证券代码：688521 证券简称：芯原股份 公告编号：2025-011 芯原微电子（上海）股份有限公司 关于2023年度向特定对象发行A股股票申请 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告上海证券交易所并按有关规定处理。 公司董事会将按照上述批复文件和相关法律法规的要求以及公司股东大会 的授权，在规定期限内办理本次向特定对象发行股票的相关事项，并及时履行信 息披露义务，敬请广大投资者注意投资风险。 特此公告。 芯原微电子（上海）股份有限公司董事会 2025 年 3 月 25 日 获得中国证券监督管理委员会同意注册批复的公告 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。 芯原微电子（上海）股份有限公司（以下简称"公司"）于近日收到中国证 券监督管理委员会出具的《关于同意芯原微电子（上海）股份有限公司向特定对 象发行股票注册的批复》（证监许可〔2025〕561 号）（以下简称"批复文件"）， 批复文件内容如下： 一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送上海 ...

芯原股份（688521）3月24日主力资金净流入 8598.17万元 金融界消息 截至2025年3月24日收盘，芯原股份（688521）报收于98.89元，上涨3.82%，换手率 4.18%，成交量20.84万手，成交金额20.41亿元。 资金流向方面，今日主力资金净流入8598.17万元，占比成交额4.21%。其中，超大单净流入2132.32万 元、占成交额1.04%，大单净流入6465.85万元、占成交额3.17%，中单净流出流入2147.90万元、占成交 额1.05%，小单净流出10746.07万元、占成交额5.26%。 通过天眼查大数据分析，芯原微电子(上海)股份有限公司共对外投资了20家企业，参与招投标项目68 次，知识产权方面有商标信息54条，专利信息210条，此外企业还拥有行政许可44个。 来源：金融界 芯原股份最新一期业绩显示，截至2024三季报，公司营业总收入16.50亿元、同比减少6.50%，归属净利 润39585.85万元，同比减少194.94%，扣非净利润42207.94万元，同比减少170.47%，流动比率1.995、速 动比率1.738、资产负债率51.05%。 天眼查商业履历信息 ...

证券代码：688521 证券简称：芯原股份 公告编号：2025-010 芯原微电子（上海）股份有限公司 关于 2020 年限制性股票激励计划 部分限制性股票归属结果暨股份上市的公告 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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 497,750 股。 本次股票上市流通总数为 497,750 股。 本次股票上市流通日期为 2025 年 3 月 21 日。 根据中国证监会、上海证券交易所、中国证券登记结算有限责任公司上海分公 司有关业务规则的规定，公司 2020 年限制性股票激励计划部分限制性股票归属于 2025 年 3 月 17 日完成归属登记手续，已收到中国证券登记结算有限责任公司上海 分公司出具的《证券变更登记证明》。现将有关情况公告如下： 3、2020 年 12 月 3 日至 2020 年 12 月 12 日，公司对本激励计划拟激励对象的 姓名和职务在公司内部进行了公示。在公示期内，公司监事会未收到与本激励计划 的激励对象有关的任何异议。2 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Insights - The company reported a revenue of 2.323 billion yuan for 2024, a slight decrease of 0.66% year-on-year, and a net profit attributable to shareholders of -605 million yuan, a decline of 3.09 billion yuan compared to the previous year [1]. - The company has a strong order backlog of 2.406 billion yuan as of the end of 2024, reflecting a 13% increase from the previous quarter and maintaining a high level for five consecutive quarters [2]. - The company is actively advancing in the Chiplet sector, leveraging its technical reserves and project experience to design high-performance chips based on Chiplet architecture [3]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 2.323 billion yuan, with a growth rate of -0.66% compared to 2023. The net profit is expected to be -605 million yuan, down from -296 million yuan in 2023 [5]. - The company maintained a high R&D expense ratio of 53.35% in the first three quarters of 2024 [1]. Order and Market Position - The company secured over 940 million yuan in new orders in Q4 2024, with total orders in the second half of 2024 increasing by 38% compared to the first half [2]. - The company is recognized for its leading video codec technology, with successful shipments of its data center video transcoding platforms [2]. Chiplet Development - The company has developed advanced packaging technologies and a scalable high-performance hardware architecture based on Chiplet design, applicable in sectors such as automotive and smart transportation [3]. - The company is enhancing its capabilities in advanced packaging technology and has introduced high-performance GPGPU Chiplet and AI Chiplet [3]. Profitability and Valuation - The forecasted net profit for 2025 is 7 million yuan, with a significant recovery expected in 2026, projected at 93 million yuan [3]. - The company is positioned as a rare domestic IP supplier with significant growth potential due to increasing demand for chip localization and edge AI computing [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company is expected to achieve a revenue of 2.323 billion yuan in 2024, a slight decrease of 0.66% year-on-year. However, it is projected to recover in subsequent years with revenues of 2.945 billion yuan in 2025 and 3.540 billion yuan in 2026, reflecting growth rates of 26.78% and 20.23% respectively [2][11][13]. - The company has a strong order backlog of 2.406 billion yuan at the end of 2024, indicating robust demand and a solid foundation for future business expansion [2]. - The semiconductor industry is gradually recovering, with the company's unique business model minimizing product inventory risks and allowing for flexibility across application domains. This has led to a quick turnaround in operational performance starting from the second quarter of 2024 [2][3]. Summary by Sections Financial Performance - The company reported a revenue of 2.338 billion yuan in 2023, with a projected revenue of 2.323 billion yuan in 2024, followed by 2.945 billion yuan in 2025 and 3.540 billion yuan in 2026 [13][16]. - The net profit attributable to the parent company is expected to be -605.24 million yuan in 2024, with a forecasted recovery to 7.94 million yuan in 2025 and 100.35 million yuan in 2026 [11][13]. Business Model and Market Position - The company operates a semiconductor IP business model, providing customized chip design services and IP licensing, which has positioned it as a preferred partner for system manufacturers and large internet companies [3][8]. - The company has developed a comprehensive range of IP solutions, including GPU, NPU, VPU, DSP, ISP, and Display Processor IPs, catering to various applications such as AI, consumer electronics, and data centers [3][7]. Future Outlook - The company anticipates significant growth in its chip design business, with expected revenue growth of approximately 81% year-on-year in the second half of 2024 [2][11]. - The report highlights the company's proactive approach in advancing RISC-V technology and building an ecosystem around it, which is expected to drive future growth [10].

