Novosense(SH:688052) Jin Rong Jie·2025-11-28 01:31Group 1 - The core point of the article is that Naxin Micro plans to issue 19.06 million H-shares on the Hong Kong Stock Exchange, with a maximum price of HKD 116 per share, marking a significant step in its "A+H" listing process [1][2] - The pricing date is expected to be December 4, and trading is anticipated to begin on December 8 [1] - Naxin Micro has successfully passed the listing hearing on November 18, with CICC, CITIC Securities, and Jianyin International acting as joint sponsors for the issuance [1] Group 2 - Naxin Micro, established in 2013, operates as a fabless provider of analog chips, focusing on the design, development, and sales of high-performance integrated circuit chips [1] - The company's core products include sensor products, signal chain chips, and power management chips, primarily serving the automotive electronics, energy, and consumer electronics sectors [1] - According to Frost & Sullivan, Naxin Micro ranks fifth among Chinese manufacturers in the analog chip market based on revenue projections for 2024 [1] Group 3 - Financial data shows that Naxin Micro's revenues for 2022 to 2025 (first half) are projected to be CNY 1.67 billion, CNY 1.311 billion, CNY 1.96 billion, and CNY 1.524 billion, respectively [2] - The gross margins during the same period are expected to be 48.5%, 33.9%, 28%, and 32.9% [2] - The company reported a net profit of CNY 250 million in 2022, but losses of CNY 305 million, CNY 403 million, and CNY 78.01 million are expected in 2023, 2024, and the first half of 2025, respectively [2] Group 4 - Naxin Micro announced a share buyback plan on November 24, intending to repurchase shares with a total fund of no less than CNY 200 million and no more than CNY 400 million, with a maximum buyback price of CNY 200 per share [2] - The funds raised from the Hong Kong IPO will primarily be used to enhance the company's underlying technology capabilities, expand product offerings, and develop overseas sales networks, as well as for strategic investments or acquisitions [2]