证券代码：688521 证券简称：芯原股份 公告编号：2025-067 芯原微电子（上海）股份有限公司 第三届董事会第五次会议决议公告 1、审议通过《关于审议公司 2025 年第三季度报告的议案》 董事会同意《芯原微电子（上海）股份有限公司 2025 年第三季度报告》的 内容。 本议案已经董事会审计委员会审议通过，审计委员会同意本议案内容，并同 意将其提交公司董事会审议。 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。 一、董事会会议召开情况 芯原微电子（上海）股份有限公司（以下简称"公司"）第三届董事会第五次 会议通知已于 2025 年 10 月 20 日发出，会议于 2025 年 10 月 27 日在公司会议室 以现场结合通讯方式召开。本次董事会应出席会议的董事 11 人，实际出席董事 11 人。本次会议由董事长 Wayne Wei-Ming Dai（戴伟民）先生主持。本次会议 召开符合《中华人民共和国公司法》等有关法律、法规和《芯原微电子（上海） 股份有限公司章程》（以下简称"《公司章程》"）的规定，表决形成的决议合 ...

Core Insights - The company reported record-high revenue in Q3, driven by strong order conversion and a surge in AI-related demand [1] - The net loss significantly narrowed year-on-year and quarter-on-quarter, indicating a strong rebound in performance [1] Financial Performance - Q3 revenue reached 1.281 billion yuan, a year-on-year increase of 78.38%, while the net loss attributable to shareholders reduced to 26.85 million yuan, a decrease of 75.82% compared to the same period last year and a 73.02% reduction quarter-on-quarter [1] - For the first three quarters, total revenue was 2.255 billion yuan, up 36.64%, with a net loss of 347 million yuan [1] Order Growth and AI Demand - New orders signed in Q3 amounted to 1.593 billion yuan, a substantial year-on-year increase of 145.80%, with cumulative new orders for the first three quarters reaching 3.249 billion yuan, surpassing the total for the entire year of 2024 [1] - Approximately 65% of the new orders in Q3 were related to AI computing power, highlighting its role as a key driver of growth [1] Order Backlog and Quality - As of the end of Q3, the company's order backlog rose to 3.286 billion yuan, marking a historical high for eight consecutive quarters [2] - High-quality orders from system manufacturers, large internet companies, cloud service providers, and automotive companies accounted for 83.52% of the total [2] - About 80% of these orders are expected to convert into revenue within a year, providing strong support for short-term performance [2] Revenue Composition - In Q3, the volume business generated 609 million yuan, a remarkable year-on-year increase of 157.84% and a quarter-on-quarter growth of 132.77% [2] - The chip design business also performed well, achieving revenue of 428 million yuan, up 80.23% year-on-year [2] - In contrast, revenue from intellectual property licensing remained stable at 212 million yuan year-on-year [2] - For the first three quarters, the one-stop chip customization business (including chip design and volume production) saw a revenue increase of 53.51%, significantly outpacing the 3.86% growth in semiconductor IP licensing [2]

Financial Performance - In Q3 2025, the company achieved a record revenue of CNY 1.28 billion, representing a 119.26% increase quarter-over-quarter and a 78.38% increase year-over-year[7]. - For the first three quarters of 2025, the company reported a total revenue of CNY 2.255 billion, a year-over-year increase of 36.64%[15]. - Operating revenue for the current reporting period increased by 78.38% compared to the previous period[27]. - Year-to-date operating revenue rose by 36.64%[27]. - Total operating revenue for the first three quarters of 2025 reached ¥2,254,536,764.72, a significant increase of 36.6% compared to ¥1,649,971,464.11 in the same period of 2024[37]. - Total operating costs increased to ¥2,650,174,560.08, up 30.0% from ¥2,039,426,765.96 year-over-year[37]. Order and Backlog - The company signed new orders worth CNY 1.593 billion in Q3 2025, a significant year-over-year increase of 145.80%, with AI-related orders accounting for approximately 65%[10]. - As of the end of Q3 2025, the company's backlog of orders reached CNY 3.286 billion, with 83.52% coming from system manufacturers, large internet companies, cloud service providers, and automotive companies[11]. Profit and Loss - The company's net loss attributable to shareholders narrowed to CNY 26.85 million in Q3 2025, a reduction of 75.82% year-over-year and 73.02% quarter-over-quarter[14]. - Net profit for the first three quarters of 2025 was a loss of ¥346,699,657.97, slightly improved from a loss of ¥395,858,494.37 in the same period of 2024[38]. - The company reported a total profit loss of ¥328,806,608.03 for the first three quarters of 2025, an improvement from a loss of ¥387,855,829.71 in 2024[38]. - Basic earnings per share for the first three quarters of 2025 was -¥0.68, compared to -¥0.79 in the same period of 2024[39]. Research and Development - The company's R&D expenditure for Q3 2025 was CNY 350.80 million, accounting for 27.39% of revenue, a decrease of 15.99 percentage points year-over-year[5]. - Research and development expenses rose to ¥957,578,092.73, reflecting a 8.8% increase from ¥880,249,163.34 in the previous year[37]. Assets and Liabilities - The company's total assets increased by 39.94% year-over-year, reaching CNY 6.479 billion by the end of Q3 2025[5]. - Total assets at the end of the reporting period increased by 39.94% due to funds raised from a specific stock issuance[27]. - The company's current assets totaled RMB 4,452,604,512.18, up from RMB 2,638,195,990.33 at the end of 2024, indicating a growth of about 69%[32][34]. - The company's total liabilities amounted to RMB 2,927,663,699.43, compared to RMB 2,507,541,641.81 at the end of 2024, reflecting an increase of around 17%[34]. - The equity attributable to the owners of the parent company rose to RMB 3,551,423,624.63 from RMB 2,122,317,675.16, showing a substantial increase of approximately 67%[34]. Cash Flow - The net cash flow from operating activities improved, benefiting from increased cash received from sales of goods and services[27]. - The net cash flow from operating activities was negative at ¥391,103,061.24, compared to a loss of ¥393,381,013.48 in the previous year[41]. - The company generated cash inflows from operating activities totaling ¥2,351,999,475.12, an increase from ¥1,674,393,846.34 in 2024[41]. - Cash inflow from financing activities totaled $2.18 billion, significantly up from $406.20 million year-over-year[42]. - The net increase in cash and cash equivalents was $548.32 million, compared to $41.65 million in the prior period[42]. - Cash and cash equivalents at the end of the period reached $1.19 billion, up from $726.91 million[42]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 49,372[29]. - The company has not reported any significant changes in its shareholder structure or participation in margin financing activities during the reporting period[30][31].

