VeriSilicon(SH:688521) Zheng Quan Shi Bao·2025-12-18 22:08Core Viewpoint - Recent semiconductor mergers and acquisitions have faced challenges, with Chipone Technology terminating its acquisition of ChipRite Technology, while continuing to strengthen its RISC-V strategy and partnerships [1][2][3] Group 1: RISC-V Strategy - Chipone Technology announced the termination of its acquisition of ChipRite Technology due to misalignment of core demands and market conditions [2] - The company plans to maintain and deepen its collaboration with ChipRite Technology while enhancing its RISC-V ecosystem [3] - ChipRite Technology is a leading RISC-V CPU IP company in China, with projected 2024 revenue of 77.947 million yuan and a gross margin exceeding 90% [2] Group 2: Custom Chip Development - The company is actively developing custom chips for smart driving and has provided advanced custom services to a well-known electric vehicle manufacturer [4] - Chipone Technology has established partnerships with major international companies, including Samsung, Google, and Amazon, to provide advanced chip solutions [4] - The company has shipped nearly 200 million AI chips globally, showcasing its capabilities in the AI ASIC market [4] Group 3: Financial Performance - In the third quarter, the company signed new orders worth 1.593 billion yuan, a year-on-year increase of 145.80%, with AI-related orders accounting for approximately 65% [5] Group 4: Acquisition of ZD Semiconductor - Despite the termination of the ChipRite acquisition, Chipone Technology is progressing with the acquisition of ZD Semiconductor, which specializes in visual processing chips [6] - The acquisition aims to enhance the company's technological advantages in visual processing and strengthen its competitiveness in the AI ASIC market [6] Group 5: Investment in TianSui Semiconductor - The company established a wholly-owned subsidiary, TianSui Semiconductor, and signed investment agreements with several funds to increase its registered capital to 950 million yuan [7] - Chipone Technology will hold a 40% stake in TianSui Semiconductor, becoming its largest shareholder and gaining control over its board [7] Group 6: Future M&A Considerations - The company is open to future acquisitions in the high-speed interface sector, which is critical for data centers due to increasing demands for network communication speed and performance [8] - Chipone Technology emphasizes internal R&D while considering strategic acquisitions that align with its business needs [8]