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company is expected to achieve a revenue of 2.323 billion yuan in 2024, representing a slight decline of 0.66% year-on-year. However, the semiconductor industry is gradually recovering, and the company has a strong order backlog of 2.406 billion yuan, which has remained high for five consecutive quarters [2][11]. - The company's unique business model, which minimizes product inventory risk and application boundaries, has allowed it to quickly turn around its operations starting from the second quarter of 2024. The revenue for the second quarter is expected to return to pre-industry cycle levels, with a significant year-on-year increase of 23.60% in the third quarter [2][3]. - The company has a diverse range of semiconductor IP offerings and is actively developing Chiplet technology to meet the growing demand for high-performance computing solutions. This includes a focus on AI applications and various consumer electronics [3][7][10]. Summary by Sections Financial Performance - The company is projected to achieve revenues of 2.323 billion yuan in 2024, 2.945 billion yuan in 2025, and 3.540 billion yuan in 2026, with corresponding net profits of -605 million yuan, 7.94 million yuan, and 100.35 million yuan respectively [11][13]. - The revenue growth rates are expected to be -0.66% in 2024, 26.78% in 2025, and 20.23% in 2026 [13][16]. Business Model and Strategy - The company operates on a platform-based model that provides comprehensive chip customization services and semiconductor IP licensing. It has developed a wide range of IPs, including GPU, NPU, VPU, DSP, ISP, and Display Processor IPs, along with over 1,600 mixed-signal and RF IPs [3][7]. - The company is focusing on the development of RISC-V technology and has established the China RISC-V Industry Alliance, which has 195 member units as of September 2024. This initiative aims to promote the RISC-V ecosystem and support talent development in the field [10][11]. Market Position and Customer Base - Approximately 40% of the company's revenue comes from non-chip company clients, including system manufacturers, large internet companies, and cloud service providers. These clients are increasingly seeking partnerships for chip design due to their own resource limitations [8][9]. - The company has successfully developed a video processing platform that enhances data center video processing capabilities, which is crucial for applications like 4K streaming and cloud gaming [8][9].

