证券代码：688521 证券简称：芯原股份 公告编号：2026-017 芯原微电子（上海）股份有限公司 关于召开2025年年度业绩说明会的公告 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。 重要内容提示： 一、说明会类型 芯原微电子（上海）股份有限公司（以下简称"公司"）将于 2026 年 3 月 31 日在上海证券交易所网站（www.sse.com.cn）披露《芯原微电子（上海）股份 有限公司 2025 年年度报告》。为加强与投资者的深入交流，使投资者更加全面、 深入地了解公司情况，公司计划以视频直播和网络互动方式召开 2025 年年度业 绩说明会（以下简称"说明会"），欢迎广大投资者积极参与。 三、参加人员 参加此次说明会人员包括：公司创始人、董事长兼总裁 Wayne Wei-Ming Dai （戴伟民）先生，公司董事、董事会秘书、人事行政高级副总裁石雯丽女士（如 有特殊情况，参会人员可能进行调整）。 四、投资者参加方式 （一）投资者可于 2026 年 4 月 2 日（星期四）10:00-11:00 登录上证路演中 ...

证券研究报告·行业深度报告·电子 电子行业深度报告 AI ASIC：从台系 ASIC 厂商发展历程看国产 产业链机遇 增持（维持） [Table_Tag] [Table_Summary] 投资要点 -15% -7% 1% 9% 17% 25% 33% 41% 49% 57% 2025/3/25 2025/7/24 2025/11/22 2026/3/23 电子 沪深300 相关研究 《2026 年度半导体设备行业策略：看 好存储&先进逻辑扩产，设备商国产 化迎新机遇》 2026-02-27 《端云协同驱动 AI 入口重塑与硬件 范式重构》 2026 年 03 月 25 日 证券分析师 陈海进 执业证书：S0600525020001 chenhj@dwzq.com.cn 证券分析师 李雅文 执业证书：S0600526010002 liyw@dwzq.com.cn 行业走势 2026-02-27 表 1：重点公司估值 | 代码 | 公司 | 总市值 | 收盘价 | | EPS | | | PE | | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- | ...

证券研究报告·行业深度报告·电子 电子行业深度报告 AI ASIC：从台系 ASIC 厂商发展历程看国产 产业链机遇 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026 年 03 月 25 日 证券分析师 陈海进 执业证书：S0600525020001 chenhj@dwzq.com.cn 证券分析师 李雅文 执业证书：S0600526010002 liyw@dwzq.com.cn 行业走势 -15% -7% 1% 9% 17% 25% 33% 41% 49% 57% 2025/3/25 2025/7/24 2025/11/22 2026/3/23 电子 沪深300 《2026 年度半导体设备行业策略：看 好存储&先进逻辑扩产，设备商国产 化迎新机遇》 2026-02-27 《端云协同驱动 AI 入口重塑与硬件 范式重构》 2026-02-27 表 1：重点公司估值 | 代码 | 公司 | 总市值 | 收盘价 | | EPS | | | PE | | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The demand for AI inference is continuously growing, driven by a significant increase in tokens usage, with a reported increase from 1.62 trillion tokens in March 2025 to 18 trillion tokens in March 2026, representing a growth of approximately 1011% [6][11] - Cloud service providers are raising prices for AI computing products due to rising hardware costs and increased demand for AI services, with price hikes ranging from 5% to 34% for various services [8][33] - The report highlights that the expansion of AI capabilities is expected to lead to a substantial increase in the number of active agents and token consumption, with annual token consumption projected to grow from 0.0005 PetaTokens in 2025 to 152,667 PetaTokens by 2030, reflecting a compound annual growth rate of 3418% [9][38] Summary by Sections Recent Trends - The computer industry has shown a relative performance decline of -10.1% over the past month, while the Shanghai Composite Index has remained stable [5] Price Adjustments - Major cloud providers like Alibaba Cloud and Baidu Cloud are increasing prices for AI computing services due to rising hardware procurement costs, with specific increases of up to 34% for Alibaba's AI computing services and 30% for Baidu's [8][27] Token Consumption Growth - The report indicates a significant rise in token consumption, with OpenClaw being a major contributor, achieving a monthly token call volume of 13.4 trillion as of March 2026 [17] - The share of domestic models in token consumption is increasing, with domestic models accounting for approximately 53.4% of the top models' total token calls as of March 2026 [14] Future Outlook - The report anticipates that the demand for AI computing and tokens will continue to rise, benefiting cloud service providers and related upstream and downstream companies [10][44] - The ongoing increase in hardware costs and the demand for AI services suggest that price adjustments in the cloud computing sector may persist [9][33]

