Core Insights - The company, Chip Origin Co., Ltd., reported a record high revenue of 1.284 billion yuan for Q3 2025, marking a significant quarter-on-quarter increase of 119.74% and a year-on-year increase of 78.77% [1][2] - The company signed new orders worth 1.593 billion yuan in Q3 2025, representing a year-on-year growth of 145.80%, with total new orders for the first three quarters of 2025 reaching 3.249 billion yuan, surpassing the total for the entire year of 2024 [1][3] - The company is recognized as a leader in AI ASIC, benefiting from the growing demand for high-performance chips driven by AI computing needs [3] Revenue Performance - The revenue from chip design services is expected to reach 429 million yuan in Q3 2025, with a quarter-on-quarter growth of 291.76% and a year-on-year growth of 80.67% [2] - The revenue from mass production is projected to be 609 million yuan, reflecting a quarter-on-quarter increase of 133.02% and a year-on-year increase of 158.12% [2] - The revenue from intellectual property licensing is anticipated to be 213 million yuan, with a quarter-on-quarter growth of 14.14% and year-on-year figures remaining stable [2] Order Backlog - The company has maintained a high order backlog for eight consecutive quarters, with an expected backlog of 3.286 billion yuan by the end of Q3 2025, setting a new historical high [4] - Approximately 90% of the backlog is attributed to one-stop chip customization services, with an estimated 80% expected to convert within a year, providing strong support for future revenue growth [4] Market Position and Strategy - The company has established a comprehensive IP layout and is positioned to benefit from the increasing demand for chip design services and IP from various chip companies and terminal manufacturers [4] - The company has developed a chip customization platform solution for AI applications, catering to various sectors including smart wearables, AR/VR devices, and high-performance cloud computing [3]

证券研究报告·策略报告·策略深度报告 10 月度金股：聚焦高质量发展组合 2025 年 10 月 11 日 [Table_Summary] ◼ 10 月预计指数将保持震荡上行态势 假期海外市场与产业层面催化都偏正面。9 月市场受阅兵、节前避险、季 末调仓等因素影响走势偏震荡，而节后压制因素将逐步消退。此外，假期 期间全球主要股市表现突出，AI 产业催化密集，预计内地资金风险偏好也 有望提升。 预期四季度货币政策或将积极变化，推动权益市场上行。9 月底召开的央 行三季度例会调整了部分关键表述：二季度对宏观经济用"向好态势"， 本次改为"稳中有进"。结合美国降息周期与国内经济，四季度货币政策 加大刺激的必要性有所增强。若四季度政策/政策预期出现积极变化，在当 前市场情绪下，将对股市产生偏正面作用。 ◼ 结构上建议聚焦科技成长 从顶层设计思想出发，继续聚焦"高质量发展相关行业"。 9 月 30 日起， 《人民日报》连发 8 篇 "钟才文" 文章，核心是明确后续经济政策要保 障高质量发展态势，或为后续四中全会、"十五五"规划思路做铺垫。同 时，央行例会也侧重该领域，后续投资仓位应将继续向 "高质量发展相关 行业"靠拢 ...

Core Insights - The article emphasizes the significant growth and investment opportunities in the hard technology sector, particularly through the STAR Market, which has seen a cumulative increase of 123.9% since the "9·24" market rally in 2024 [4][5]. Group 1: STAR Market and Hard Technology - The STAR Market has become a crucial platform for hard technology development in China since its inception in July 2019, aiming to support hard tech enterprises and cultivate new productive forces [7]. - The strong performance of companies like Cambrian has highlighted the market's potential, with Cambrian's stock price surpassing 1500 yuan, indicating high market recognition for hard tech firms [7][12]. - The rapid approval of IPOs, such as Moores Threads' 8 billion yuan fundraising, showcases the STAR Market's efficiency and attractiveness for investors [9]. Group 2: ETF Growth and Investment Opportunities - The number and scale of STAR Market ETFs have experienced explosive growth, providing ordinary investors with accessible tools to invest in hard technology [6]. - The restructuring between Haiguang Information and Zhongke Shuguang is seen as a pivotal event, enhancing the quality and attractiveness of STAR Market ETFs [22][23]. - Following the merger announcement, related ETFs saw significant capital inflows, with some funds experiencing a nearly sevenfold increase in scale [26]. Group 3: ETF Product Landscape - As of now, there are 115 STAR Market ETFs listed, with approximately 96 focused on the STAR Market, totaling an asset value of 284.5 billion yuan, which is over ten times the scale of the initial ETFs launched in 2020 [29]. - The STAR Market 50 ETF has become a cornerstone of the market, with a significant portion of its assets concentrated in semiconductor companies, which represent about 65% of its index composition [31][35]. - The STAR Market 50 ETF has seen a price increase of nearly 50% since July, contributing to a substantial rise in its total asset scale [32].

