Summary of the Conference Call for XinYuan Co., Ltd. Company Overview - **Company**: XinYuan Co., Ltd. - **Industry**: Semiconductor and AI technology - **Date of Call**: April 29, 2025 Key Points Financial Performance - In Q1 2025, XinYuan's revenue reached 390 million RMB, showing significant year-on-year growth [2][3] - The company had a record high order backlog of 2.456 billion RMB, maintaining over 2 billion RMB in orders for four consecutive quarters, indicating strong growth momentum [2][3] Strategic Initiatives - XinYuan is advancing a capital increase plan to enhance its capital and R&D resources, focusing on two strategic areas: cloud-side generative AI and high-end smart driving [2][4] - The company has established a strong presence in deep AI, with 82 clients and over 1 billion chips shipped across 10 fields [2][5] Technological Achievements - In the smart automotive sector, XinYuan's GPUs have been applied in dashboards of over 10 million vehicles globally, including many international brands [2][6] - The company has developed power-efficient AI glasses for international manufacturers and has over 20 smartwatches utilizing its IP [2][7] - AI technology is now applied in 40% of chip designs, with XinYuan producing 30-50 chips annually, significantly exceeding industry averages [2][28] Talent Strategy - XinYuan operates a light asset model with a workforce of over 2,000, where 90% are R&D personnel, and 89% hold master's degrees or higher [2][9] - The company has a low employee turnover rate of 2.8%, significantly below the industry average of 16.5%, and has been recognized as a top employer for four consecutive years [2][11] Market Position and Competitiveness - XinYuan ranks eighth globally in IP business and second in variety, with over 1,600 analog and RF IPs and 445 customer applications [2][21][22] - The company has successfully navigated market challenges, achieving 25% growth in 2022 despite industry downturns [2][19] Future Outlook - The semiconductor industry is projected to reach a market size of $2 trillion within three to five years, with over 70% related to AI [2][39] - XinYuan anticipates a new bull market driven by computing power and hardware advancements, expected between 2026 and 2027 [2][55] Challenges and Responses - XinYuan has effectively managed supply chain complexities, ensuring stable supply despite geopolitical challenges [2][29] - The company is adapting to diverse regional market demands by developing tailored solutions, such as handheld gene testing devices for Southeast Asia [2][30] Innovations and Trends - The company is exploring Chiplet technology for modular chip design, enhancing production efficiency and reducing costs [2][44] - AR glasses are expected to see significant growth, with advancements in display technology and power efficiency [2][43][50] Conclusion - XinYuan Co., Ltd. demonstrates strong financial performance, strategic focus on AI and smart driving, and a robust talent strategy, positioning itself well for future growth in the semiconductor industry.

Core Insights - The company reported a revenue of 390 million yuan for Q1 2025, representing a year-on-year increase of 22.49%, but incurred a net loss of 220 million yuan [1] - The gross margin improved to 39.06% in Q1 2025 from 33.34% in Q4 2024, indicating better cost management or pricing power [1] - The company continues to invest heavily in R&D, with an expenditure of 1.247 billion yuan planned for 2024 and 300 million yuan spent in Q1 2025 [1] Revenue Breakdown - Revenue from downstream sectors such as system manufacturers, internet companies, cloud service providers, and automotive companies accounted for 37.3% of total revenue [3] - Consumer electronics revenue saw a significant year-on-year increase of 103.81%, making up 44.12% of total revenue [3] - Chip design business revenue reached 122 million yuan, up 40.75%, with 89.05% of this from 28nm and below process nodes [3] Business Segments and Growth Areas - The company is focusing on AIGC, data centers, intelligent driving systems, smart wearable devices, IoT, and Chiplet technologies [3] - In the AIGC sector, the company has 82 clients and 142 chip applications across various devices [3] - The automotive electronics segment has made strides in cockpit and autonomous driving technologies, with multiple IPs adopted by automotive chip companies [3] Investment Outlook - The company is positioned as a leading IP and custom chip service provider, expected to benefit from trends in cloud-side AI, edge AI, autonomous driving, and advanced packaging [4] - Revenue projections for 2025 to 2027 are 2.902 billion yuan, 3.512 billion yuan, and 4.32 billion yuan respectively, with net losses expected to decrease over the same period [4] - The target price is set at 104.3 yuan, based on an 18x PS for 2025, maintaining an "Accumulate-A" investment rating [4]

Core Insights - The company, Chip Origin, has announced the successful verification of its automotive-grade high-performance smart driving system-on-chip (SoC) design platform [1] - The platform has been successfully implemented in customer projects, indicating its practical application and effectiveness [1] - The design platform operates under a Silicon Platform as a Service (SiPaaS) business model, providing technical support for high-performance computing needs in autonomous driving and advanced driver-assistance systems (ADAS) [1]

