来源：瑞恩资本RyanbenCapital 2025年12月8日，来自江苏苏州的A股上市公司纳芯微(02676.HK)(688052.SH)成功在香港联合交易所主 板挂牌上市。 纳芯微是次IPO全球发售1906.84万股H股(占发行完成后总股份的11.80%)，每股定价116港元，募集资金 总额约22.12亿港元，募资净额约20.96亿港元。 纳芯微是次招股，公开发售部分获25.33倍认购，国际发售部分获2.65倍认购。 纳芯微是次IPO招股引入7名基石投资者，合共认购约10.89亿港元的发售股份，基石投资者包括元禾纳 芯(元禾控股)、Golden Link(比亚迪002594.SZ)、好易得国际(三花控股)、Perseverance基金、3W Fund、 Green Better(小米01810.HK)、君宜香港等。 招股书显示，纳芯微在香港上市前的股东架构中，王升杨先生、盛云先生、王一峰先生为一致行动人， 连同其控制的实体，合共持股约27.44%，为单一最大股东。 | 纳芯微(02676.HK, 688052.SH)香港上市后股东架构 | | | | --- | --- | --- | | 单一最大股东集 ...

纳芯微(02676)首挂上市，公告显示，每股定价116港元，共发行1906.84万股股份，每手100股，所得款 项净额约20.96亿港元。截至发稿，无涨跌，报116港元，成交额5696.64万港元。 招股书显示，纳芯微采用fabless模式运营，专注于芯片研发和设计，同时将晶圆制造外包予外部晶圆厂 以及大部分封装测试外包予第三方封装测试服务供应商。根据弗若斯特沙利文的资料，以2024年模拟芯 片收入计，公司在中国模拟芯片市场的所有模拟芯片公司中位列第14名（占市场份额0.9%）以及在中 国模拟芯片公司中位列第五名。 为了更好地服务应用领域的终端客户，公司会针对电子设备系统各种具体的功能需求，研发公司的产 品。通过传感器产品、信号链芯片及电源管理芯片的协同应用，公司能形成特定的解决方案，助力终端 客户实现其想要的特定功能或需求。凭借对技术的持续研发投入和对市场需求的理解，公司的产品已广 泛应用于汽车电子、泛能源、消费电子及新兴领域等应用领域。 ...

智通财经获悉，纳芯微(02676)首挂上市，公告显示，每股定价116港元，共发行1906.84万股股份，每手 100股，所得款项净额约20.96亿港元。截至发稿，无涨跌，报116港元，成交额5696.64万港元。 招股书显示，纳芯微采用fabless模式运营，专注于芯片研发和设计，同时将晶圆制造外包予外部晶圆厂 以及大部分封装测试外包予第三方封装测试服务供应商。根据弗若斯特沙利文的资料，以2024年模拟芯 片收入计，公司在中国模拟芯片市场的所有模拟芯片公司中位列第14名（占市场份额0.9%）以及在中 国模拟芯片公司中位列第五名。 为了更好地服务应用领域的终端客户，公司会针对电子设备系统各种具体的功能需求，研发公司的产 品。通过传感器产品、信号链芯片及电源管理芯片的协同应用，公司能形成特定的解决方案，助力终端 客户实现其想要的特定功能或需求。凭借对技术的持续研发投入和对市场需求的理解，公司的产品已广 泛应用于汽车电子、泛能源、消费电子及新兴领域等应用领域。 本文源自：智通财经网 ...

Core Viewpoint - The report from Huazhong Securities indicates that Shengbang Co., Ltd. achieved a net profit attributable to shareholders of 140 million yuan in Q3 2025, representing a year-on-year increase of 34% and a quarter-on-quarter increase of 1% [1] Group 1: Financial Performance - Shengbang Co., Ltd. reported a net profit of 140 million yuan for Q3 2025, showing a robust growth trend with a 34% increase year-on-year and a 1% increase quarter-on-quarter [1] - The company's performance demonstrates strong resilience and steady growth [1] Group 2: Product Development - The company continues to launch high-performance analog chips, including a 24-bit high-precision ADC and a 60nA ultra-low power DC/DC converter [1] - Shengbang's product portfolio includes over 5,900 models across 34 categories, catering to a wide market demand [1] - Several automotive-grade chips have already achieved mass production, enhancing the company's ability to replace imports and strengthen market competitiveness [1] Group 3: Strategic Initiatives - To further support business development, the company submitted an application for H-share issuance and listing to the Hong Kong Stock Exchange on September 28, 2025 [1] - This move is expected to broaden financing channels and enhance international influence, providing strong capital support for the company's competition in the global analog chip market [1] - The company maintains a "Buy" rating, indicating positive outlook and confidence in future performance [1]

