Company at a glance
Scale
Revenue up 31% since FY2023
Growth prospects
Expanding customer base and product roadmap
via money.finance.sina.com.cn ↗Integrated-circuit and key-component revenue grew 11.55% and anode-materials revenue grew 22.53% in 2025via pdf.dfcfw.com ↗Anode-materials business (including graphitization tolling) posted main-business revenue of CNY 454.75 million in the first half of 2026China competition
Competes with GigaDevice, Chipsea, Fudan Micro, Sino Wealth in MCU — peers listed at sector level.
Close behindGlobal comparables
Global reference set: STMicroelectronics, Infineon, NXP.
STMicroelectronics (secure MCU)Technical gap
Sector rated close behind vs the frontier.
Obstacles
Sector bottleneck applies
Automotive qualification, reliability, analog integration, and broad developer ecosystem.Official filings: 2025 annual report (Sina Finance) ↗ · 2026 semi-annual report (PDF) ↗
All sourced facts (7)
- Founded: March 2000, Shenzhen, originating from the national '909' integrated-circuit engineering project via nationstech.com ↗
- A-share listing: Shenzhen ChiNext, 300077.SZ, 2010 via nationstech.com ↗
- H-share listing: 95,000,000 H shares listed on the Hong Kong main board (02701.HK) on 2026-03-23 at HK$10.80 per share, with net proceeds of about HK$944 million; CITIC Securities (Hong Kong) was sole sponsor and the stock entered Stock Connect on debut via finance.sina.com.cn ↗
- Product scope: General MCUs, security chips, trusted-computing chips, battery-management chips, Bluetooth/RF chips and RCC products via nationstech.com ↗
- Anode-materials segment: Operates artificial-graphite anode materials through Inner Mongolia Sinuo and Hubei Sinuo; anode prices fell sharply in 2024 before recovering via money.finance.sina.com.cn ↗
- FY2025 segment growth: Integrated-circuit and key-component revenue grew 11.55% and anode-materials revenue grew 22.53% in 2025 via money.finance.sina.com.cn ↗
- H1 2026 anode revenue: Anode-materials business (including graphitization tolling) posted main-business revenue of CNY 454.75 million in the first half of 2026 via pdf.dfcfw.com ↗
About
Fabless design and sale of MCUs, security/trusted-computing chips, battery-management and RF chips for industrial, consumer and computing customers, alongside a second business segment manufacturing artificial-graphite anode materials for lithium batteries.
Founded 2000
Why it matters
Nationz is a leading domestic security-chip house expanding into general MCUs as domestic designers displace STMicroelectronics and NXP in industrial and consumer sockets. Its 2026 Hong Kong listing - one of the first A+H moves by a mainland MCU maker - and its unusual chips-plus-anode-materials structure make it a distinctive case in domestic semiconductor financing.
Where it sits in the stack
Key semiconductor products
- General-purpose MCUs·industrial and consumer grade
- Battery-management chips
- Bluetooth and RF chips, RCC
- Artificial-graphite anode materials for lithium batteries
- Security / cryptographic chips
Financials
300077.SZ · Shenzhen Stock Exchange ChiNext 300077.SZ · via Yahoo Finance ↗
Financial trajectory via annual filings via Yahoo Finance
RMB billionsMarket data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.
Ecosystem
Global peer set
- STMicroelectronics (secure MCU)
- NXP (secure element)
- Infineon (security)
- GigaDevice (domestic MCU peer)
Competitive position
- Positioned as a leading Chinese general-MCU and security-chip supplier, competing with STMicroelectronics and NXP in secure MCUs and with GigaDevice in general MCUs
- Dual revenue base: chips and anode materials are each roughly half of sales, with anode revenue boosted by graphite prices in 2025-2026
- FY2025 revenue of CNY 1.36 billion with a net loss of CNY 115 million; Hong Kong proceeds strengthen the balance sheet
- NIST cryptographic-algorithm validation presence suggests standards-grade crypto work, but no product capability, node, or competitive benchmark is evidenced.
- No manufacturing, qualification, or customer bottleneck evidenced; inferred fabless foundry dependence.
- Global comparables: STMicroelectronics (secure MCU)
- Global comparables: NXP (secure element)
- Global comparables: Infineon (security)
Milestones and signals
- 2000—Nationz was founded.
- 2010—Shenzhen ChiNext, 300077.SZ, 2010
- 2026—H-Share IPO Net Proceeds: HKD HK$944 million
- 2026-10-04—Market cap: RMB 14.1B
- FY2025—Revenue: RMB 1.4B
- FY2025—Net Profit: RMB -115M
What to watch
- Use of HK$944 million Hong Kong proceeds for debt and working capital, and pace of R&D spending on edge-AI and robotics-oriented chips
- Whether general-MCU shipments reach scale outside security-centric sockets
- Anode-materials price cyclicality, which swings consolidated profitability
Questions
Last reviewed 2026-07-11Answered questions
What is the measurable gap versus global reference companies?
Against STMicroelectronics (secure MCU), NXP (secure element), Infineon (security), and GigaDevice (domestic MCU peer): NIST cryptographic-algorithm validation presence suggests standards-grade crypto work, but no product capability, node, or competitive benchmark is evidenced.
Open questions
- Which products are qualified beyond pilots in fabless?
- Which customers, fabs, or end markets show real adoption rather than policy interest?