Investment Rating - The report maintains an "Add-A" investment rating for the company, with a target price of 104.3 yuan based on an 18x price-to-sales (PS) ratio for 2025 [3][5]. Core Insights - The company reported a revenue of 390 million yuan in Q1 2025, representing a year-on-year increase of 22.49%. The net profit attributable to shareholders was -220 million yuan, with a gross margin of 39.06%, up from 33.34% in Q4 2024. The company continues to invest heavily in research and development, with R&D expenses of 1.247 billion yuan planned for 2024 and 300 million yuan in Q1 2025 [1][2]. - The company is expected to benefit from trends in AIGC (Artificial Intelligence Generated Content), autonomous driving, and Chiplet technologies. The revenue from the consumer electronics sector saw a significant increase of 103.81% year-on-year, accounting for 44.12% of total revenue. The chip design business generated 122 million yuan, up 40.75%, with 89.05% of revenue coming from 28nm and below process nodes [2][3]. Summary by Sections Financial Performance - For 2025, the company is projected to achieve revenues of 2.902 billion yuan, 3.512 billion yuan in 2026, and 4.320 billion yuan in 2027. The net profits are expected to be -385 million yuan in 2025, -189 million yuan in 2026, and a positive 92 million yuan in 2027 [3][10]. - The gross margin is forecasted to be 39.0% in 2025, 40.0% in 2026, and 41.0% in 2027, indicating a gradual improvement in profitability [11]. Market Position and Strategy - The company is positioned as a leading provider of IP and customized chip services, with a first-mover advantage in cloud-side AI, edge-side AI, autonomous driving, and advanced packaging sectors. It has established a strong presence in various fields, including AIGC, data centers, automotive electronics, smart wearables, IoT, and Chiplet technologies [2][3]. - The company has a diverse customer base, with 82 clients in the AIGC sector and significant engagements with major internet companies and automotive chip manufacturers [2][3].

Summary of the Conference Call for XinYuan Technology Company Overview - XinYuan Technology, established in 2001, is one of the first chip design companies in Zhangjiang and was successfully listed on the Sci-Tech Innovation Board in 2020 [3][2]. Key Financial Performance - Since its IPO in 2020, XinYuan has shown consistent revenue growth, with a 25% increase in revenue in 2022 despite a downturn in the semiconductor industry [2][3]. - In Q4 2024, new orders exceeded 1 billion yuan, representing an over 80% year-on-year growth [2][3]. - The company reported a revenue of 3.90 billion yuan in Q1 2025, a 22% increase year-on-year, with both chip design and mass production businesses growing over 40% [4][14]. Research and Development - XinYuan invests approximately 30% of its revenue in R&D, with 90% of its employees being R&D personnel, and 89% holding master's degrees or higher [2][30]. - The company has a strong focus on AI-related technologies, with AI-related license revenue accounting for 40% of total license income in 2024 [2][8]. IP Business Performance - XinYuan's IP business ranks eighth globally and first in China, with a diverse range of IP types comparable to ARM [2][5]. - The company has licensed its IP to 445 clients, with VPU IP holding the largest market share globally [5][8]. - In 2024, license revenue reached 633 million yuan, with 216 licensing agreements, an increase of 82 agreements year-on-year [8][2]. Custom Chip Design Business - The custom chip design business generated 725 million yuan in 2024, a 47% increase year-on-year, with AI-related NRE revenue making up 68% of this segment [11][2]. - 85% of design revenue comes from projects using 14nm or more advanced process technologies [11][2]. Mass Production Business - In 2024, mass production revenue was 856 million yuan, with 98 chip types shipped [12][2]. - Revenue from the data processing sector grew over 75%, while the computer and automotive sectors saw increases of over 60% and 30%, respectively [12][4]. Market and Application Areas - XinYuan's products are widely used in various sectors, including data processing, AI, and automotive applications [12][5]. - The company has established a strong presence in North America and Europe, with over 90 million chips shipped globally [9][2]. Future Growth Drivers - The primary growth driver is related to generative AI, with expectations for significant advancements in edge AI applications [16][20]. - The company is also focusing on chiplet technology, which is expected to see widespread adoption by 2026 [25][46]. Competitive Landscape - XinYuan faces competition from both domestic and international firms, but its strong IP portfolio and focus on custom solutions provide a competitive edge [37][51]. - The company is actively working to enhance its capabilities in high-speed interfaces and other critical IP areas through strategic acquisitions [45][2]. Conclusion - XinYuan Technology is well-positioned for future growth, leveraging its strong R&D capabilities, diverse IP offerings, and strategic focus on AI and custom chip solutions to navigate the evolving semiconductor landscape [39][40].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 103.67 RMB [7][4]. Core Insights - The company reported a revenue of 2.322 billion RMB for 2024, a slight decline of 0.69% year-on-year, and a net loss of 601 million RMB. In Q1 2025, revenue reached 390 million RMB, marking a year-on-year increase of 22.49% but a quarter-on-quarter decline of 42.01% due to seasonal fluctuations. The gross margin for Q1 2025 was 39.06%, showing a year-on-year improvement of 5.72 percentage points [1][2]. - The company is optimistic about its investments in AIGC and Chiplet technologies, anticipating sustained growth in performance over the medium to long term [1][4]. Summary by Sections Q1 Performance - In Q1 2025, the custom chip business generated revenue of 270 million RMB, a year-on-year increase of 40.5%. The revenue from chip design and mass production was 122 million RMB and 146 million RMB, respectively, both showing growth of over 40% year-on-year. Revenue from system manufacturers, large internet companies, cloud service providers, and automotive clients accounted for 37.30% of total revenue [2]. 2025 Outlook - The company’s order backlog reached a historical high of 2.456 billion RMB in Q1 2025, reflecting a 2.1% increase from the previous quarter. The company is actively advancing in AIGC and Chiplet sectors, launching new IPs optimized for Transformer models and collaborating with Google on IP development for its open-source project [3]. Financial Projections - The report projects a revenue of 2.970 billion RMB for 2025, with a significant growth rate of 27.93%. The net profit for 2025 is expected to be a loss of 105 million RMB, improving to a profit of 13 million RMB in 2026 and 56 million RMB in 2027. The gross margin is forecasted to be 41.84% in 2025 and 43.06% in 2026 [6][20]. Valuation Metrics - The report assigns a price-to-sales (PS) ratio of 12.0x for the custom chip business and 30.0x for the IP licensing business for 2025, reflecting a premium valuation based on the company's competitive advantages in the HPC and AI sectors [4][12]. Market Data - As of April 25, the closing price was 90.90 RMB, with a market capitalization of 45.528 billion RMB. The target price represents a potential upside from the current market price [8].

