比亚迪小米青睐的模拟芯片龙头遇冷纳芯微港股上市破发

观点2025-12-10

点击蓝字关注公众号，置顶或设为星标，获取最新动态在亮眼的营收增长与国产模拟芯片龙头的领先市场地位背后，纳芯微正陷入“增收不增利”的盈利困局。12月8日，国内首家实现“A+H”两地上市的模拟芯片企业，纳芯微正式登陆港交所，却遭遇“折价发行仍破发”的冷遇。即便纳芯微香港公开发售获25.33倍超额认购，仍难掩国际配售仅2.65倍认购的冷清。纳芯微最终确定的116港元发行价较当日A股报价折价超30%。挂牌...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2590637885?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-10 07:31","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2590637885","market":"hk","top_or_hot":-1,"title":"比亚迪小米青睐的模拟芯片龙头遇冷 纳芯微港股上市破发","media":"观点","content":"<div>\n<p>点击蓝字关注公众号，置顶或设为星标，获取最新动态在亮眼的营收增长与国产模拟芯片龙头的领先市场地位背后，纳芯微正陷入“增收不增利”的盈利困局。12月8日，国内首家实现“A+H”两地上市的模拟芯片企业，纳芯微正式登陆港交所，却遭遇“折价发行仍破发”的冷遇。即便纳芯微香港公开发售获25.33倍超额认购，仍难掩国际配售仅2.65倍认购的冷清。纳芯微最终确定的116港元发行价较当日A股报价折价超30%。挂牌...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251210074701a72e4aee&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>比亚迪小米青睐的模拟芯片龙头遇冷 纳芯微港股上市破发</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n比亚迪小米青睐的模拟芯片龙头遇冷 纳芯微港股上市破发\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-10 07:31 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251210074701a72e4aee&s=b><strong>观点</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>点击蓝字关注公众号，置顶或设为星标，获取最新动态在亮眼的营收增长与国产模拟芯片龙头的领先市场地位背后，纳芯微正陷入“增收不增利”的盈利困局。12月8日，国内首家实现“A+H”两地上市的模拟芯片企业，纳芯微正式登陆港交所，却遭遇“折价发行仍破发”的冷遇。即便纳芯微香港公开发售获25.33倍超额认购，仍难掩国际配售仅2.65倍认购的冷清。纳芯微最终确定的116港元发行价较当日A股报价折价超30%。挂牌...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251210074701a72e4aee&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1328277881.USD","symbol_name":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251210074701a72e4aee&s=b","article_id":"2590637885","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251210074701a72e4aee&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2590637885","pubTimestamp":1765323117,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"12月8日，国内首家实现“A+H”两地上市的模拟芯片企业，纳芯微正式登陆港交所，却遭遇“折价发行仍破发”的冷遇。纳芯微最终确定的116港元发行价较当日A股报价折价超30%。比亚迪作为国内新能源汽车龙头，其与纳芯微的合作已覆盖主驱电机控制器、电池管理系统、车载充电机等核心汽车电子子系统，2025年上半年纳芯微向比亚迪供应大量的车规级芯片，此次入股或将进一步强化双方在车规芯片领域的联合研发与供应保障。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"81211":"比亚迪股份-R","81810":"小米集团-WR","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","BK1193":"电脑硬件、储存设备及电脑周边","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","BK1618":"Manus概念股","LU0823426308.USD":"法巴中国股票基金","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0051755006.USD":"摩根大通中国A (dist)","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","BK1149":"通信设备","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","BK1615":"港股-互联网","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG)       ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0918141887.USD":"安联亚洲实际收益股票基金","BK1539":"汽车股","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","SG9999006514.SGD":"United Asia Consumer Fund SGD","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","SG9999015978.USD":"利安颠覆性创新基金A","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","BK1119":"汽车制造商","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0823426480.USD":"法巴中国股票经典Dis","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","BYDDY":"比亚迪ADR","BK1589":"北水核心资产","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","BK1607":"新IT概念","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU2360107325.USD":"BGF FUTURE OF TRANSPORT \"A4\" (USD) INC","002594":"比亚迪","BK1523":"武汉本地概念股","LU0052750758.USD":"富兰克林中国基金A Acc","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","BK1522":"燃料电池","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU0823414478.USD":"法巴经典能源转换基金","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","BK1521":"挪威政府全球养老基金持仓","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","BK1509":"特斯拉概念股","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","LU0359201612.USD":"贝莱德中国基金A2","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","BK1610":"ETF&股票定投概念","LU0274383008.USD":"MANULIFE GF ASIAN SMALL CAP EQUITY \"AA\" (USD) INC","LU2153592121.USD":"Aberdeen Standard SICAV I - Emerging Markets Sustainable Development Equity A Acc USD","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","BK1575":"同股不同权","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","HYDD.SI":"BYD HK SDR 10to1","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2348774022.SGD":"Aberdeen Standard SICAV I - Emerging Markets Sustainable Development Equity A Acc SGD-H","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","BK1506":"5G概念","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","HXXD.SI":"Xiaomi HK SDR 2to1","BK1504":"苹果概念","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","BK1540":"电池","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU1861214812.USD":"Blackrock Future of Transport A2 USD","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0594300419.USD":"富达中国消费基金A","HK0000165453.HKD":"华夏精选大中华科技基金 A类港币","LU1861219969.SGD":"Blackrock Future of Transport A2 SGD-H","LU0505663152.USD":"abrdn SICAV I - FUTURE MINERALS \"A\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU1868837722.