NSING Technologies (Nations Technologies) · 国民技术股份有限公司

Fabless

The security-silicon incumbent — much of China’s compliant TPM/TCM supply for government PCs and banks — and an unexpectedly AI-adjacent one: its April 202…
Published

October 11, 2026

Chinese name: 国民技术股份有限公司 (Guómín Jìshù)

TipWhy This Matters

The security-silicon incumbent — much of China’s compliant TPM/TCM supply for government PCs and banks — and an unexpectedly AI-adjacent one: its April 2026 N32H493 is the first domestic MCU designed for 800G/1.6T optical modules, now in 量产导入 at tier-1/2 module makers with the M32H5 (1.6T+) next in line. H1 2026 marked the first half-year profit after years of losses (revenue ¥9.06亿 +43.4%, 归母 net ¥4.41 million) — though ex-items it still lost ¥23.6 million, the chip line (¥4.30亿, +38.1%) roughly balanced by the still-sinking graphite-anode materials arm (¥4.38亿, +50.5% at tiny margins). Two price letters in 2026 (March +15–20%; 11 August, +10–20% effective 1 October) track the analog inflation cycle; H shares listed 23 March 2026 (02701.HK, HK$10.80, ~HK$945m). Live risk flag: outstanding guarantees to subsidiaries (¥1.24bn) equal ~135% of audited net assets. FY2025 revenue ¥13.60亿 with loss halved.

What does this firm design?

32-bit general/auto MCUs, secure elements/TPM/TCM, BMS PMICs, optical-module control MCUs, IoT RF.

Key Facts

Category Fabless
Founded 2000
Location Shenzhen, Guangdong
Product Focus General+secure MCUs (N32 line), TPM/TCM security chips (Z32H330TC dual-algorithm for Windows PCs), BMS/PMIC, RF; legacy battery-materials arm
Node Sophistication 40nm-class secure MCU/TCM (NS350); mainstream N32 on mature nodes
Entity List No
Last Verified Newest source dated 22 Aug 2026 (2 sources)

Design Score

3.5/5

Sources

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