证券代码：688521 证券简称：芯原股份 芯原微电子（上海）股份有限公司 2026 年第一次临时股东会会议材料 二〇二六年三月 目 录 | 芯原微电子（上海）股份有限公司 2026 年第一次临时股东会会议须知 2 | | | --- | --- | | 芯原微电子（上海）股份有限公司 2026 年第一次临时股东会会议议程 4 | | | 芯原微电子（上海）股份有限公司 2026 年第一次临时股东会会议议案 6 | | | 议案一 H 股股票并在香港联合交易所有限公司上市的议案 6 | 关于公司发行 | | 议案二 股股票并在香港联合交易所有限公司上市方案的议案 | 关于公司发行 H | | 7 | | | 议案三 关于公司转为境外募集股份有限公司的议案 10 | | | 议案四 H 股股票募集资金使用计划的议案 11 | 关于公司发行 | | 议案五 股股票发行上市决议有效期的议案 12 | 关于 H | | 议案六 关于提请股东会授权董事会及其授权人士全权处理与本次 股股票发 H | | | 行上市有关事项的议案 13 | | | 议案七 H 股之前滚存利润分配方案的议案 20 | 关于公司发行 | | ...

Core Viewpoint - Chipone Microelectronics (Shanghai) Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to support business development, attract talent, and enhance its international strategy and capital strength [1] Group 1: H-share Issuance - The company intends to issue H-shares not exceeding 10% of the total share capital post-issuance, with funds primarily allocated for R&D, global marketing network development, strategic investments, and general corporate purposes [1] - The expected revenue for 2025 is approximately 3.152 billion yuan, representing a 35.77% increase from 2024, with a projected total profit of -513 million yuan [1] Group 2: R&D Investment - In 2025, the company plans to invest 1.349 billion yuan in R&D, accounting for about 43% of its revenue [1] - Revenue from mass production is expected to grow by 73.98%, while chip design revenue is projected to increase by 20.94% [1] - Revenue from data processing is anticipated to grow by over 95%, contributing approximately 34% to total revenue [1] Group 3: Company Background - Chipone was listed in 2020 and is recognized as "China's first semiconductor IP stock," with a diverse portfolio of IPs including GPU, NPU, VPU, DSP, ISP, and Display Processing IPs [2] - The company has a strong focus on AI applications and has developed customized hardware and software solutions for various sectors, including smart wearables, AI PCs, and data centers [2] - Chipone has made several strategic acquisitions to enhance its capabilities, including the purchase of LSI Logic's DSP division and a leading GPU supplier in the automotive sector [2]

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the optical communication sector, including Dongshan Precision, Shenghong Technology, and others [7][11]. Core Insights - The OFC 2026 conference is set to take place from March 15 to March 19, 2026, in California, coinciding with a critical point in the demand for optical interconnects driven by AI data centers [1][14]. - The report highlights the significant advancements in optical communication technologies, including the transition from 800G to 1.6T products and the evolution of architectures from copper cables to Co-Packaged Optics (CPO) [1][15]. - NVIDIA's investment of $4 billion in optical technology, including $2 billion each in Lumentum and Coherent, indicates a strategic move to secure key components for future optical interconnects [3][4]. - The penetration rate of CPO technology in AI data center optical communication modules is expected to reach 35% by 2030, driven by advancements in silicon photonics and CPO packaging technologies [3][4]. Summary by Sections OFC 2026 Conference Preview - The OFC 2026 conference will feature key players from the optical communication industry, including Coherent, Lumentum, and major tech companies like NVIDIA, Google, and Meta, focusing on the future of optical interconnect technologies [1][14]. - The conference will address critical topics such as the technology paths for 1.6T and 3.2T optical modules, CPO, and new optical I/O architectures [1][16]. NVIDIA's Strategic Moves - NVIDIA's NVLink 6 protocol supports a single-channel 400G SerDes, with a bandwidth limit of 3.6 TB/s per GPU, highlighting the limitations of copper cables in high-frequency transmission [2][3]. - The company is preparing for future bandwidth demands by investing in optical transmission solutions, which are essential for scaling up data center interconnects [2][3]. Supply Chain Dynamics - Lumentum reports a 25%-30% supply gap for EML components, with orders locked in until the end of 2027, indicating strong demand for optical components [4][20]. - Dongshan Precision is rapidly entering the optical communication market through its acquisition of Solstice Photonics, which has a dual technology reserve in EML and silicon photonics [4][20]. Market Trends and Projections - The report indicates a significant shift in the optical communication landscape, with traditional copper interconnects nearing their physical limits, pushing the industry towards optical solutions [15][16]. - The demand for optical interconnects is expected to grow substantially, with predictions that over 35% of AI data center optical communication modules will utilize CPO technology by 2030 [3][4].

