科创板上市公司独立董事候选人声明与承诺 本人蔡洪平(Cai Hong Ping)，已充分了解并同意由提名人芯原微电子（上海） 股份有限公司董事会提名为芯原微电子（上海）股份有限公司第三届董事会独立 董事候选人。本人公开声明，本人具备独立董事任职资格，保证不存在任何影响 本人担任芯原微电子（上海）股份有限公司独立董事独立性的关系，具体声明并 承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门规 章及其他规范性文件，具有五年以上法律、经济会计、财务、管理等履行独立董 事职责所必需的工作经验。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要求： （一）《中华人民共和国公司法》等关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 （离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定（如 适用）； （五）中共中央组织部《关于进一步规范党政领导干部在企业兼职（任职） 问题的意见》的相关规定（如适用）； （六）中共中央纪委、教育部、监察部《关于加强高等学 ...

证券代码：688521 证券简称：芯原股份 公告编号：2026-013 芯原微电子（上海）股份有限公司 关于增选独立非执行董事 及调整董事会专门委员会委员的公告 公司拟发行境外上市外资股（H 股）股票并在香港联合交易所有限公司挂牌 上市（以下简称"本次发行上市"）。基于本次发行上市的需要，为进一步完善 本次发行上市后的公司治理结构，根据《中华人民共和国公司法》《上市公司独 立董事管理办法》《芯原微电子（上海）股份有限公司章程》《香港联合交易所 有限公司证券上市规则》等相关规定，公司拟增选一名独立非执行董事。经董事 会提名委员会资格审核，董事会拟提名蔡洪平(Cai Hong Ping)先生（简历请见附 件）为公司第三届董事会独立非执行董事候选人，任期自本次发行上市之日起正 式生效，至公司第三届董事会任期届满之日止。 根据相关规定，蔡洪平(Cai Hong Ping)先生的任职资格和独立性需经上海证 券交易所审核无异议后提交股东会审议。 二、关于调整董事会专门委员会委员的情况 为进一步完善公司本次发行上市后的公司治理结构，结合公司实际情况，根 据《香港联合交易所有限公司证券上市规则》等相关要求，结合公司实际情况， ...

基于公司拟发行境外上市外资股（H 股）股票并在香港联合交易所有限公司 挂牌上市（以下简称"本次发行上市"）的需要，根据《中华人民共和国公司法》 《中华人民共和国证券法》《境内企业境外发行证券和上市管理试行办法》《香 港联合交易所有限公司证券上市规则》（以下简称"《香港上市规则》"）等境 内外有关法律、法规、规范性文件的规定，结合公司的实际情况及需求，董事会 同意对《芯原微电子（上海）股份有限公司章程》（以下简称"《公司章程》"） 进行修订，形成本次发行上市后适用的《芯原微电子（上海）股份有限公司章程 （草案）》（以下简称"《公司章程（草案）》"），修订对照表详见附件。 上述《公司章程（草案）》的修订事宜尚需提交公司股东会审议。《公司章程 （草案）》在提交股东会审议通过后，将于本次发行上市之日起生效，在此之前， 现行《公司章程》继续有效。《公司章程（草案）》生效后，公司现行章程即同时 自动失效。《公司章程（草案）》最终以经市场监督管理机关备案的版本为准。 二、修订、制定公司部分内部治理制度情况 基于本次发行上市的需要，根据《中华人民共和国公司法》《中华人民共和 国证券法》《境内企业境外发行证券和上市管理试行办法 ...

（一） 股东会类型和届次 2026年第一次临时股东会 （二） 股东会召集人：董事会 证券代码：688521 证券简称：芯原股份 公告编号：2026-015 芯原微电子（上海）股份有限公司 关于召开2026年第一次临时股东会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2026 年 3 月 30 日 14 点 00 分 召开地点：上海市浦东新区张江高科技园区松涛路 560 号张江大厦 20 楼芯 原股份会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 3 月 30 日 股东会召开日期：2026年3月30日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 至2026 年 3 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票 ...

