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].

Core Insights - The rise of domestic semiconductor companies like Verisilicon (芯原股份) is a result of the trend towards domestic substitution in the technology sector, focusing on deep specialization in hard technology [1] - The acquisition of RISC-V CPU IP company Chiplet (芯来智融) by Verisilicon is seen as a strategic move to enhance its CPU IP capabilities and strengthen its overall stack [3][11] Group 1: Market Position and Performance - Verisilicon ranks as the eighth largest semiconductor IP provider globally and the first in China, with a market share of 1.6% and an IP licensing revenue of approximately $113 million in 2024 [4][6] - The global semiconductor IP market is dominated by ARM and Synopsys, which together hold about 66% of the market share, highlighting the competitive landscape [6] - Verisilicon's IP offerings cover a wide range of applications, including AI, automotive electronics, and cloud services, with significant adoption among major global companies [9][7] Group 2: Business Model and Ecosystem - Verisilicon's business model, SiPaaS (Silicon Platform as a Service), allows for a distributed and reusable platform service, reducing the barriers for smaller companies to enter the semiconductor market [10] - The company's ecosystem approach enables collaboration and specialization among various players in the semiconductor industry, enhancing overall innovation efficiency [10][12] Group 3: Financial Performance and R&D Investment - In the first half of 2025, Verisilicon's R&D expenses reached 612 million yuan, accounting for 62.85% of its total revenue, indicating a strong commitment to innovation [14] - Despite significant R&D investments, the company faced net losses in 2023 and 2024, with a continued loss of 320 million yuan in the first half of 2025, reflecting the industry's cyclical nature [16][17] - Recent financial improvements were noted, with a 49.9% increase in revenue in Q2 2025, suggesting a recovery in demand for its IP solutions [17]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - ETFs are becoming a "super hub" connecting the market and investors, and their development is a major trend. Analyzing the penetration of ETF holdings and trading helps understand the interaction between ETFs and corresponding stocks [1]. - The impact of ETFs on the equity market can be divided into four quadrants based on ETF持仓占比 and ETF成交占比, which reflect the holding and trading influence of ETFs on stocks respectively [2][10]. - ETFs show strong configuration and trading willingness in traditional industries such as banking, coal, and non - bank finance. Market preference may be shifting towards low - valuation, high - dividend sectors [2][3]. Summary by Relevant Catalogs I. ETF's Influence Mechanism on the Equity Market - The influence of ETFs on the equity market is divided into four scenarios according to the low/high of ETF持仓占比 and ETF成交占比: weak influence, stable ballast, high - active trader, and strong influence [2]. II. Industry Perspective - ETFs are actively traded and have a high持仓占比 in traditional industries like banking, coal, and non - bank finance. In August, the banking sector had a 20.55%成交占比 and 10.48%持仓占比; the coal sector had a 16.81%成交占比 and 11.11%持仓占比; the non - bank finance sector had an 11.60%成交占比 and 11.76%持仓占比 [2]. - From July to August, the trading activity and持仓占比 of ETFs in cyclical industries such as coal, banking, and petroleum and petrochemicals increased significantly, while those in technology - growth sectors like electronics and computers decreased, possibly due to market style switching [3]. III. Individual Stock Perspective - Among the top 30 stocks in terms of ETF持仓, ETFs have a high degree of pricing power as the ETF持仓占 their free - float market value exceeds 10%, and stock price fluctuations are highly correlated with ETF redemptions and position adjustments [11]. - The stocks with high ETF持仓 are concentrated in industries, mainly in the semiconductor industry chain, followed by the pharmaceutical and biological industry, and also include some new energy, artificial intelligence, and software stocks [12]. - The market capitalization of stocks heavily held by ETFs varies widely, covering large - cap giants and medium - sized growth companies. These stocks are mostly leading companies in niche industries and are favored by ETFs, especially those from the Science and Technology Innovation Board [13].