Core Insights - The company, Chip Origin, reported a record high revenue of 1.284 billion yuan for Q3 2025, marking a year-on-year increase of 78.77% and a quarter-on-quarter increase of 119.74% [2] - Despite the significant revenue growth and a substantial reduction in losses, the company has struggled to turn a profit, remaining in a loss position for several quarters [5][6] - AI computing demand has been a major driver of order and revenue growth, with AI-related orders accounting for approximately 65% of new orders in Q3 2025 [3][4] Revenue and Orders - The company expects to sign new orders worth 3.249 billion yuan in the first three quarters of 2025, surpassing the total new orders for the entire year of 2024 [3] - The Q3 2025 new orders reached 1.593 billion yuan, representing a year-on-year increase of 145.8% [3] - The one-stop chip customization service has seen significant growth, with chip design revenue expected to reach 429 million yuan (up 291.76% quarter-on-quarter) and volume production revenue expected to reach 609 million yuan (up 133.02% quarter-on-quarter) [2] Industry Context - The global semiconductor market is projected to grow from approximately 580 billion dollars in 2024 to 1.2 trillion dollars by 2030, with AI semiconductors expected to account for over 70% of the total market by that time [4] - The rapid development of artificial intelligence technologies, particularly generative AI models, has led to increased demand for computing power, driving semiconductor companies to innovate and develop advanced chip architectures [4] Challenges and Profitability - Despite high order levels maintained for eight consecutive quarters, the company has not seen a corresponding improvement in profitability, with losses continuing to widen in recent quarters [5][6] - The semiconductor industry is characterized by high investment and slow returns, making it difficult for companies to achieve profitability quickly [6] - The company's business structure, which includes chip design and semiconductor IP licensing, has varying profit margins, with licensing fees yielding significantly higher margins compared to design and volume production [6][7] Market Performance - The company's stock price has increased by 254.78% year-to-date, reflecting strong market performance despite ongoing losses [7] - The competitive advantage of the company lies in the design and licensing segments of the chip industry, where it has a relatively smaller gap compared to international leaders [7]

Investment Rating - The report maintains a "stronger than the market" rating for the electronic industry, indicating a positive outlook for the sector [2][31]. Core Viewpoints - The report expresses optimism regarding the overall opportunities in the computing power and storage industry chains, particularly focusing on domestic computing power and storage sectors. It highlights improvements in supply-side conditions for domestic computing chips and increasing demand driven by AI-related capital investments [2][31]. - The report anticipates a significant increase in demand for DRAM and NAND due to the continuous release of large models, with expectations for a major expansion year for storage in the upcoming year [2][31]. Summary by Sections Market Review - The electronic industry outperformed the overall market during the week of September 29-30, with the Shenwan Electronic Index rising by 2.78%, ranking 6th among 31 Shenwan industries. Year-to-date, the index has increased by 53.51%, ranking 3rd [12][31]. Weekly Focus - OpenAI's release of the Sora 2 model is expected to significantly increase demand for computing and storage capabilities. Additionally, Samsung and SK Hynix have signed an agreement to supply memory chips for OpenAI's data centers, indicating a growing collaboration in the AI sector [25][27]. - The report notes that Longxin Technology is progressing towards its IPO, which is anticipated to enhance its market presence in the DRAM sector [29][30]. - The report also mentions that major DRAM manufacturers have paused pricing for a week, which may lead to a price increase of over 30% in the fourth quarter [30][31]. Industry Opportunities - The report emphasizes the potential in the domestic computing power chain, highlighting key players such as Cambricon, Haiguang Information, and Chipone. It also points out the expected growth in the storage sector, particularly for NAND and DRAM, driven by new product launches from Yangtze Memory Technologies and Longxin [2][31]. - The overseas computing power chain is also noted for its rapid growth, with significant capacity expansions expected in PCB manufacturing [31]. Valuation - As of October 9, 2025, the electronic industry's valuation (PE-TTM) stands at 67.72 times, which is considered to be at a historical mid-level [20][23].

