【导读】思瑞浦筹划购买奥拉股份股权，计划自11月26日开市起停牌 11月25日晚间，思瑞浦发布公告称，公司拟以发行股份及/或支付现金的方式，购买宁波奥拉半导体股份 有限公司（以下简称奥拉股份）股权并募集配套资金，可能构成重大资产重组。 思瑞浦的股票及可转债计划自11月26日起停牌，预计停牌时间不超过10个交易日。截至11月25日收盘， 思瑞浦股价报148.18元/股，涨幅为1.37%，总市值为204.2亿元。 与标的公司主要股东签订意向协议 公告显示，思瑞浦已与奥拉股份的主要股东Hong Kong Aura Investment Co. Limited、海南璞愿投资合伙 企业（有限合伙）、Ideal Kingdom Limited、宁波奥吉芯企业管理合伙企业（有限合伙）、宁波奥如芯企 业管理合伙企业（有限合伙）、宁波奥意芯企业管理合伙企业（有限合伙）、Key Brilliance Limited 、 Light Brilliance Limited、Win Aiming Limited签署《股权收购意向协议》。 | 证券代码:688536 | 证券简称:思瑞浦 | 公告编号:20 | | --- | --- ...

【导读】思瑞浦筹划购买奥拉股份股权，计划自 11 月 26 日开市起停牌 中国基金报记者 闻言 11 月 25 日晚间，思瑞浦发布公告称，公司拟以发行股份及 / 或支付现金的方式，购买宁波 奥拉半导体股份有限公司（以下简称奥拉股份）股权并募集配套资金，可能构成重大资产重 组。 与标的公司主要股东签订意向协议 思瑞浦的股票及可转债计划自 11 月 26 日起停牌，预计停牌时间不超过 10 个交易日。截至 11 月 25 日收盘，思瑞浦股价报 148.18 元 / 股，涨幅为 1.37% ，总市值为 204.2 亿 元。 公告显示，思瑞浦已与奥拉股份的主要股东 Hong Kong Aura Investment Co. Limited 、 海南璞愿投资合伙企业（有限合伙）、 Ideal Kingdom Limited 、宁波奥吉芯企业管理合伙 企业（有限合伙）、宁波奥如芯企业管理合伙企业（有限合伙）、宁波奥意芯企业管理合伙 企业（有限合伙）、 Key Brilliance Limited 、 Light Brilliance Limited 、 Win Aiming Limited 签署《股权收购意向协议》。 | ...

11月24日晚间，纳芯微（688052）发布公告，公司计划以集中竞价交易方式回购股份，回购金额不低于 2亿元，不超过4亿元，回购价格上限为200元/股，预计回购数量为100万股至200万股，占总股本的 0.70%至1.40%。 公司于2022年4月登陆科创板，其IPO时发行价为230元/股，当时被媒体称为"超募之王"。公司上市不久 后股价一度涨至331.03元/股，创历史新高。然而，纳芯微A股股价自2022年8月开始了震荡下行，并在 2024年4月盘中触及78.09元/股的历史低点。2024年，公司股价较长时间处于"破发"状态。 截至2025年11月24日收盘，纳芯微A股股价报144.98元/股，200元/股的回购价格上限比市价高出 37.95%。 业绩方面，公司收入呈现波动上升态势。2022年~2024年，纳芯微的营业收入分别为16.70亿元、13.11 亿元和19.60亿元。归母净利润分别为2.51亿元、-3.05亿元和-4.03亿元；公司毛利率分别为48.50%、 33.90%和28.00%。 此外，纳芯微已于2025年11月18日通过港交所聆讯，正式启动"A+H"上市进程。此次IPO拟发行不超过 40 ...

Group 1: Semiconductor Industry - The analog semiconductor industry is experiencing a clear internal differentiation, with power management ICs (PMIC) and signal chain markets stabilizing and entering a cyclical recovery phase after a deep downturn [2] - The mobile radio frequency front-end (RFFE) is still under pressure, while the automotive RFFE is becoming a new strategic growth area [2] - Global analog market recovery is indicated by Texas Instruments' price increases, with WSTS forecasting a 3% growth in global analog revenue in 2025 and 5% in 2026, although growth lags behind AI-driven sectors [6] Group 2: Automotive Companies - Geely Automobile (175 HK) reported a robust performance in Q3 2025, with revenue up 48% year-on-year, driven by resilient pricing of its Zeekr models [9] - Geely's gross margin improved to 16.6%, with expectations for continued growth in sales and margins due to new high-margin models and accelerated exports of new energy vehicles [8][9] - XPeng Motors (XPEV US/9868 HK) is expected to turn profitable in Q4 2025, with a projected 36% year-on-year sales growth in 2026, driven by new models and increased average selling prices [10][11] - Leap Motor (9863 HK) is also expected to see strong sales momentum, with a projected 52% year-on-year increase in total sales in 2026, supported by new model launches [12][13]