证券代码：688521 证券简称：芯原股份 公告编号：2026-010 芯原微电子（上海）股份有限公司 第三届董事会第九次会议决议公告 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。 二、董事会会议审议情况 经过与会董事认真审议，形成如下决议： 1、审议通过《关于豁免本次董事会会议通知时间不足公司章程期限要求的议 案》 董事会同意豁免本次会议的通知期限，一致认可本次会议的召集、召开和表 决程序合法有效。 表决结果：11 票赞成，0 票反对，0 票弃权。 2、审议通过《关于公司发行 H 股股票并在香港联合交易所有限公司上市的议 案》 董事会同意公司发行境外上市外资股（H 股）股票（以下简称"本次发行"） 并在香港联合交易所有限公司（以下简称"香港联交所"）主板挂牌上市（与本 次发行合称"本次发行上市"）。 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"）第三届董事会第九 次会议通知已于 2026 年 3 月 8 日发出，会议于 2026 年 3 月 10 日在公司会议室 以现场结合通讯方式召开。本次 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential stock price increase of 5% to 15% over the next six months [3][6]. Core Insights - The company achieved a revenue of 3.152 billion yuan in 2025, representing a year-on-year growth of 35.77%. The second half of the year saw a significant revenue increase of 123.73% compared to the first half [1]. - The growth is primarily driven by the scaling of ASIC (Application-Specific Integrated Circuit) production, which saw a year-on-year increase of 73.98%, accounting for 47.25% of total revenue in 2025 [1]. - The company has a record high of orders on hand, with ASIC orders exceeding 3 billion yuan, indicating strong visibility and potential for accelerated revenue conversion and profitability [1]. - The company is positioned as a leading one-stop chip design solution provider in China, with a strong IP licensing business and custom chip design capabilities, covering various advanced technologies [2]. - The ASIC business is expected to be a core growth driver, particularly in high-demand sectors such as AI computing, data centers, automotive electronics, and smart IoT [2]. - The collaboration with Google to provide AI ASIC solutions for end-side products like AI glasses and AI pads is anticipated to open new growth opportunities as the market for end-side AI hardware expands [2]. Financial Summary - The company forecasts revenues of 3.152 billion yuan for 2025, with projections of 5.437 billion yuan in 2026 and 8.155 billion yuan in 2027, reflecting a compound annual growth rate [3]. - The net profit is expected to improve from a loss of 528 million yuan in 2025 to a profit of 697 million yuan by 2027, indicating a significant turnaround in profitability [3]. - The earnings per share are projected to transition from -1.00 yuan in 2025 to 1.33 yuan in 2027, showcasing a positive growth trajectory [5].

Summary of VeriSilicon's 4Q25 Preliminary Results and Outlook Company Overview - **Company**: VeriSilicon (688521.SS) - **Industry**: Semiconductor Key Financial Results - **4Q25 Revenue**: Rmb898 million, up 34% YoY, in line with guidance [1] - **4Q25 Net Loss**: Rmb181 million, higher than estimates [1] - **Chip Production Management Growth**: 74% YoY [1] - **Design Business Growth**: 21% YoY [1] - **New Order Gains**: Rmb6.0 billion in 2025, up 103% YoY; Rmb2.7 billion in 4Q25, up 70% QoQ [1] Core Insights - **AI Computing Projects**: 73% of new order gains in 2025 are attributed to AI computing projects, indicating a shift towards cloud and edge AI devices [1] - **Management's Outlook**: Positive growth outlook driven by rising demand across diversified end markets and improved R&D efficiency [6] - **Long-term Revenue Contribution**: Expected growth from AI toys and smart vehicles, aiming to support mass production and enter new supply chains [6] Earnings Revision - **Revised Earnings Estimates**: 2027-30E net incomes raised by 1%-2% due to higher revenue estimates; 2027-30E revenues revised up by 1%-2% [7] - **Gross Margins**: Slightly revised down by 0.1-0.2 percentage points due to a higher contribution from lower-margin chip production management services [7] Valuation and Price Target - **Target Price**: Revised up to Rmb273 from Rmb243, based on a 66.2x 2029E P/E [8] - **Implied 2027E P/S**: Increased to 22x from 20x, within the recent trading range of 14x-28x [8] Risks - **Technology Development**: Potential slower-than-expected advancements [18] - **Talent Acquisition Costs**: Higher-than-expected costs for talent retention [18] - **Customer Spending**: Weaker-than-expected spending on IP and new chipset projects [18] Conclusion - **Investment Recommendation**: Maintain Buy rating on VeriSilicon, benefiting from trends in generative and edge AI [1][8]

