南财智讯12月22日电，芯原股份公告，本次上市流通的限售股数量为2486.04万股，占公司总股本的 4.73%。该部分限售股为公司向特定对象发行股份所得，对应股东数量为11名，限售期为自发行结束之 日起六个月，将于2025年12月30日起上市流通。上述股东均已严格履行相关承诺，保荐机构对本次限售 股上市流通事项无异议。 ...

芯原股份公告称，公司向特定对象发行的2486.04万股限售股将于2025年12月30日上市流通，占公司总 股本的4.73%，对应11名限售股股东。2025年6月30日，该部分新增股份办理完毕登记、托管及限售手 续，限售期6个月。本次限售股上市流通前，公司于10月29日完成激励计划部分归属股份登记，总股本 由525,713,273股增至525,858,273股。保荐机构核查认为，股东履行承诺，本次限售股流通事项符合规 定，信息披露真实准确完整。 ...

Group 1 - The core theme of the article is the emergence of a technology-driven bull market in A-shares, particularly noticeable after April 7, 2025, indicating a structural opportunity rather than a broad market rally [1][10][11] - The "Top Private Equity Handbook" has been instrumental in identifying key technology stocks, with a high frequency of successful recommendations [10][11] Group 2 - In the first quarter, Chip Origin Technology saw a price increase of 77.24%, with a peak increase of 88.26%, driven by its strategy to upgrade IP to Chiplet core components [3][13] - In the second quarter, Juguang Technology experienced a price rise of 30.2%, with a maximum increase of 59.43%, benefiting from the domestic push for scientific instrument self-sufficiency [4][5][14] - In the third quarter, Hanwei Technology achieved a price increase of 59.78%, with a peak increase of 79.8%, leveraging its expertise in flexible sensors for robotics applications [6][15] Group 3 - The "Top Private Equity Handbook" compiles over 250,000 institutional research data points, ensuring reliability through rigorous selection criteria, including maximum price changes and relative performance against the market [15] - The 2026 version of the handbook will feature more frequent updates (monthly instead of quarterly) and a more focused selection of private equity firms and listed companies [6][16]

Group 1 - The National Big Fund holding concept declined by 0.56%, ranking among the top declines in concept sectors, with stocks like Jiangbolong, Nanda Optoelectronics, and Saiwei Electronics experiencing significant drops [1][2] - Among the 23 stocks that rose, Beidouxingtong, Sitwei, and Robot saw increases of 2.06%, 1.94%, and 1.49% respectively [1][2] - The National Big Fund holding concept experienced a net outflow of 1.604 billion yuan, with 29 stocks seeing net outflows, and 5 stocks exceeding 100 million yuan in outflows, led by Saiwei Electronics with a net outflow of 692.86 million yuan [2][3] Group 2 - The top net inflow stocks included ShenNan Circuit, SMIC, and Northern Huachuang, with net inflows of 147 million yuan, 125 million yuan, and 108 million yuan respectively [2][4] - The stocks with the highest net outflows included Saiwei Electronics (-3.49%), Jiangbolong (-5.64%), and Nanda Optoelectronics (-3.53%) [3][4] - The trading activity showed that the turnover rates for these stocks varied, with Saiwei Electronics at 17.14% and Jiangbolong at 6.72% [3]

