开特股份1996年在武汉创立，2023年9月在北交所挂牌交易，公司是国内知名的汽车热系统产品提供 商。公告显示，基于战略布局和业务发展需要，公司拟与西安旭彤电子科技股份有限公司(下称"旭彤电 子")、武汉开特旭彤投资合伙企业(下称"开旭投资")、武汉开特旭彤智能科技合伙企业(下称"开旭智能") 以及自然人阳然共同投资设立武汉市开特具身智能装备有限公司。 合资公司的注册资本为人民币500万元，其中开特股份拟出资125万元，持有25%股权；旭彤电子拟出资 100万元，持有20%股权；开旭投资拟出资115万元，持有23%股权；开旭智能拟出资110万元，持有22% 股权；阳然拟出资50万元，持有10%股权。 近年来，随着新能源汽车销量的快速拉升，开特股份传感器产品出货量持续走高，业绩保持较快增长。 2018年至2022年，开特股份营收复合增长率为17.91%，净利润复合增长率为45.38%。 开特股份(832978.BJ)近日发布公告称，公司拟与多家单位合作设立合资公司，布局机器人和汽车领域。 公司自2023年9月在北交所挂牌，营收和净利润均保持双增长态势。 上市以后开特股份业绩保持稳定增长态势。2023年公司实现营 ...

一、事件：小米YU7正式上市 6月16日，雷军发文表示，小米YU7将于6月底上市。 由于REDMI K80至尊版将于6月26日发布，业内媒体推测小米YU7也将于6月26日正式上市。 据爱建证券总结，小米YU7的亮点配置包括： 1）标配800V碳化硅平台，充电10min续航增加200km； 2）标准版配置96.3kWh磷酸铁锂电池，CLTC续航835km； 3）标配激光雷达、4D毫米波雷达及11 颗高清摄像头，搭载英伟达Thor计算平台（700TOPS），支持端 到端城市领航辅助驾驶； 4）取消传统仪表盘，采用悬浮式"天际屏"及P-HUD投影。 其预计，YU7将强化小米"人车家全生态"战略，与手机、IoT设备深度互联，或凭借高规格配置和激进 定价策略在中高端纯电SUV市场形成差异化竞争力，复制SU7的"爆品逻辑"。以P-HUD投影为代表的智 能增量配置获随车型上市快速放量。 根据投资者互动平台等公开信息整理： 华阳集团：公司PHUD产品配套小米YU7，将成为首家量产的供应商。 隆利科技：车载显示产品已成功应用在小米汽车上。 另外招商证券指出，截至YU7技术发布后三天，YU7留资用户数（线索量）是SU7技术发布同 ...

Group 1 - The core point of the news is that Zhaoyi Innovation plans to issue H-shares for overseas listing on the Hong Kong Stock Exchange to enhance its global strategy and brand image, with a maximum issuance of 10% of the total share capital post-issuance [1] - The funds raised from the listing will be used to strengthen R&D capabilities, continue product and technology innovation, strategic investments and acquisitions, and global marketing and business network development [1] - Following the announcement, Zhaoyi Innovation's A-shares experienced a decline of over 6%, resulting in a total market capitalization of 78.6 billion yuan [1] Group 2 - In Q1 2024, Zhaoyi Innovation reported revenue of 1.909 billion yuan, a year-on-year increase of 17.32%, and a net profit attributable to shareholders of 235 million yuan, up 14.57% [2] - As of March 31, 2025, Zhaoyi Innovation had a strong cash reserve of 9.409 billion yuan in monetary funds and 100 million yuan in trading financial assets, with short-term borrowings of 970 million yuan and no long-term borrowings or payable bonds [2] Group 3 - Other semiconductor companies such as Jiangbolong, Naxinwei, and Jiehuate have also announced plans for listing in Hong Kong, indicating a trend of semiconductor firms seeking international expansion amid technological and geopolitical challenges [3] - The "A+H" listing model provides an efficient platform for international capital operations, allowing companies to access a more diversified international capital base [3] - According to CITIC Securities, a wave of A-share companies is expected to seek Hong Kong listings starting in the second half of 2025, with a significant increase in the number of companies disclosing plans for Hong Kong listings in April 2025 alone [3]

