A股784亿市值芯片公司，重大资产重组终止！股价今年已上涨超180%

Core Viewpoint - Chip Origin Co., Ltd. (芯原股份) announced the termination of a significant asset restructuring plan aimed at acquiring a majority stake in Chip Lai Zhi Rong Semiconductor Technology (芯来智融) due to discrepancies between the demands of the target company's management and market conditions [1][4]. Group 1: Termination of Asset Restructuring - On December 12, Chip Origin disclosed the termination of its major asset restructuring [1]. - The company had previously planned to acquire 97.0070% of Chip Lai Zhi Rong's equity through a combination of share issuance and cash payment [3]. - The termination was attributed to misalignments between the core demands of the target company's management and the interests of Chip Origin and its shareholders [4]. Group 2: New Investment Strategy - Concurrently with the termination announcement, Chip Origin plans to invest in Tian Sui Xin Yuan Technology (天遂芯愿) to acquire control of Zhu Dian Semiconductor (逐点半导体) [4]. - Tian Sui Xin Yuan will increase its registered capital by 94 million yuan, with Chip Origin contributing 20 million yuan in equity and 35 million yuan in cash [7]. - Following the investment, Chip Origin will hold a 40% stake in Tian Sui Xin Yuan, becoming its largest single shareholder and gaining control over the majority of its board seats [7]. Group 3: Company Performance - In Q3 2025, Chip Origin reported a record revenue of 1.28 billion yuan, marking a significant quarter-on-quarter increase of 119.26% and a year-on-year increase of 78.38% [10]. - The company secured new orders worth 1.593 billion yuan in Q3 2025, a year-on-year increase of 145.80%, with AI-related orders accounting for approximately 65% [10]. - As of the end of Q3 2025, the total order backlog reached 3.286 billion yuan, continuing a trend of high order levels for eight consecutive quarters [10]. Group 4: Stock Performance - Chip Origin's stock price surged over 7.2% on December 12, reaching 149.04 yuan, with a year-to-date increase exceeding 180% [11].