香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確 性或完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 Suzhou Novosense Microelectronics Co., Ltd. 蘇州納芯微電子股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）╱證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即 代表 閣下知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據呈交香港公司註冊處註冊的本 公司招股章程作出投資決定；有關文本將於發售期內向公眾人士刊發。 (i) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據本文 件中的資料作出任何投資決定； (ii ...

（文章来源：证券日报） 证券日报网讯 11月17日晚间，纳芯微发布公告称，公司于2025年11月14日在公司会议室以现场结合通 讯的方式召开了职工代表大会，同意选举姜超尚先生为公司第三届董事会职工代表董事，姜超尚先生由 第三届董事会非职工代表董事变更为第三届董事会职工代表董事。 ...

Group 1: Company Updates - Ansem Semiconductor welcomes the U.S. authorities' decision to suspend the "penetration rule" for one year, which could have impacted its operations as a subsidiary of Wingtech Technology [1] - Ansem has had to suspend direct wafer supply to its factories in China since October 29, while operations in Europe and other regions continue normally [1] - Honda is adjusting its strategy to manage existing parts amid ongoing semiconductor supply chain issues affecting the automotive industry [1][2] Group 2: Automotive Industry Insights - The automotive industry has faced multiple production disruptions due to natural disasters and supply chain issues, highlighting the importance of supply chain stability [2] - China's automotive production and sales are projected to reach 31.28 million and 31.43 million units in 2024, with a year-on-year growth of 3.7% and 4.5% respectively [3] - The penetration rate of new energy vehicles in China is expected to exceed 40%, providing significant market demand for automotive chip manufacturers [3] Group 3: Semiconductor Market Developments - Domestic automotive chip production is accelerating, with a high import ratio still present in the automotive chip market [4] - Horizon Robotics announced that its chip family has surpassed 10 million units in production, indicating a strong growth trajectory in the SoC segment [5] - Black Sesame Technologies has successfully integrated its A1000 chip into multiple vehicle models, with plans for further production in 2025 [5][6] Group 4: MCU and Power Device Trends - The automotive MCU market is expected to exceed 100 billion by 2029, with domestic MCU production rapidly increasing [7] - Chip manufacturers like Chipone Technology and GigaDevice have reported significant milestones in MCU and SoC product lines, indicating robust growth in the automotive electronics sector [7] - Power devices are becoming increasingly critical in hybrid and electric vehicles, with domestic manufacturers like Silan Microelectronics gaining market share [11][12] Group 5: Industry Challenges and Future Outlook - The automotive semiconductor industry faces challenges in high-end product capacity, while domestic brands are covering mid-to-low-end products [8] - The Chinese automotive semiconductor market is expected to grow, but collaboration among automakers, Tier 1 suppliers, and chip manufacturers is essential for a complete development model [14] - The future of the semiconductor supply chain will require a shift from linear models to collaborative networks among various stakeholders [14][15]

特此公告。 证券代码：688052 证券简称：纳芯微 公告编号：2025-050 苏州纳芯微电子股份有限公司 关于选举第三届董事会职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 苏州纳芯微电子股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日 召开第三届董事会第二十次会议，审议通过了《关于取消监事会、修订<公司章 程>的议案》。根据修订后的《苏州纳芯微电子股份有限公司章程》（以下简称"《公 司章程》"），董事会由九名董事组成，其中职工代表董事一名。董事会中的职工 代表董事由公司职工通过职工代表大会、职工大会或者其他形式民主选举产生。 公司于 2025 年 11 月 14 日在公司会议室以现场结合通讯的方式召开了职工 代表大会，同意选举姜超尚先生（简历详见附件）为公司第三届董事会职工代表 董事，姜超尚先生由第三届董事会非职工代表董事变更为第三届董事会职工代表 董事。本次职工代表大会选举产生的职工代表董事，将与公司其他八名董事共同 组成公司第三届董事会，任期自本次职工代表大会审议通过且公司 ...

北京市嘉源律师事务所 关于苏州纳芯微电子股份有限公司 2025 年第三次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 嘉源(2025)-04-833 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:苏州纳芯微电子股份有限公司 北京市嘉源律师事务所 关于苏州纳芯微电子股份有限公司 EUM SE Ph UAN LAW OFFICES 2025 年第三次临时股东大会的 法律意见书 北京市嘉源律师事务所(以下简称"本所")接受苏州纳芯微电子股份有限 公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公 司法》")《上市公司股东会规则》(以下简称"《股东会规则》")等现行有效的法 律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及《苏州纳 芯微电子股份有限公司章程》(以下简称"《公司章程》")的有关规定,指派本所 律师对公司 2025年第三次临时股东大会(以下简称"本次股东大会")进行见证, 并依法出具本法律意见书。 为出具本法律意见书,本所指 ...

证券代码：688052 证券简称：纳芯微 公告编号：2025-051 苏州纳芯微电子股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 373 | | --- | --- | | 普通股股东人数 | 373 | | 2、出席会议的股东所持有的表决权数量 | 70,602,037 | | 普通股股东所持有表决权数量 | 70,602,037 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 49.5765 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 49.5765 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 1、本次会议由公司董事会召集，董事长王升杨先生主持； 2、会议采用现场投票 ...

