今年股价涨幅近两倍、市值超780亿元的芯原股份 上半年亏损额却在同比扩大

Core Viewpoint - Chipone Technology reported a revenue of 974 million yuan for the first half of 2025, a year-on-year increase of 4.49%, but the net profit attributable to shareholders was a loss of 320 million yuan, widening from a loss of 285 million yuan in the same period last year. Despite the losses, the company's stock price has surged by 185.75% this year [1][2]. Company Overview - Chipone Technology relies on proprietary semiconductor IP to provide comprehensive chip customization services and semiconductor IP licensing services, including income from intellectual property licensing fees and royalties [3]. - The demand for semiconductor IP has surged due to the explosion of global computing power driven by generative AI, with major companies like Meta planning to launch their first ASIC chips [3]. Business Segment Analysis - In the first half of the year, the revenue from the "intellectual property licensing fees" within the semiconductor IP licensing business was 281 million yuan, an increase of 8.20% year-on-year, while "royalty income" was 51 million yuan, a slight decline of 0.03% [4]. - The revenue from core processor IPs, including graphics processor IP, neural network processor IP, and video processor IP, accounted for approximately 75% of the semiconductor IP licensing business revenue [4]. Market Position and Future Outlook - Chipone Technology holds the largest market share in China and ranks eighth globally in the semiconductor IP licensing market [5]. - In the one-stop chip customization business, the company achieved a revenue of 232 million yuan, a year-on-year decrease of 17.18%, attributed to client project scheduling [5]. - The company reported a significant increase in new orders for chip design business, exceeding 700 million yuan, a year-on-year increase of over 350%, with a total order backlog of 3.025 billion yuan as of the end of the second quarter of 2025, where nearly 90% of the backlog is from one-stop chip customization business [5].