关于股东权益变动触及 5%刻度的提示性公告 证券代码：688521 证券简称：芯原股份 公告编号：2026-016 芯原微电子（上海）股份有限公司 嘉兴时兴创业投资合伙企业（有限合伙）、嘉兴海橙创业投资合伙企业（有 限合伙）、共青城文兴投资合伙企业（有限合伙）保证向本公司提供的信息真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。本公司董事会及全体董事 保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 本次权益变动后，嘉兴时兴创业投资合伙企业（有限合伙）（以下简称 "嘉兴时兴"）、嘉兴海橙创业投资合伙企业（有限合伙）（以下简称"嘉兴海 橙"）、共青城文兴投资合伙企业（有限合伙）（以下简称"共青城文兴"，与 嘉兴时兴、嘉兴海橙合称"兴橙投资方"）合计持有公司股份 26,295,761 股，占 公司总股本的比例为 4.999999%，不再是公司持股 5%以上的股东。 本次权益变动为兴橙投资方履行此前披露的减持计划，不触及要约收购。 本次减持事项与股东此前已披露的计划、承诺一致。 本次权益变动不会导致公司控股股东和实际控制人发生变化，不会对公 司治理结构及持续经营产生重大影响。 芯原微电子（上海） ...

芯原微电子(上海)股份有限公司 简式权益变动报告书 上市公司名称:芯原微电子(上海)股份有限公司 股票上市地点:上海证券交易所科创板 股票简称:芯原股份 股票代码:688521 信息披露义务人一: 嘉兴时兴创业投资合伙企业(有限合伙) 通讯地址:上海市浦东新区金秋路 158 号张润大厦 2 号 501 信息披露义务人二:嘉兴海橙创业投资合伙企业(有限合伙) 通讯地址:上海市浦东新区金秋路 158 号张润大厦 2 号 501 信息披露义务人三:共青城文兴投资合伙企业(有限合伙) 通讯地址:上海市浦东新区金秋路 158 号张润大厦2 号 501 权益变动性质:股份减少 权益变动报告书签署日期:2026年3月13日 信息披露义务人声明 一、本报告系根据《中华人民共和国证券法》《上市公司收购管理办法》《公开 发行证券的公司信息披露内容与格式准则第 15号 -- 权益变动报告书》及相关 的法律、法规和规范性文件编写。 二、信息披露义务人签署本报告已获得必要的授权和批准,其履行亦不违反信息 披露义务人章程或内部规则中的任何条款,或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定,本报告 书已全 ...

Summary of Chipone's Conference Call Company Overview - **Company**: Chipone Technology Co., Ltd. (芯原股份) - **Industry**: AI ASIC (Application-Specific Integrated Circuit) Key Points IPO and Fundraising Strategy - Chipone plans to issue up to 15% of its shares in Hong Kong, including a green shoe option, to establish an international financing platform for global marketing, key technology R&D, and potential strategic acquisitions [2][3] - The funds raised will be allocated to four main areas: R&D for key technologies, global marketing network development, strategic investments and acquisitions, and general operational funding [3][4] Market Trends and ASIC Demand - AI computing demand is shifting from training to inference and fine-tuning, with ASICs expected to see a fivefold increase in capital expenditure by 2027 [2][4] - The demand for ultra-low power small models is surging in edge AI applications, such as AR glasses and robotics, with Chipone focusing on 270M parameter-level ultra-small model applications [2][4] Design-Light Model - Chipone is promoting a "Design-Light" model to reduce operational costs for chip companies by providing IP and design services, addressing the challenges of high operational costs in traditional Fabless models [2][5] AI Development Trends - The AI industry is transitioning from a focus on large models to a combination of large and small models, emphasizing the importance of physical world interaction and understanding [6][10] - The emergence of new applications, such as AR glasses and autonomous driving, is driving the need for specialized AI chips [6][10] Collaboration with Google - Chipone is deeply integrated with Google's open-source ecosystem, supporting projects like Gemma to secure commercial opportunities and strengthen its IP position in video coding and AIGC [2][9] Domestic Market Dynamics - The domestic autonomous driving chip market is expected to see over 50% penetration of domestic solutions within three years, with Chipone addressing differentiated computing needs through a Chiplet model [2][12] ASIC Market Growth - The ASIC market is experiencing significant growth, with major players like Broadcom and Marvell reporting substantial revenue increases, indicating ASICs' critical role in the current AI wave [4][10] Future of AI and AIGC - The future of AI should not solely focus on large models; small models are equally important and can derive capabilities from larger models [10][17] - The growth of edge AI applications will drive demand for efficient, low-power AI chips, positioning Chipone favorably in the AIGC landscape [17] Conclusion - Chipone's strategic initiatives, including its IPO, focus on R&D, and collaboration with major tech players, position it well to capitalize on the growing demand for AI and ASIC technologies in various applications. The emphasis on both edge and cloud AI solutions reflects a comprehensive approach to market opportunities.