「寻芯记」订单创纪录，亏损仍持续：AI浪潮下，芯原股份之困

Core Insights - The company, Chip Origin, reported a record high revenue of 1.284 billion yuan for Q3 2025, marking a year-on-year increase of 78.77% and a quarter-on-quarter increase of 119.74% [2] - Despite the significant revenue growth and a substantial reduction in losses, the company has struggled to turn a profit, remaining in a loss position for several quarters [5][6] - AI computing demand has been a major driver of order and revenue growth, with AI-related orders accounting for approximately 65% of new orders in Q3 2025 [3][4] Revenue and Orders - The company expects to sign new orders worth 3.249 billion yuan in the first three quarters of 2025, surpassing the total new orders for the entire year of 2024 [3] - The Q3 2025 new orders reached 1.593 billion yuan, representing a year-on-year increase of 145.8% [3] - The one-stop chip customization service has seen significant growth, with chip design revenue expected to reach 429 million yuan (up 291.76% quarter-on-quarter) and volume production revenue expected to reach 609 million yuan (up 133.02% quarter-on-quarter) [2] Industry Context - The global semiconductor market is projected to grow from approximately 580 billion dollars in 2024 to 1.2 trillion dollars by 2030, with AI semiconductors expected to account for over 70% of the total market by that time [4] - The rapid development of artificial intelligence technologies, particularly generative AI models, has led to increased demand for computing power, driving semiconductor companies to innovate and develop advanced chip architectures [4] Challenges and Profitability - Despite high order levels maintained for eight consecutive quarters, the company has not seen a corresponding improvement in profitability, with losses continuing to widen in recent quarters [5][6] - The semiconductor industry is characterized by high investment and slow returns, making it difficult for companies to achieve profitability quickly [6] - The company's business structure, which includes chip design and semiconductor IP licensing, has varying profit margins, with licensing fees yielding significantly higher margins compared to design and volume production [6][7] Market Performance - The company's stock price has increased by 254.78% year-to-date, reflecting strong market performance despite ongoing losses [7] - The competitive advantage of the company lies in the design and licensing segments of the chip industry, where it has a relatively smaller gap compared to international leaders [7]