Report date: 2026-09-13 | Price data: 2026-09-11 (Wednesday) close; unless otherwise noted, all market data are as of that close. Some moving averages/technical indicators are readings from 2026-09-09, as noted in the relevant fields. | Sources: 30 | Report engine: v1 (v2 available)

Report engine upgraded to v2 (2026-09-24)

This report was generated by engine v1. v2: Rebuilt like a professional research note: a conclusion-first summary with where the evidence differs from market expectations, a dated catalyst calendar, a watch list you can track, and a one-week price range based on historical volatility, all in a tighter write-up. What's new

View PDF Download Word Download Markdown

Price history

Loading price history...

Latest market data

Close	236.32 (-1.68% on the day; -7.51% over 5 sessions; -4.63% over 20 sessions)
Market cap	CNY 38.64 billion
P/E (TTM)	n/a (loss-making)
P/B (MRQ)	4.99x (78th percentile over 4.3 years)
P/S (TTM)	8.81x (11th percentile over 4.3 years)
52-week range	137.51 (2025-11-21) – 307.29 (2026-06-24)
Moving averages	MA5 246.03 / MA10 246.18 / MA20 240.92 / MA60 228.06
MACD (12,26,9)	DIF 3.203, DEA 3.858, histogram -1.31
RSI	RSI6 33.5 / RSI14 47.3
Bollinger bands (20,2)	Upper 259.53 / middle 240.92 / lower 222.31
Volume	0.6x the 20-day average
One-week range (about 68% coverage)	223.54 – 256.06 (-5.4% ~ +8.4%)
One-week range (about 95% coverage)	212.48 – 266.95 (-10.1% ~ +13.0%)

As of the 2026-09-30 close; calculated from daily price data (adjusted prices) and refreshed automatically each trading day. The one-week range reflects historical volatility only and is not a forecast. The report below was written on 2026-09-13; its prices and short-term scenarios reflect data at that time.

Suzhou NOVOSENSE Microelectronics Co., Ltd. (NOVOSENSE) (688052)

Individual Stock Analysis Report | Industry: Analog and Mixed-Signal IC Design (Fabless) | Report Date: September 13, 2026 | Close of 2026-09-11 (Wednesday); unless otherwise noted, all market data are as of that day's close. Certain moving averages/technical indicators are readings as of 2026-09-09 and are noted in the respective fields.

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

1. Core Summary

NOVOSENSE has in recent years exhibited a profile of "rapid revenue growth with profitability under repair": 2025 revenue was RMB 3.368 billion, up 71.80% year-on-year, with net profit attributable to parent of a loss of RMB 229 million, a marked narrowing from the RMB 403 million loss in 2024; in the first half of 2026, revenue grew approximately 66.7% year-on-year, and net profit attributable to parent reached RMB 67.5918 million, turning profitable year-on-year, with Q2 2026 single-quarter revenue hitting a quarterly record high and non-GAAP net profit attributable to parent turning profitable. Whether the earnings inflection point can be sustained still depends on whether revenue growth can be further converted into gross profit and operating profit.

The company focuses on three major product directions—sensors, signal chain, and power management—covering automotive electronics, pan-energy, and consumer electronics. In 2025, pan-energy, automotive electronics, and consumer electronics accounted for 52.92%, 35.22%, and 11.86% of revenue, respectively. The company has accumulated capabilities in digital isolators, gate drivers, and automotive-grade products; in 2025, automotive-grade chip shipments were 750 million units, cumulative shipments exceeded 1.418 billion units, and sellable product models exceeded 3,900; H-shares were listed in December 2025, forming an "A+H" dual capital platform.

The company's growth is accompanied by considerable pressure on earnings quality. In 2025, R&D expenses were RMB 795 million, with an R&D expense ratio of 23.59%, and gross margin was approximately 34.83%, notably lower than SG Micro and 3PEAK; under the Fabless model, wafer manufacturing and packaging/testing are primarily outsourced, and the top five suppliers' procurement share in 2025 was disclosed at 82.10%, while automotive and pan-energy customers face price competition and annual price reduction pressure in the automotive supply chain. In 2025, total impairment provisions of RMB 104 million were recognized, also affecting current-period profit and equity.

As of September 11, 2026, the A-share closing price was RMB 225, with total market capitalization of RMB 36.789 billion; both static PE and TTM PE are negative due to losses in the most recent four quarters. The stock price recently retreated from around RMB 242 to RMB 225, with short-term moving averages in a bearish alignment and both MACD and RSI weakening; margin financing balance was RMB 1.696 billion, accounting for 5.26% of free-float market capitalization, at a relatively high historical percentile, and changes in technicals and leveraged funds may amplify short-term volatility.

2. Company Overview

2.1 Basic Information

Item	Content
Full company name	Suzhou NOVOSENSE Microelectronics Co., Ltd.
Stock codes	688052.SH (SSE STAR Market); 02676.HK (HKEX Main Board)
Listing date and issue price	Listed on STAR Market on 2022-04-22 at RMB 230/share; H-shares listed on HKEX Main Board on 2025-12-08, with global offering of 19,068,400 shares, representing 11.80% of total share capital after issuance, offer price not exceeding HKD 116, net proceeds of approximately HKD 2.2 billion, making it the first domestic analog chip company with an "A+H" dual capital platform
Registered capital	Approximately RMB 163 million
Registered/office address	No. 9 Dongdangtian Lane, Suzhou Industrial Park (Postal Code 215000)
Actual controllers	Wang Shengyang, Sheng Yun, Wang Yifeng
Industry classification	Annual report classification is integrated circuit design (analog and mixed-signal chips); Qichacha-style navigation pages once labeled it as "software and information technology services," which is inconsistent with the company's actual business classification and the annual report should prevail
Business model	Fabless design enterprise; except for in-house production of ceramic capacitive pressure sensor sensing elements and in-house testing of certain products, wafer manufacturing, wafer probe testing, chip packaging, and chip testing are primarily outsourced
Key 2025 operating data	Revenue RMB 3.368 billion, +71.80% YoY; net profit attributable to parent -RMB 229 million; non-GAAP net profit attributable to parent -RMB 286 million; R&D expenses RMB 795 million (+47.15%), R&D expense ratio 23.59%; R&D personnel 655 (48.70% of employees); 2025 automotive-grade chip shipments 750 million units, cumulative shipments exceeding 1.418 billion units
Sellable product models	As of end-2025, more than 3,900 sellable product models available
Industry position	One of China's earlier companies to mass-produce digital isolation chips at scale; all isolation categories have models passing automotive-grade certification; cumulative digital isolator shipments exceeding 600 million units (domestic market share approximately 35%), cumulative gate driver shipments exceeding 800 million units; became an AEC Automotive Electronics Council member in 2024

