以2024年汽车模拟芯片的收入计，纳芯微在中国汽车模拟芯片市场中位列中国厂商第一名，成为 中国模拟芯片的代表性企业之一。 在中国模拟芯片行业，头部本土企业的营收规模常常在30亿元 （约4亿至5亿美元）附近徘徊，难以突破10亿美元大关。而 纳芯微2029年的目标营收高于10亿美元，这意味着其必须在 四年内跨越这一门槛。 作者：濮振宇 封图：图虫创意 12月8日，纳芯微（02676.HK）正式在香港联合交易所主板挂牌上市，成为模拟芯片行业少数构 建"A+H"双资本平台的企业。 纳芯微联合创始人、副总经理、COO王一峰将中国芯片的出海之路概括为"三步走"战略：Local for Local（本地为本地）, Local for Global（本地为全球）, Global for Global（全球为全 球）。 其中，过去两三年即是"Local for Local"阶段，即借全球芯片短缺的窗口期，以解决海外客户供 应链"有无"问题的角色快速切入。"Local for Global"是当前的阶段，即凭借在国内市场与客户 合作中展现的平台化规划与体系能力，获得信任，进而将合作项目延伸至国际客户的全球平 台。"Global ...

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]