| 来源：wind | | --- | 上证报中国证券网讯 8月26日早盘，半导体板块震荡下挫，截至9时41分，芯原股份跌逾8%，盛科通信 跌超6%，翱捷科技、寒武纪、成都华微、海光信息等多股跌超3%。 来源：上海证券报·中国证券网 ...

Core Viewpoint - The stock prices of several companies in the semiconductor industry have experienced significant declines, indicating potential market volatility and investor concerns [1] Group 1: Company Performance - 盛科通信 (Sengke Communication) saw a drop of over 7% in its stock price [1] - 寒武纪 (Cambricon) and 芯原股份 (Chipone) both experienced declines exceeding 5% [1] - 国民技术 (National Technology), 海光信息 (Haiguang Information), and 东芯股份 (East Chip) opened lower, reflecting a broader trend in the sector [1]

Core Viewpoint - The company, Chip Origin Co., has announced a preliminary transfer price of 105.21 CNY per share for its stock, which represents a discount of approximately 33.4% compared to the current closing price of 157.9 CNY per share. This transfer is driven by the company's funding needs and has attracted 37 institutional investors who have fully subscribed to the shares being offered [1][2]. Company Financials - In the first half of the year, Chip Origin Co. reported a revenue of 974 million CNY, reflecting a year-on-year growth of 4.49%. However, the company incurred a loss of 320 million CNY. In the second quarter alone, revenue reached 584 million CNY, marking a quarter-on-quarter increase of 49.90%, with losses narrowing compared to the first quarter, primarily due to growth in intellectual property licensing and mass production revenue [4]. - The company's order backlog has remained high for seven consecutive quarters, amounting to 3.025 billion CNY as of the end of the second quarter, which is an increase of 569 million CNY from the previous quarter, representing a quarter-on-quarter growth of 23.17% [4][6]. Order Structure and Profitability - Of the 3.025 billion CNY in backlog orders, nearly 90% is attributed to one-stop chip customization services, with approximately 81% expected to be gradually converted within a year. The gross margin for this segment is around 18.17% [6]. - Analysts have noted that the current high demand for AI ASICs may put pressure on the gross margins of customized services, as competition intensifies with new entrants in the market [6]. Market Outlook - The ASIC chip market is projected to reach 19% of the AI chip market size by 2028, with ASIC prices being significantly lower than GPUs, approximately one-fifth of GPU prices. Major companies like Meta and Microsoft are expected to increase their deployment of self-developed ASIC solutions, potentially leading to a surge in total shipments surpassing Nvidia by 2026 [7]. - Investment firms suggest that domestic large model manufacturers and internet companies are likely to continue increasing their procurement and application of domestic chips, benefiting suppliers and related industry chains, particularly in the GPU/ASIC/switch chip and foundry sectors [7].

Market Overview - The A-share market opened with the Shanghai Composite Index down by 0.31%, the Shenzhen Component Index down by 0.34%, and the ChiNext Index down by 0.57% [1] Sector Performance - The satellite navigation sector was active at the beginning of the trading session, with Kaipu Cloud achieving a consecutive two-day increase and Shaanxi Huada hitting the daily limit up by 20% due to news that relevant authorities will soon issue satellite internet licenses [1] - Power stocks experienced a general rise, with Hunan Development (000722) increasing over 5% and Changyuan Power (000966) rising over 4% [1] - The semiconductor sector faced adjustments, with Shengke Communication dropping nearly 8%, and both Cambricon and Chipone falling over 5% [1] - Liquor stocks generally opened lower, with Jiu Gui Jiu (000799) and Gujing Gongjiu (000596) both declining over 2% [1]

Core Viewpoint - The article discusses the recent pricing and business performance of Chip Origin Technology Co., Ltd. (芯原股份), highlighting its revenue structure and market positioning in the semiconductor IP industry. Group 1: Shareholder Transfer and Pricing - Chip Origin plans to transfer 5% of its total shares at a price of 105.21 yuan per share, following inquiries from institutional investors [1] - The company's market capitalization is reported at 83.01 billion yuan, with a closing stock price of 157.90 yuan as of August 25 [1] Group 2: Revenue Structure - The revenue from knowledge property licensing fees for the first half of 2025 reached 281 million yuan, marking an 8.20% year-on-year increase, while the franchise fee was 50.74 million yuan, showing a slight decline of 0.03% [1] - In the first half of 2025, knowledge property licensing fees accounted for 84.64% of the IP business, while franchise fees made up 15.36% [2] Group 3: Business Model Comparison - Chip Origin's revenue model is primarily based on one-time licensing fees, contrasting with the industry trend where semiconductor IP firms typically rely more on royalty income [1][6] - For comparison, Arm's royalty income constituted 65%, 58%, and 63% of its total revenue in 2021, 2022, and 2023, respectively [3] Group 4: Market Position and Growth - Chip Origin is recognized as a leader in AI ASIC chip design, with significant growth attributed to its ASIC chip offerings [7][8] - The company has developed a comprehensive platform for AI applications, serving major international clients and shipping nearly 200 million AI chips globally [8] Group 5: Profitability Concerns - The gross margin for Chip Origin's one-stop custom chip service is reported at 18.17%, significantly lower than competitors like Broadcom and Marvell, which have margins around 60% [8] - The company acknowledges the need for continuous technological upgrades and innovation to maintain competitiveness in the market [8]