2.2 Main Business and Product Layout

Sensor products: magnetic sensors (current/angle/wheel speed/position, including Hall, AMR, TMR and other technologies), pressure sensors, temperature and humidity sensors
Signal chain products: signal conditioning ASICs, digital isolators, isolated interfaces/power/sampling, CAN/LIN/I²C/SerDes interfaces, general-purpose op-amps and converters, MCUs
Power management products: isolated and non-isolated gate drivers, GaN drivers, motor drivers, LED drivers, Class-D audio amplifiers, etc.
Downstream application areas: automotive electronics, pan-energy (industrial/PV energy storage/digital power/smart grid), consumer electronics; 2025 full-year application mix was pan-energy 52.92%, automotive electronics 35.22%, consumer electronics 11.86%
Geographic mix: domestic approximately 84%, overseas approximately 16% (East Money F10 2026H1 basis); 2025 full-year overseas revenue RMB 409 million, +33.98% YoY

2.3 Industry Chain Upstream/Downstream Position and Cost-Profit Structure

NOVOSENSE adopts a Fabless model, positioned at the design end of the analog chip industry chain (mid-to-upstream position): it is a cost-taker with weak bargaining power vis-à-vis upstream wafer foundries and packaging/testing houses, and must withstand "annual price reductions" and price competition pressure from downstream automotive and pan-energy customers, resulting in structurally lower gross margins than peers with a higher consumer electronics mix. The following expands on four aspects: upstream costs, downstream customers, working capital, and gross margin trends.

Business model is Fabless: except for in-house production of ceramic capacitive pressure sensor sensing elements and in-house testing of certain products, wafer manufacturing, wafer probe testing, chip packaging, and chip testing are primarily outsourced (Source: company prospectus)
Main procurement items are wafers (including photomasks) and packaging/testing services; historical top five suppliers disclosed in the prospectus include Dongbu HiTek, ASE (including Suzhou ASEN, Kunshan, Weihai), SMIC, TSMC, and JCET
Top five suppliers' procurement share from 2018–2021H1 was in the 81%–90% range (Source: prospectus); 2025 annual report disclosed top five suppliers' procurement share at 82.10% (Source: Securities Star 2026-03-31 overseas regulatory announcement summary, single-source summary, specific amounts not cross-verified)
The company explicitly warns of "high procurement concentration" risk and is a taker of foundry prices with weak bargaining power (Source: 2022/2023 annual report risk disclosures)
Mitigation measures: self-built packaging/testing facility (in-house packaging/testing for pressure sensors and customized products); purchase of dedicated test equipment placed with certain test houses to secure "dedicated capacity" (Source: Everbright Securities 2024 semi-annual continuous supervision tracking report)
Summary: the company has no substantive pricing power over upstream; costs are directly transmitted from wafer foundry/packaging-testing capacity and price fluctuations; quantitative breakdown of operating costs by "wafer/packaging-testing/materials" in the annual report was not obtained, and cost line-item composition data are missing
Downstream consists of automotive electronics (OEMs and Tier 1 suppliers), pan-energy (PV energy storage, digital power, AI server power, industrial automation), and consumer electronics
Historically disclosed customers include Inovance Technology, Sungrow, Hikvision, and Will Semiconductor; automotive-grade customers include BYD, Dongfeng, Wuling, Great Wall, SAIC Maxus, FAW, CATL, etc., and it has entered the supply systems of SAIC Volkswagen, United Automotive Electronic Systems, and Sensata (Source: Cailianshe stock page, Xiaomi Industry Fund-related reports)
Customer concentration: 2025 annual report disclosed top five customers' sales of RMB 941.2536 million, accounting for 28.04% of annual total sales, with no single customer exceeding 50%, and related-party sales of 0 (Source: Securities Star 2025 annual report main text and summary, 2025 annual report basis); customer dispersion is moderately diversified among chip design companies; the annual report defers disclosure of specific customer names using "Customer A/B" etc., and customer composition is not public
Structural bargaining dynamics: the automotive electronics supply chain generally faces "annual price reduction" pressure from OEMs/Tier 1s; the company's automotive chip revenue share was 36.88% in 2024, and a third party (Xinbang Intelligent restructuring inquiry letter response) noted its gross margin was lower than SG Micro and 3PEAK, partly due to high automotive application mix and different pricing structure; this basis is from a Shenzhen Stock Exchange inquiry letter response document, a third-party disclosure, and it is recommended to verify against the company's annual report
In 2023, TI and other overseas manufacturers initiated price wars in the Chinese market to capture share, product prices declined, and the company as a price-taker faced earnings pressure
Accounts receivable at end-2025 were RMB 636.738 million, an increase of 62.20% from RMB 392.5729 million at end-2024 (Source: Securities Star 2025 annual report main text; the page simultaneously shows 6.58% and 5.12%, suspected to be proportions of total assets, field meanings need to be verified against the original annual report table). Rough calculation: accounts receivable of approximately RMB 637 million / 2025 revenue of RMB 3.368 billion ≈ 18.9%; receivable growth (+62%) broadly matches revenue growth (+71.8%), no abnormal lengthening observed, but it still indicates the company must sell on credit to automotive/industrial customers, tying up some working capital. Note: due to data basis and single-source limitations, a reliably cross-verified accounts receivable turnover days figure was not obtained; it is recommended to calculate from annual report notes, and this memo marks it as a data gap.
Customer concentration: 2025 annual report disclosed top five customers' sales of RMB 941.2536 million, accounting for 28.04% of annual total sales, with no single customer exceeding 50% (Source: Securities Star 2025 annual report main text and summary, 2025 annual report basis, relatively high credibility; the annual report defers disclosure of specific customer names using "Customer A/B"). Supplier concentration: 2025 annual report disclosed top five suppliers' procurement share at 82.10% (Source: Securities Star 2026-03-31 overseas regulatory announcement summary, single-source summary, specific amounts not cross-verified); the prospectus disclosed top five suppliers' procurement share of 81%–90% for 2018–2021H1. Overall, downstream customers are relatively dispersed while upstream suppliers are highly concentrated, resulting in asymmetric bargaining positions at both ends.

