for the repurchase will be the company's own funds [2] - The maximum repurchase price is set at 200 yuan per share [2] - The repurchased shares will be used for employee stock ownership plans or equity incentives [2] Financial Impact - As of September 30, 2025, the company's debt-to-asset ratio is 23.48%, with cash and cash equivalents amounting to 713.5972 million yuan [3] - The repurchase will not significantly impact the company's debt repayment ability or ongoing operations [3] - The company's stock price has experienced fluctuations, with a historical high of 331.03 yuan per share and a recent closing price of 144.98 yuan per share, which is 37.95% lower than the maximum repurchase price [3] Performance Overview - Naxin Micro's revenue has shown a fluctuating upward trend, with revenues of 1.67 billion yuan in 2022, 1.31 billion yuan in 2023, and 1.96 billion yuan in 2024 [4] - The net profit attributable to shareholders has been negative in recent years, with figures of 251 million yuan, -305 million yuan, and -403 million yuan for the same periods [4] - The gross profit margin has decreased from 48.50% in 2022 to 28.00% in 2024 [4] IPO Progress - Naxin Micro has initiated the "A+H" listing process, having passed the Hong Kong Stock Exchange hearing on November 18, 2025, with plans to issue up to 40.9769 million ordinary shares [4] - The funds raised from the IPO will be used for technology upgrades, expansion of automotive electronics, overseas market development, and strategic acquisitions [4] - While there is no direct causal relationship between the share repurchase and the IPO, it is noted that shareholder cash-outs may affect market confidence in the IPO [4][5]