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"2\" (USD) ACC","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","BK1515":"抗疫概念","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","BK1582":"深圳本地概念股","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","BK1594":"碳中和概念股","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","BK1580":"烟草概念","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","BK1502":"双十一","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","02676":"纳芯微"},"translate_title":"BYD Xiaomi's favored analog chip leader met cold Nanochip Micro's Hong Kong stock listing broke","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81211":0.6,"81810":0.6,"MIUmain":0.6,"HXXD.SI":0.6,"BYDDY":0.6,"02676":1.98,"002594":0.6,"HYDD.SI":0.6},"content_text":"点击蓝字关注公众号，置顶或设为星标，获取最新动态在亮眼的营收增长与国产模拟芯片龙头的领先市场地位背后，纳芯微正陷入“增收不增利”的盈利困局。12月8日，国内首家实现“A+H”两地上市的模拟芯片企业，纳芯微正式登陆港交所，却遭遇“折价发行仍破发”的冷遇。即便纳芯微香港公开发售获25.33倍超额认购，仍难掩国际配售仅2.65倍认购的冷清。纳芯微最终确定的116港元发行价较当日A股报价折价超30%。挂牌首日，纳芯微开盘价与发行价持平，开盘后股价持续下探，盘中最低触及105港元，收报111.00港元，较发行价下跌4.31%，总市值定格在179.4亿港元。值得关注的是，2022年4月纳芯微登陆上交所科创板时，曾因高发行价引发市场关注，并成为2022年A股市场发行价最高的新股，也是当时A股历史上发行价第五高的新股。彼时，高发行价直接导致了巨额超募，公司原计划募资7.5亿元，但实际募集资金达58亿元，超募了约50.61亿元，这在当时也创下了年内新股超募金额的最高纪录。仅三年之隔，境遇已是天壤之别。基石投资者天团2025年12月8日，纳芯微正式在港交所挂牌上市，本次发行的一大亮点是豪华的基石投资者阵容，其不仅印证了资本市场对纳芯微行业地位的认可，更实现了与下游核心产业链的深度绑定。据招股书披露，纳芯微此次港股发行共引入7家基石投资者，合计认购10.89亿港元（约合人民币9.89亿元）的发售股份。其中，比亚迪间接全资拥有的Golden Link、小米集团全资附属公司Green Better、三花智控全资控股好易得国际，这三家集团级战略投资平台的入局，体现了产业资本对纳芯微前景的看好。从投资主体的业务属性来看，三者与纳芯微的业务存在极强的协同性。比亚迪作为国内新能源汽车龙头，其与纳芯微的合作已覆盖主驱电机控制器、电池管理系统、车载充电机等核心汽车电子子系统，2025年上半年纳芯微向比亚迪供应大量的车规级芯片，此次入股或将进一步强化双方在车规芯片领域的联合研发与供应保障。小米集团覆盖消费电子、智能汽车、物联网等多元场景，可为纳芯微提供广阔的消费级与车规级芯片应用空间。三花智控作为全球热管理部件龙头，与纳芯微的绑定则聚焦于汽车电子膨胀阀、电子水阀等执行器的芯片配套，纳芯微2023年推出的NSUC1610芯片可单芯片驱动此类执行器，成为双方合作的核心纽带。产业资本的入局，不仅为纳芯微带来了资金支持，更为其产品的规模化落地与技术迭代提供了场景保障。据悉，基石投资者元禾纳芯，此次认购金额最高，达7亿港元。值得关注的是，元禾纳芯的背后是国家集成电路产业投资基金三期（大基金三期），其通过华芯鼎新间接持股元禾纳芯，这也让纳芯微成为模拟芯片行业首家获得大基金三期基石投资的企业。纳芯微的此次发行，还吸引了Perseverance Asset Management（高毅资产）的目光，高毅共认购7786万港元。产城园区评论获悉，高毅资产与纳芯微早有“交集”--其旗下知名基金经理邓晓峰管理的产品，曾于2024年第一季度新进纳芯微A股前十大流通股东名单。对于已深谙纳芯微业务与价值的高毅资产而言，此次再度加码港股发行，无疑是对纳芯微长期发展前景的信心背书。业务版图作为一家专注于模拟及混合信号芯片的fabless（无晶圆厂）企业，纳芯微已构建起传感器产品、信号链芯片、电源管理芯片三大核心产品线，产品型号超过3600种，广泛应用于汽车电子、泛能源、消费电子三大领域，且在多个细分赛道实现国产替代突破。从市场地位来看，纳芯微已成为国内模拟芯片赛道的头部玩家。据弗若斯特沙利文数据，2024年中国模拟芯片市场规模达1953亿元，纳芯微以0.9%的市场份额位列行业第14名，在国内厂商中排名第5。