深圳集聚了众多芯片类企业和新型研发机构。图为2025湾区半导体产业生态博览会场景。 深圳新闻网2026年1月4日讯（深圳商报首席记者 王海荣 文/图）与2026年大幕一道开启的，还有中国半导体 产业的新一轮资本化浪潮。作为我国半导体产业先锋城市，深圳一批深耕芯片设计与制造的硬科技企业正密 集筹划或推进赴港上市进程。 刚刚过去的12月，就有尚鼎芯、曦华科技、基本半导体、华大北斗、国民技术等5家深圳芯片类企业向港交 所递交招股书，拟进一步拓宽融资渠道、强化研发能力，加速实现核心技术自主可控。 这一趋势的背后，是国家"新质生产力"战略对高端芯片产业的强力支撑。作为国内集成电路产业重镇，深圳 正依托其完整的产业链生态、活跃的创投氛围和政策引导机制，成为国产芯片企业走向国际资本市场的桥头 堡。 登陆H股成深圳芯片企业集体新选择 2001年成立的中微半导体（深圳）股份有限公司是国内最早自主研发设计微控制器（MCU）的企业之一，专 注于芯片设计与销售，是国内领先的智能控制解决方案供应商。 2025年9月23日，中微半导体正式向港交所递交招股书。这并非它首次启动IPO。早在2022年8月，中微半导 体就已成功在A股科创板上市 ...

与2026年大幕一道开启的，还有中国半导体产业的新一轮资本化浪潮。作为我国半导体产业先锋城市，深圳 一批深耕芯片设计与制造的硬科技企业正密集筹划或推进赴港上市进程。 深圳集聚了众多芯片类企业和新型研发机构。图为2025湾区半导体产业生态博览会场景。 2025湾区半导体产业生态博览会展出众多芯片产品。 深圳商报首席记者 王海荣文/图 刚刚过去的12月，就有尚鼎芯、曦华科技、基本半导体、华大北斗、国民技术（300077）等5家深圳芯片类 企业向港交所递交招股书，拟进一步拓宽融资渠道、强化研发能力，加速实现核心技术自主可控。 这一趋势的背后，是国家"新质生产力"战略对高端芯片产业的强力支撑。作为国内集成电路产业重镇，深圳 正依托其完整的产业链生态、活跃的创投氛围和政策引导机制，成为国产芯片企业走向国际资本市场的桥头 堡。 登陆H股成深圳芯片企业集体新选择 2001年成立的中微半导体(深圳)股份有限公司是国内最早自主研发设计微控制器(MCU)的企业之一，专注于 芯片设计与销售，是国内领先的智能控制解决方案供应商。 2025年9月23日，中微半导体正式向港交所递交招股书。这并非它首次启动IPO。早在2022年8月，中微 ...

智通财经APP获悉，据港交所12月29日披露，国民技术股份有限公司(简称：国民技术)(300077.SZ)向港交所主板提交上市申请，中信证券 为其独家保荐人。 根据灼识咨询的资料，按2024年收入计，国民技术在全球平台型微控制器单元市场中，在中国企业中名列前五，而在全球32位平台型 MCU市场中，在中国企业中名列前三。根据灼识咨询的资料，按2024年收入计，公司在内置商业密码算法模块的中国MCU市场中，排名 第一。 自2000年成立以来，国民技术从专业市场芯片向通用MCU，再到边缘AI计算等高端产品逐步实现跨越式发展，2023年，公司也延伸出 BMS芯片、射频芯片等更丰富的产品体系，并于2024年开始产生收入。自2018年明确平台型集成电路设计公司发展方向后，公司先后推 出多款基于Cortex-M0至M7的32位MCU产品，并持续优化芯片尺寸、功耗及性能，实现了从嵌入式控制到边缘智能的场景升级。 早在2019年，国民技术作为首家Fabless集成电路设计公司率先实现通用MCU产品基于40纳米eFlash制程的量产，在全球范围内引领了主 流产品的制程升级潮流，实现了产品在性能、能效等维度大幅提升，显著增强产品在 ...