Core Insights - Suzhou Naxin Microelectronics Co., Ltd. reported a significant revenue increase of 79.49% year-on-year, reaching 1.524 billion yuan in the first half of 2025 [1] - The automotive electronics segment accounted for 34.04% of total revenue, reflecting a slight increase of 0.53% compared to the previous year [1] Revenue Growth Drivers - The substantial revenue growth is attributed to the stable demand in automotive electronics, recovery in the energy sector, and the positive impact of the consolidation of Maiguan [1] - The company shipped 312 million automotive electronic components during the reporting period, with a cumulative shipment exceeding 980 million units [1] Automotive Market Context - According to the China Association of Automobile Manufacturers, China's automobile sales reached 15.653 million units in the first half of 2025, marking an 11.4% year-on-year increase [1] - New energy vehicle sales reached 6.937 million units, showing a remarkable growth of 40.3%, with a penetration rate of 44.3%, contributing significantly to global growth [1] Product and Market Strategy - Since entering the automotive market in 2016, the company has developed a comprehensive chip layout covering key areas such as new energy vehicle main drive inverters, OBC, DC-DC, BMS, thermal management, and body control [1] - The product matrix includes sensors, signal chains, power management, isolation, and interfaces, enabling the company to support customer system innovation with one-stop solutions [1] - With the acceleration of smart technology in new energy vehicles, the company aims to enhance its market share and influence in the automotive electronics chip sector through technological innovation and customer collaboration [1]

风险提示：市场有风险，投资需谨慎。 截至2025年7月29日收盘，纳芯微股价报174.00元，较前一交易日上涨9.80元，涨幅5.97%。当日成交额 为7.94亿元，换手率为3.20%。 纳芯微主营业务为半导体芯片设计，产品覆盖传感器、信号链、电源管理等领域。公司通过收购麦歌恩 进一步拓展磁传感器品类，实现相关技术领域的全面布局。 公司于7月27日宣布拟赴港上市计划，旨在增强全球车规级芯片市场的竞争力。此前公司于7月23日接待 了平安养老等多家机构调研，就业务协同及发展战略进行交流。 7月29日主力资金净流入1775.03万元，占流通市值比例为0.07%。 本文源自：金融界 作者：A股君 ...

Core Viewpoint - The major shareholder of Biyimi plans to reduce their stake by 3% through a pricing inquiry, raising concerns about the company's future amid ongoing financial struggles and market volatility [1][3]. Group 1: Shareholder Actions - Biyimi's major shareholder, Yuan Chengjun, intends to transfer 209.51 million shares, representing 3% of the total share capital, at a price of 28.59 yuan per share, totaling approximately 59.89 million yuan [1]. - The transfer has been fully subscribed by three institutional investors, and the shares cannot be transferred by the buyers for six months post-acquisition [1]. - Following the transfer, Yuan Chengjun's shareholding will decrease from 9.69% to 6.69% [1]. Group 2: Company Performance - Biyimi has experienced declining performance since its listing on the STAR Market in May 2022, with revenues dropping from 8.87 billion yuan in 2021 to an expected 6.88 billion yuan in 2024 [2]. - The company reported a net profit loss of 131.32 million yuan in Q1 2023, a significant decline of 4708.31% year-on-year, with a total loss of 36 million yuan over the past two years [2]. - Despite the losses, Biyimi is adjusting its product structure, with revenue from new products like motor drivers and DC-DC converters increasing by 61.29% [2]. Group 3: Market Reaction - As of June 16, Biyimi's stock closed at 31.90 yuan per share, down over 40% from its issue price and 60% from its historical high in August 2022, with a market capitalization of only 2.228 billion yuan [3]. - The stock has faced continuous pressure, with net outflows of major funds for four consecutive days and a trading volume of only 28.81 million yuan on the day of the report [3]. - Investor sentiment is mixed, with concerns about increased stock price volatility due to the shareholder's reduction and ongoing financial losses, while some analysts believe in the company's long-term potential due to its focus on R&D and high-margin product lines [3].

Core Viewpoint - Suzhou Naxin Microelectronics Co., Ltd. (Naxin Micro) has submitted an application for listing on the Hong Kong Stock Exchange, aiming to raise funds for its internationalization strategy, marking a significant step for Chinese analog chip companies towards global capital integration [1] Group 1: Company Overview - Naxin Micro is focused on developing products around downstream application scenarios, concentrating on three main product areas: sensors, signal chains, and power management, covering automotive electronics, energy, and consumer electronics [1] - The company plans to enhance its product line and competitiveness in the consumer electronics and new energy vehicle markets through the acquisition of magnetic sensor company Meigen [1] Group 2: Financial Performance - Naxin Micro's revenue for 2022, 2023, and 2024 was 1.67 billion, 1.31 billion, and 1.96 billion respectively, showing a fluctuating growth trend, while the net profit has been in continuous loss for two years, totaling approximately 700 million [2] - The main reasons for the losses include intensified market competition leading to a significant drop in product prices (sensor average price decreased by 64%), high R&D expenditures (5.4 billion in 2024, accounting for 27.5% of revenue), and increased equity incentive costs [2] Group 3: Market Position and Strategy - Naxin Micro aims to build a global sales network and strengthen its technological advantages while addressing the current reliance of China's analog chip supply chain on international manufacturers (with only 5% localization rate for automotive chips) [4] - The A+H listing journey of Naxin Micro reflects the broader trend of semiconductor localization in China and serves as a test of its technological strength and strategic execution [4]