Core Viewpoint - Naxin Micro (02676), a leading domestic analog chip company, is conducting an IPO from November 28 to December 3, aiming to raise up to HKD 2.21 billion with a maximum offer price of HKD 116 per share [1][2] Group 1: IPO Details - The company plans to issue 19.068 million H-shares, with 10% available for public offering in Hong Kong, and has already secured HKD 34.5 billion in margin financing from brokers [1] - The IPO has been oversubscribed by 14.6 times, with an entry fee of approximately HKD 11,717 for a board lot of 100 shares [1] - Naxin Micro is expected to be listed on December 8, with CICC, CITIC Securities, and Jianyin International acting as joint sponsors [1] Group 2: Business Model and Product Offering - Naxin Micro operates on a fabless model, focusing on chip research and design while outsourcing wafer manufacturing and most packaging testing to third-party service providers [1] - The company provides a range of high-performance and reliable products and solutions in three main application areas: automotive electronics, general energy, and consumer electronics [1] - The product categories include sensors, signal chain chips, and power management chips, forming a complete system link from perception to signal processing and power supply [1] Group 3: Market Position and Financial Performance - According to Frost & Sullivan, Naxin Micro ranks 14th among all analog chip companies in China by revenue in 2024, holding a market share of 0.9%, and 5th among domestic analog chip companies [2] - Financially, the company reported revenues of approximately RMB 1.67 billion, RMB 1.31 billion, RMB 1.96 billion, and RMB 1.52 billion for the fiscal years ending June 30 for 2022, 2023, 2024, and 2025 respectively [2] - The total comprehensive income for the same periods was approximately RMB 250 million, -RMB 30.5 million, -RMB 40.4 million, and -RMB 7.56 million [2] Group 4: Strategic Investors - The IPO has attracted seven cornerstone investors, including Yuanhe Naxin, BYD's subsidiary Golden Link, and Xiaomi's subsidiary Green Better, with a total subscription amount of HKD 1.09 billion [2]

Group 1 - The core viewpoint of the news is that Zhaoyi Innovation's stock has experienced fluctuations, with a notable increase of 95.90% year-to-date, despite a recent decline in the last 20 days [1] - As of December 2, Zhaoyi Innovation's stock price was 208.56 CNY per share, with a market capitalization of 139.29 billion CNY [1] - The company has seen significant trading activity, with a net outflow of 1.79 million CNY in principal funds on December 2, and notable buying and selling volumes [1] Group 2 - Zhaoyi Innovation, established on April 6, 2005, specializes in the research, sales, and technical support of integrated circuit storage chips, with 68.55% of its revenue coming from storage chips [2] - The company reported a revenue of 6.832 billion CNY for the first nine months of 2025, reflecting a year-on-year growth of 20.92%, and a net profit of 1.083 billion CNY, up 30.18% year-on-year [2] - As of September 30, 2025, the number of shareholders increased by 14.31% to 157,500, while the average circulating shares per person decreased by 12.18% to 4,231 shares [2] Group 3 - Zhaoyi Innovation has distributed a total of 1.948 billion CNY in dividends since its A-share listing, with 639 million CNY distributed in the last three years [3] - The top ten circulating shareholders include significant institutional investors, with notable reductions in holdings for several ETFs [3]