Core Insights - The company reported a record high revenue of 1.281 billion yuan for Q3 2025, marking a year-on-year increase of 78.38% and a quarter-on-quarter growth of 119.26% [1] - Despite the revenue growth, the company incurred a net loss of 26.85 million yuan in Q3 2025, with a total net loss of 347 million yuan for the first three quarters of 2025 [1] Revenue Breakdown - The chip design business generated 428 million yuan in revenue for Q3 2025, reflecting a quarter-on-quarter increase of 290.82% and a year-on-year increase of 80.23% [1] - The mass production business achieved revenue of 609 million yuan in Q3 2025, with a quarter-on-quarter growth of 132.77% and a year-on-year growth of 157.84% [1] Order Intake - The company secured new orders worth 1.593 billion yuan in Q3 2025, representing a significant year-on-year increase of 145.80%, with approximately 65% of these orders related to AI computing power [1] - For the first three quarters of 2025, the total new orders reached 3.249 billion yuan, surpassing the total new orders for the entire year of 2024 [1]

Core Insights - The company reported a significant increase in revenue for Q3 2025, achieving 1.281 billion yuan, a year-on-year growth of 78.38% [1] - Despite the revenue growth, the company incurred a net loss of 26.85 million yuan in Q3 2025 [1] - For the first three quarters of 2025, the company generated a total revenue of 2.255 billion yuan, reflecting a year-on-year increase of 36.64%, with a net loss of 34.7 million yuan [1] Financial Performance - The company's Q3 2025 profitability showed substantial improvement, with the quarterly loss narrowing significantly both year-on-year and quarter-on-quarter by 84.2 million yuan and 72.65 million yuan, respectively, representing reductions of 75.82% and 73.02% [1] - The revenue from the chip design business in Q3 2025 reached 428 million yuan, marking a quarter-on-quarter increase of 290.82% and a year-on-year increase of 80.23% [1] Order Growth - In Q3 2025, the company secured new orders totaling 1.593 billion yuan, which is a substantial year-on-year increase of 145.80% [1] - Approximately 65% of the new orders were related to AI computing capabilities [1]

Core Insights - The company reported a revenue of 1.281 billion yuan for Q3 2025, representing a year-on-year increase of 78.38% [1] - The net profit for Q3 2025 showed a loss of 26.8511 million yuan [1] - For the first three quarters of 2025, the total revenue reached 2.255 billion yuan, marking a year-on-year growth of 36.64% [1] - The net profit for the first three quarters resulted in a loss of 34.71 million yuan [1]

Core Insights - Public fundraising enthusiasm has rebounded this year, with 74 A-share companies involved in public placements, totaling 30.292 billion yuan, a year-on-year increase of 28.5% [1][2] Group 1: Industry Performance - The electronic industry is the most favored by public institutions, with 13 electronic stocks attracting a total of 8.986 billion yuan in public placements [2] - The pharmaceutical and biotechnology sector follows, with 6 stocks, including Baili Tianheng and Dize Pharmaceutical, raising a total of 4.518 billion yuan [2] Group 2: Investment Gains - Among the 74 stocks involved in public placements, 71 are currently in a profit state, with 39 stocks having a profit margin within 50%, 12 stocks between 50%-99.99%, and 7 stocks exceeding 100% [1] - A total of 36 public institutions have achieved profits from their investments, representing 97.30% of the participants, with varying profit margins across different institutions [2]

