Core Viewpoint - The announcement indicates that from September 3, 2025, the company will adopt the index income method for valuing shares of "芯原股份" (stock code: 688521) held by certain funds, in accordance with regulatory guidelines [1] Group 1 - The decision to use the index income method is made in agreement with the fund custodian [1] - The valuation method will revert to using the closing price once the stock demonstrates active market trading characteristics [1] - The announcement emphasizes the company's commitment to managing and utilizing fund assets with integrity and diligence [1]

基金持有的芯原股份估值方法调整的公告 根据中国证监会[2017]13号公告《中国证监会关于证券投资基金估值业务的指导意见》的有关规定，经 与基金托管人协商一致，银华基金管理股份有限公司(以下简称"本公司")决定自2025年9月3日起，对本 公司旗下基金（ETF除外）持有的停牌股票芯原股份（代码：688521）采用"指数收益法"进行估值。该 股票复牌后，本公司将综合参考各项相关影响因素并与基金托管人协商后确定对该股票恢复按市价估值 法进行估值，届时不再另行公告。 投资者可通过以下途径了解或咨询详情 银华基金管理股份有限公司关于旗下部分 2、本公司客户服务电话：010-85186558, 4006783333。 风险提示： 1、本公司网址：http://www.yhfund.com.cn。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保证 最低收益。敬请投资者留意投资风险。 特此公告 银华基金管理股份有限公司 2025年9月4日 ...

根据《中国证监会关于证券投资基金估值业务的指导意见》（中国证券监督管理委员会公告〔2017〕13 号）和中国证券投资基金业协会《关于发布中基协（AMAC）基金行业股票估值指数的通知》（中基协 发〔2013〕13号）的相关规定，经与托管人协商一致，本公司决定自2025年9月3日起对本公司旗下参照 公募基金运作的大集合资产管理计划所持有的"芯原股份"(证券代码: 688521)采用"指数收益法"进行估 值。 待上述股票复牌且交易体现活跃市场交易特征后，将恢复为采用当日收盘价格进行估值，届时不再另行 公告，敬请投资者关注。 特此公告。 中国国际金融股份有限公司 2025年9月4日 ...

证券研究报告 | 公司动态点评 2025 年 09 月 03 日 芯原股份（688521.SH） Q2 营收环比+50%，在手订单保持高位，拟收购芯来智融补齐 RISC-V 处理器 IP | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,338 | 2,322 | 2,907 | 3,634 | 4,806 | | 增长率 yoy（%） | -12.7 | -0.7 | 25.2 | 25.0 | 32.3 | | 归母净利润（百万元） | -296 | -601 | -102 | 57 | 200 | | 增长率 yoy（%） | -501.6 | -102.7 | 83.1 | 156.0 | 251.0 | | ROE（%） | -11.0 | -28.3 | -5.0 | 2.7 | 8.8 | | EPS 最新摊薄（元） | -0.56 | -1.14 | -0.19 | 0.11 | 0.38 | | P/E（倍） | -271.3 | -13 ...

2025 年 09 月 03 日 科创板高质量并购潮集中涌现 ——从微观案例看本轮并购趋势之三 研究支持 王雪蓉 A0230523070003 wangxr@swsresearch.com 联系人 王雪蓉 (8621)23297818× wangxr@swsresearch.com 相关研究 证券分析师 陆灏川 A0230520080001 luhc@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 牟瑾瑾 A0230524100002 mujj@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 研 究 证 券 研 究 报 告 策 略 A 股 策 略 - ⚫ 近期科创板并购动作密集，停牌公告密集发布，引发市场高度关注。仅 2025 年 8 月单月，科创板 就已出现 7 起重大资产重组或定增收购案例，数量持平 25Q2 全季度。其中，半导体领域成为绝对 主力，在 7 起案例中占据 5 起 ...

Core Viewpoint - Chip manufacturer Chip Origin Co., Ltd. (688521.SH) is planning to acquire a stake in Chip Lai Zhi Rong Semiconductor Technology (Shanghai) Co., Ltd. to transform into a leader in AI ASICs, amidst a wave of mergers and acquisitions in the A-share market [2][6]. Group 1: Acquisition Details - Chip Origin announced plans to purchase equity in Chip Lai Zhi Rong through a combination of issuing shares and cash, while also raising supporting funds [2]. - The acquisition is still in the planning stage, and the specific transaction details, including valuation, are yet to be determined [2][3]. - Chip Origin currently holds a 2.99% stake in Chip Lai Zhi Rong and aims to acquire full or controlling ownership [5]. Group 2: Financial Performance - In the first half of 2025, Chip Origin reported a net loss of 320 million yuan, which is an increase compared to the same period last year [3][11]. - Despite the losses, the company's stock price has surged over six times since September 2022, from a low of 24.45 yuan per share to a peak of 174.98 yuan before the trading halt [3]. - The company’s IP licensing revenue for the first half of 2025 was 281 million yuan, marking an 8.2% year-on-year increase [11]. Group 3: Market Position and Strategy - Chip Lai Zhi Rong, founded by Hu Zhenbo, is a pioneer in RISC-V architecture and has developed several CPU IP product lines, with over 300 domestic and international clients [4][5]. - Chip Origin is a key player in promoting the RISC-V ecosystem in China, having established the China RISC-V Industry Alliance with 204 member units as of June 2025 [5]. - The acquisition is expected to enhance Chip Origin's full-stack IP capabilities, particularly in AI and IoT applications, which are projected to grow significantly [6][12]. Group 4: Industry Trends - The RISC-V architecture is gaining traction as a foundation for AI chips, with market penetration expected to rise from 5.9% in 2024 to 25.7% by 2031 [7]. - The demand for RISC-V based SoC chips is projected to exceed 20 billion units by 2031, with significant market shares in consumer electronics, computing, and automotive sectors [7]. - Chip Origin's ASIC business has seen a substantial increase in new orders, with design business new orders exceeding 700 million yuan in Q2 2025, reflecting a growth of over 700% quarter-on-quarter [10].