Core Viewpoint - The Sci-Tech Chip ETF (588200) opened with a decline of 2.32%, indicating a bearish trend in the semiconductor sector [1] Group 1: ETF Performance - The Sci-Tech Chip ETF (588200) opened at 2.060 yuan, reflecting a drop of 2.32% [1] - Since its establishment on September 30, 2022, the fund has achieved a return of 110.41% [1] - The fund's performance over the past month has been a return of 29.88% [1] Group 2: Major Holdings - Key holdings in the ETF include: - SMIC (中芯国际) down 2.10% - Haiguang Information (海光信息) down 3.29% - Cambricon (寒武纪) down 5.41% - Lattice Technology (澜起科技) down 0.96% - Zhongwei Company (中微公司) down 0.93% - Chipone (芯原股份) down 5.01% - Hu Silicon Industry (沪硅产业) down 0.29% - Hengxuan Technology (恒玄科技) down 0.58% - SiTewave (思特威) down 0.49% - Huahai Qingke (华海清科) down 0.47% [1]

Group 1: Market Performance - The Shanghai Composite Index rose by 1.51% to close at 3883.56 points, while the Shenzhen Component Index increased by 2.26% to 12441.07 points, and the ChiNext Index climbed by 3.00% to 2762.99 points [1] - The total trading volume of the Shanghai and Shenzhen stock markets exceeded 3 trillion yuan, marking a new high for the year and surpassing the previous record of 2.94 trillion yuan set on October 9, 2024 [3] Group 2: Company News - Huawei is set to launch a new AI SSD on August 27, targeting the AI storage market, aiming to overcome the capacity limitations of traditional HBM through technological innovation [1] - Chipone Technology (688521.SH) announced that the initial inquiry transfer price is set at 105.21 yuan per share, with 37 institutional investors participating in the bidding, resulting in full subscription of the shares to be transferred, totaling 26.2857 million shares [1] - Chipone Technology's chairman stated that the company's orders have significantly increased due to demand from AI cloud and edge applications, which will continue to drive revenue growth [2] Group 3: Financial Performance - Tuojing Technology reported a revenue of 1.954 billion yuan for the first half of 2025, a year-on-year increase of 54.25%, while the net profit attributable to shareholders decreased by 26.96% to 94 million yuan [2] - The company noted that its product competitiveness has improved, with advanced process verification equipment successfully passing customer certification and entering mass production [2] Group 4: Industry Insights - The semiconductor materials ETF (562590) and its associated funds focus on semiconductor equipment and materials, which are crucial for domestic substitution, benefiting from the expansion of semiconductor demand driven by the AI revolution [4] - The Deepseek V3.1 version was released, featuring high efficiency and a large dynamic range, which is expected to support the next generation of domestic chip designs amid increasing domestic infrastructure demand for computing power [3]

Group 1 - The semiconductor sector opened mostly lower, indicating a negative market sentiment [1] - Shengke Communication experienced a decline of over 7% [1] - Companies such as Cambricon, Chipone, Guomian Technology, Haiguang Information, and Dongxin Technology all opened lower, with declines exceeding 5% [1]

