芯原股份：在手订单持续创新高 ASIC订单增长显著

Core Viewpoint - The company, Chipone Technology (688521), has experienced significant growth in ASIC orders driven by demand from AI cloud and edge applications, despite reporting a net loss in the first half of the year [2][4]. Financial Performance - In the first half of the year, the company achieved total revenue of 974 million yuan, a year-on-year increase of 4.49%, while reporting a net loss of 320 million yuan [2]. - In the second quarter, the company generated revenue of 584 million yuan, a quarter-on-quarter increase of approximately 50%, with a significant reduction in quarterly losses by 54.84% [2]. Order Backlog - The company has maintained a high order backlog for seven consecutive quarters, reaching a historical high of 3.025 billion yuan by the end of the second quarter of 2025, representing a quarter-on-quarter growth of 23.17% [2]. - Nearly 90% of the order backlog consists of one-stop chip customization services, with about 81% expected to convert within a year, providing strong support for future revenue growth [2]. Business Model and Margins - The company operates a service-oriented business model, focusing on providing customized services rather than selling proprietary products, which helps mitigate market and inventory risks [3]. - As the company's one-stop chip customization capabilities improve, the revenue share from higher-value projects is increasing, enhancing pricing power and core competitiveness, which is expected to positively impact gross margins [3]. ASIC Business Development - The ASIC business has seen a notable increase in orders, with new signed orders exceeding 700 million yuan in design revenue during the second quarter, representing a quarter-on-quarter growth of over 700% and a year-on-year growth of over 350% [4]. - The company has successfully achieved first-pass silicon for 5nm FinFET system-level chips and is executing multiple one-stop service projects in the 5nm/4nm range [4]. AI Market Demand - The demand for AI ASICs is driven by the need for high performance and low power consumption in specific applications, as traditional general-purpose chips struggle to meet these requirements [3][4]. - The company's NPU IP has been adopted in over 140 chip designs for 91 customers, covering various markets, with nearly 200 million chips shipped [4]. RISC-V Ecosystem Development - The company is actively promoting the development of the RISC-V ecosystem, with its semiconductor IP being utilized in over 10 chip designs from major RISC-V suppliers and providing one-stop chip customization services for 23 RISC-V chips for 20 customers, which are entering mass production [5].