在高壁垒的汽车模拟芯片领域，纳芯微则稳居国内厂商首位，2024年中国汽车模拟芯片市场规模371亿元，其在fabless企业中排名第2，国内企业中排名第1。此外，在数字隔离芯片、芯片级磁传感器两大细分领域，纳芯微同样是国内厂商中的“领头羊”。汽车电子是纳芯微增长最快的核心业务。自2016年切入汽车电子领域以来，纳芯微已推出超过800款车规级产品型号，是国内首批实现汽车电子芯片大规模量产出货的模拟芯片厂商之一。2022-2024年，纳芯微汽车电子领域收入复合年增长率达36.4%，2025年上半年该领域销量达3.13亿颗，收入占比提升至34%，产品已覆盖智能驾驶、智能座舱、底盘安全、车身控制等核心场景。随着新能源汽车渗透率的提升，车规级芯片的需求持续释放，纳芯微还计划进一步研发专为汽车场景打造的高精度传感器，强化在汽车电子领域的优势。泛能源领域是纳芯微的基本盘业务，贡献了过半数营收。纳芯微的传感器、信号链及电源管理芯片广泛应用于逆变器、充电桩、移动储能、伺服控制器等设备，2025年上半年该领域销量达7.45亿颗，2022-2024年销量复合增长率达12.9%。在“双碳”目标下，泛能源领域的能源转换与管理需求，为其芯片产品提供了持续的市场空间。值得关注的是，纳芯微正将汽车电子领域的技术积累延伸至人形机器人等新兴赛道，提前布局下一代智能硬件市场。纳芯微董事长王升杨曾指出，“具身智能的电气架构与智能汽车高度类似，我们的产品开发和技术积累，可以很快地移植到像飞行汽车、像人形机器人这样的应用场景上面。”纳芯微已启动具体产品规划：原本应用于车载领域的马达驱动芯片，正拓展至泛机器人行业，涵盖分立式电机驱动芯片与小型SoC级马达驱动芯片两类产品。同时，其联合芯弦半导体推出的NS800RT系列实时控制MCU，可满足协作机器人的高精度运动控制需求，显著提升系统运行精度与效率。产城园区评论获悉，纳芯微已进入优必选的供应链，提供磁角度传感器和电机驱动芯片，主要应用于Walker系列人形机器人关节。纳芯微在空心杯电机和通用关节领域实现量产，应用于服务机器人、人形机器人、四足机器人等。盈利困局在亮眼的营收增长与国产模拟芯片龙头的领先市场地位背后，纳芯微正陷入“增收不增利”的盈利困局。从核心竞争力来看，纳芯微已构筑起多维度差异化优势。其一为高研发投入的技术壁垒，截至2025年6月30日，公司研发人员达588人，占员工总数的47.9%；2022-2024年研发费用分别为4.04亿元、5.22亿元、5.40亿元，2025年上半年研发费用进一步增至3.61亿元，持续的资金与人力投入支撑了3600余种产品型号的迭代升级，也助力其实现车规级等高壁垒产品的技术突破。其二是大客户依赖度显著降低，前五大客户收入占比从2022年的43.8%降至2025年上半年的28.8%，客户多元化不仅降低了单一客户业绩波动的影响，也印证了其产品在多领域的认可度。然而，经营风险并不容忽视。首先是持续的业绩亏损，2022年纳芯微归母净利润为2.37亿元，2023年便转为亏损3.05亿元，2024年净亏损进一步扩大至4.03亿元，2025年前三季度净亏损1.40亿元，尽管亏损幅度同比收窄65.54%，但公司已连续三年处于亏损状态。对于亏损原因，公司提及是市场竞争加剧带来定价压力、研发及业务投入加大、A股上市后股权激励产生股份支付费用等因素所致。其次是毛利率持续承压，纳芯微综合毛利率从2022年的48.5%降至2024年的28.0%，2025年上半年虽回升至32.9%，但仍较2022年下滑15.6个百分点。这源于ADI、TI等国际巨头及思瑞浦、圣邦股份等国内企业的竞争挤压，迫使公司下调产品价格以维持市场份额，但国内竞争对手毛利率仍保持在50%上下，盈利差距显著。与此同时，纳芯微还面临供应链与现金流的双重考验。作为Fabless（无晶圆厂，只负责芯片的电路设计与销售）企业，其晶圆制造和封装测试均依赖外部供应商，2025年上半年向前五大供应商采购金额占比达86.4%，其中对上海某半导体制造商的晶圆代工、香港某上市公司的封装测试依赖度较高，供应链高度集中易引发产能受限、成本波动等风险，一旦核心供应商出现合作变动，或将直接影响产品交付。在现金流方面，公司经营活动现金流持续为负，2025年上半年及前三季度净额分别为-3.08亿元、-5.12亿元，尽管销售商品收到的现金达24.23亿元，但营收增长带来的应收账款增加（期末应收账款5.67亿元）以及备货等支出，导致资金周转效率面临严峻考验。此外，行业周期性波动与国际贸易环境也带来挑战，模拟芯片行业受下游消费电子、汽车等终端需求影响较大，周期波动易引发业绩大幅起伏；且高端芯片研发所需设备、技术仍存在对外依赖，国际贸易摩擦可能冲击纳芯微的供应链与技术迭代进程。作为国产模拟芯片龙头，纳芯微凭借在汽车电子等领域的深耕已建立起竞争优势。但港股投资者，对亏损科技股的容忍度低于A股科创板。未来，随着港股上市募资投入的技术研发与海外市场拓展落地，以及车规级、泛能源领域、具身智能领域需求的持续释放，纳芯微能否实现“增收又增利”的转型，仍有待观察。点击阅读原文，了解更多","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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.13","shortVersion":"4.35.13","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2590637885","isCrawlerRequest":true}

比亚迪小米青睐的模拟芯片龙头遇冷 纳芯微港股上市破发

精彩评论

比亚迪小米青睐的模拟芯片龙头遇冷纳芯微港股上市破发