Year	Gross Margin	Brief Explanation
2022	Approximately 48.5%	Peak of the price increase cycle, "capacity is king," foundry costs relatively controllable; this value comes from Securities Star "one-chart interpretation" chart basis, a single and image-transcribed source, precise value should be based on the annual report
2023	38.59%	TI and other overseas manufacturers initiated price wars in the Chinese market to capture share, product prices declined; source is Xinbang Intelligent restructuring inquiry letter response, an exchange document basis, relatively high credibility
2024	32.70%	Industrial/automotive destocking combined with continued price war, gross margin fell to a low point; source same as above (exchange document basis)
Jan–Aug 2025	34.66%	Demand recovery, new product ramp-up, scale effects emerging, price competition easing; source same as above (exchange document basis)
Full-year 2025	34.83% (integrated circuit industry basis)	Broadly consistent with Jan–Aug 2025; Source: East Money F10. Comparable comparison (Jan–Aug 2025/2024/2023): NOVOSENSE 34.66%/32.70%/38.59%, SG Micro 50.42%/51.46%/49.60%, 3PEAK 46.46%/48.19%/51.79%, NOVOSENSE notably lower, mainly due to high automotive application mix and product structure skewed toward isolation/drivers, etc. Note: 2026H1 gross margin data source is single (only East Money F10), not cross-verified against annual report

NOVOSENSE is positioned at the mid-to-upstream design end of the analog chip "smile curve": technological barriers are higher than pure packaging/testing/distribution, but lower than upstream IP/EDA/high-end processes, and it is constrained by wafer foundry/packaging-testing costs upstream and bears automotive "annual price reductions" and industrial price competition downstream, so gross margin is structurally lower than SG Micro and 3PEAK, which have higher consumer electronics mixes. Its further gross margin/profitability drivers mainly come from: product structure upgrades (ramp-up of high-value products such as sensors, automotive-grade MCU+, SerDes, GaN drivers), per-vehicle value enhancement (mass-production per-vehicle value already exceeds RMB 1,500, company target RMB 3,000–4,000), volume-price opportunities from AI server power, and dilution of R&D expense ratio through scale effects—rather than simple price increases.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Reporting Period	Revenue	YoY	Net Profit Attributable to Parent	YoY
2024	RMB 1.96 billion	+49.53%	-RMB 403 million	Loss widened YoY
2025	RMB 3.368 billion	+71.80%	-RMB 229 million	Loss narrowed
H1 2026	Specific amount missing; only two expressions of revenue growth of 66.73% and 66.7% seen	+66.73% (also expressed as 66.7%)	RMB 67.5918 million	Turned profitable YoY

Data sourced from public reports mentioned in the research memo: 2024 total operating revenue RMB 1.96 billion, up 49.53% YoY, net loss RMB 403 million; 2025 revenue RMB 3.368 billion, up 71.80% YoY, loss RMB 229 million; H1 2026 net profit attributable to parent RMB 67.5918 million, turned profitable YoY, revenue up 66.73% YoY (also expressed as 66.7%), specific revenue amount not given in the memo. Q2 2026 single quarter turned profitable, revenue hit a quarterly record high, and non-GAAP net profit attributable to parent turned profitable.

The company's revenue has maintained rapid growth in recent years (2024 +49.53%, 2025 +71.80%, H1 2026 approximately +66.7%), with the profit side gradually narrowing losses from RMB 403 million in 2024 and RMB 229 million in 2025, to achieving net profit attributable to parent of RMB 67.5918 million in H1 2026, turning profitable YoY; Q2 2026 single-quarter results turned profitable, revenue hit a quarterly record high and non-GAAP net profit attributable to parent turned profitable, automotive and pan-energy businesses maintained high prosperity, and the model platform leader's inflection point has emerged (based on research report views in the memo).

3.2 Earnings Forecast

The research memo does not provide any institution's specific future earnings forecast data (such as forecast annual revenue, net profit, growth rate, EPS, etc.), only mentioning "raising target price by 52.22% to RMB 182.77" (CICC) and "no target price given" (Changjiang Securities), so no forecast data compilation is made.

3.3 Valuation Level and Institutional Ratings

Institution	Rating	Date	Remarks
Huatai Securities	Buy	2026-04-01	Institutional rating report, no target price mentioned
CICC	Outperform	Data missing	Maintained rating, raised target price by 52.22% to RMB 182.77
Changjiang Securities	Buy	2026-04-21	No target price given
Other institutions (memo mentions "2 institutions update NOVOSENSE rating," "institution first coverage," etc., but specific institution names and rating details not given)	Data missing	Data missing	Only summary headlines seen, specific institutions and rating content missing

The research memo does not provide specific data on current stock price, total market capitalization, P/E ratio, P/B ratio and other valuation metrics, only mentioning "latest price: 253.44" (at the time of 2024 results reporting) and CICC's raised target price of RMB 182.77, which cannot be used to fully calculate or compare valuation levels; valuation-related fields are missing data.