Group 1: Semiconductor Sector Performance - The semiconductor sector has shown strong performance, with a 1.91% increase on September 1 and over 20% growth in the past month [1] - The sector is experiencing an acceleration in mergers and acquisitions, exemplified by Chipone Microelectronics' announcement to acquire Chiplet Technology [1][2] Group 2: Chipone Microelectronics and Chiplet Technology - Chipone Microelectronics plans to acquire all or a controlling stake in Chiplet Technology, in which it currently holds a 2.99% stake [1] - Chiplet Technology, established in 2018, is one of the earliest RISC-V CPU IP suppliers in China, with over 300 authorized clients across various sectors [1][2] Group 3: Strategic Importance of the Acquisition - This acquisition will complete a crucial piece in Chipone's CPU IP portfolio, enhancing its competitive strength [2] - Chipone is recognized as a leading provider of semiconductor IP and chip customization services, ranking sixth globally in IP licensing revenue in 2024 [2] Group 4: RISC-V Ecosystem Development - Chipone has been actively developing the RISC-V market and aims to build a robust RISC-V ecosystem in China through collaboration with Chiplet Technology [2][3] - The establishment of the China RISC-V Industry Alliance and the Shanghai Open Processor Industry Innovation Center highlights the commitment to advancing RISC-V technology [3] Group 5: Future Prospects and Market Trends - RISC-V is becoming a foundational architecture for AI chips, with Chiplet Technology's focus on AI applications expected to drive growth in AIoT and automotive electronics [4] - The acquisition is still in the planning stage, with the valuation of Chiplet Technology yet to be finalized, and trading of Chipone's stock has been temporarily suspended [4]

（文章来源：第一财经） Wind数据显示，9月1日，镇洋发展、芯原股份、申科股份等13只个股停牌。 | 股票简称 | 停牌类型 | 停牌原因 | | --- | --- | --- | | 镇洋发展 | 停牌一天 | 拟筹划重大资产重组 | | 芯原股份 | 停牌- 一天 | 拟筹划重大资产重组 | | 申科股份 | 停牌- 一天 | 重大事项 | | 晶升股份 | 停牌一天 | 重要公告 | | 旷达科技 | 今起停摆 | 重大事项 | | 中本国际 | 今起停牌 | 拟筹划重大资产重组 | | 中环海陆 | 停牌一天 | 車大事项 | | 中国重工 | 停牌- 天 | 重要公告 | | 东芯股份 | 停牌一天 | 重要事项未公告 | | 东珠生态 | 停牌一天 | 拟筹划重大资产重组 | | *ST紫天 | 停牌- 天 | 重大事项 | | *ST广道 | 停牌- 一天 | 股票交易异常波动 | | *ST天茂 | 停牌一天 | 重大事项 | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock is expected to outperform the benchmark index by more than 15% [11]. Core Insights - The company's revenue for the first half of 2025 reached 974 million yuan, a year-on-year increase of 4.49%, while the net profit attributable to shareholders was a loss of 320 million yuan. In Q2 2025, revenue was approximately 584 million yuan, a quarter-on-quarter increase of 49.90%, with the net loss narrowing by 54.8% compared to Q1 [1][3]. - The significant growth in Q2 performance was driven by increases in intellectual property licensing fees and mass production business revenue, with licensing fees reaching 187 million yuan, up 16.97% year-on-year and 99.63% quarter-on-quarter, and mass production revenue at 261 million yuan, up 11.65% year-on-year and 79.01% quarter-on-quarter [3]. - The demand for AI ASICs is strong, with new and existing orders reaching a historical high. In Q2 2025, the company signed new orders worth 1.182 billion yuan, a nearly 150% increase quarter-on-quarter, and the total order backlog reached 3.025 billion yuan, up 23.17% quarter-on-quarter [3]. - The company has been investing in Chiplet technology and its applications in AIGC and smart driving for five years, establishing a core barrier through high R&D investment. In Q2, the proportion of R&D expenses decreased by 25.76 percentage points [3]. - Future revenue projections are optimistic, with expected revenues of 2.996 billion yuan, 4.621 billion yuan, and 6.077 billion yuan for 2025E, 2026E, and 2027E respectively, reflecting year-on-year growth rates of 29.0%, 54.2%, and 31.5% [3][5]. Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 974 million yuan, with a net loss of 320 million yuan. Q2 revenue was 584 million yuan, with a significant quarter-on-quarter growth of 49.90% and a reduced net loss of 99 million yuan [1][3]. - The company anticipates revenues of 2.996 billion yuan in 2025E, 4.621 billion yuan in 2026E, and 6.077 billion yuan in 2027E, with corresponding net profits projected to improve significantly over the years [5]. Business Segments - The growth in Q2 was primarily driven by intellectual property licensing and mass production, with licensing fees at 187 million yuan and mass production revenue at 261 million yuan [3]. - The company has a strong order backlog, with 3.025 billion yuan in orders, of which nearly 90% is from ASIC business, providing a solid foundation for future revenue [3]. R&D and Future Outlook - The company is focusing on Chiplet technology and its applications in smart driving, with a strategic shift towards "IP as a Chiplet" [3]. - The expected growth in AI ASIC demand from major internet companies and automotive manufacturers positions the company favorably for future performance [3].

