芯原股份（688521.SH）询价转让计划披露新进展，37家机构以近"七折"价格认购5%股份。公告发布后 的8月26日，芯原股份股价开盘大跌，盘中跌超10%。 8月25日晚间，芯原股份发布公告，披露股东询价转让定价情况，初步确定本次询价转让价格为105.21 元/股。 图源：芯原股份公告 值得注意的是，对比8月25日157.90元/股的收盘价，该询价转让定价仅为当日收盘价的约66.63%。这意 味着，这是一笔"打七折"的交易。 而根据芯原股份此前披露的股东询价转让计划书，转让价格下限不低于发送认购邀请书之日（即2025年 8月22日，含当日）前20个交易日股票交易均价的70%。根据Wind数据，在8月22日前20个交易日内， 芯原股份的区间成交均价为117.92元/股。根据这一均价，转让价格下限为82.54元。 根据最新披露，本次询价转让拟转让的5%股份已获全额认购，初步确认受让方为37家机构投资者，涵 盖基金管理公司、保险公司、证券公司、私募基金管理人、合格境外投资者等专业机构投资者。 此前公告显示，拟参与首发前股东询价转让的有VeriSiliconLimited、共青城时兴投资合伙企业（有限合 伙）、嘉兴 ...

Core Viewpoint - The article discusses the recent share transfer pricing and performance of VeriSilicon Limited, highlighting a significant drop in share price and the company's revenue structure, which is heavily reliant on one-time licensing fees rather than ongoing royalties. Group 1: Share Transfer and Pricing - VeriSilicon Limited has set a share transfer price of 105.21 CNY per share, which is approximately 66.63% of the closing price of 157.90 CNY on August 25 [1] - The total number of shares to be transferred accounts for 5.00% of the company's total share capital, with 37 institutional investors participating in the transfer [1] - The total transaction value is expected to exceed 2.7 billion CNY based on the transfer price [1] Group 2: Stock Performance - Over the past year, from September 24 to August 25, the stock price of VeriSilicon Limited has increased by over 500% [1] - Following the announcement, the stock price experienced a significant drop of 9.87% in the morning session [2] Group 3: Revenue Structure - The company's revenue is primarily derived from one-time licensing fees, which accounted for 84.64% of its IP business in the first half of 2025, while royalty fees made up 15.36% [4] - The knowledge property licensing fees for the first half of 2025 were 281 million CNY, reflecting a year-on-year increase of 8.20% [4] - In contrast, the royalty fees showed a slight decline of 0.03%, totaling 50.74 million CNY [4] Group 4: Business Model and Market Position - VeriSilicon Limited is recognized as a leader in AI ASIC chip design, providing customized solutions for various applications, including smart devices and automotive technology [11][12] - The company has shipped nearly 200 million AI chips globally, indicating a strong market presence in embedded AI/NPU sectors [12] - However, the gross margin for its one-stop custom services is relatively low at 18.17%, compared to industry leaders like Broadcom and Marvell, which have gross margins around 60% to 75% [13][14]

Core Viewpoint - The article discusses the recent share transfer pricing of VeriSilicon Limited and other shareholders of Chip Origin Co., Ltd. (688521.SH), highlighting the significant price difference between the transfer price and the market price, as well as the company's business structure and financial performance. Group 1: Share Transfer Details - Chip Origin Co., Ltd. has set a preliminary share transfer price of 105.21 CNY per share, which is approximately 66.63% of the closing price of 157.90 CNY on August 25 [1] - The total number of shares to be transferred accounts for 5.00% of the company's total share capital, with 37 institutional investors participating in the transfer [1] - The total transaction value is expected to exceed 2.7 billion CNY based on the transfer price [1] Group 2: Stock Performance - Over the past year, from September 24 to August 25, Chip Origin's stock price has increased by over 500% [1] - Following the announcement, the stock price experienced a significant drop of 9.87% in the morning session on August 26 [4] Group 3: Business Structure and Revenue - Chip Origin's revenue structure is characterized by a high proportion of one-time licensing fees compared to ongoing royalties, which is atypical for semiconductor IP companies [4][6] - In the first half of 2025, the company's intellectual property licensing fees amounted to 281 million CNY, a year-on-year increase of 8.20%, while royalty fees slightly decreased by 0.03% [6] - The licensing fees accounted for 84.64% of the IP business revenue, indicating a reliance on one-time fees [6] Group 4: Profit Margins and Market Position - The gross margin for Chip Origin's one-stop custom chip services is relatively low at 18.17%, compared to industry leaders like Broadcom and Marvell, which have gross margins around 60% to 75% [14][16] - The company is recognized as a leader in AI ASIC chip design and has provided services to major international clients, with nearly 200 million AI chips shipped globally [15] - The low gross margin in custom chip services is attributed to the diverse customer base and product structure, which may improve as domestic manufacturers expand into AI ASIC markets [17]

