“超募王”再闯港股IPO

Core Viewpoint - Naxin Micro (688052.SH) has re-applied for 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]. Group 1: Company Overview - Naxin Micro, established in 2013, is a leading provider of analog chips in China, focusing on sensor products, signal chain chips, and power management chips [4][8]. - The company was previously known 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 of 750 million yuan [4][5]. Group 2: 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 [9]. - However, the company recorded net losses of 250 million yuan in 2022, 305 million yuan in 2023, 403 million yuan in 2024, and 78.01 million yuan in the first half of 2025, totaling a cumulative loss of 458 million yuan over three years [9][10]. Group 3: Market Position and Strategy - Naxin Micro ranks fifth among Chinese manufacturers in the analog chip market by revenue in 2024 and is the leading company in the automotive analog chip sector [8][9]. - The company plans to increase R&D investment, expand its product range, and enhance international market operations while maintaining a focus on key customer collaborations [9][10]. Group 4: Profitability and Margin Trends - The gross margin of Naxin Micro decreased from 48.5% in 2022 to 33.9% in 2023, further declining to 28% in 2024, representing a drop of 20.5 percentage points [10]. - The company attributes the decline in gross margin to intensified market competition and necessary price adjustments to maintain competitiveness, although a recovery to 32.9% is expected in the first half of 2025 due to increased market demand and strategic product optimization [10].