中证报中证网讯(王珞)12月12日晚间，芯原股份披露了两项并购的新进展，公司拟联合共同投资人对特 殊目的公司天遂芯愿进行投资，并以天遂芯愿为收购主体收购逐点半导体的控制权；同时，终止发行股 份及支付现金购买芯来智融97.0070%股权并募集配套资金事宜。 联合重量级投资人超9亿元增资芯原获得控制权 12月12日晚间，芯原股份披露了《关于联合投资人共同对外投资暨收购逐点半导体的进展公告》。公告 显示，2025年12月12日，公司与天遂芯愿、华芯鼎新(北京)股权投资基金(有限合伙)、上海国投先导集 成电路私募投资基金合伙企业(有限合伙)、北京屹唐元创股权投资基金合伙企业(有限合伙)、北京芯创 智造二期创业投资基金(有限合伙)和上海涵泽创业投资合伙企业(有限合伙)签署《关于天遂芯愿科技(上 海)有限公司之增资协议》和《关于天遂芯愿科技(上海)有限公司之股东协议》。天遂芯愿拟新增注册资 本9.4亿元，其中公司拟以现金3.5亿元认缴天遂芯愿3.5亿元新增注册资本。本次投资完成后，天遂芯愿 的注册资本将变更为9.5亿元，公司将持有天遂芯愿40%股权、成为天遂芯愿单一第一大股东，并将根 据相关交易协议控制天遂芯愿的多数董事 ...

估值定价成并购"拦路虎" 并购潮起潮落。临近2025年末，A股市场掀起一波引人关注的并购重组"终止潮"。自11月13日至12月13 日，已有至少20家上市公司密集公告终止或停止实施重大资产重组计划，其中不乏芯片、医药、化工、 信息技术等热门行业的代表企业。 尤其引人注目的是，多家半导体领域上市公司在近期接连"刹车"——12月12日晚，芯原股份 （688521.SH）宣布终止收购芯来智融97.0070%股权，原因是"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"。紧随其后，海光信息 （688041.SH）与中科曙光（603019.SH）于12月10日同步公告终止吸收合并计划，称"交易相关事项无 法在预计时间内达成一致"。思瑞浦（688536.SH）、帝奥微（688381.SH）等半导体企业也在近期相继 宣告终止并购重组。 密集的终止公告不仅反映出当前并购市场面临的共同挑战，也折射出在宏观环境变化、市场估值定价与 产业整合深化的多重背景下，交易双方在估值、条款、整合预期等方面正经历艰难博弈。 半导体成并购终止"重灾区" 第一财经记者根据Wind数据及相关公司公 ...

Core Viewpoint - Chipone Technology announced a strategic capital increase for TianSui Semiconductor, acquiring control of ZhuDian Semiconductor, which is expected to enhance its position in the semiconductor industry and improve its AI ASIC market competitiveness [1][6]. Group 1: Capital Increase and Shareholding Structure - On December 12, Chipone Technology signed a capital increase agreement with TianSui Semiconductor and five investment partners, with TianSui planning to increase its registered capital by 940 million yuan [1]. - Chipone will contribute 350 million yuan in cash and an additional 20 million yuan through its existing 2.11% stake in ZhuDian Semiconductor, resulting in a significant ownership stake [1]. - After the capital increase, TianSui's registered capital will rise from 10 million yuan to 950 million yuan, with Chipone becoming the largest shareholder with a 40% stake [5]. Group 2: Investment Partners - The investment partners include prominent entities such as Huaxin Dingxin, Guotou Xiandao, Yitang Yuanchuang, and Hanzhe Chuangtou, contributing a total of 550 million yuan to support the acquisition [4]. - Huaxin Dingxin invested 300 million yuan, while Guotou Xiandao contributed 150 million yuan, showcasing a strong backing from established investment firms [4]. Group 3: Strategic Implications - ZhuDian Semiconductor, established in 2004, is a leading provider of video and display processing chip solutions, holding over 160 patents and dominating the 3LCD projector control chip market with over 80% share [5]. - The acquisition allows Chipone to offer a comprehensive solution from image preprocessing to postprocessing for mobile clients, enhancing its capabilities in emerging fields like AI smartphones and cloud gaming [5]. - The market analysis suggests that this strategic acquisition aligns with the trend of domestic semiconductor replacement and policy support, potentially setting a new benchmark for industry consolidation [6].