Group 1 - The core viewpoint of the news is that Chip Origin Co., Ltd. has experienced significant stock price fluctuations, with a year-to-date increase of 139.23% but a recent decline of 15.84% over the last five trading days [1] - As of December 19, the stock price of Chip Origin is reported at 125.43 yuan per share, with a total market capitalization of 65.958 billion yuan [1] - The company has seen a net outflow of 1.09 billion yuan in principal funds, with large orders showing a buy of 2.04 billion yuan and a sell of 2.75 billion yuan [1] Group 2 - Chip Origin Microelectronics Co., Ltd. was established on August 21, 2001, and went public on August 18, 2020, focusing on semiconductor IP and providing comprehensive chip customization services [2] - The revenue composition of Chip Origin includes 41.85% from chip volume business, 28.81% from IP licensing fees, 23.83% from chip design services, and 5.21% from royalties [2] - As of September 30, 2025, the company reported a revenue of 2.255 billion yuan, a year-on-year increase of 36.64%, while the net profit attributable to shareholders was -347 million yuan, reflecting a year-on-year growth of 12.42% [2] Group 3 - As of September 30, 2025, the top ten circulating shareholders of Chip Origin include Hong Kong Central Clearing Limited as the sixth largest shareholder, holding 12.6965 million shares as a new shareholder [3] - The seventh largest shareholder, Huaxia SSE STAR 50 ETF, reduced its holdings by 7.1746 million shares, now holding 12.3814 million shares [3] - The ninth largest shareholder, E Fund SSE STAR 50 ETF, also decreased its holdings by 1.7628 million shares, now holding 10.0436 million shares [3]

Group 1 - The semiconductor industry has become a hotbed for mergers and acquisitions, with 206 related events reported since the announcement of the "merger six rules" last September, averaging one event every two days, including 16 major asset restructurings [1][2] - However, since December, there has been a noticeable slowdown in A-share semiconductor mergers, with several companies, including Haiguang Information and SIRUI, announcing the termination of significant asset restructuring plans [1][5] - Cross-industry mergers are increasingly common, with companies from different sectors, such as outdoor brands and retail, entering the semiconductor space to diversify and seek new growth opportunities [1][8] Group 2 - The semiconductor sector is viewed as the foundation of digitalization and intelligence, making it a focal point for global competition and resource allocation [2][10] - Mergers and acquisitions are seen as essential for companies to overcome technological barriers and expand market share, necessitating clear industry judgment and effective post-merger integration capabilities [2][9] - Recent statistics indicate that 11 semiconductor-related merger announcements were made in early December alone, covering various fields such as semiconductor equipment and chip design [4] Group 3 - Notable recent mergers include the acquisition of a 49% stake in Zhuhai Noah Changtian Storage Technology by Puran Co., which aims to enhance its non-volatile storage product layout [4] - Conversely, several companies, including Haiguang Information and Chipone, have terminated their merger plans due to disagreements on core transaction terms and market conditions [5][7] - Industry experts suggest that the current trend of merger terminations is normal, as various factors influence negotiations, and future opportunities for mergers may still arise [7][12] Group 4 - The end-of-year surge in semiconductor mergers is attributed to a combination of capital market dynamics, policy support, and industry growth, with over 20 companies currently pursuing IPOs in the semiconductor sector [10][11] - The semiconductor industry is characterized by high research and development risks and significant capital requirements, making cross-industry mergers particularly challenging for traditional companies [12]

Core Viewpoint - The chip ETF Tianhong (159310) opened with a gain of 1.56%, indicating positive market sentiment towards semiconductor stocks [1] Group 1: ETF Performance - The Tianhong chip ETF (159310) opened at 2.015 yuan, reflecting a 1.56% increase [1] - Since its establishment on April 18, 2024, the fund has achieved a return of 98.17%, although it has seen a decline of 1.02% over the past month [1] Group 2: Major Holdings - Key holdings in the Tianhong chip ETF include: - SMIC (中芯国际) with a gain of 0.35% - Cambricon (寒武纪) up by 1.01% - Haiguang Information (海光信息) increasing by 1.18% - Northern Huachuang (北方华创) rising by 0.65% - Lattice Semiconductor (澜起科技) up by 1.91% - Zhaoyi Innovation (兆易创新) with a notable increase of 2.59% - OmniVision (豪威集团) rising by 0.53% - Chipone (芯原股份) increasing by 0.37% - JCET (长电科技) up by 0.84% [1]