的申請版本 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及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。 本申請版本為草擬本，其內所載資訊並不完整，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、本公司的獨家保薦人、保薦人兼整體協調人、整體協調人、顧問或包銷團成員 表示同意： 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申請版本的內容概不負責，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申請版本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。 NSING TECHNOLOGIES INC. 國民技術股份有限公司 本文件為草擬本。其所載資料並不完整及可作更改。閱讀本文件有關資料時，必須一併細閱本文件首頁「警告」一節。 重要提示 閣下如對本文件的任何內容有任何疑問，應諮詢獨立專業意見。 NSING TECHNOLOGIES INC. 國民技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） [編纂] 倘於適當時候向香港公眾 ...

Investment Rating - The report assigns a "Buy-B" investment rating to the company, with a target price of 39 yuan for 2026, based on a 5x price-to-sales (PS) ratio [4][6]. Core Insights - The company has demonstrated significant revenue growth and a reduction in losses, achieving 615 million yuan in revenue for the first three quarters of 2025, a year-on-year increase of 19.59%. The net profit loss narrowed to 63 million yuan, a substantial improvement of 52 million yuan compared to the previous year [2]. - The decision not to adjust the conversion price of the "Xinhai Convertible Bonds" reflects the board's confidence in the company's long-term value and growth prospects. This decision sends a positive signal to the market [3]. - The company is expected to leverage its dual-platform technology capabilities in analog and MCU, along with a comprehensive solution that integrates chips, algorithms, scenarios, and AI, to achieve effective growth in key strategic areas such as BMS, industrial precision measurement, PC, and automotive electronics [4]. Financial Performance Summary - Revenue projections for 2025 to 2027 are 899 million yuan, 1.124 billion yuan, and 1.303 billion yuan, respectively. The expected net profits for the same period are 7 million yuan, 53 million yuan, and 125 million yuan, indicating a positive trend towards profitability [4][10]. - The company has maintained a high level of strategic R&D investment while optimizing its operational management and cost structure, which has further enhanced its profitability [2]. Market Position and Growth Potential - The company is actively expanding into high-end sectors such as automotive electronics and industrial control, while also launching its first high-performance MCU chip with AI processing capabilities. This positions the company well for future growth and value recovery [3].

Core Viewpoint - Chipsea Technology reported significant improvements in its financial performance for Q3 2025, with a revenue of 615 million yuan, a year-on-year increase of 19.59%, and a reduced net loss of 62.98 million yuan, indicating enhanced operational efficiency and scale effects [1] Financial Performance - The company achieved a quarterly revenue of 241 million yuan in Q3, marking a year-on-year growth of 46.85% and a quarter-on-quarter increase of 11.92%, signaling strong growth momentum for the year [1] Product Development and Market Position - Chipsea Technology's product structure has been optimized, with high-value new products driving growth, particularly in the lithium battery management sector, where BMS chips have achieved full-scene coverage and large-scale production [2] - The wearable PPG signal acquisition chip has also performed well, supporting high-precision monitoring of physiological parameters and achieving mass production in benchmark clients [2] - In the computing and communication sector, the EC chip has become the first in mainland China to receive dual certification from Intel and AMD, contributing to the expansion of the product ecosystem [3] Supply Chain and Innovation - The company is enhancing its supply chain resilience by transitioning from domestic substitution to innovation, establishing stable partnerships with leading domestic manufacturers and reinforcing capacity supply [4] - Chipsea Technology's R&D investment reached 194 million yuan in the first three quarters, accounting for 31.60% of revenue, with numerous patents approved, strengthening its competitive edge [4] AI Strategy and Future Growth - The company is strategically positioning itself in the AI sector through a "cloud-edge-end" collaborative development approach, integrating AI technology into various applications [5] - The launch of lightweight edge BMC management chips and collaborations in emerging fields like robotics are part of the company's efforts to innovate and reduce operational costs [6] - Chipsea Technology aims to build competitive barriers through a diversified product matrix and comprehensive solutions, with expectations for continued performance improvement in sectors like PC, automotive, and industrial applications [6]