4. Recent News and Announcements

4.1 2025 Annual Results Pre-announcement (Disclosed 2026-01-30)

The company expects 2025 annual revenue of RMB 3.3–3.4 billion, up 68.34%–73.45% YoY; expected net profit attributable to parent of -RMB 250–200 million, with losses narrowing YoY. The company cites driving factors as steady growth in automotive electronics demand, recovery of pan-energy (PV/energy storage) customers, AI-driven growth in server power, and Magntek consolidation enriching the product matrix. Source: Cailianshe.

4.2 2025 Annual Impairment Provisions (2026-01-30)

The company recognized total impairment provisions of RMB 104 million in 2025, correspondingly reducing 2025 net profit attributable to parent and ending equity attributable to parent by RMB 104 million each. The specific composition of impairment provisions (inventory/goodwill/receivables details) is not expanded in the research memo and needs to be confirmed in the company's 2025 annual report notes. Source: Gelonghui.

4.3 2025 Annual Results Express Report (2026-02-27, unaudited)

Total operating revenue RMB 3.3678 billion, up 71.80% YoY; net profit attributable to parent -RMB 241.1 million (prior year -RMB 402.9 million, loss narrowed); non-GAAP net profit attributable to parent -RMB 289.7 million; basic EPS -RMB 1.70; total assets RMB 9.674 billion, up 26.07% YoY; net assets per share attributable to parent RMB 46.94. Express report revenue/net profit are consistent with the pre-announcement range, corroborating each other; but both are unaudited data, and the formal annual report basis may be slightly adjusted. Source: Caizhongshe (itiger.com).

4.4 2024 Annual Report and 2025 Quarterly Improvement Comparison

The 2024 annual report disclosed on 2025-04-10 showed net profit attributable to parent of -RMB 402.9 million, down 31.95% YoY (loss widened); 2025 quarterly improvement: Q1 net profit attributable to parent -RMB 51.34 million, H1 -RMB 78.01 million, first three quarters -RMB 140.5 million, all significantly narrowing losses YoY. Source: East Money F10; SSE Q3 report PDF (2025-10-31).

4.5 Share Buyback Completed (Announcement No. 2026-040, 2026-08-04/08-05)

The buyback plan was approved by the board on 2025-11-24 and first disclosed on 2025-11-25 (Announcement No. 2025-055), with buyback amount of RMB 200–400 million, price ceiling RMB 200/share, for employee stock ownership plan or equity incentive, implementation period 2025-11-24 to 2026-11-23. Execution results: as of 2026-07-31, cumulative buyback of 1,255,642 shares, representing 0.77% of total share capital, transaction price range RMB 148.90–175.39/share, total payment of RMB 200.0808 million (approximately RMB 200 million, i.e., the lower limit); no further buybacks in April and July 2026; first buyback date was 2025-12-08. The announcement states the buyback has been completed, actual execution is consistent with the plan, and it will not result in a change of control. Total share capital before buyback included A-shares 142,528,433 + H-shares 19,068,400 (before exercise of over-allotment option). Source: Shanghai Securities News, East Money, Sina Finance, multi-source consistent.

4.6 Shareholder Reduction Plan Completed (Announcement 2026-023, 2026-05-29)

Reduction plan disclosed on 2026-01-30 (Announcement 2026-007): shareholder Guorun Ruiqi planned to reduce ≤590,910 shares (0.36%); Huiyue Chengzhang planned to reduce ≤2,259,427 shares (1.39%), both for their own funding needs. As of 2026-05-28, Guorun Ruiqi cumulatively reduced 590,910 shares (all) through centralized bidding + block trades; Huiyue Chengzhang reduced 1,626,234 shares through centralized bidding. The two shareholders together reduced 2.2171 million shares, representing 1.3634% of total share capital. Reduction period 2026-02-04 to 2026-05-27, during which the stock rose 49.15%, closing at RMB 263.0 as of 2026-05-27. Both are pre-IPO shareholders holding less than 5%, not controlling shareholders/actual controllers. Source: Shanghai Securities News, East Money, Securities Star.

4.7 Other Shareholder Reduction Records

Suzhou Huaye Zhiyuan I reduced 291,300 shares (change period 2026-04-28 to 05-06, announcement 2026-05-20); Huiyue Chengzhang had additional 1,425,300-share and 1,424,500-share tranche records (corresponding to the above reduction plan). Source: East Money shareholder increase/decrease page.

4.8 Top Ten Free-Float Shareholder Changes (As of 2026-06-30, Announced 2026-08-28)

New entrants: Zhang Yaokun 2,282,100 shares (1.4% of free float); Huang Weiqin 1,994,600 shares (1.23%). Exited top ten: Wang Heng (prior period 3,160,700 shares, 1.94%), Huiyue Chengzhang (prior period 2,259,400 shares, 1.39%). Reductions: Northbound funds reduced 42.53% to 2,048,200 shares; Basic Pension Insurance Fund Portfolio 2005 reduced 17.12% to 1,887,200 shares; Harvest SSE STAR Market Chip ETF reduced 28.32% to 1,715,100 shares. Largest free-float shareholder HKSCC NOMINEES LIMITED (Hong Kong Central Clearing Nominee) 20,095,000 shares, representing 12.36% of free float (broadly flat); Wang Shengyang 15,487,900 shares (9.52%), Sheng Yun 14,432,000 shares (8.87%) and other founder holdings unchanged. Top ten free-float shareholders totaled 71,884,400 shares, representing 44.2% of free float, a decrease of 3,726,700 shares from the prior period. Note: Northbound funds are on a consolidated basis and are periodic report snapshots, not real-time. Source: Sina Finance, NetEase, Tonghuashun, two sources consistent.

4.9 Corporate Governance/Board Re-election (Announcements 2026-042, 2026-043, 2026-08-07)

The 2026 third extraordinary shareholders' meeting was held on 2026-08-06 to elect the fourth board of directors; on the same day, the first meeting of the fourth board elected Wang Shengyang as Chairman for another term and appointed him as General Manager; Sheng Yun as Deputy General Manager and Head of R&D; Wang Yifeng as Deputy General Manager; Zhu Ling as CFO; Jiang Chaosheng as Board Secretary. Term of three years. The 2025-11-17 extraordinary shareholders' meeting approved the cancellation of the supervisory board and amendment of the Articles of Association (supervisory board functions assumed by the board audit committee). Source: Shanghai Securities News, CFI.cn, East Money.