彼时，芯原股份表示，此次交易将完善公司核心处理器IP+CPUIP的全栈式异构计算版图，同时也将强化公司AI ASIC的设计灵活度和创新能力，提升公司 关键业务的市场竞争力。 又一重大资产重组突然宣告终止。 12月12日晚，A股"芯片大牛股"芯原股份公告称，终止收购芯来智融半导体科技(上海)有限公司(以下简称"芯来智融")97.0070%股权并募集配套资金事项。 回顾此前，本次交易自2025年8月28日签署《股权收购意向协议》起推进，芯原股份曾于8月29日起停牌，后于9月12日复牌。 关于终止交易的原因，芯原股份表示，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。 根据相关规定，芯原股份承诺于终止公告披露之日起至少一个月内不再筹划重大资产重组，并将于2025年12月18日(星期四)15:00—16:00召开终止本次重 大资产重组事项的投资者说明会。 宣布终止此次交易的同时，芯原股份公告，公司拟联合共同投资人对特殊目的公司天遂芯愿科技(上海)有限公司(以下简称"天遂芯愿")进行投资，并以天 遂芯愿为收购主体，收购逐点半导体(上海)股份有限 ...

Core Viewpoint - The article discusses the termination of a significant asset restructuring by Chip Original Co., Ltd. (芯原股份), which was set to acquire a 97.0070% stake in Chip Coming Technology (芯来智融) due to discrepancies between the core demands of the target company's management and the market environment, policy requirements, and the interests of the company and its shareholders [1][3][4]. Group 1: Transaction Details - The acquisition was initiated on August 28, 2025, with a suspension of trading on August 29, 2025, and a resumption on September 12, 2025 [3]. - The purpose of the acquisition was to enhance the company's core processor IP and CPU IP capabilities, as well as to strengthen its AI ASIC design flexibility and innovation [3][4]. - Following the termination, Chip Original announced plans to invest in Tian Sui Xin Yuan Technology (天遂芯愿) to acquire control of Zhi Dian Semiconductor (逐点半导体) [4]. Group 2: Company Performance - In the first three quarters of 2025, Chip Original reported revenue of 2.255 billion yuan, a year-on-year increase of 36.64%, while the net profit attributable to shareholders was a loss of 347 million yuan, a reduction of 49.15 million yuan compared to the previous year [5]. - The company secured new orders worth 1.593 billion yuan in Q3 2025, a significant year-on-year increase of 145.80%, with approximately 65% of these orders related to AI computing [5]. - Chip Original's semiconductor IP licensing business is projected to hold the largest market share in China and the eighth largest globally in 2024, with licensing revenue ranking sixth worldwide [5]. Group 3: Market Context - In the past month, 21 A-share listed companies have announced the termination of merger and acquisition restructuring, indicating a broader trend in the market [7][8]. - The article lists several companies that have recently terminated their restructuring plans, highlighting the challenges faced in reaching agreements on key terms and the impact of changing market conditions [8].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The termination of the acquisition of Chipwise does not affect the company's core position in the RISC-V ecosystem. The company will continue to deepen cooperation with Chipwise and strengthen its strategic layout in the RISC-V field [8] - The acquisition of Zhudian Semiconductor is progressing with support from multiple heavyweight investors, which will enhance the company's control and service capabilities in the AI ASIC market [8] - The AI ASIC market is experiencing significant growth, and the company is well-positioned to capitalize on this expanding market through its strategic initiatives [8] - The company is expected to achieve substantial revenue growth in the coming years, with projected revenues of 3.813 billion in 2025, 5.288 billion in 2026, and 7.025 billion in 2027 [8] Financial Projections - The company is projected to have total revenue of 2.322 billion in 2024, with a year-on-year growth rate of 64.22% in 2025 [9] - The net profit attributable to the parent company is expected to improve from a loss of 600.88 million in 2024 to a profit of 262.12 million in 2026 and 553.35 million in 2027 [9] - The earnings per share (EPS) is forecasted to be -1.14 in 2024, improving to 0.50 in 2026 and 1.05 in 2027 [9]

值得注意的是，12月12日，芯原股份还公告称，公司拟联合共同投资人对特殊目的公司天遂芯愿科技 (上海)有限公司(简称天遂芯愿)进行投资，并以天遂芯愿为收购主体，收购逐点半导体(上海)股份有限公 司(简称逐点半导体)的控制权。 天遂芯愿拟新增注册资本94000万元，其中芯原股份拟以其在本次收购后所持逐点半导体2.11%股份认 缴天遂芯愿2000万元新增注册资本、以现金35000万元认缴天遂芯愿35000万元新增注册资本。本次投资 完成后，天遂芯愿的注册资本将变更为95000万元，芯原股份将持有天遂芯愿40%股权、成为天遂芯愿 单一第一大股东，并将根据相关交易协议控制天遂芯愿的多数董事席位并享有对天遂芯愿的控制权。 时隔3个多月，芯原股份(688521.SH)收购芯来智融半导体科技(上海)有限公司(简称芯来智融)交易宣布 终止。同日，该公司宣布拟收购另一家半导体公司。 12月12日晚间，芯原股份发布公告称，近日收到芯来智融管理层及交易对方关于终止发行股份及支付现 金购买芯来智融97.0070%股权并募集配套资金的通知。 芯原股份称，经公司充分审慎研究，同意终止本次交易。谈及此次交易终止原因，芯原股份表示，在推 进 ...

