中信建投证券股份有限公司 关于 上海南芯半导体科技股份有限公司 向不特定对象发行可转债 之 上市保荐书 保荐人 二〇二五年十二月 保荐人出具的上市保荐书 保荐人及保荐代表人声明 中信建投证券股份有限公司及本项目保荐代表人周洋、贾兴华已根据《中华 人民共和国公司法》《中华人民共和国证券法》等法律法规和中国证监会及上海 证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和 行业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 3-2-1 在本上市保荐书中，除非另有说明，下列词语具有如下特定含义： | 保荐机构、保荐人、 | 指 | 中信建投证券股份有限公司 | | --- | --- | --- | | 中信建投证券 | | | | 《可转换公司债券 | | 《上海南芯半导体科技股份有限公司向不特定对象发行可转换 | | 募集说明书》、募集 | 指 | 公司债券募集说明书》 | | 说明书 | | | | 本次发行 | 指 | 上海南芯半导体科技股份有限公司向不特定对象发行可转换公 | | | | 司债券的行为 | | 发行人、南芯科技、 | 指 | 上海南芯半导体科技股份有限公司 | ...

上海市锦天城律师事务所 关于上海南芯半导体科技股份有限公司 向不特定对象发行可转换公司债券的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 | 目 | 录 | 1 | | --- | --- | --- | | | 声明事项 | 2 | | 引 | 言 | 4 | | | 一、 | 律师事务所简介 4 | | | 二、 | 签字律师简介 4 | | | 三、 | 法律意见书、律师工作报告的制作过程 5 | | 释 | 义 | 7 | | 正 | 文 | 9 | | | 一、 | 本次发行的批准和授权 9 | | | 二、 | 发行人本次发行的主体资格 9 | | | 三、 | 发行人本次发行的实质条件 10 | | | 四、 | 发行人的独立性 13 | | | 五、 | 发行人的主要股东及实际控制人 15 | | | 六、 | 发行人的股本及演变 16 | | | 七、 | 发行人的业务 16 | | | 八、 | 关联交易及同业竞争 17 | | | 九、 | 发行人的主要财产 17 | ...

两融数据显示，该股最新融资余额为3.22亿元，近5日减少818.99万元，降幅为2.48%。（数据宝） 南芯科技12月12日大宗交易平台出现一笔成交，成交量51.06万股，成交金额1623.57万元，大宗交易成 交价为31.80元，相对今日收盘价折价20.60%。该笔交易的买方营业部为平安证券股份有限公司上海徐 汇区凯滨路证券营业部，卖方营业部为平安证券股份有限公司上海临港新片区分公司。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为4034.73万元。 证券时报·数据宝统计显示，南芯科技今日收盘价为40.05元，上涨0.75%，日换手率为2.03%，成交额为 2.40亿元，全天主力资金净流出2619.89万元，近5日该股累计下跌2.53%，近5日资金合计净流出5740.49 万元。 12月12日南芯科技大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | 格 | 折溢价（%） | | | | 股） | | （元） | | | | | 51 ...

Core Viewpoint - The company has experienced a decline in gross margin in the first three quarters of the year compared to the same period last year, primarily due to changes in product structure and industry competition, but there are signs of improvement in the second half of the year [2] Group 1 - The company's gross margin faced pressure in the second quarter but is expected to improve in the latter half of the year [2] - The company achieved a record high single-quarter revenue in the third quarter, indicating strong business growth [2] - The company is focused on expanding its business layout and increasing revenue scale as its top priority [2] Group 2 - The company anticipates further growth in its platform-based business, particularly in sectors such as automotive, AI, and industrial applications [2] - The management team, including the founder and core members, expresses confidence in the company's future business growth [2] - The company will comply with regulatory requirements regarding shareholder unlock announcements and encourages stakeholders to pay attention to future disclosures [2]

重要内容提示： 证券代码：688484 证券简称：南芯科技 公告编号：2025-079 上海南芯半导体科技股份有限公司 关于 2023 年限制性股票激励计划归属结果暨股票上市 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 1,960,259股。 本次股票上市流通总数为1,960,259股。 本次股票上市流通日期为2025 年 12 月 10 日。 1、2023 年 6 月 13 日，公司召开第一届董事会第十六次会议，会议审议通过 了《关于<公司 2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于<公 司 2023 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授 权董事会办理 2023 年限制性股票激励计划相关事宜的议案》等议案。公司独立董 事对相关议案发表了同意的独立意见。 同日，公司召开第一届监事会第十一次会议，审议通过了《关于<公司 2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于<公司 2023 年限 ...