Core Viewpoint - The company, Xinyuan Microelectronics, is planning to acquire all or a controlling stake in Xinlai Zhihong Semiconductor Technology through a combination of share issuance and cash payment, along with raising supporting funds [1][3]. Group 1: Acquisition Details - The stock of Xinyuan Microelectronics will be suspended from trading starting August 29, with an expected suspension period of no more than 10 trading days [3]. - As of the announcement date, the valuation of Xinlai Zhihong has not been finalized, and it is unclear whether the transaction constitutes a major asset restructuring or a related party transaction [3]. - Xinlai Zhihong, established on September 20, 2018, focuses on RISC-V CPU IP and has developed multiple CPU IP product lines [3][4]. Group 2: Company Background - Xinyuan Microelectronics specializes in providing platform-based, comprehensive, and one-stop chip customization services and semiconductor IP licensing services [3]. - Prior to this transaction, Xinyuan Microelectronics held a 2.99% stake in Xinlai Zhihong, having initially acquired 6% in June 2019 for 3 million yuan [4]. Group 3: Financial Performance - Despite a significant increase in stock price during the year, Xinyuan Microelectronics has reported declining financial performance, with revenues of 2.679 billion yuan, 2.338 billion yuan, and 2.322 billion yuan from 2022 to 2024, and net profits of 74 million yuan, -296 million yuan, and -601 million yuan respectively [6]. - In the first half of 2025, the company achieved total revenue of 974 million yuan, a year-on-year increase of 4.49%, but reported a net loss of 320 million yuan, compared to a loss of 285 million yuan in the same period last year [7].

Core Viewpoint - Recent developments at Chipone Microelectronics (688521.SH) include a significant share transfer at a discounted price and plans to acquire a CPU IP company, indicating strategic moves to enhance its market position and financial stability [1][2]. Group 1: Share Transfer and Market Reaction - Chipone announced a 5% share transfer at a price of 105.21 CNY per share, approximately 66.63% of the closing price on the same day [1]. - The stock experienced a notable price fluctuation, with a 9.33% drop following the announcement of the share transfer, reflecting market concerns over the discounted sale [6]. - The transfer was conducted in compliance with regulatory requirements, aimed at facilitating an orderly exit for original shareholders while minimizing market impact [6][5]. Group 2: Business Performance and Growth - In the second quarter, Chipone's ASIC design business saw new orders exceeding 7 billion CNY, with a sequential growth of over 700% and a year-on-year increase of over 350% [3]. - The company reported a revenue of 9.74 billion CNY for the first half of 2025, a 4.5% increase year-on-year, although net losses widened to 3.2 billion CNY [4]. - The IP licensing revenue for the first half of 2025 was 2.81 billion CNY, marking an 8.2% increase year-on-year, indicating a strong growth trajectory in its IP business [4]. Group 3: Strategic Partnerships and Technology Development - There are rumors of a collaboration between ByteDance and Chipone for designing an advanced AI computing chip, although these claims have been denied by ByteDance [3]. - Chipone is recognized as a leader in the ASIC sector and is also advancing in RISC-V architecture, which is gaining traction in various high-performance applications [7][8]. - The company is actively involved in the development of RISC-V CPU IP, with a significant number of clients utilizing its products across multiple sectors, including AI and automotive electronics [8].

证券代码：688521 证券简称：芯原股份 公告编号：2025-052 芯原微电子（上海）股份有限公司 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、准确性和完整性承担法律责任。 重要内容提示： ? 证券停复牌情况：适用 因筹划发行股份及支付现金购买资产事项,本公司的相关证券停复牌情况如下： 停牌 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | | | | | 期间 | | | 一、停牌事由和工作安排 芯原微电子（上海）股份有限公司（以下简称"公司"）正在筹划以发行股份 及支付现金的方式购买芯来智融半导体科技（上海）有限公司（以下简称"芯来 智融"或"标的公司"）股权并募集配套资金（以下简称"本次交易"）。 本次交易尚处于筹划阶段，截至本公告披露日，芯来智融的估值尚未最终确 定。根据《上市公司重大资产重组管理办法》 统一社会信用代码 91310115MA1K473231 法定代表人 胡振波 公司类型 有限责任公司（外商投资企业与内资合资 ...