Core Viewpoint - Panjie Electronics Technology (Jiangsu) Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, focusing on high-performance automotive-grade chips, particularly for TPMS and BMS applications. The company ranks third globally in wireless sensor SoCs and is the largest in China, but faces challenges such as ongoing losses and intense international competition [1][2]. Financial Performance - The company reported revenue figures for 2022 to the first half of 2025 as follows: 104 million, 224 million, 348 million, and 157 million yuan, with a compound annual growth rate of 83% from 2022 to 2024. Gross margins improved from 15.4% in 2022 to 27.1% in the first half of 2025 [2]. - Despite revenue growth, the company has faced significant net losses, totaling approximately 1.05 billion yuan from 2022 to the first half of 2025, with losses of 205 million, 356 million, 351 million, and 143 million yuan in respective years [2][3]. Cash Flow and Debt - The net cash used in operating activities has been negative, with figures of -152 million, -61.17 million, -137 million, and -115 million yuan from 2022 to the first half of 2025. Additionally, R&D expenditures decreased by 10.34% year-on-year in the first half of this year [3]. - As of June 2025, the company had short-term borrowings of 12.25 million yuan, all owed to founders Li Mengxiong and Li Shuguang, with a total repayment obligation of 12.25 million yuan [3]. Customer and Supplier Relationships - The company derives a significant portion of its revenue from a few major clients, with the top five clients accounting for 41.2%, 35.6%, 52.1%, and 46.8% of revenue from 2022 to the first half of 2025. Notably, one major client is affiliated with a shareholder of Panjie Electronics [4][5]. - There is an overlap between major customers and suppliers, with one client also serving as a supplier for processing services and another providing electronic components [5][6]. Inventory and Market Position - The company has a high inventory level, with an inventory amount of 230 million yuan and an inventory turnover period of 310 days, exceeding the industry average. The company is heavily reliant on the automotive sector [6]. - Panjie Electronics ranks third in the global wireless automotive sensor SoC market with a market share of only 7.3%, indicating a significant gap compared to the top two competitors, which hold 30.4% and 22.4% market shares respectively [6].

Core Viewpoint - The report outlines the ongoing supervision of Jiuquan Optoelectronics Technology (Shanghai) Co., Ltd. by Guojin Securities, highlighting the company's financial performance, risks, and core competencies in the integrated circuit design industry. Group 1: Continuous Supervision and Financial Performance - Guojin Securities is responsible for the continuous supervision of Jiuquan Technology post-IPO, with no significant issues or violations reported [1][12]. - In the first half of 2025, the company achieved operating revenue of 272.08 million yuan, a decrease of 11.39% year-on-year, and a net profit attributable to shareholders of approximately 37.49 million yuan, down 33.34% year-on-year [12][13]. Group 2: Major Risks - The company faces several risks, including product upgrade risks due to rapid technological changes in the integrated circuit design industry [1]. - There is a risk of core technical talent loss, as the company heavily relies on skilled personnel for its operations [2]. - The risk of core technology leakage exists, despite measures taken to protect proprietary technologies [3]. - The company has a relatively concentrated business area, primarily serving the State Grid and Southern Grid, which could impact performance if there are fluctuations in these markets [4]. - Fluctuations in raw material prices and supplier capacity constraints pose additional risks to the company's operations [5][6]. - High dealer concentration could lead to significant operational impacts if key distributors face difficulties [7]. - Uncertainties in new product expansion, particularly in the battery management system (BMS) sector, could hinder growth [8]. - The company is exposed to gross margin volatility due to various factors, including raw material costs and market demand fluctuations [9]. - Industry risks related to the integrated circuit sector's growth and competition could adversely affect the company [10]. - Macro-environment risks, including trade policies and economic conditions, may impact the company's sales and operations [11]. Group 3: Core Competencies and R&D - The company has developed key technologies in smart grid terminal device chips, focusing on high-precision energy metering and communication solutions [17][19]. - R&D expenditures increased by 7.77% in the first half of 2025, reflecting the company's commitment to innovation and technology advancement [21]. - The company has made significant progress in various chip categories, including energy metering, MCU chips, and communication chips, enhancing its market position [23][25][27].