昨日基金共对33家公司进行调研，扎堆调研芯原股份、天安新材、风华高科等。 证券时报·数据宝统计，8月25日共40家公司被机构调研，按调研机构类型看，基金参与33家公司的调研 活动，其中，10家以上基金扎堆调研公司共9家。芯原股份最受关注，参与调研的基金达20家；天安新 材、风华高科等分别获15家、13家基金集体调研。 8月25日基金调研公司一览 | 代码 | 简称 | 基金家数 | 最新收盘价（元） | 近5日涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 688521 | 芯原股份 | 20 | 157.90 | 40.67 | 电子 | | 603725 | 天安新材 | 15 | 10.92 | -2.67 | 轻工制造 | | 000636 | 风华高科 | 13 | 15.41 | 3.49 | 电子 | | 301087 | 可孚医疗 | 12 | 40.50 | -4.95 | 医药生物 | | 833914 | 远航精密 | 11 | 36.89 | -12.83 | 电力设备 | | 001306 | 夏厦精密 | 11 | 103 ...

Core Viewpoint - The announcement of a share transfer by VeriSilicon Limited and other shareholders of VeriSilicon has led to a significant drop in the stock price of the company, reflecting investor concerns over the valuation and financial performance of the company [1][3]. Group 1: Share Transfer Details - On August 25, the company disclosed a share transfer pricing situation, with a preliminary transfer price set at 105.21 yuan, which represents a 33% discount compared to the closing price of 157.9 yuan on the same day [1]. - A total of 37 institutions participated in the share transfer inquiry, with a total cash-out amounting to 2.766 billion yuan [1]. - The transfer involves 26.29 million shares, accounting for 5.00% of the company's total share capital, primarily driven by the shareholders' need for liquidity [1][2]. Group 2: Shareholder Composition - VeriSilicon Limited is the largest shareholder, while Fucai Holdings Limited is the second largest. Other significant shareholders include Qiongcheng Shixing Investment Partnership and Jiaxing Haicheng Venture Capital Partnership, which are also acting in concert [2]. Group 3: Financial Performance - For the first half of 2025, the company reported revenues of 974 million yuan, a year-on-year increase of 4.49%, but incurred a net loss of 320 million yuan, which is an increase in losses by 35.04 million yuan compared to the previous year [3]. - In 2023, the company achieved revenues of 2.338 billion yuan but reported a net loss of 296 million yuan. In 2024, revenues slightly decreased to 2.322 billion yuan, while net losses widened to 601 million yuan [3]. - Despite the poor financial performance, the company's stock price has doubled since the beginning of the year until August 25 [3]. Group 4: Recent Positive Developments - In the second quarter of 2025, the company achieved revenues of 584 million yuan, reflecting a quarter-on-quarter growth of 49.90% [4]. - As of the end of the second quarter of 2025, the company had a backlog of orders amounting to 3.025 billion yuan, which is an increase of 569 million yuan from the end of the first quarter, representing a quarter-on-quarter growth of 23.17% [4]. - The company also signed new orders worth 1.182 billion yuan in the second quarter, marking a nearly 150% increase quarter-on-quarter [4].

8月26日，半导体板块多数低开。截至发稿，芯原股份跌超7%，寒武纪、甬矽电子、盛科通信跌超 4%，海光信息、成都华微等股纷纷低开。 | 代码 | 名称 | 涨幅%^ | 现价 | | --- | --- | --- | --- | | 688521 芯原股份 | | -7.33% | 146.33 | | 688256 寒武纪-U | | -4.47% | 1323.00 | | 688362 | 角矽电子 | -4.29% | 39.04 | | 688702 盛科通 ... | | -4.18% | 135.10 | | 688220 | 翱捷科 ... | -4.18% | 104.44 | | 688041 海光信息 | | -3.38% | 203.00 | | 603160 汇顶科技 | | -4.11% | 79.30 | | 688709 | 成都华微 | -3.33% | 45.91 | | 688498 源杰科技 | | -3.28% | 280.09 | | 688138 | 清溢光电 | -3.24% | 32.30 | | 688167 炬光科技 | | -3.14% | 135.4 ...