证券代码：688521 证券简称：芯原股份 公告编号：2025-015 芯原微电子（上海）股份有限公司 第二届监事会第十九次会议暨 2024 年年度监事会 会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 芯原微电子（上海）股份有限公司（以下简称"公司"）第二届监事会第十 九次会议暨 2024 年年度监事会会议通知已于 2025 年 4 月 15 日发出，会议于 2025 年 4 月 25 日在公司会议室以现场结合通讯的方式召开。本次监事会会议应出席 会议的监事 3 人，实际出席监事 3 人。本次会议召开符合《中华人民共和国公司 法》等有关法律、法规和《芯原微电子（上海）股份有限公司章程》的相关规定， 表决形成的决议合法、有效。 二、监事会会议审议情况 经与会监事认真审议，形成如下决议： 1、审议通过《关于<芯原微电子（上海）股份有限公司 2024 年度监事会工作 报告>的议案》 监事会认为 2024 年度公司监事会本着维护公司以及股东利益的精神，严格 按照《公司法》等法律法规及《公司章 ...

董事会独立董事专门会议 根据《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》《芯原微电子（上海）股份有限公司独立董事工作制度》和《芯原微电子（上 海）股份有限公司独立董事专门会议议事规则》等有关规定，芯原微电子（上海） 股份有限公司（以下简称"公司"）独立董事对公司提交的《关于公司未来一年预 计发生的日常关联交易的议案》进行了审阅，认为： 公司未来一年（即自 2024 年年度股东大会审议通过本议案之日起至 2025 年 年度股东大会召开之日止，下同）预计发生的日常关联交易是公司按照公平、公 正原则开展的，不存在损害公司和全体股东的利益的情形。公司在不断致力于减 少关联交易的同时，与关联方的关联交易将继续遵循公平、合理的原则，双方的 交易行为均通过合同的方式予以约定。公司未来一年预计发生的关联交易价格公 允，不会损害公司和非关联股东的利益。关联交易对公司的财务状况、经营成果 不会产生任何不利影响，公司的主要业务也不会因此类交易而对关联方形成依赖。 同意将本议案提交公司董事会会议审议。 全体独立董事审议通过了上述议案。上述议案尚需提交公司董事会审议，并 在董事会审议通过后提交公司股东大会审议。 ...

证券代码：688521 证券简称：芯原股份 公告编号：2025-014 芯原微电子（上海）股份有限公司 第二届董事会第二十一次会议暨 2024 年年度董事会 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。 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"） 第二届董事会第二 十一次会议暨 2024 年年度董事会会议通知已于 2025 年 4 月 15 日发出，会议于 2025 年 4 月 25 日在公司会议室以现场结合通讯方式召开。本次董事会应出席会 议的董事 9 人，实际出席董事 9 人。本次会议由董事长 Wayne Wei-Ming Dai（戴 伟民）先生主持。本次会议召开符合《中华人民共和国公司法》等有关法律、法 规和《芯原微电子（上海）股份有限公司章程》的规定，表决形成的决议合法、 有效。 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<芯原微电子（上海）股份有限公司总裁 2024 年度工作总 结和 2025 年度工作计划>的议案》 董事会同意 ...

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