江苏模拟芯片龙头港交所上市，比亚迪小米都投了

PanSemicon12-08 10:34

今日，已在科创板上市的模拟芯片设计企业纳芯微正式登陆港股。公司此次发行定价不超过116港元，对应最高发行市值约187.45亿港元，募资总额22亿港元，在“A+H”上市公司中规模适中。上市首日，其股价承受一定压力，以低于发行价约4%的幅度开盘。然而值得关注的是，本次IPO基石投资者阵容强劲，不仅汇聚了高毅资产、3W Fund等知名投资机构，更吸引了比亚迪、小米集团、三花智控等下游产业龙头参与，合计...

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Fund等知名投资机构，更吸引了比亚迪、小米集团、三花智控等下游产业龙头参与，合计认购额占发行规模近一半。这既体现了产业界对其产品能力的高度认可，也彰显了资本市场对其长期发展的信心。从发行结构看，纳芯微此次港股上市凸显其国际化布局意图：香港公开发售仅占10%，国际发售比例高达90%，旨在广泛引入全球机构投资者。因此，此次IPO不仅是纳芯微拓宽融资渠道的关键一步，更被视为国产模拟芯片行业借助全球资本市场实现“技术突围+资本加持”的标志性事件。这一里程碑的背后，是纳芯微典型的“中国硬科技”成长路径。公司成立于2013年，创始团队来自国际大厂，创业初期便立志攻克高可靠性模拟芯片这一国产空白领域。在经历数年埋头搭建底层平台、沉淀基础IP的“慢生意”阶段后，公司于2018年后抓住新能源汽车与工业自动化的发展浪潮，实现了从技术积累到规模量产的跃迁。如今，其以传感器、信号链、电源管理三大产品线为核心，构建了“感知—处理—供电”的全链路能力，产品型号超过3300款，深度卡位汽车电子、工业控制等高增长赛道。纳芯微所处的模拟芯片赛道，是连接物理世界与数字系统的关键桥梁，战略价值显著。随着下游需求持续扩张，该市场预计将快速成长，而目前国产化率仍处于较低水平，替代空间广阔。公司凭借在高可靠性及车规级领域的前瞻布局，已成为这一国产化进程的核心参与者之一。政策支持与资本倾斜进一步为其发展提供了系统性助力，国家集成电路产业投资基金三期（大基金三期）此次首次作为基石投资者亮相，便是强有力的印证。审视其经营现状，纳芯微呈现出高速扩张与持续投入并行的特征。近年来公司营收保持快速增长，但为巩固技术领先优势、拓展市场份额，研发与市场投入高企，导致净利润持续为负。这种“以投入换未来”的策略，在快速迭代、竞争激烈的半导体行业中并不罕见。此次港股上市募集的资金，将主要用于提升底层技术、丰富产品组合及拓展全球网络，为公司下一阶段的发展注入资本动力。展望未来，纳芯微的增长潜力清晰锚定于多个维度：在车规模拟芯片领域深化渗透，借助磁传感器等业务打造新增长极，并利用港股平台加速国际化布局。同时，公司也面临着技术与价格竞争加剧、盈利恢复不确定性、国际化执行风险及宏观环境变化等多重挑战。其核心命题在于，能否将此次资本加持有效转化为可持续的技术壁垒、盈利能力和市场网络。纳芯微的港股之旅，开启了一个新的篇章。资本市场赋予的不仅是资金，更是一份对中国硬科技从“国产替代”迈向“全球领先”的深切期待。这家公司的每一步探索与突破，都将为整个中国模拟芯片产业的未来发展提供重要的实践参照。声明：本公众号文章版权归原作者及原出处所有，只提供参考并不构成投资及应用建议。本公众号平台上部分文章为转载，不用于商业目的，如有涉及侵权请及时联系告知我们，我们会尽快处理。本公众号对此声明拥有最终解释权。突发！美国调查中国科技巨头刚刚，摩尔线程登陆A股，市值直逼3000亿点一下赞和在看再走吧","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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