Naxin Micro's revenue skyrocketed by 71.80% in 2025, with all three major product lines flourishing; domestic substitution enters the harvest period.

On March 30th, Naxin Micro (688052.SH) announced its 2025 annual report. Data shows that during the reporting period, the company continued its strong growth trend in revenue, achieving operating income of 3.37B yuan in 2025, a year-on-year increase of 71.80%. The demand rebound in downstream markets, the volume release of new products, and the consolidation of Maige En drove a significant increase in the company’s shipments and revenue. As the company’s income side and expense side improved simultaneously, net profit attributable to shareholders of the listed company was -2.29 billion yuan, with a substantial narrowing of losses year-on-year.

As a leading domestic platform for general industrial analog chips, Naxin Micro completed its A+H listing in 2025 and successfully seized the AI demand dividend, continuously building new growth curves. In the future, with the ongoing explosion of new scenarios such as new energy vehicles, AI servers, and humanoid robots, the company is expected to benefit deeply from the recovery and integration of the domestic analog chip industry, ushering in a profit growth inflection point.

Main business flourishes with continuous product matrix expansion

Naxin Micro is a high-performance, high-reliability analog and mixed-signal chip company. After nearly ten years of development, the company has rich core technology reserves in three major product areas: sensors, signal chains, and power management. Its products are widely used in automotive, general energy, and consumer electronics fields. Currently, the company offers more than 3,900 product models available for sale.

In 2025, sales revenue of various chip products from Naxin Micro showed an upward trend. The revenue from the company’s three major product lines—sensor products, signal chain products, and power management products—were 892 million yuan, 229M yuan, and 1.29B yuan, respectively. Among them, sensor product revenue increased by 225.56% year-on-year. The consolidation of Maige En enriched the company’s product matrix and had a positive impact on the growth of magnetic sensor product revenue. Additionally, benefiting from increased demand in downstream automotive electronics and general energy fields, the revenue from signal chain products and power management products grew by 33.68% and 66.91% year-on-year, respectively.

Looking at the downstream application revenue structure, Naxin Micro’s revenue share in automotive electronics, general energy, and consumer electronics fields was 35.22%, 52.92%, and 11.86%, respectively. As demand in the automotive electronics sector remains steady, the company continues to expand related products in this field, with cumulative shipments exceeding 1.17B units, covering key areas such as new energy vehicle three-electric systems, automotive lighting, and automotive electronic control. Meanwhile, the unit value of mass-produced automotive electronic products has exceeded 1,500 yuan. As products under research and planning are gradually mass-produced, the company expects the per-vehicle value to reach 3,000–4,000 yuan in the future.

In addition, the overall general energy sector is also showing signs of recovery, with most customers in photovoltaic, energy storage, and industrial automation fields returning to normal demand. Server power supply customers are experiencing rapid growth driven by AI. Products related to AI servers and humanoid robots are expected to help the company unlock growth potential. For AI servers, the company can provide driver, isolation chip, MCU, and other products for server power supplies, with some already mass-produced and shipped to domestic and international server power customers. In the humanoid robot field, the company’s magnetic encoders can achieve fine motion control in dexterous hands, and various sensors, power products, and interfaces can realize sensing and communication functions. Power batteries’ BMS systems can also use the company’s power products, current sensors, temperature sensors, and more.

Industry prosperity rising, domestic substitution opens long-term growth space

The analog chip industry where Naxin Micro operates is a core foundational component connecting the physical and digital worlds, with applications covering automotive electronics, industrial control, new energy, consumer electronics, and other key sectors of the national economy. Benefiting from steady growth in automotive electronics demand, increasing penetration of new energy vehicles, continued positive trends in general energy, and structural recovery in consumer electronics, the global analog chip market is in a golden cycle of steady growth. The explosive demand from emerging application scenarios provides differentiated competitive opportunities for domestic companies like Naxin Micro.

