芯原股份回应收购芯来科技搁浅：交易终止合作不终止

Core Viewpoint - The semiconductor industry is facing challenges with mergers and acquisitions, as evidenced by the termination of the acquisition of Chiplet Technology by Chip Origin, which will continue to focus on strengthening its RISC-V layout and partnerships in the sector [2][3][4]. Group 1: Acquisition and Market Position - Chip Origin announced the termination of its acquisition of Chiplet Technology due to misalignment of core demands and market conditions, despite Chiplet being a leading RISC-V CPU IP company with projected revenues of 77.947 million yuan in 2024 and a gross margin exceeding 90% [3][4]. - The chairman of Chip Origin highlighted that high valuation expectations from sellers are a significant challenge in semiconductor mergers, suggesting differentiated pricing strategies and performance-based compensation arrangements to facilitate future deals [4]. Group 2: RISC-V and AI ASIC Development - Chip Origin plans to enhance its RISC-V ecosystem by maintaining and deepening its collaboration with Chiplet Technology and expanding partnerships with other RISC-V IP suppliers [4][6]. - The company is actively developing customized chips for smart driving and has provided advanced autonomous driving chip services to a well-known electric vehicle manufacturer, indicating a strong position in the automotive sector [6]. Group 3: Financial Performance and Future Prospects - In the third quarter, Chip Origin secured new orders worth 1.593 billion yuan, a year-on-year increase of 145.80%, with AI computing-related orders accounting for approximately 65% of the total [6]. - The company is also advancing its acquisition of ZD Semiconductor, which specializes in visual processing chips, to strengthen its competitive edge in the AI ASIC market [7][8]. Group 4: Strategic Investments - Chip Origin established a wholly-owned subsidiary, Tian Sui Xin Yuan, to facilitate the acquisition of ZD Semiconductor, with a planned capital increase of 940 million yuan, positioning Chip Origin as the largest shareholder [8]. - The company is open to future acquisitions in the high-speed interface technology sector, which is becoming increasingly critical due to rising demands in data centers [9].