芯原股份第四季度新签订单24.94亿元创历史新高，AI 算力相关订单占比超 84%

Core Insights - The company, Chip Origin Co., Ltd., reported a record high in new orders for the period from October 1 to December 25, 2025, amounting to 2.494 billion yuan, marking a significant increase of 129.94% year-over-year and 56.54% quarter-over-quarter [2] - The majority of new orders are for one-stop chip customization services, with over 84% related to AI computing power and nearly 76% in the data processing sector, highlighting the company's competitive strength in these core business areas [2] - The founder and chairman, Dai Weimin, indicated a shift in computing power layout from a cloud-centric model to a collaborative "cloud + edge + end" approach, driven by the evolution of AI applications [2] Industry Trends - Dai Weimin noted that while the demand for cloud-side training cards is rapidly increasing due to the large model era, the long-term growth will come from the need for inference and personalized fine-tuning on the terminal side [3] - Terminal-side fine-tuning and inference cards are expected to penetrate various applications, including smartphones, PCs, automotive terminals, and industry-specific devices, due to their advantages in privacy protection, real-time response, and cost control [3] - By 2028, it is anticipated that the number of foundational large models in China will be fewer than 10, leading to a concentrated market where top models leverage computing power, data, and ecosystem advantages, reinforcing the importance of terminal-side computing power products [3]