According to data from the World Semiconductor Trade Statistics (WSTS), global semiconductor revenue is expected to grow by 26.2% year-on-year in 2025, with the analog chip market experiencing a mild recovery, achieving an 8.7% increase in revenue for the year. WSTS forecasts that the analog chip market will continue its steady growth into 2026. A report from Frost & Sullivan indicates that in 2025, the global signal chain and power management analog chip market will reach 591.7 billion yuan, with China accounting for 220.3 billion yuan; by 2029, the global market will reach 803.5 billion yuan, with China reaching 334.6 billion yuan, and China’s market share continuing to increase.

Facing this historic opportunity, Naxin Micro has laid out early in key tracks such as automotive and general energy, continuously enriching its product matrix and accelerating new product volume releases. In sensor products, the company’s automotive-grade 3D magnetic angle sensors are progressing smoothly in R&D; absolute pressure sensors resistant to harsh media have successfully entered mass production; ultra-low jitter wheel speed sensors are about to enter mass production.

In signal chain products, Naxin Micro’s new generation digital isolator products have been scaled in applications within new energy vehicles; the company launched its first MiniSBC, high-performance CAN chips, and automotive video SerDes that have completed DV validation with leading automotive customers. The NovoGenies series of automotive-specific MCUs+ products have also been launched, with some models already in large-scale production and shipment.

In power management products, the second-generation intelligent isolation gate driver chips have seen continuous growth in shipments; the first-generation functional safety isolation gate driver chips have been added to more vehicle models and are now in large-scale production. Additionally, GaN driver chips for automotive lidar, high-voltage GaN driver chips for AI server power supplies, have been mass-produced; the first 4-channel 75W Class D audio amplifier has entered mass production, and the 4-channel 150W Class D audio amplifier is in small batch verification. Boost step-up chips, constant current source buck chips, and matrix control chips for automotive front lighting solutions have been launched for client sampling, with high-side switch series products continuously expanding and already in large-scale production in the automotive supply chain.

Successfully listed on the Hong Kong Stock Exchange, “A+H” dual-platform accelerates global expansion

On December 8, 2025, Naxin Micro officially listed on the Main Board of the Hong Kong Stock Exchange, successfully establishing an “A+H” dual-capital platform, becoming the first domestic analog chip company to be listed in both “A” and “H” shares. The Hong Kong listing is an important milestone in Naxin Micro’s global layout, marking a shift from a China-centric business strategy to a strategy targeting global markets.

According to the prospectus, Naxin Micro raised approximately HKD 1.42B. The funds will be used as follows: 25% to expand overseas sales networks and marketing, 22% to focus on expanding automotive electronic application product layout, 18% to upgrade underlying technology and process platforms, and the remaining funds for strategic investments and working capital. Industry insiders point out that this allocation clearly indicates a development path of “consolidating domestic advantages + breaking into international markets,” leveraging Hong Kong’s international capital platform to directly connect with global institutional investors.

For the domestic analog chip industry, Naxin Micro’s H-share listing has significance far beyond individual corporate capital operations. Currently, the domestic substitution process has rapidly advanced from consumer electronics to higher-reliability industrial and automotive-grade markets. According to Frost & Sullivan, the domestic analog chip market’s localization rate increased from 11% in 2020 to 22% in 2024, with only 5% in the automotive sector, leaving broad room for future domestic substitution. Industry insiders note that as domestic semiconductor manufacturers’ product competitiveness improves and influenced by supply chain security and geopolitical factors, the pace of domestic substitution will accelerate. This presents opportunities for companies like Naxin Micro to expand.

Against this backdrop, Naxin Micro’s H-share listing promotes its global expansion, coinciding with a golden period for domestic analog chip development. On one hand, it can leverage Hong Kong’s international capital platform to attract long-term funds and reduce exchange rate fluctuations affecting overseas business; on the other hand, it can rely on localized sales networks to respond more quickly to global customer needs, helping domestic analog chips shift from “substitution” to “leading” positions.

Currently, the global analog chip market is entering a new growth cycle. Facing this historic opportunity, Naxin Micro, with its rich product matrix, deep technological reserves, and early deployment in key tracks such as automotive and general energy, is steadily entering the stage of results realization as core products continue to volume, with an expected profit growth inflection point.