明日复牌！芯原股份拟并购芯来科技97%股权 布局半导体IP设计

Core Viewpoint - Chipone Technology (688521.SH) announced plans to acquire equity in Chipai Technology and raise supporting funds through a combination of share issuance and cash payment, with stock resumption scheduled for September 12, 2025 [1] Group 1: Company Overview - Chipone Technology, listed in 2020, is recognized as the "first stock of China's semiconductor IP" [2] - According to IPnest statistics, Chipone holds the largest market share in China's semiconductor IP licensing business and ranks eighth globally, with licensing revenue ranking sixth worldwide [2] - The target company, Chipai Technology, is one of the first domestic RISC-V CPU IP providers, established in 2018, with over 100 employees and dozens of developed IP products [2][3] Group 2: Strategic Importance of the Acquisition - The acquisition aims to enhance Chipone's core processor IP and CPU IP capabilities, strengthening its AI ASIC design flexibility and innovation, thereby improving market competitiveness [2] - Both companies have overlapping downstream applications in critical markets such as automotive electronics, AI, and IoT, which will facilitate resource synergy and deeper integration of customer ecosystems [3] Group 3: Financial Performance of Chipai Technology - Chipai Technology reported revenues of 69.46 million yuan, 77.95 million yuan, and 6.16 million yuan for 2023, 2024, and the first quarter of 2025, respectively, with net losses of -31.79 million yuan, -44.02 million yuan, and -21.16 million yuan [4] - The financial losses are primarily attributed to high share-based payment expenses, which amounted to 30.96 million yuan, 36.40 million yuan, and 9.07 million yuan during the same periods [7] - Excluding share-based payment impacts, Chipai Technology is close to breakeven, indicating strong underlying business potential [8][9] Group 4: Market Position and Future Outlook - Chipai Technology's main business, semiconductor IP licensing services, has a high gross margin exceeding 90% [9] - The company maintains significant R&D investments to enhance its technological capabilities and product line, aiming to sustain its leading position in the RISC-V CPU IP market [9]