· 股权结构：增资完成后，天遂芯愿注册资本增至9.5亿元，芯原股份持股40%，华芯鼎新持股31.58%， 国投先导持股15.79%，屹唐元创、芯创智造各持股5.26%，涵泽创投持股2.11%。 据介绍，天遂芯愿成立于2025年10月，为芯原股份全资设立的特殊目的公司，注册地址位于上海临港新 片区，主营业务包括技术服务、企业管理、信息技术咨询等，目前暂无实际经营数据；逐点半导体为本 次收购核心标的，其100%股份参考估值为9.5亿元。 12月12日，芯原股份发布对外投资进展公告，公司与特殊目的公司天遂芯愿科技(上海)有限公司（以下 简称"天遂芯愿"）及5家共同投资方签署《增资协议》及《股东协议》，计划联合增资9.4亿元用于收购 逐点半导体(上海)股份有限公司（以下简称"逐点半导体"）控制权。本次交易完成后，芯原股份将成为 天遂芯愿单一第一大股东并享有控制权。 芯原股份现金出资3.5亿元中，约20%为自有资金，80%为自筹资金（包括并购贷款等），不涉及募集资 金；共同投资方均以现金方式出资。增资款将专项用于支付逐点半导体收购对价。 芯原股份表示，本次交易旨在优化公司产业布局，提升综合竞争力，推动业务持续发展。投资 ...

公司提到，在推进各项工作过程中，芯来智融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。为切 实维护公司及全体股东利益，经充分审慎研究，公司同意终止本次重大资产重组交易。 在重大资产重组终止的同时，芯原股份最新公告，公司拟联合共同投资人对特殊目的公司天遂芯愿科技(上海)有限公司进行投资，并以天遂芯愿为收购主 体，收购逐点半导体(上海)股份有限公司的控制权。 投资完成后，天遂芯愿的注册资本将变更为9.5亿元，芯原股份将持有天遂芯愿40%股权、成为天遂芯愿单一第一大股东，并将根据相关交易协议控制天 遂芯愿的多数董事席位并享有对天遂芯愿的控制权。 今年以来，芯原股份股价累计上涨超180%，最新市值达784亿元。然而，三季报显示，2025年前三季度，公司实现收入22.55亿元，亏损高达3.47亿元。 12月12日晚间，芯原股份(688521)发布公告，公司收到芯来智融半导体科技(上海)有限公司通知，经公司充分审慎研究，同意终止发行股份及支付现金购 买芯来智融97.007%股权。 今年8月，芯原股份公告，拟通过发行股份及支付现金的方式购买芯来共创、胡振波、芯来合创等31名交易对 ...

Core Viewpoint - The article discusses the termination of a major asset restructuring by Chip Origin Co., Ltd. (芯原股份), which was set to acquire a 97.0070% stake in Chip Lai Zhirong Semiconductor Technology (芯来智融) due to misalignment of key demands and market conditions [4][6][8]. Group 1: Termination of Asset Restructuring - Chip Origin announced the termination of the acquisition of Chip Lai Zhirong, citing discrepancies between the management's core demands and the interests of the company and its shareholders [4][6]. - The company emphasized that this termination will not adversely affect its normal business operations or harm the interests of shareholders, particularly minority shareholders [8][9]. - Following the termination, Chip Origin committed to not planning any major asset restructuring for at least one month and will hold an investor briefing on December 18, 2025 [8]. Group 2: Company Performance and Market Position - Chip Origin has seen a remarkable stock performance, with a year-to-date increase of over 184%, bringing its market capitalization to approximately 783.7 billion yuan [4][9]. - The company specializes in providing comprehensive chip customization services and semiconductor IP licensing, with a strong focus on RISC-V architecture [11]. - In the first three quarters of 2025, Chip Origin reported revenues of 2.255 billion yuan, a year-on-year increase of 36.64%, and a significant growth in new orders, particularly in AI computing [12].