「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和 经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨刘杨楠 编辑丨巴里 图源丨纳芯微官网 日前，苏州纳芯微电子股份有限公司（以下简称"纳芯微"，688052.SH）正式向港交所递交上市申请，计 划通过发行H股募资推进国际化战略。 纳芯微是一家主营模拟及混合信号芯片设计研发的企业，采用Fabless（无晶圆厂）模式运营。 模拟芯片就像是一个"信号翻译器"，它的主要工作是处理声音、温度、光线强度等连续变化的物理信 号，比如放大声音、将温度信号转换为电信号、过滤噪音等。 在这个细分市场，德州仪器、亚德诺等国际巨头长期占据主导地位。直到2019年，中国模拟芯片自给率 仅为9%，到2023年提升至15%左右。这意味着国内大部分模拟芯片需求依赖进口，国产替代空间巨大。 在此背景下，纳芯微试图在中国市场划出一席之地。 招股书显示，截至2024年12月31日，在2024年以模拟芯片收入计的中国模拟芯片厂商前十名中，纳芯微 是唯一重点布局传感器产品、信号链芯片、电源管理芯片三大产品的公司。 从收入规模来看，纳芯微在中国 ...

作为连接虚拟世界与现实世界的纽带，模拟芯片是一种处理连续性模拟信号的集成电路芯片。由于中国 模拟芯片供应链发展相对较晚，市场供应仍然严重依赖国际供应商。数据显示，2024年模拟芯片国产化 率方面，消费电子领域为40-50%，通讯领域为20-25%，工业领域为10-15%，而汽车行业则是中国模拟 芯片国产化率最低的行业之一，仅约为5%。 中国模拟芯片自给率提升势在必行，这一背景下，相关公司也开始全力"备战"国产替代。 智通财经注意到，日前，国内领先的模拟芯片提供商纳芯微（688052.SH）递表了港交所主板。据介 绍，纳芯微聚焦传感器、信号链、电源管理三大方向，且是目前中国模拟芯片前十大厂商中唯一重点布 局上述方向的企业。以2024年模拟芯片收入计算，纳芯微在中国模拟芯片市场中位列中国厂商第五名； 其中，若以汽车模拟芯片收入计算，其更是位列中国厂商里的第一名及全部fabless厂商第二名。 实现科创板上市后，纳芯微又"盯上"港股市场，这家成立于2013年的模拟芯片厂商基本面成色究竟如 何？结合行业供需情况，公司的长期投资价值又该当如何看待？ 全年收入新高背后的成色如何？ | | | | 截至12月31日止年度 ...

导 语 ：四年来，公司的资产规模不断扩大，但净利润由盈转亏。 据苏州纳芯微电子股份有限公司在港交所递交的招股书内容，公司此次 IPO 备受瞩目。然而，在光 鲜的背后，纳芯微也面临着诸多挑战。此次 IPO 对纳芯微而言，是迈向新征程的起点，还是荆棘密 布的冒险，值得深入剖析。 纳芯微计划通过此次 IPO 进一步筹集资金，为业务拓展和技术升级注入动力。本次联席保荐人为中 金公司和中信证券，强大的保荐团队为其上市之路提供了有力支持。 公司此前已在上海证券交易所科创板上市，积累了一定的资本市场经验，此次赴港上市，有望进一 步拓宽融资渠道，提升国际影响力。 纳芯微作为中国领先的模拟芯片提供商，采用 fabless 模式运营，专注于研发设计，将生产环节外 包。 公司在这期间的净利润也由盈转亏，2022 年净利润为 2.50 亿元，2023 年和 2024 年分别亏损 3.05 亿元和 4.03 亿元 。尽管如此，公司的资产规模仍在不断扩大，这表明公司在业务拓展和技术研发 方面持续投入，为未来发展奠定基础。 综合来看，纳芯微此次港股 IPO 既充满机遇，也面临不少挑战，具有一定投资价值但潜在风险也不 容忽视。 从积极的方面 ...