Investment Rating - The report maintains an investment rating of "Outperform" with a target price set for the next six months [4]. Core Insights - Alibaba has launched the "Qianwen" project, aiming to compete with ChatGPT by developing a personal AI assistant app, leveraging its Qwen model, which has a pre-training data volume of 36 trillion tokens and over one trillion parameters [1]. - SanDisk has raised NAND flash memory prices by 50%, indicating a tightening storage chip market driven by strong demand from AI data centers and limited global wafer production capacity [2]. - Baidu has unveiled its AI chip roadmap, introducing the Kunlun M100 and M300 chips, with plans to release new products annually over the next five years [3]. Summary by Sections Industry News Overview - The report highlights significant developments in the semiconductor and AI sectors, including the completion of the first phase of 6G technology trials in China and advancements in silicon carbide (SiC) technology [16][17]. Market Performance Review - The electronic sector experienced a decline of 4.77% in the week of November 10-14, 2025, ranking 30 out of 31 in overall industry performance [31][33]. - The report notes that the semiconductor sub-sector has a high price-to-earnings (PE) ratio of 95.27, indicating strong market expectations [40]. Investment Recommendations - The report suggests focusing on companies in the domestic computing power sector such as Feirongda and Xingsen Technology, as well as storage industry players like Zhaoyi Innovation and Bawei Storage [10].

Core Points - Naxin Micro (688052.SH) closed at 153.38 yuan, with a decline of 1.14%, and a total market capitalization of 21.861 billion yuan, currently in a state of breaking issue [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 22, 2022, with an initial public offering of 25.266 million shares at a price of 230.00 yuan per share [1] - Naxin Micro raised a total of 5.811 billion yuan from its IPO, with a net amount of 5.581 billion yuan, exceeding the originally planned fundraising by 4.831 billion yuan [1] - The original fundraising target was 750 million yuan, intended for signal chain chip development, R&D center construction, and working capital [1] - The total issuance costs for the IPO amounted to 230 million yuan (excluding VAT), with underwriting fees of 203 million yuan [1] Dividend Distribution - On May 24, 2023, Naxin Micro announced a profit distribution plan based on a total share capital of 101,064,000 shares, distributing a cash dividend of 0.8 yuan per share (tax included) [2] - The company will also increase its capital stock by 0.4 shares for every share held, resulting in a total cash dividend distribution of 80.8512 million yuan and a capital increase of 40.4256 million shares [2] - After this distribution, the total share capital will be 141,489,600 shares [2]

Group 1 - A-share companies are increasingly seeking listings on the Hong Kong Stock Exchange, with over 80 companies having submitted applications this year alone [1][3] - The number of A+H listed companies has reached 160, with 16 companies successfully listing in Hong Kong this year, surpassing the total from the previous five years [2][3] - Major A-share companies that have recently listed include Ningde Times, which raised nearly 40 billion HKD, and others like Sails and Sany Heavy Industry, each raising over 10 billion HKD [2] Group 2 - The sectors attracting A-share companies to Hong Kong include biomedicine, technology, and consumer goods, reflecting investor interest in these areas [3][4] - The Hong Kong Stock Exchange has optimized its listing mechanisms, making it easier for companies to access capital, which is crucial for their growth [4] - The trend of A+H listings is driven by the desire of mainland companies to enter international markets, leveraging Hong Kong's unique position and regulatory environment [5] Group 3 - The Hong Kong Stock Exchange has seen record revenue and net profit in the first three quarters of the year, driven by high trading activity and a surge in new listings [6] - There are currently around 300 listing applications being processed, with half from new economy sectors such as electric vehicles and biotechnology [6] - Despite the overall positive trend, some new listings have faced challenges, with instances of stocks dropping below their issue price on debut, leading to delays in some IPOs [6][7]

Core Viewpoint - The domestic analog chip industry is experiencing "collective growth with internal differentiation" driven by technological iteration and market demand in Q3 2025, with financial reports from 10 representative companies revealing both resilience among leading firms and competitive dynamics in a recovering market [1] Revenue Landscape - The total revenue of 10 analog chip manufacturers reached 7.087 billion yuan in Q3 2025, showing an overall growth trend [2] - Leading the high-growth segment, Jiehuate achieved a revenue increase of 71.18% year-on-year, followed by SIRUIPO and NAXINWEI with increases of 70.29% and 62.81% respectively, driven by technological breakthroughs in high-end analog chips and overall industry recovery [2][5] - Nanchip Technology ranked second in growth with a revenue increase of 40.26%, benefiting from its strong presence in consumer electronics and expectations of further growth in the second half of the year [2] Profitability Analysis - The total net profit attributable to shareholders of the 10 manufacturers was 346 million yuan, with a non-recurring net profit of 170 million yuan, indicating significant differentiation in profitability compared to revenue [6] - Shengbang's net profit reached 142 million yuan, up 34.02% year-on-year, while Awei Electronics reported a net profit of 119 million yuan, up 37.93% [6] - Conversely, NAXINWEI and Jiehuate reported net losses of 62 million yuan and 165 million yuan respectively, highlighting the competitive pressures within the industry [7] R&D Investment Trends - The total R&D investment among the 10 manufacturers was 1.184 billion yuan, reflecting varying recognition and strategic focus on technological iteration [8] - Jiehuate led in R&D investment with 258 million yuan, a 52.19% increase year-on-year, representing 34.20% of its revenue [8][11] - Nanchip Technology and Awei Electronics also increased their R&D investments significantly, with growth rates of 51.32% and 21.04% respectively, indicating a heightened focus on innovation [11] Market Dynamics - The competition among leading firms is intensifying as the analog chip sector approaches a critical phase, with companies emphasizing high-quality R&D investments to maintain competitive advantages [11][12] - The differentiation in R&D investment and its effectiveness in translating into competitive strength will be crucial as the industry undergoes potential reshuffling [12]