证券代码：688521 证券简称：芯原股份 公告编号：2025-009 芯原微电子（上海）股份有限公司 股票交易异常波动公告 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： 芯原微电子（上海）股份有限公司（以下简称"芯原股份"或"公司"）股票 交易连续三个交易日内（2025 年 3 月 3 日、3 月 4 日及 3 月 5 日）收盘价格涨幅 偏离值累计超过 30%，根据《上海证券交易所交易规则》《上海证券交易所科创 板股票异常交易实时监控细则》的有关规定，属于股票交易异常波动的情形。 经公司自查并向公司第一大股东 VeriSilicon Limited 发函确认，截至本公 告披露日，公司及第一大股东不存在影响公司股票交易异常波动的重大事项，亦 不存在其他应披露而未披露的重大信息，包括但不限于正在筹划涉及本公司的并 购重组、股份发行、债务重组、业务重组、资产剥离和资产注入等重大事项。公 司目前日常经营情况正常，未发生重大变化。 公司相关业绩情况详见 2025 年 2 月 28 日披露的《2024 年年度业绩快 ...

关于《芯原微电子(上海) 股份有限公司股票交易异 常波动征询函》的回函 芯原微电子(上海)股份有限公司: (本页无正文，为《关于<芯原微电子（上海）股份有限公司股票交 易异常波动征询函>的回函》的签署页） ICON 第一大股东（盖章） VeriSilicon Limited 2025年3月5日 本公司作为公司的第一大股东,不存在影响公司股票交易价格异 常波动的重大事宜;不存在可能导致公司股权发生变化的事项;未筹 划并购重组、股份发行、债务重组、业务重组、资产剥离和资产注入 等对公司股票交易价格产生较大影响的重大事项。 特此回复。 (以下无正文) 本公司已收到公司发来的《关于芯原微电子(上海)股份有限公 司股票异常波动征询函》,经自查确认,现回复如下: ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1] Core Views - The company is expected to see a rapid turnaround in operations starting from Q2, with revenue stabilizing year-on-year. The third quarter of 2024 is projected to achieve a record high revenue growth of 23.60% year-on-year, while the fourth quarter is expected to grow over 17% year-on-year. The chip design business revenue is anticipated to increase by approximately 81% year-on-year, although the intellectual property licensing revenue is expected to decline by about 28% [5] - The company's NPU IP has been integrated into 128 AI chips used by 72 clients, with over 100 million units shipped globally. These chips are applied across various sectors, including IoT, wearables, smart TVs, smart homes, security monitoring, automotive electronics, smartphones, tablets, and smart healthcare, establishing the company's leading position in the AI field [6] - The company offers a one-stop chip customization service with design capabilities across various process nodes, including advanced 5nm FinFET and traditional 250nm CMOS processes. It has obtained ISO 26262 certification for automotive functional safety management, and has developed a complete autonomous driving software platform [7][8] Financial Forecast - The company is projected to achieve revenues of 2.32 billion, 2.84 billion, and 3.65 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of -1.21, 0.02, and 0.27 yuan. The current stock price corresponds to PE ratios of -62, 3007, and 274 times for the respective years [9][11]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [9] Core Views - The company has shown a rapid turnaround in its operating conditions since Q2, with revenue stabilizing year-on-year. The third quarter of 2024 saw a record high in revenue, growing by 23.60% year-on-year, while the fourth quarter also experienced over 17% growth. The chip design business revenue increased by approximately 81%, although the intellectual property licensing revenue declined by about 28% [5] - The company's NPU IP is integrated into AI chips used by 72 clients across 128 models, with over 100 million units shipped globally. These chips are applied in various sectors, establishing the company's leading position in the AI field [6] - The company offers a one-stop chip customization service with design capabilities across various process nodes, including advanced 5nm FinFET and traditional 250nm CMOS processes. It has obtained ISO 26262 certification for automotive safety management [7][8] Summary by Sections Financial Performance - The company is projected to achieve revenues of 2,323 million yuan in 2024, with a slight decline of 0.66% year-on-year. The net profit attributable to shareholders is expected to be -605 million yuan, indicating a significant loss compared to the previous year [4][11] - Revenue forecasts for 2024-2026 are 23.23 billion yuan, 28.37 billion yuan, and 36.54 billion yuan respectively, with EPS projected at -1.21 yuan, 0.02 yuan, and 0.27 yuan [9][11] Market Position - The company has a global leading position in chip design services, providing customized hardware and software solutions for AI applications [9] - The company has successfully integrated its NPU IP into a wide range of AI applications, reinforcing its market presence [6] Growth Potential - The company is expected to recover from the semiconductor industry's downturn earlier than its peers, with a projected revenue growth rate of 22.1% in 2025 and 28.8% in 2026 [11]