Core Viewpoint - The stock of Biyimi Microelectronics has shown a mixed performance in recent trading sessions, with a notable increase in the year-to-date price, while also experiencing fluctuations in trading volume and shareholder structure [1][2]. Group 1: Stock Performance - As of December 1, Biyimi's stock rose by 2.11%, trading at 40.23 CNY per share, with a total transaction volume of 35.16 million CNY and a turnover rate of 1.27% [1]. - Year-to-date, the stock price has increased by 26.11%, with an 8.64% rise over the last five trading days, a 4.03% decline over the last 20 days, and an 11.37% drop over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Biyimi reported a revenue of 461 million CNY, reflecting a year-on-year decrease of 3.15%. However, the net profit attributable to shareholders was -2.79 million CNY, showing a significant year-on-year increase of 86.29% [2]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 6,367, up by 5.87% from the previous period, while the average number of circulating shares per person decreased by 5.54% to 5,920 shares [2]. - Notably, the fund "Noan Multi-Strategy Mixed A" has exited the list of the top ten circulating shareholders [2]. Group 4: Company Overview - Biyimi Microelectronics, established on May 29, 2014, and listed on May 26, 2022, specializes in the design and sales of high-performance analog and mixed-signal integrated circuits [1]. - The company's revenue composition includes AC-DC (51.04%), driver ICs (44.33%), DC-DC (3.94%), and other segments [1]. - Biyimi operates within the semiconductor industry, focusing on analog chip design and is involved in various concept sectors such as smart home, integrated circuits, and consumer electronics [1].

Core Viewpoint - Zhongying Electronics has shown a positive stock performance with a year-to-date increase of 19.48%, reflecting strong market interest and trading activity [1][2]. Group 1: Stock Performance - As of December 1, Zhongying Electronics' stock price increased by 2.00% to 29.00 CNY per share, with a trading volume of 2.42 billion CNY and a turnover rate of 2.47%, resulting in a total market capitalization of 99.00 billion CNY [1]. - The stock has experienced a 9.93% increase over the last five trading days, a 7.53% increase over the last 20 days, and a 7.05% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Zhongying Electronics reported a revenue of 9.67 billion CNY, a year-on-year decrease of 1.13%, and a net profit attributable to shareholders of 57.04 million CNY, down 36.59% year-on-year [2]. Group 3: Shareholder Information - As of November 20, the number of shareholders for Zhongying Electronics reached 50,000, an increase of 4.17% from the previous period, with an average of 6,805 circulating shares per person, a decrease of 4.00% [2]. - The company has distributed a total of 11.07 billion CNY in dividends since its A-share listing, with 2.72 billion CNY distributed over the last three years [3]. Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 4.35 million shares, an increase of 2.14 million shares from the previous period [3]. - Other notable institutional shareholders include Southern CSI 1000 ETF, holding 3.12 million shares (a decrease of 34,800 shares), and Huaxia CSI 1000 ETF, holding 1.86 million shares (a decrease of 1,400 shares) [3].

Group 1 - The core viewpoint of the news is that Fuman Microelectronics has experienced fluctuations in stock price and trading volume, with a recent increase in share price despite a year-to-date decline [1] - As of December 1, Fuman Micro's stock price rose by 2.01% to 34.59 CNY per share, with a total market capitalization of 7.571 billion CNY [1] - The company has seen a net outflow of main funds amounting to 165,000 CNY, with significant buying and selling activity in the market [1] Group 2 - Fuman Microelectronics, established on November 5, 2001, specializes in the design, research and development, packaging, testing, and sales of high-performance analog and mixed-signal integrated circuits [2] - The company's revenue composition includes 38.51% from power management chips, 32.16% from LED-related chips, 14.56% from MOSFET chips, and 14.55% from other types of chips [2] - As of September 30, the number of shareholders increased by 11.88% to 47,300, with an average of 4,587 circulating shares per person, a decrease of 10.63% [2] Group 3 - Fuman Micro has distributed a total of 96.5366 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited is the seventh-largest circulating shareholder, increasing its holdings by 472,900 shares [3]

Core Insights - The stock price of Zhaoyi Innovation increased by 2.08% on December 1, reaching 207.22 CNY per share, with a trading volume of 1.582 billion CNY and a market capitalization of 138.392 billion CNY [1] - The company has seen a year-to-date stock price increase of 94.65%, with a recent five-day increase of 15.65% and a 20-day decrease of 9.94% [1] - Zhaoyi Innovation's main business involves the research, sales, and technical support of integrated circuit storage chips, with 68.55% of revenue coming from storage chips [2] Financial Performance - For the period from January to September 2025, Zhaoyi Innovation achieved a revenue of 6.832 billion CNY, representing a year-on-year growth of 20.92%, and a net profit attributable to shareholders of 1.083 billion CNY, up 30.18% year-on-year [2] - The company has distributed a total of 1.948 billion CNY in dividends since its A-share listing, with 639 million CNY distributed in the last three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 14.31% to 157,500, with an average of 4,231 shares held per person, a decrease of 12.18% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 30.2921 million shares, and various ETFs, with some experiencing a decrease in holdings [3]