Investment Rating - The investment rating for the semiconductor industry is maintained as "Buy" for specific companies such as SMIC and Haiguang Information, while Huahong is not rated [2][7]. Core Insights - The semiconductor industry is experiencing a structural increase in prosperity driven by strong demand for AI computing power, leading to significant price increases across the supply chain, ranging from 10% to 80% [3]. - The AI Agent era is redefining the value of CPUs, which are now critical for AI responsiveness and cost efficiency, resulting in a shortage of CPUs in the market [4]. - The report highlights a divergence in recovery within the semiconductor industry, with leading companies like Baiwei Storage seeing substantial profit increases, while many others continue to struggle with losses [3]. Industry Dynamics - The semiconductor sector is witnessing a price surge due to AI infrastructure demands, with the global AI chip market projected to grow from $11 billion in 2019 to $72.6 billion by 2025 [3]. - The utilization rate of SMIC's production capacity is reported at 93.5%, contrasting with the financial struggles of many other chip companies [3]. - The report notes that the semiconductor industry is not experiencing a broad recovery but rather a localized increase in prosperity centered around AI technologies [3]. Company Focus and Earnings Forecast - Key companies to watch include: - SMIC (688981.SH): Price at 106.5, EPS forecast for 2026 at 0.77, with a PE ratio of 137.76, rated as "Buy" [7]. - Huahong (688347.SH): Price at 117.79, EPS forecast for 2026 at 0.64, currently unrated [7]. - Tian Shu Zhi Xin (9903.HK): Price at 259.6, EPS forecast for 2026 at -1.78, rated as "Buy" [7]. - Haiguang Information (688041.SH): Price at 241.9, EPS forecast for 2026 at 2, rated as "Buy" [7]. - Xinyuan (688521.SH): Price at 240.85, EPS forecast for 2026 at 0.33, rated as "Increase" [7]. Market Trends - The semiconductor index showed a decline of 5.57% during the week of March 2-6, 2026, indicating a volatile market environment [13]. - The report indicates that the semiconductor materials sector experienced the largest decline of 8.97% during the same period [16]. - The report also highlights that the demand for NAND and DRAM chips is increasing due to AI applications, with NAND prices rising significantly [52][66].

Investment Rating - The report maintains a "Recommended" rating for the computer industry, indicating a favorable outlook for the sector [1]. Core Insights - The upcoming NVIDIA GTC 2026 conference is expected to unveil a new AI inference chip system, integrating the LPU architecture from NVIDIA's acquisition of Groq, aimed at optimizing inference performance [5]. - The global demand for computing power is shifting from training to inference, with significant implications for the market structure and opportunities for domestic chip manufacturers [8]. - The report emphasizes the acceleration of domestic infrastructure development for AI inference, suggesting a broad growth opportunity for related AI chip, hardware, and service companies [8]. Summary by Sections Recent Performance - The computer industry has shown mixed performance over the past year, with a 1-month decline of 0.6%, a 3-month increase of 4.4%, and a 12-month decline of 1.3% [3]. Upcoming Events - The NVIDIA GTC 2026 conference will take place from March 16 to 19 in San Jose, California, featuring key advancements in AI technologies, including new AI acceleration chips and systems [5]. Technological Developments - The Groq LPU is designed for inference acceleration, utilizing SRAM for model parameter storage, which significantly enhances data processing speed compared to traditional GPU architectures [6][7]. Market Trends - By 2032, the proportion of training costs in large cloud computing companies' data center expenditures is expected to drop from over 40% to around 14%, indicating a clear shift towards inference [8]. - Major companies are securing large-scale orders for inference-optimized chips, highlighting the growing demand for such technologies [8]. Investment Strategy - The report suggests a focus on specific stocks within the AI chip sector, including companies like Haiguang Information, Cambrian, and others, as well as those involved in servers and liquid cooling technologies [8].

证券代码：688521 证券简称：芯原股份 公告编号：2026-009 芯原微电子（上海）股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性公告 嘉兴时兴创业投资合伙企业（有限合伙）、嘉兴海橙创业投资合伙企业（有 限合伙）、共青城文兴投资合伙企业（有限合伙）保证向本公司提供的信息真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。本公司董事会及全体董事 保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | | 动人 | | | | --- | --- | --- | --- | | | √ | 其他直接持股股东 | | | | □ | 控股股东/实控人 | | | 共青城文兴投资合伙企 | □ | 控股股东/实控人的一致行 | √ 91360405MA37P8X07B | | 业（有限合伙） | 动人 | | □ 不适用 | | | √ | 其他直接持股股东 | | 二、权益变动触及 1%刻度的基本情况 芯原微电子（上海）股份有限公司（以下简称"公司"）于 2026 年 3 月 5 日 收到股东嘉兴时兴创业投资合伙企业（有限合伙）、嘉兴海橙创业投资合伙企业 （有限合伙）、共青城 ...