Group 1: Zhaoyi Innovation - Zhaoyi Innovation reported good growth across all business lines in Q2 2024, with NOR Flash growing in the high single digits, niche DRAM growing over 50%, and MCU close to 20% [1] - The company expects significant revenue growth in niche DRAM in the second half of the year, with contract prices continuing to rise [1] - The demand for NOR Flash is increasing due to a rise in electronic product code volume, while supply remains tight due to wafer manufacturing capacity constraints [1] Group 2: Teabo Bio - Teabo Bio is focusing on functional cure for hepatitis B through a combination of different mechanism drugs with interferons and nucleoside analogs [2] - The company aims to provide comprehensive management of hepatitis B through a wide-reaching clinical cure network [2] - Collaboration with Ligos is underway to explore reinfection control after clearing infected cells [2] Group 3: Ruijie Networks - Ruijie Networks saw significant revenue growth in data center products, primarily driven by internet clients, with over 90% of revenue coming from this sector [3] - The company anticipates continued strong demand for cloud computing infrastructure in the second half of the year [3] - The gross margin for data center products is relatively low (15%-20%), while margins in enterprise and SMB markets have improved [3] Group 4: Trina Solar - Trina Solar is focusing on maintaining fair competition in the photovoltaic industry and promoting healthy development [4] - The company aims for over 8GWh in the storage segment for the year, with an increasing proportion of overseas orders [4] - The demand in the U.S. market is accelerating, leading to increased component prices and optimized supply chains [4] Group 5: Liangxin Co. - Liangxin Co. has segmented its data center business into three main areas: internet enterprises, operators, and individual projects, with a focus on HVDC and UPS [5] - The company is expected to continue its efforts in digital energy and infrastructure despite a potential slowdown in the renewable energy sector [5] - The gross margin for overseas business has slightly decreased compared to the previous year [5] Group 6: Baillie Tianheng - Baillie Tianheng is advancing three key overseas clinical trials for treating triple-negative breast cancer, EGFR-mutant non-small cell lung cancer, and urothelial carcinoma [6] - The company has submitted its first nuclear medicine candidate drug for domestic IND application [6] - R&D expenses reached 1.038 billion yuan by mid-year, with expectations for future clinical research costs to increase [6] Group 7: Jingfeng Mingyuan - Jingfeng Mingyuan has achieved an increase in overall gross margin through cost reduction and efficiency improvements [7] - The company is expanding its market presence in smart LED lighting products despite a decline in sales and prices in traditional LED lighting [7] - The high-performance computing power supply chip business has seen rapid growth, with products entering large-scale sales [7] Group 8: Chipone - Chipone is providing various customized hardware and software solutions in the AI field, serving multiple international giants [8] - The company has a high percentage of R&D personnel, with 89.31% of staff engaged in research and development [8] - Chipone is advancing Chiplet technology and has achieved success in designing high-performance automotive chips [8] Group 9: Xiasha Precision - Xiasha Precision reported a 30.77% increase in revenue for the first half of 2025, but a 41.87% decline in net profit due to price competition and rising costs [9] - The company plans to expand its product line in joint modules and increase R&D investment [9] - A new factory in Vietnam is under trial production, with plans to expand into overseas markets [9] Group 10: Lepu Medical - Lepu Medical's subsidiary focuses on elderly care services and has developed a facial filler product that has received regulatory approval [10] - The company is advancing AI products that monitor vital signs through various hardware applications [10] - Lepu Medical has a significant asset management scale, ranking 14th among 210 in public fund management [10]

Group 1: Zhaoyi Innovation - Zhaoyi Innovation reported strong growth across various business lines in Q2 2024, with NOR Flash experiencing high single-digit growth, niche DRAM growing over 50%, and MCU close to 20% [1] - The company anticipates a sequential growth in Q3, with overall demand expected to rise, particularly for niche DRAM, which is facing supply tightness [1] - The gross margin is expected to remain stable, with a slight increase in DRAM margins and moderate price increases for Flash products [1] Group 2: Teabo Bio - Teabo Bio is focusing on functional cure strategies for hepatitis B, emphasizing the combination of different mechanism drugs with interferons and nucleos(t)ide analogs [2] - The company aims to expand its clinical management network for chronic hepatitis B and is exploring new solutions through partnerships and acquisitions [2] - New technologies like siRNA are entering clinical application stages, with a focus on optimizing combination therapy strategies [2] Group 3: Ruijie Networks - Ruijie Networks saw significant revenue growth in data center products, primarily driven by internet clients, with over 90% of revenue coming from this sector [3] - The company expects continued strong demand for cloud computing infrastructure, with a projected growth rate exceeding 50% for data center products [3] - The gross margin for data center products is relatively low (15%-20%), but margins in enterprise and SMB markets are improving [3] Group 4: Chipone Technology - Chipone Technology provides various customized hardware and software solutions in the AI sector, serving multiple international clients [4] - The company has a high percentage of R&D personnel (89.31%) and is focused on enhancing its chip customization capabilities to increase revenue from high-value projects [4] - Chipone is advancing its Chiplet technology and has successfully designed high-performance automotive chips [4]