纳芯微港股敲钟，中国汽车芯片开讲“出海”新故事

Core Insights - Naxin Micro officially listed on the Hong Kong Stock Exchange on December 8, becoming one of the few companies in the analog chip industry to establish an "A+H" dual capital platform [2] - Naxin Micro ranks first among Chinese manufacturers in the automotive analog chip market based on projected revenue for 2024, positioning itself as a representative enterprise in China's analog chip sector [3] - The company aims to use Hong Kong as a strategic hub for global expansion, indicating that its listing is not solely for fundraising but also for building a high-standard platform for international operations [3] Company Strategy - Naxin Micro's co-founder and COO outlined a "three-step" strategy for international expansion: Local for Local, Local for Global, and Global for Global [4] - The current phase, "Local for Global," focuses on leveraging domestic market collaborations to gain trust and extend projects to international clients [4] - The ultimate goal, "Global for Global," involves building a global capital and operational platform through the Hong Kong listing [4] Market Position and Challenges - Despite achieving breakthroughs in various segments, Naxin Micro acknowledges the gap between itself and established international giants like Texas Instruments and Infineon, particularly in product portfolio scale and manufacturing capabilities [5] - The company has over 4,000 product SKUs, but this is still less comprehensive compared to competitors with tens of thousands of products [5] - Naxin Micro operates under a Fabless model, relying on foundries, which creates a gap in manufacturing capabilities compared to vertically integrated manufacturers [5] Operational Efficiency - Naxin Micro plans to establish an independent and efficient overseas supply chain centered in Hong Kong, enhancing operational efficiency and providing a buffer against complex trade environments [7] - The company aims to attract global R&D talent by leveraging Hong Kong's top universities and international environment [7] Financial Performance - Naxin Micro's revenue grew from approximately 250 million yuan to about 840 million yuan from Q2 2023 to Q3 2025, despite the overall industry facing challenges [8] - The company has shipped over 980 million automotive chips, with an average of over 20 chips per vehicle produced in China, and 40 to 50 chips per electric vehicle [9] - Naxin Micro is currently operating at a loss, attributed to increased market competition and ongoing investments in new products and directions [9] Future Goals - The company aims to surpass the $1 billion revenue mark by 2029, which is a significant challenge given that leading domestic firms typically hover around 3 billion yuan (approximately $400 to $500 million) [10] - Naxin Micro's growth strategy emphasizes organizational capability over product alone, with a focus on building a systematic organization that does not rely on individual leadership [10]