Core Viewpoint - The report outlines the continuous supervision and compliance status of Jiuquan Optoelectronics Technology (Shanghai) Co., Ltd. by Guojin Securities, emphasizing the company's adherence to regulations and the absence of significant violations during the supervision period [1][2][3]. Continuous Supervision Work - Guojin Securities has established and effectively implemented a continuous supervision system for Jiuquan Technology, including a corresponding work plan [1]. - A continuous supervision agreement was signed with Jiuquan Technology, clarifying the rights and obligations of both parties [1]. - The supervision activities included regular communication, site visits, and due diligence to ensure compliance with laws and regulations [1][2]. Compliance and Governance - Jiuquan Technology has not reported any violations or breaches of commitments during the supervision period [1][2]. - The company has been guided to establish and effectively execute corporate governance systems, including rules for shareholder meetings and board meetings [1][2]. - The internal control systems of Jiuquan Technology have been verified to meet regulatory requirements and are effectively implemented [1][2]. Financial Performance - For the first half of 2025, the company reported operating revenue of 27,207.86 million yuan, a decrease of 11.39% compared to the same period in 2024 [8]. - The net profit attributable to shareholders was approximately 3,748.52 million yuan, down 33.34% year-on-year [8]. - The total assets as of June 30, 2025, were 203,861.08 million yuan, reflecting a growth of 1.09% from the end of 2024 [8]. Risks and Challenges - The company faces risks related to product upgrades and technological advancements in the integrated circuit design industry, which is characterized by rapid changes and high technical barriers [3][4]. - There is a significant reliance on core technical personnel, and the risk of talent loss could impact the company's R&D capabilities [3][4]. - The business is concentrated in specific markets, primarily in smart grid applications, which could be affected by fluctuations in demand from major clients [4][5]. Research and Development - The company has increased its R&D expenditure to 9,075.79 million yuan in the first half of 2025, a year-on-year increase of 7.77% [12]. - Jiuquan Technology is actively developing new products in the battery management system (BMS) sector, achieving market breakthroughs and securing orders [12][13]. - The company has made significant progress in various chip technologies, including energy metering chips and communication chips, enhancing its competitive position in the market [12][13][14]. Use of Raised Funds - The company raised a total of 165,600.00 million yuan through its initial public offering, with a net amount of 149,237.03 million yuan after deducting issuance costs [17][18]. - The use of raised funds has complied with relevant regulations, and there are no indications of misappropriation or changes in the intended use of funds [17][18].

Core Viewpoint - Jiuquan Technology (688391.SH) reported a decline in revenue and net profit for the first half of 2025, primarily due to pressures on smart electric meter chips from both volume and price [1] Financial Performance - Revenue for the first half of the year was 272 million yuan, a year-on-year decrease of 11.39% [1] - Net profit attributable to shareholders was 37.4852 million yuan, down 33.34% year-on-year [1] - Operating cash flow turned negative at -72.72 million yuan, compared to a positive 55.36 million yuan in the same period last year, mainly due to reduced sales and increased raw material procurement costs [1] Business Challenges - The decline in performance is attributed to adjustments in customer project cycles and inventory reduction, leading to decreased sales [1] - Despite a global semiconductor industry recovery, the company's core business is significantly affected by fluctuations in demand from specific customers in the power grid sector [1] Cost and Margin Analysis - Gross margin for the first half was 41.13%, a decrease of 2.85 percentage points year-on-year, primarily due to price reductions and increased R&D investments [1] - R&D expense ratio was 33.36%, an increase of 5.93 percentage points year-on-year [1] Future Prospects - The company has received bulk orders for BMS chips from clean appliance customers, but these have not yet generated significant revenue [1] - The company remains heavily reliant on smart electric meter chips, which accounted for 85.1% of total revenue [1]