2025年9月3日 特此公告。 前海开源基金管理有限公司 根据《中国证券监督管理委员会关于证券投资基金估值业务的指导意见》（证监会公告[2017]13号）以 及中国证券投资基金业协会《关于发布中基协（AMAC）基金行业股票估值指数的通知》(中基协发 [2013]第13号)等有关规定，经前海开源基金管理有限公司（以下简称"本公司"）与基金托管人协商一 致，自2025年9月2日起，以中基协AMAC行业指数为计算依据，对本公司旗下基金（ETF除外）所持有 的"芯原股份"（证券代码：688521），采用基金估值工作小组《关于停牌股票估值的参考方法》中 的"指数收益法"进行估值。 自 "芯原股份"复牌且其交易体现了活跃市场交易特征后，恢复采用交易所当日收盘价进行估值，届时 不再另行公告。敬请投资者予以关注。 MACD金叉信号形成，这些股涨势不错！ ...

前海开源基金管理有限公司 2025年9月3日 根据《中国证券监督管理委员会关于证券投资基金估值业务的指导意见》（证监会公告[2017]13号）以 及中国证券投资基金业协会《关于发布中基协（AMAC）基金行业股票估值指数的通知》(中基协发 [2013]第13号)等有关规定，经前海开源基金管理有限公司（以下简称"本公司"）与基金托管人协商一 致，自2025年9月2日起，以中基协AMAC行业指数为计算依据，对本公司旗下基金（ETF除外）所持有 的"芯原股份"（证券代码：688521），采用基金估值工作小组《关于停牌股票估值的参考方法》中 的"指数收益法"进行估值。 自 "芯原股份"复牌且其交易体现了活跃市场交易特征后，恢复采用交易所当日收盘价进行估值，届时 不再另行公告。敬请投资者予以关注。 特此公告。 ...

Core Viewpoint - The semiconductor industry remains active with significant mergers and acquisitions, particularly highlighting the acquisition of RISC-V CPU IP company by Chip Origin, which is seen as a strategic move to enhance its CPU IP capabilities and strengthen its overall stack layout [1][6]. Group 1: Company Overview - Chip Origin ranks as the eighth largest semiconductor IP licensing provider globally and the first in mainland China, with a market share of 1.6% [2]. - The company has a diverse range of IP offerings, including GPU, NPU, and VPU, and has over 1,600 mixed-signal and RF IPs, making it a leading supplier in terms of IP variety [2][3]. - Chip Origin's customer base includes major international firms such as Samsung, Google, Amazon, Microsoft, Baidu, Tencent, and Alibaba [3]. Group 2: Market Position and Strategy - The semiconductor IP market is dominated by international giants ARM and Synopsys, which together hold over 66% of the market share, while Chip Origin's 1.6% share represents a significant breakthrough for a domestic player [2]. - The company's business model, SiPaaS (System in Package as a Service), allows for a distributed and reusable platform service, reducing the barriers to entry for smaller firms in the semiconductor industry [4]. Group 3: Financial Performance - In the first half of 2025, Chip Origin's R&D expenses reached 612 million yuan, a year-on-year increase of 7.6%, with R&D expenses accounting for 62.85% of total revenue, ranking fifth among 165 listed semiconductor companies [7]. - Despite a significant stock price increase of 191.82% from January 2 to August 28, 2025, the company faced net losses of 296 million yuan and 601 million yuan in 2023 and 2024, respectively [8][9]. - The company showed signs of recovery in Q2 2025, with a 49.9% increase in revenue to 584 million yuan and a reduction in net loss by 54.84% to 99.51 million yuan [10].

编者按：在国产替代的浪潮中，寒武纪们的崛起看似偶然，实则蕴含诸多必然。我们聚焦"国产替代浪潮中的隐形冠军"，本质上也是在聚焦那些深耕细分赛 道的硬科技企业。 它们中，有的借天时地利人和实现业绩跃迁，成为产业自主的攻坚尖兵；有的在资本市场的估值重塑中，印证了硬科技"从研发投入到价值兑现"的逻辑，成 为科技牛市的核心标的。通过研究这些典型样本，我们既能拆解中国科技企业从技术攻坚到资本突围的破局路径与成长密码，也能为市场读懂硬科技的长期 价值提供参照。 8月的最后一周，半导体行业热度依旧不减，多家头部公司关键性并购屡见报端——芯原股份、中芯国际、华虹公司等，多是耳熟能详的名字。 2025年8月28日，芯原股份宣布筹划收购RISC-V CPU（微处理器） IP企业芯来智融的全部或控股权。作为国内RISC-V赛道的早期入局者，芯来智融不仅手 握全球首个RISC-V架构ISO 26262 ASIL-D 车规认证，其IP方案还已服务超300家全球客户，覆盖AI、智能驾驶等核心场景。 东吴证券研报指出，此次收购将助力芯原补全CPU IP能力，强化全栈布局；民生证券也认为，这是国产IP企业整合生态的重要一步。 半导体IP授权业 ...