4.10 A-Share Restricted Stock Incentive Plan Grant (Announcement 2026-039, 2026-07-23)

Grant date 2026-07-23, grant of 464,953 shares (0.28% of then total share capital of 163,505,247 shares), grant price RMB 139.87/share, 528 incentive recipients, Type II restricted stock. On the same day, H-share awards were granted: total 859,226 H-share awards, subscription price RMB 72.60/share, grant date H-share closing price RMB 145.20/share; 72 grantees (including 4 directors), vesting over three/four years, with performance targets and clawback mechanisms. H-share award details mainly come from a single CFI.cn H-share announcement reprint, not cross-checked against other sources; it is recommended to refer to the original HKEX announcement. Source: Shanghai Securities News, CFI.cn.

4.11 Cancellation of Certain Restricted Shares (2025-10-31)

Cancellation of 1,038,833 shares from the 2022 plan and 1,103,196 shares from the 2023 plan that could not vest. Source: company announcements described in the research memo.

4.12 Hong Kong (H-Share) Listing Process

Re-submitted listing application to HKEX Main Board on 2025-10-27 (CICC, CITIC Securities, CCB International as joint sponsors); obtained CSRC overseas issuance filing on 2025-10-22; passed HKEX listing hearing on 2025-11-21. H-shares were ultimately listed on HKEX (code 2676). Partial exercise of over-allotment option on 2026-01-07, involving 1,026,600 H-shares listed, with H-shares increasing from 19,068,400 to 20,095,000. Source: CNR, Shanghai Securities News buyback announcement.

4.13 Shareholder Inquiry Transfer (Background Information, 2025-05-21)

Shareholder inquiry transfer on 2025-05-21, priced at RMB 163.15/share, proposed transfer of 4,851,800 shares (3.4% of total share capital), with 6 institutions including Xingzheng Global Fund as transferees, not involving a change of control. Source: Cailianshe, East Money F10.

4.14 Data Timeliness and Uncertainty Notes

The latest verifiable information retrieved is as of 2026-08-28 (top ten free-float shareholder announcement) and 2026-08-07 board re-election announcement, based on which the current date is inferred to be approximately August 2026; if the actual update date is later, announcements after end-August need to be supplemented. 2025 annual data are express/unaudited basis, and the formal annual report may be slightly adjusted. Total share capital basis has changed multiple times: 2025 annual express report share capital 161,596,800 shares; 2026-05-08 announcement basis total share capital 162,623,433 shares; 2026-08-04 announcement basis 163,505,247 shares, differences arising from H-share over-allotment, restricted stock vesting, etc., and the corresponding time point must be verified when citing share capital/proportions. A/H share split: A-shares 142,528,433 + H-shares approximately 20,095,000 (2026 H1 basis); the 0.77% ratio in the buyback announcement uses total share capital (including H-shares) as denominator, which will differ from the pure A-share basis. Northbound fund reductions and top ten free-float shareholders are both periodic report (2026-06-30 snapshot) data, lagging and on a consolidated basis, and cannot be regarded as real-time fund flows. Certain earlier matters (such as the May 2025 inquiry transfer, April 2025 lock-up release of 49.19 million shares representing 34.51%) are background information and their timeliness is somewhat dated.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

Indicator	Value
Closing price	RMB 225.00
Change	-RMB 4.20 / -1.83% (prior close RMB 229.20)
Open / High / Low / Amplitude	227.00 / 227.34 / 217.87 / 4.13%
Limit-up price / Limit-down price	275.04 / 183.36
Volume	24,007 lots (24,007 lots / 2,400,700 shares)
Turnover	RMB 533 million (SSE basis RMB 533.3361 million)
Turnover rate	1.67% (free-float turnover rate)
Total share capital / Free-float share capital	164 million shares / 143 million shares
Total market cap / Free-float market cap	RMB 36.789 billion / RMB 32.267 billion
Net assets per share / P/B ratio	RMB 47.6107 / 4.73
P/E ratio	Static PE -160.74; PE(TTM) -441.79 (both TTM and static are negative, per East Money Qian Gu Qian Ping 2026-09-11 "the company's net profit for the most recent four quarters combined is a loss"). Also note stcn.com/9fzt.com shows "dynamic P/E 272.14," coexisting with negative TTM, which is a third-party annualized/forecast basis difference, not adopted as an official disclosed value, and should not be mixed with TTM PE.
52-week range	RMB 137.51 ~ 307.29 (investing.com and MarketWatch two sources consistent; specific high/low dates not obtained in this retrieval, need separate verification)

