Core Insights - The domestic semiconductor IP market in China is rapidly growing, driven by advancements in AI, big data, and the development of self-controlled chips, contributing to high-level technological independence [1][7] - The market size of China's semiconductor IP is projected to reach 14.703 billion yuan in 2024, with processor IP accounting for 49.53% and expected to grow to 18.634 billion yuan in 2025 [1][7] Industry Definition and Classification - Semiconductor IP, also known as IP cores, refers to reusable integrated circuit design modules that have been verified for specific functions [2] - It can be classified based on delivery methods (soft IP, hard IP, firm IP) and product types (processor IP, interface IP, physical IP, digital IP) [2] Current Development Status - The global semiconductor IP market is expected to reach a record high of $8.481 billion in 2024, with processor IP and interface IP being the strongest segments [6][7] - China's semiconductor IP market is experiencing rapid growth, with significant contributions from consumer electronics, telecommunications, and computing sectors [8] Industry Evolution - The rise of semiconductor IP is attributed to the maturation of the semiconductor industry, increased demand, and refined design processes [4][9] - China's semiconductor IP industry has evolved from early stages of technology introduction to rapid growth and expansion, supported by government policies [9][10] Competitive Landscape - The global semiconductor IP market is highly concentrated, with major players including ARM, Synopsys, and Cadence, which dominate the high-end core IP sector [11][12] - In China, local companies are making progress in emerging fields like RISC-V and AI IP, with significant players including Cambrian, Xinyuan, and others [12][13] Industry Trends - The domestic integrated circuit industry is in a rapid expansion phase, driven by the increasing demand for chips in smartphones, IoT devices, and new energy vehicles, providing a stable market for local semiconductor IP providers [13]

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]

Group 1 - The company, Yinhua Fund Management Co., Ltd., has announced an adjustment in the valuation method for its funds holding the suspended stock Chip Origin (stock code: 688521) to the "index income method" effective from September 3, 2025 [1] - Upon the resumption of trading for Chip Origin, the company will determine the valuation method based on various influencing factors in consultation with the fund custodian, transitioning back to market price valuation without further announcement [1] - This adjustment is in accordance with the guidelines set forth by the China Securities Regulatory Commission regarding the valuation of securities investment funds [1] Group 2 - Investors can obtain further details or inquiries through the company's official website or customer service hotline [1]

Core Viewpoint - The company has decided to adopt the "index income method" for valuing its large collective asset management plan holdings in "Chip Original Co., Ltd." (stock code: 688521) starting from September 3, 2025, in accordance with relevant regulations [1] Group 1 - The valuation method will change to the "index income method" after consultation with the custodian [1] - The company will revert to using the closing price for valuation once the stock resumes trading and exhibits active market trading characteristics [1] - No further announcements will be made regarding the change back to the closing price valuation method, and investors are advised to pay attention [1]

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 ...

Core Insights - The report highlights a surge in mergers and acquisitions (M&A) activity on the STAR Market, with seven significant asset restructuring or private placement acquisition cases occurring in August 2025 alone, matching the total for the entire second quarter of 2025. The semiconductor sector is the dominant player, accounting for five of these cases [1][2][4]. Group 1: M&A Activity - Major companies in the semiconductor industry, such as SMIC, Huahong, and Chipone, have announced acquisition plans, indicating a trend towards consolidation in this sector [1]. - Specific cases include SMIC's announcement on August 29, 2025, to acquire 49% of its subsidiary, Chip North, through a share issuance, and Chipone's plan to acquire full control of Chipwise through a combination of share issuance and cash payment [1][7]. Group 2: Industry Dynamics - The report notes that the semiconductor industry is experiencing rapid growth, driven by both global competitive dynamics and domestic development needs. Larger companies are acquiring smaller firms with established technologies to quickly enter new markets, while smaller firms benefit from enhanced sales channels [1]. - The need for domestic semiconductor companies to enhance their technological capabilities and complete their industrial layouts is emphasized, particularly in light of increasing self-sufficiency in semiconductor production and design [1]. Group 3: Policy Support - The report discusses recent regulatory changes, specifically the revised "Major Asset Restructuring Management Measures" released by the CSRC on May 16, 2025, which aim to streamline the M&A process for high-tech companies. This includes a simplified review process for large-cap companies and adjustments to valuation requirements for unprofitable tech assets [1][2]. - The introduction of a phased payment mechanism and a "reverse linkage" arrangement for private equity funds is expected to enhance capital circulation and support the growth of early-stage tech companies [1][2]. Group 4: Future Outlook - The report anticipates that M&A activity in the semiconductor sector will remain high due to supportive policies, urgent industry needs, and active capital participation. The focus will likely be on "supplementing and strengthening the chain" as leading companies seek to fill technological gaps and enhance their industrial ecosystems [1]. - The selection of acquisition targets is expected to favor familiar entities, such as minority stakes in already controlled companies, which can reduce transaction risks and integration challenges [1].

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！ ...

Group 1 - The company will adopt the "index return method" for the valuation of "Chip Original Co., Ltd." (stock code: 688521) held by its funds (excluding ETFs) starting from September 2, 2025, based on the AMAC industry index [1] - Valuation will revert to using the closing price on the trading day once "Chip Original Co., Ltd." resumes trading and demonstrates active market trading characteristics, with no further announcements required [1] - The announcement is made in accordance with the guidelines from the China Securities Regulatory Commission and the Asset Management Association of China [1]

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].