Core Viewpoint - Three A-share companies, including Naxin Micro (688052.SH), Guanghetong (300638.SZ), and Three Squirrels (300783.SZ), submitted their prospectuses to the Hong Kong Stock Exchange on April 25, marking a significant move in the A-share market [1][2]. Group 1: Company Overview - Naxin Micro is the fourth semiconductor company from A-share to apply for a listing on the Hong Kong Stock Exchange in 2023, focusing on analog chips, particularly sensor products, signal chain chips, and power management chips [3][10]. - The company was founded in May 2013 and went public on the Shanghai Stock Exchange in April 2022, with its major shareholders controlling 34.54% of the voting rights [10][11]. Group 2: Financial Performance - Naxin Micro's revenue for 2022, 2023, and 2024 was reported at 1.67 billion, 1.31 billion, and 1.96 billion RMB respectively, indicating a significant drop in 2023 due to reduced demand in the energy sector [20][22]. - The company faced net losses of approximately 3.05 billion RMB in 2023 and 4.03 billion RMB in 2024, following a profit of 250 million RMB in 2022 [21][22]. Group 3: Product and Market Dynamics - The average selling prices of key products have significantly decreased, with sensor products dropping from 2.63 RMB per unit in 2023 to 0.94 RMB in 2024, a decline of 64% [23][25]. - Naxin Micro's product revenue structure shows an increase in the revenue share from sensor products from 6.7% in 2022 to 14% in 2024, while the share from signal chain chips decreased from 62.6% to 49.1% [13][22]. Group 4: Market Position and Future Outlook - Naxin Micro ranks 14th in the Chinese analog chip market and is the second among fabless companies in the automotive analog chip segment [38][41]. - The company plans to use the funds raised from the H-share listing to enhance business growth, diversify funding channels, and strengthen its market position [38].

Core Viewpoint - The semiconductor design leader, Zhaoyi Innovation, has shown significant recovery in performance due to market demand rebound and increased customer inventory, achieving substantial revenue and profit growth in 2024 and Q1 2025 [2][4][5]. Financial Performance - In 2024, Zhaoyi Innovation reported revenue of 7.36 billion yuan, a year-on-year increase of 27.7%, and a net profit of 1.1 billion yuan, up 584.2% [2][4]. - For Q1 2025, the company achieved revenue of 1.91 billion yuan, a 17.3% increase year-on-year, with a net profit of 235 million yuan, up 14.6% [2][5]. - The total product shipment reached a record high of 4.362 billion units in 2024, representing a year-on-year growth of 39.72% [2][9]. Market Position and Product Development - Zhaoyi Innovation is the world's leading fabless Flash supplier and ranks second globally in Serial NOR Flash market share [7][8]. - The company has a strong presence in the MCU market, being the top 32-bit Arm MCU supplier in China and ranking tenth globally in MCU revenue for the first half of 2024 [8]. - The company has seen significant growth in its product lines, with storage chips, MCUs, and sensor products showing respective production increases of 42.69%, 205.14%, and 54.05% in 2024 [9]. Research and Development - Zhaoyi Innovation has consistently invested in R&D, with expenditures nearing 1 billion yuan annually from 2022 to 2024, and 292 million yuan in Q1 2025, reflecting a 1.68% increase [9][10]. - As of the end of 2024, the company employed 1,481 R&D personnel, accounting for 70.96% of its workforce, and held 1,059 authorized patents [9]. Shareholder Interest - Notably, prominent investor Ge Weidong has been a significant shareholder since 2018, currently holding 18.72 million shares, making him the third-largest shareholder as of Q1 2025 [3][6].