兆芯找VIA购买成品芯片？招股书申报稿解读

Core Viewpoint - The article discusses the recent developments in the domestic CPU market, particularly focusing on the performance of Longxin and the IPO of Zhaoxin, highlighting the competitive landscape and the implications for domestic chip manufacturers [3][5][30]. Group 1: Company Performance and Developments - Longxin's KPIs have shown significant improvement, while Zhaoxin's IPO prospectus has faced scrutiny, indicating potential challenges ahead [3][5]. - Zhaoxin's revenue has increased from 280 million RMB in 2022 to 760 million RMB in 2024, with a notable focus on server processors and supporting chips [63]. - The company has maintained a high R&D investment ratio, ranging from 91% to 289.5% of its revenue, which is significantly above industry standards [63]. Group 2: Market Dynamics and Competition - The article suggests that the domestic CPU market is entering a new phase of competition, with Longxin and Zhaoxin being key players [3][30]. - There are discussions about the sourcing of chips, with Zhaoxin reportedly purchasing finished chips from TSMC, which raises questions about its self-sufficiency in chip design and production [20][54]. - The competitive landscape is further complicated by the historical ties between Zhaoxin and VIA, with implications for future collaborations and technology transfers [62][63]. Group 3: Financial and Operational Insights - Zhaoxin's financial health shows a trend of increasing losses, with net profits declining from -67.56 million RMB in 2023 to -95.14 million RMB in 2024 [63]. - The company has a significant reliance on external suppliers for chip production, which may impact its operational flexibility and cost structure [54][55]. - The procurement strategy includes a mix of finished chips and technical services, indicating a fabless model that leverages external manufacturing capabilities [53][54].