5.2 Technical Indicators

Indicator	Value	Brief Interpretation
Moving averages (MA5/10/20/50/100/200)	MA5 237.64, MA10 239.38, MA20 240.99, MA50 245.60, MA100 236.70, MA200 221.63 (investing.com, data time 2026-09-09, not 9/11 reading; precise 9/11 MA values not obtained)	MAs in bearish alignment MA5<MA10<MA20<MA50, 9/9 price 234.01 below MA5; by 9/11 price fell further to 225.00, short MAs should be lower (precise 9/11 values not obtained). 9fzt.com records that a golden triangle formed on 8/13, then weakened; it gives a lower MA support level of RMB 197.72.
MACD / RSI	RSI: death cross on September 4 with short-term RSI crossing below 50; MACD: "death cross above the zero line" on September 8, entering a strong correction. investing.com (Turkey site, data time 2026-09-09): RSI(14)=34.857 (sell), MACD(12,26)=-2.36 (sell), overall "strong sell"; the system's August 27 reading was opposite (RSI 66.97, MACD +2.75, strong buy)	Reflects rapid technical deterioration from bullish to bearish from end-August to early September; watch whether MACD double lines can stabilize at the zero line.
Bollinger Bands (BOLL)	East Money Qian Gu Qian Ping (2026-09-11 17:00) shows MACD/RSI/BOLL all "no clear signal at present"; precise upper/middle/lower band values for 9/11 not retrieved	This is a data gap, no fabrication; short-term pressure/support mainly taken from MA bands and recent highs/lows.
Chips and main force cost	9fzt.com: latest price below "chip cost average price RMB 229.60"; East Money Qian Gu Qian Ping: institutional participation 21.14% ("light control"), most recent 1-day main force cost RMB 222.16, most recent 20-day main force cost RMB 240.90	Price below chip average price, 9fzt.com suggests waiting before effective breakout; main force cost diverges short-term vs. medium-term.
Fund flows (as of 2026-09-11)	9/11 intraday 09:37 main force net outflow RMB 5.3273 million; 9/10 main force net outflow approximately RMB 36.304 million (source partially truncated, direction credible, precise value needs verification); 9/9 main force net inflow RMB 3.1855 million; 9/2 main force net buy RMB 27.318 million. Last 10 days main force funds: 9fzt.com cumulative inflow RMB 82.7842 million, stcn.com shows last 10 days net inflow RMB 157 million, last 3 days net inflow RMB 83,300 (two sources inconsistent, for directional reference only). Northbound funds: latest reduction of 30,000 shares, total holdings 2,225,200 shares (9fzt.com)	Main force fund direction recently oscillating, basis divergent, not suitable to conclude from a single value.
Margin trading (as of 2026-09-11)	Margin financing balance RMB 1.696 billion (5.26% of free-float market cap), securities lending balance RMB 6.1711 million, total margin balance RMB 1.702 billion (-1.41% vs. prior day); same-day margin net buy -RMB 24.27 million; 9/10 margin balance RMB 1.720 billion, declining for 2 consecutive days; Tonghuashun notes margin balance "exceeds 90% historical percentile level"	Leveraged funds at high level and declining for the past 2 days; continued deleveraging will amplify volatility.
Turnover/liquidity	Recent daily turnover approximately RMB 470–550 million (9/2 RMB 474 million, 9/9 RMB 551 million, 9/11 RMB 533 million), turnover rate approximately 1.4%–1.7%; 65-day average volume 3.69M shares (MarketWatch)	Turnover rate not high, turnover at the RMB 500 million level, a medium-liquidity name but order book not deep.
Period returns (basis differences)	Last 5 days approximately -6.25% to -6.48%; last 3 days -5.87%; last 20 days -5.18% (MarketWatch) to -5.42% (sohu 9/11 intraday); last 60 days -4.33% (MarketWatch) to -15.81% (sohu 9/11 intraday); year-to-date +42.24% (MarketWatch) / year-to-date up 41.89% (sohu 9/11 intraday)	Last 60 days two sources differ considerably, not unified; short-term shows consecutive approximately 7 trading days of decline, retreating from the 242 level to 225, a range decline of approximately 7%.

NOVOSENSE (688052.SH, STAR Market, analog integrated circuits/analog chips; same-class same-rights H-shares 02676.HK, listed on HKEX Main Board on December 8, 2025, forming an "A+H" dual platform) closed at RMB 225.00 as of 2026-09-11, down 1.83%, declining for approximately 7 consecutive trading days since 9/2, cumulatively retreating from the 242 level to 225, a range decline of approximately 7%. Technicals are weak: MAs in bearish alignment MA5<MA10<MA20<MA50 (9/9 reading), MACD formed a death cross above the zero line on 9/8, RSI death cross on 9/4 and crossed below 50, investing.com (9/9) composite rating "strong sell," technicals rapidly turned from bullish to bearish from end-August to early September; price below chip cost average price of RMB 229.60. Fund flows: margin financing balance RMB 1.696 billion, 5.26% of free-float market cap, at a high historical percentile (Tonghuashun: above 90th percentile) and declining for 2 consecutive days; main force fund direction recently oscillating, source bases divergent (9/10 net outflow approximately RMB 36.30 million, precise value needs verification; last 10 days net inflow two sources show RMB 82.7842 million vs. RMB 157 million, inconsistent). Chips highly concentrated: as of 2026-06-30, shareholder accounts only 11,950 (up 129 from prior period, disclosed 2026-08-28, structure may have changed since), extremely few accounts, prone to amplifying one-sided volatility. Liquidity is medium: turnover rate approximately 1.4%–1.7%, turnover approximately RMB 500 million level, order book not deep. Data gaps include: specific 52-week high/low dates not obtained, precise BOLL bands missing, precise 9/11 MA values not obtained, complete top ten free-float institutional list not obtained.

5.3 Short-Term Trend Outlook (Next One Week, Scenario Projection, for Reference Only)

⚠️ Risk Warning: The following content is a subjective scenario projection based on the price, technical indicators, and fund data retrieved in this exercise; it is not a statistical probability, not an earnings forecast, does not constitute investment advice; please judge independently and bear your own risk.

① Key Technical Levels

Level	Range	Explanation
Short-term resistance	RMB 236–241	MA10 239.38, MA20 240.99 area (2026-09-09 reading); only a close above with volume is considered a strengthening signal. Secondary resistance RMB 245–250 (MA50 245.60, recent 9/3 and 9/9 intraday highs around 249–250).
First support	RMB 217–222	9/11 low 217.87, main force most recent 1-day cost 222.16, lower edge of heavy volume zone; a break below and close under it would seek support at RMB 200–210.
Strong support	RMB 197–200	9fzt.com marks MA support at RMB 197.72, round-number level RMB 200; a break below would open space toward the 52-week low of RMB 137.51, but that low is far in the past and would require significant negative news to reach.