证券代码：688521 证券简称：芯原股份 公告编号：2025-060 芯原微电子（上海）股份有限公司 关于发行股份及支付现金购买资产事项的进展公告 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、准确性和完整性承担法律责任。 一、本次交易的基本情况 2025 年 9 月 11 日，公司召开第三届董事会第三次会议，审议通过了《关于 公司本次发行股份及支付现金购买资产并募集配套资金预案及其摘要的议案》等 与本次交易相关的议案，并与所有交易对方签署了《发行股份及支付现金购买资 1 产协议》，约定本次购买资产发行股份价格为 106.66 元/股，具体内容详见公司 于 2025 年 9 月 12 日发布于上海证券交易所网站（www.sse.com.cn）上的《发行 股份及支付现金购买资产并募集配套资金预案》及相关公告。本次交易完成后， 芯来科技将成为上市公司的全资子公司。 同日，经公司向上海证券交易所申请，公司股票（股票简称：芯原股份，证 券代码：688521）于 2025 年 9 月 12 日（星期五）开市起复牌。具体内容详见公 司于 2025 年 9 月 12 ...

Core Viewpoint - The ChiNext 50 Index has seen a significant decline, with a drop of 5%, indicating a challenging market environment for technology stocks [1] Group 1: Index Performance - The ChiNext 50 Index's decline has expanded to 5%, reflecting broader market pressures [1] - Among the constituent stocks, only 6 have shown an increase, highlighting a lack of positive momentum in the sector [1] Group 2: Leading Stocks - The stocks of Jinghe Integrated, Baiwei Storage, and Chip Origin have led the decline, suggesting specific challenges faced by these companies [1]

Group 1 - Chip concept stocks weakened in early trading, with companies like SMIC, Haiguang Information, Hengxuan Technology, and Chipone falling over 6% [1] - The related ETFs for innovative chips dropped more than 4% due to market influences [1] Group 2 - Various innovative chip ETFs experienced significant declines, with the Guotai ETF down 4.84% to 1.612, and other ETFs like 588200 and 588290 also showing declines of 4.80% and 4.76% respectively [2] - Analysts noted that as AI models evolve, the commercial models for AI applications are becoming clearer, with the release of Sora 2.0 introducing social attributes that broaden OpenAI's monetization channels [2] - OpenAI has secured orders for storage and GPU components from Samsung, SK Hynix, and AMD, indicating a strengthened certainty in the demand for AI infrastructure, which is expected to benefit the related computing power industry chain in the future [2]

2025.10.10 本文字数：2094，阅读时长大约3分钟 作者 |第一财经 王媛丽 人工智能爆发式发展，相关芯片企业的业绩也井喷般猛增。 10月8日，芯原股份（688521.SH）披露了三季度业绩预告，预计三个季度实现营收12.84亿元，创单季 度收入新高，环比激增119.74%，同比增幅达78.77%。 除了收入猛增，该公司的在手订单也大幅增加。前三季度，该公司新签订单32.49亿元，已超2024年全 年，其中三季度新签订单15.93亿元，AI算力相关订单占比高达65%。 然而，亮眼业绩难掩盈利压力。今年上半年，芯原股份净利润亏损3.2亿元，较去年同期同比扩大 12.3%，在订单井喷的情况下，该公司预计三季度单季度亏损同比、环比收窄，但仍然亏损。 但与营收高增长形成反差的是，芯原股份仍未摆脱亏损。该公司未在业绩预报中披露三季度单季和前三 季度的利润，仅称三季度亏损"同比、环比均大幅收窄"。但中报数据显示，其上半年净利率 为-32.85%，较2024年同期的-30.56%进一步恶化。 而芯原股份的处境并非个例。今年以来，国产AI芯片行业迎来业绩爆发期，订单狂欢下营收高速增 长，但大部份企业仍面临盈利考验， ...

2025.10. 10 AI驱动业绩暴涨 芯原股份三季度的业绩爆发，具有显著的"AI驱动"特征。 分业务看，该公司的核心增长引擎一站式芯片定制业务，三季度表现尤为突出，其中芯片设计业务预 计收入4.29亿元，环比暴涨291.76%，同比增长80.67%；芯片量产业务预计收入6.09亿元，环比增 长133.02%，同比增长158.12%。 本文字数：2094，阅读时长大约3分钟 作者 | 第一财经 王媛丽 人工智能爆发式发展，相关芯片企业的业绩也井喷般猛增。 10月8日，芯原股份（688521.SH）披露了三季度业绩预告，预计三个季度实现营收12.84亿元，创 单季度收入新高，环比激增119.74%，同比增幅达78.77%。 除了收入猛增，该公司的在手订单也大幅增加。前三季度，该公司新签订单32.49亿元，已超2024年 全年，其中三季度新签订单15.93亿元，AI算力相关订单占比高达65%。 然而，亮眼业绩难掩盈利压力。今年上半年，芯原股份净利润亏损3.2亿元，较去年同期同比扩大 12.3%，在订单井喷的情况下，该公司预计三季度单季度亏损同比、环比收窄，但仍然亏损。 而芯原股份的处境并非个例。今年以来，国产A ...