资料显示，芯来科技的RISC-V IP业务在中国本土处于领先地位，拥有全系列RISC-V CPU IP矩阵和领 先的车规IP产品，在全球已授权客户超300家。通过本次交易，芯原股份计划进一步完善IP储备并强化 在RISC-V领域的布局。 但是12月12日，芯原股份公告终止本次重组。对于终止原因，公司介绍，在推进各项工作过程中，标的 公司管理层及交易对方提出的核心诉求及关键事项与市场环境、政策要求及公司和全体股东利益存在偏 差；公司收到了标的公司管理层及交易对方终止本次交易的通知。 日前，芯原股份董事长戴伟民在合肥举行的上市公司高质量发展大会上表示，半导体并购最大的挑战是 标的估值问题，即卖方对估值预期太高致使谈不拢，成为并购方案失败的原因。对此戴伟民建议，可以 针对不同融资轮次进行差异化定价，让后期进入的投资人可以以本金或者"本金+利息"方案退出，但早 期投资人和标的创始人也需要做出适当的估值让步；另外，可以针对较高收购估值的标的，设定合理的 对赌及相应的补偿安排，以及根据业绩目标完成情况，分期支付收购的股份或价款。 证券时报记者阮润生 近日，半导体领域多起并购搁浅。12月18日，芯原股份（688521）就终 ...

Core Viewpoint - The acquisition of Zhudian Semiconductor by Chip Origin Co., Ltd. (688521.SH) is progressing despite the termination of the acquisition of Xinlai Zhihong, aiming to enhance AI visual chip capabilities through strategic integration [2][11]. Group 1: Acquisition Details - Chip Origin has signed investment agreements with TianSui XinYuan and other investors to acquire a 97.89% stake in Zhudian Semiconductor for a total cash consideration of 930 million yuan, with TianSui XinYuan becoming the controlling entity post-transaction [2][3]. - Following the investment, Chip Origin will hold a 40% stake in TianSui XinYuan, becoming its largest shareholder and gaining control over the majority of the board seats [3][5]. - The investment consortium includes significant players such as Huaxin Dingxin and Guotou Xiandai, indicating strong state and local capital support for the semiconductor sector [3][4]. Group 2: Financial Performance - Chip Origin reported a revenue of 2.25 billion yuan and a net loss of 347 million yuan for the first three quarters of 2025, continuing a trend of losses over several years [6][7]. - The company has faced negative cash flow since mid-2022, with a net cash flow from operating activities of -390 million yuan for the first three quarters of 2025 [6][7]. - Zhudian Semiconductor also reported poor financial performance, with projected revenues of 385 million yuan and a net loss of 120 million yuan for 2024 [7][8]. Group 3: Strategic Implications - The acquisition is viewed as a strategic move to consolidate valuable technology assets at a reasonable valuation during a downturn in the industry, aiming for significant synergies in the future [8][10]. - The establishment of TianSui XinYuan as a special purpose vehicle (SPV) allows for risk isolation and governance optimization, facilitating the integration of multiple capital sources [5][6]. - The focus on AIASIC and RISC-V technologies positions Chip Origin to capitalize on emerging market opportunities, with plans to create a comprehensive platform integrating various IPs [10][12].

Core Viewpoint - Chipone Technology (688521.SH) has terminated the acquisition of 97% stake in Xinlai Zhihong, which will not adversely affect the company's normal business operations and production activities [1] Group 1: Business Operations - The company will continue to strengthen its layout in the RISC-V field [1] - As a shareholder of Xinlai Zhihong, the company will maintain and deepen its cooperative relationship with it [1] Group 2: Product Development - Nearly 200 million AI chips integrated with Chipone's NPU IP have been shipped globally [1] - The company has provided customized autonomous driving chips based on 5nm automotive-grade process technology for a well-known new energy vehicle manufacturer [1] - The company is actively advancing the development of a Chiplet solution platform in the smart mobility sector [1] Group 3: Strategic Partnerships - Chipone is engaging in in-depth cooperation with a series of key customers in the automotive sector based on its technological layout [1]