Core Viewpoint - The Sci-Tech Chip ETF Index (588920) opened with a gain of 2.62%, reaching a price of 1.647 yuan, indicating positive market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The Sci-Tech Chip ETF Index (588920) has a performance benchmark based on the Shanghai Stock Exchange Sci-Tech Board Chip Index return [1] - Since its establishment on July 16, 2025, the fund has achieved a return of 60.63%, with a monthly return of 0.94% [1] Group 2: Major Holdings - Key stocks in the Sci-Tech Chip ETF Index include: - SMIC (中芯国际) up by 2.57% - Haiguang Information (海光信息) up by 1.60% - Cambricon (寒武纪) up by 2.30% - Lattice Technology (澜起科技) up by 4.76% - Zhongwei Company (中微公司) up by 3.07% - Hu Silicon Industry (沪硅产业) up by 1.69% - Chipone (芯原股份) up by 1.20% - Hengxuan Technology (恒玄科技) up by 1.09% - Huahai Qingshi (华海清科) up by 1.80% - Sitway (思特威) up by 1.42% [1]

Market Overview - On October 27, the A-share market opened high, with the technology sector leading the gains. The Sci-Tech Chip 50 ETF (588750) rose over 2% at one point and was up over 1% by 9:44 AM, aiming for a second consecutive increase. The latest financing balance for the ETF exceeded 110 million yuan, marking a new high since its listing [1]. Semiconductor Industry Insights - The semiconductor industry is experiencing a price increase in storage components, with Flash Wafer prices rising across the board. DDR4 prices have increased to $13.00, $5.20, $5.50, $2.70, and $1.10, while DDR5 prices have also seen upward movement. Shanghai Securities suggests that the combination of price hikes and AI-driven demand may lead to a super cycle in the storage industry [2]. - A research team from Peking University has utilized cryo-electron tomography to analyze the micro-3D structure and entanglement behavior of photoresist molecules in liquid environments, which could significantly reduce lithography defects [3]. Lithography Equipment Market - Lithography machines are identified as the most complex and valuable segment of semiconductor equipment, with a market share of approximately 24% in 2024. The domestic market for lithography machines is crucial, as China currently relies heavily on imports for high-end models [4]. Performance of Sci-Tech Chip 50 ETF - The component stocks of the Sci-Tech Chip 50 ETF showed mixed performance, with companies like Zhongwei Company rising over 4% and Hu Silicon Industry increasing over 3%, benefiting from the price hikes in storage chips. Other companies such as Laiqi Technology and Cambrian also saw gains, while some stocks like Haiguang Information and Chip Origin experienced pullbacks [5]. Domestic Chip Production and Policy Support - China is projected to become the largest market for lithography machine procurement in 2024, with ongoing efforts to enhance domestic production capabilities. The "02 Special Project" aims to accelerate the development of key components such as optical systems and immersion systems, with companies like Shanghai Micro Electronics and Huazhu Precision making breakthroughs in certain ArF models [6]. - The domestic chip self-sufficiency rate is expected to rise from 16.6% in 2020 to 23.3% in 2023, with a focus on increasing production in mature process technologies, which currently account for over 70% of global chip capacity [7]. Growth Potential of Sci-Tech Chip Index - The Sci-Tech Chip Index is noted for its higher growth potential, with projected net profit growth rates of 71% for the first half of 2025 and 100% for the entire year, significantly outpacing peers. The index focuses on high-tech segments of the semiconductor industry, indicating strong elasticity and growth prospects [14].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [3][36] Core Viewpoints - The report highlights that artificial intelligence (AI) is driving a semiconductor supercycle, with significant investments and collaborations in the sector, such as Anthropic's partnership with Google, which includes a deal for up to one million custom TPU chips [3] - Major memory manufacturers like Samsung and SK Hynix are expected to raise prices of DRAM and NAND storage products by up to 30% in response to the surge in AI-driven demand [3] - Amphenol reported a 53.35% year-on-year increase in revenue for Q3 2025, driven by the growing demand for data center solutions [3] - The report anticipates a substantial increase in overall computing power by 2035, predicting a growth of up to 100,000 times, emphasizing the transformative potential of general artificial intelligence [3] Summary by Sections 1. Market Review - The electronic industry saw a weekly increase of 8.49% from October 20 to October 24, with the communication sector leading at 11.55% [6] - The Philadelphia Semiconductor Index rose from 6,885.03 points to 6,976.94 points during the same period, indicating a positive trend since April 2025 [11] 2. Industry High-Frequency Data Tracking 2.1 Panel Prices - TV panel prices are expected to stabilize due to healthy inventory levels, with no significant changes anticipated for various sizes [17] 2.2 Memory Prices - Prices for DDR5 and DDR4 memory chips have shown an upward trend, with DDR5 increasing from $10.457 to $12.615 and DDR4 from $24.333 to $24.721 between October 20 and October 24 [21]