② Next One Week Scenarios (Subjective Weights, Not Statistical Probabilities)

Range-bound consolidation (relatively high weight, approximately 60% (subjective heuristic weight, not statistical probability)): price oscillates within RMB 217–236, around 220–230; trigger conditions—turnover maintained at current approximately RMB 500 million level, no new catalysts, MACD hugging near zero line, RSI hovering between 40–50.
Bearish downside (medium weight (subjective heuristic weight, not statistical probability)): breaks below RMB 217 and closes under it, seeking support at RMB 200–210; trigger conditions—margin balance continues to decline (already declining consecutively), main force funds continue net outflow, semiconductor sector overall weakens. A break below strong support at RMB 197.72 would open greater downside space.
Rebound strengthening (relatively low weight (subjective heuristic weight, not statistical probability)): closes above RMB 236 and effectively breaks through MA10/MA20 band, recovering to RMB 240–250; trigger conditions—single-day turnover markedly expands with sector/news catalysts, MACD re-crosses above zero line, RSI crosses above 50.

③ Fund and Liquidity Background

Margin financing balance RMB 1.696 billion, 5.26% of free-float market cap, at a high historical percentile (Tonghuashun: above 90th percentile), leveraged funds at high level and declining over the past 2 days; continued deleveraging would amplify volatility; turnover rate approximately 1.67%, turnover at RMB 500 million level, order book not deep, slippage on large trades may be relatively high under medium-low liquidity; shareholder accounts only 11,900 (data as of 2026-06-30, disclosed 2026-08-28, structure may have changed since), chips highly concentrated, prone to amplifying one-sided volatility. Regarding institutional holders, as of 2026-03-31, Basic Pension Insurance Fund Portfolio 2005 held 1.6% of free-float share capital (Cailianshe cls.cn individual stock page; this data lags by more than 5 months, limitations should be noted); a complete list of public funds/social security/QFII among the top ten free-float shareholders was not obtained in this exercise, this part is a data gap, and the full picture of institutional holdings should not be asserted based on existing information.

Volume confirmation signal: if single-day turnover continues to expand above RMB 700 million (clearly above the recent normal range of approximately RMB 470–550 million), it can be regarded as a signal of funds re-entering; conversely, if volume shrinks below RMB 350 million, it will most likely continue range-bound consolidation on low volume.

④ Points to Watch (Observation Ideas Only, Not Trading Instructions)

Whether the RMB 236–241 area above (MA10/MA20 band) can be recovered is the first observation point for short-term bull-bear transition (observation idea, not trading instruction)
RMB 217 below (9/11 low) and RMB 197.72 (MA strong support reference) are two observation levels (observation idea, not trading instruction)
Whether single-day turnover can expand above RMB 700 million as a confirmation signal of fund entry (observation idea, not trading instruction)
Whether margin balance stops declining and whether MACD can stabilize at the zero line are auxiliary observation points for judging whether the correction has ended (observation idea, not trading instruction)

The above scenario projection is based on 2026-09-11 closing data and historical price and technical indicator calculations; short-term stock prices will also be affected by multiple factors including news, fund flows, and the broader market environment; technical indicators themselves have lag and limitations, do not constitute a guarantee of actual future trends, and do not constitute buy/sell advice; please judge independently based on the latest market information and bear your own investment risk.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

The global analog chip market is highly concentrated, with 2023 global CR5 at approximately 52%, dominated by overseas giants such as TI and ADI; China accounts for approximately 35% of the global analog chip market, but the localization rate remains low, with substantial import substitution space. Domestic manufacturers are undergoing differentiation and consolidation after the price war, with automotive and pan-energy and other high-end applications becoming the focus of competition.

6.2 Competitive Landscape

Global landscape: 2023 global analog chip CR5 approximately 52%, of which TI 19%, ADI 13%, Skyworks 8%, Infineon 7%, ST 5% (Source: Securities Market Weekly citing IC Insight)
Localization space: China accounts for approximately 35% of the global analog chip market, but TI/ADI/MPS combined revenue from China in FY2025 was approximately USD 8.2 billion, while A-share leader SG Micro's 2025 revenue was only RMB 3.9 billion (Source: Guosen Securities 2026-07-08 research report summary)
Price competition: in 2023, TI and other overseas manufacturers initiated price wars in the Chinese market to capture share, with particularly pronounced impact on manufacturers whose downstream applications are mainly automotive (Source: China Chengxin Pengyuan 2025 Q3 industry report)
Industry consolidation: since 2024, analog chip M&A has been intensive—NOVOSENSE acquired Magntek (magnetic sensors), invested in Zhenxin Sensor/Wuxi Shengbang; SG Micro acquired Yutai, Ganrui Intelligent, etc.; Joulwatt acquired Yixin Technology, Xinta Electronics; 3PEAK acquired Chuangxin Micro (Source: China Chengxin Pengyuan 2025 Q3 industry report)
2026Q1 ranking: NOVOSENSE revenue RMB 1.141 billion (+59.17%) ranked first, SG Micro RMB 1.098 billion, 3PEAK growth approximately 66.5%; NOVOSENSE Q1 loss narrowed 30.39% YoY (Source: International Electronic Commerce)

6.3 Major Competitors

Company	Positioning	Explanation
SG Micro (300661.SZ)	Domestic analog chip leader, most complete product part numbers (6000+), signal chain + power dual-driven	2025 revenue RMB 3.898 billion (+16.46%), net profit +RMB 547 million, consistently profitable; balanced consumer/industrial/automotive, gross margin 50.42% (Jan–Aug 2025), notably higher than NOVOSENSE
NOVOSENSE (688052.SH)	Automotive-grade analog + pan-energy, mainly isolation/sensors/drivers, high automotive mix	2025 revenue RMB 3.368 billion (+71.80%), net profit -RMB 229 million, not yet profitable; gross margin 34.66% (Jan–Aug 2025), structurally low
3PEAK (688536.SH)	Highest signal chain mix (approximately 79%), communications/industrial/automotive applications	2025 revenue RMB 2.142 billion (+75.65%), net profit +RMB 173 million (turned profitable), 2025 power management +198.60% YoY; gross margin 46.46% (Jan–Aug 2025)
Joulwatt (688141.SH)	Virtual IDM, mainly DC-DC/AC-DC power, advanced packaging/automotive SerDes M&A expansion	2025 revenue data missing in the memo; 2025 net profit was a loss; specific data not disclosed
Southchip (688484.SH)	Charging management/consumer electronics power, automotive/industrial expansion	2025 full-year revenue data missing in the memo; 2025Q3 net profit RMB 68 million, profitable
Awinic (688798.SH)	Digital-analog mixed, audio amplifiers, backlight drivers, smartphone advantage	2025 full-year revenue data missing in the memo; 2025Q3 net profit RMB 119 million, profitable