Core Viewpoint - The domestic AI industry chain, particularly the Sci-Tech Innovation Artificial Intelligence ETF (589520), is experiencing a market correction, with significant fluctuations in component stocks, reflecting both market dynamics and investor sentiment towards AI domestic alternatives [1][3][4]. Group 1: Market Performance - On August 26, the Sci-Tech Innovation Artificial Intelligence ETF (589520) saw a decline of 1.96%, with major component stocks like Chipone Technology dropping over 8% and Cambricon Technologies falling more than 3% [1]. - Despite the market downturn, the ETF attracted significant capital inflow, with 45.62 million yuan on August 25 and a total of 150 million yuan over the past 60 days, indicating strong investor interest in AI domestic alternatives [1][3]. Group 2: Stock Dynamics - The decline in the ETF is attributed to the performance of major weighted stocks, particularly Cambricon Technologies and Chipone Technology, which faced sell-offs due to shareholder actions rather than fundamental business deterioration [3]. - Analysts emphasize that the reduction in shareholding does not equate to a decline in business fundamentals, as Chipone Technology maintains competitive strength in the AI chip sector [3]. Group 3: Industry Trends - The development of domestic computing chips is characterized by two main technological routes: one focusing on GPGPU compatibility with NVIDIA's CUDA, and the other aiming to establish an independent ecosystem outside of NVIDIA's influence [3]. - The growth of the domestic computing market share is driven by product advancements and the narrowing gap with NVIDIA, alongside improvements in the domestic computing ecosystem [3]. Group 4: Future Outlook - First Shanghai Securities projects that the market size for NVIDIA's graphics cards in China will exceed 10 billion USD by 2024, capturing 70-80% of the market share, while domestic computing demand is expected to double by 2025 [4]. - Donghai Securities anticipates that the demand for AI chips will surge, with local brands like Cambricon expected to capture 40% of the market share by 2025 due to increased R&D and supportive industry policies [4]. - The emphasis on self-sufficiency in AI technology is crucial, with the Sci-Tech Innovation Artificial Intelligence ETF (589520) positioned to benefit from the acceleration of domestic AI industry development [4].

8月26日，科创50指数盘初跌超2%，芯原股份、寒武纪、海光信息领跌。 | | | | | --- | --- | --- | | | 10:05 1330.87 | 11 | | | 10:05 1330.77↓ | 15 | | 09:30 | 15:30 10:05 1330.87↑ | 8 | ...

Market Overview - On August 26, the Shanghai Composite Index opened down 0.31%, while the ChiNext Index fell by 0.57% [1] - Over 4,000 stocks experienced declines, indicating a broad market downturn [1] Sector Performance - AI hardware sector saw a general pullback, with liquid cooling and copper-clad laminate concepts leading the declines [1] - The GPU and fintech sectors also faced adjustments, with Chipone Technology dropping over 5% as multiple shareholders offered to transfer 5% of their shares at a 30% discount [1] - Cambricon Technologies opened down 5% [1] Stock Performance - The Shanghai Composite Index recorded a trading volume of 575.16 billion, with 422 stocks rising and 1,818 stocks falling [2] - The highest price for the day was 3,907.36, while the lowest was 3,859.76 [2] - The ChiNext Index and other major indices also reported declines, with the ChiNext Index down 1.24% [4] Hong Kong Market - The Hang Seng Index opened down 0.45%, and the Hang Seng Tech Index fell by 0.76% [5] - Notable declines included NIO, which dropped nearly 8%, and Haidilao, which opened down over 3% after reporting a below-par table turnover rate for the first half of the year [5]

| 来源：wind | | --- | 上证报中国证券网讯 8月26日早盘，半导体板块震荡下挫，截至9时41分，芯原股份跌逾8%，盛科通信 跌超6%，翱捷科技、寒武纪、成都华微、海光信息等多股跌超3%。 来源：上海证券报·中国证券网 ...