Core Viewpoint - The semiconductor industry is experiencing a wave of mergers and acquisitions (M&A) driven by the integration of capital and technology, with expansion being the central theme for 2025. However, the outcomes of these M&A activities are varied, with some companies facing challenges in profitability despite aggressive acquisition strategies [1][8]. Group 1: M&A Activity and Market Trends - The semiconductor sector is witnessing a surge in M&A announcements, with significant transactions such as the acquisition of Chengxin Micro by Hidi Micro for 310 million yuan and the acquisition of 86.12% of Aola Semiconductor by SIRUI [3][4]. - The total disclosed transaction value in China's M&A market exceeded 170 billion USD in the first half of 2025, marking a 45% increase year-on-year, with high-tech and health sectors being prominent areas for large-scale M&A [3][4]. Group 2: Strategic Motivations for M&A - Companies are pursuing M&A to rapidly acquire technology and strategically position themselves in the market, with a focus on achieving synergies between products and customer resources [4][7]. - The recovery of the consumer electronics market is providing a favorable environment for business integration post-M&A, as evidenced by Hidi Micro's projected revenue growth of 38.56% in 2024 [5][6]. Group 3: Challenges and Risks in M&A - Not all M&A transactions yield the expected results, as high technical barriers and strong business interconnections in the semiconductor industry complicate post-merger integration [8][10]. - For instance, Kangda New Materials faced significant challenges after acquiring several companies, leading to a decline in profitability and substantial goodwill impairments due to underperformance of acquired entities [9][10].

事件 公司2025年第三季度实现营业总收入约9亿元，同比增加40%，环比增加16%；归母净利润6851万元， 同比增加3%，环比增加16%；扣非净利6405万元，同比增加2%，环比大增56%。 行业复苏不及预期，新品研发不及预期。 2025年前三季度研发费用合计接近5亿元，较上年同期大幅增长53%，前三季度研发费用占营业收入比 例接近20%。持续的高研发投入将有助于公司不断丰富产品矩阵，提升核心竞争力，为后续在汽车电 子、工业及高端消费电子领域的业务拓展奠定坚实基础。 投资建议 由于公司研发投入增多，我们将2025-2027年公司归母净利润预测调整为3.17、3.90、5.90亿元（原值分 别为3.87、5.00、7.04亿元），对应的EPS 分别为0.75、0.92、1.39元，最新收盘价对应 PE 分别为55x、 45x、30x，维持"增持"评级。 风险提示 下游结构持续优化，汽车与泛工业业务占比稳步提升前三季度，公司在汽车及工业领域延续高增态势， 营收结构显著改善。 其中，汽车与工业板块合计营收占比已提升至10%左右（汽车业务占比近6%）。展望未来，公司将坚 定推进"多元化+平台化"战略布局，通过持续完 ...

Core Viewpoint - The AI glasses industry is transitioning from conceptual exploration to practical application, with significant investments from major tech companies, marking it as a potential "next-generation mainstream computing terminal" [1]. Group 1: Industry Dynamics - The AI glasses market is experiencing explosive growth, with major players like Meta, Apple, Huawei, Baidu, Xiaomi, Lenovo, and OPPO entering the field [1]. - Alibaba's Quark AI glasses achieved top sales on Tmall within half a day of pre-sale, indicating strong market interest and competition [3]. Group 2: Product Features - The Quark AI glasses feature a dual-chip architecture and a focus on "long battery life," addressing user concerns about battery anxiety [3]. - The glasses promise 24-hour continuous use through innovative design, including a dual-battery system and detachable temple design for hot-swappable battery replacement [3][5]. Group 3: Technological Innovations - Nanchip Technology provides a battery balancing IC that ensures even charging and discharging between the dual batteries, enhancing the stability and longevity of the battery life [7]. - The Quark AI glasses utilize high-efficiency charging chips from Nanchip, improving overall charging efficiency and supporting various charging scenarios [8]. Group 4: Market Projections - By the first half of 2025, China's smart glasses shipments are expected to exceed 1 million units, representing a year-on-year growth of 64.2% and capturing 26.6% of the global market share [15]. - The global smart glasses market is projected to surpass 40 million units by 2029, with China's compound annual growth rate expected to reach 55.6%, the highest globally [15]. Group 5: Strategic Directions - Nanchip Technology aims to focus on four strategic directions: enhancing power technology efficiency, expanding product offerings, deepening strategic partnerships, and strengthening ecosystem development [18].

Core Viewpoint - The company Nanxin Technology provides power chip solutions for Alibaba's "Quark AI Glasses," ensuring long battery life and system safety through innovative technology [2] Company Summary - Nanxin Technology has developed China's first battery balancing current limiting IC, which addresses the challenge of balancing dual batteries in the Quark AI Glasses [2] - The solution enables synchronized charging and discharging of the two batteries, supporting a stable power supply for 24-hour operation of the AI glasses [2] Industry Summary - The development focus of AI technology is shifting from computational infrastructure to end-user devices, with AI glasses emerging as a key application for AI technology [2] - AI glasses integrate essential human sensory interactions such as vision, hearing, and voice, indicating a broad industry outlook for this technology [2]

Core Viewpoint - Nanchip Technology provides power chip solutions for Alibaba's "Quark AI Glasses," ensuring long battery life and system safety [1] Group 1 - Nanchip Technology announced on November 27 that it supplies ultra-long battery life power chip solutions for Alibaba's "Quark AI Glasses" [1] - The company has launched the first domestic battery balancing current limiting IC, addressing the balancing issue of the dual battery system in the Quark AI Glasses [1] - This solution ensures synchronized charging and discharging of both batteries, providing a stable power foundation for the 24-hour long battery life of the AI glasses [1]