Compared with comparable companies, NOVOSENSE exhibits "high revenue growth, not yet profitable, relatively low gross margin": 2025 revenue RMB 3.368 billion (+71.80%) ranks among the top A-share analog chip companies, 2026Q1 revenue RMB 1.141 billion ranked first, but 2025 net profit attributable to parent -RMB 229 million, the only one among major comparable companies not yet profitable (3PEAK has turned profitable; SG Micro, Southchip, Awinic are profitable). In terms of gross margin, NOVOSENSE's 34.66% for Jan–Aug 2025 is lower than SG Micro's 50.42% and 3PEAK's 46.46%, mainly due to high automotive application mix, product structure skewed toward isolation/drivers, etc., and more pronounced impact from overseas manufacturers' price wars and automotive "annual price reduction" pressure. In terms of differentiation, NOVOSENSE centers on automotive-grade analog + pan-energy, with digital isolator domestic market share of approximately 35%, cumulative gate driver shipments exceeding 800 million units, and automotive-grade certification and AEC membership constituting barriers; subsequent profitability improvement depends on high-value product ramp-up, per-vehicle value enhancement, and dilution of R&D expense ratio through scale effects. Note: some comparable companies' full-year 2025 revenue/net profit data are missing in the research memo, and a complete comparison could not be made.

7. Risk Warnings

Profit sustainability risk: the company was still at a loss of RMB 229 million in 2025, with non-GAAP net profit attributable to parent at a loss of RMB 286 million; although H1 2026 achieved net profit attributable to parent of RMB 67.5918 million, whether the turnaround can be sustained still needs to be observed through non-GAAP profit, subsequent quarterly profits, and operating cash flow performance.
Gross margin and price competition risk: the company's 2025 gross margin was approximately 34.83%, lower than SG Micro and 3PEAK, and the automotive electronics supply chain faces annual price reduction pressure; since 2023, TI and other overseas manufacturers have initiated price wars in the Chinese market; if price competition intensifies again, NOVOSENSE may see revenue growth but continued margin pressure.
Supplier concentration risk: the company primarily outsources wafer manufacturing, wafer probe testing, packaging, and testing, with the top five suppliers' procurement share disclosed at 82.10% in 2025, and the historical prospectus basis also in the 81%–90% range; if major wafer foundry or packaging/testing suppliers experience capacity, delivery, or price changes, the company's costs and supply capability may be affected.
R&D investment and product conversion risk: 2025 R&D expenses were RMB 795 million, R&D expense ratio 23.59%, R&D personnel accounted for 48.70% of employees; if the ramp-up of high-value products such as sensors, automotive-grade MCUs, SerDes, and GaN drivers falls short of expectations, the relatively high R&D investment may continue to weigh on profit recovery.
Impairment risk: the company recognized total impairment provisions of RMB 104 million in 2025, but the research data does not break down the specific composition of inventory, goodwill, accounts receivable, etc.; if related assets require further impairment, it may further affect profit and equity attributable to parent.
Working capital risk: accounts receivable at end-2025 were RMB 637 million, up 62.20% from end-2024, higher than or close to revenue growth but still tying up considerable funds; changes in payment terms and collection pace of automotive and industrial customers may increase operating capital pressure, and cross-verified accounts receivable turnover days are currently lacking.
Business structure risk: in 2025, pan-energy and automotive electronics combined accounted for 88.14% of revenue; the company's performance is relatively sensitive to the prosperity of PV energy storage, server power, automotive electronics and other applications; if related customer demand recovery falls short of expectations, or automotive and pan-energy product prices decline, revenue and gross margin may be affected.
Market volatility and leveraged fund risk: as of September 11, 2026, the company's stock price was RMB 225, short-term moving averages in bearish alignment, MACD and RSI weakening; margin financing balance RMB 1.696 billion, 5.26% of free-float market cap, at a relatively high historical percentile; if margin funds continue net repayment, stock price volatility may be amplified.

8. Conclusion and Outlook

NOVOSENSE's core growth logic lies in automotive electronics and pan-energy demand expansion, import substitution, continued automotive-grade product ramp-up, and product matrix expansion. Existing products such as digital isolators, gate drivers, and sensors have a scale base, and Magntek consolidation further enriches the magnetic sensor product matrix; AI-driven growth in server power and recovery of PV energy storage customers also provide new application scenarios for revenue growth. Future performance observation should shift from pure revenue growth to high-value product ramp-up, per-vehicle value enhancement, gross margin recovery, and R&D expense ratio dilution.

The company is currently still in the stage of transition from scale expansion to stable profitability; the H1 2026 turnaround is positive but not yet sufficient to eliminate uncertainties from historical losses, low gross margin, and high R&D investment. If automotive and pan-energy businesses maintain growth, while price competition eases, product structure improves, and scale effects are realized, profitability may continue to recover; conversely, if revenue growth mainly depends on low-margin products or price concessions, the sustainability of profit improvement will be limited.

The company has high upstream supplier concentration, and although downstream customers are relatively dispersed, it still faces annual price reductions in the automotive supply chain and price wars from overseas manufacturers; operating results are relatively sensitive to costs, prices, and product structure. Given the current stock price in a short-term technical correction phase, margin balance declining from a high level, and valuation lacking a positive PE anchor, subsequent focus should be on tracking formal financial data, non-GAAP profit sustainability, gross margin changes, impairment line-item details, and working capital occupation, rather than judging long-term profitability based solely on revenue growth or a single-quarter turnaround.

Data Sources

Reports are generated by AI from public online information and may contain errors or outdated information. They are for research only, not investment advice. Verify material facts against company filings and authoritative sources.