VeriSilicon(SH:688521) Chang Jiang Shang Bao·2025-12-28 23:26Core Viewpoint - The announcements from Chipone Technology (688521.SH), referred to as "China's first semiconductor IP stock," indicate a significant increase in new orders and a shareholder reduction plan by the National Integrated Circuit Industry Investment Fund (referred to as "Big Fund") [2][3][13]. Group 1: Order Growth - Chipone Technology reported nearly 2.5 billion yuan in new orders signed by December 25, 2025, representing a 129.94% increase compared to the entire fourth quarter of 2024 [5][8]. - The company has seen a strong order growth trend, with new orders in the first half of 2025 reaching 1.656 billion yuan, a year-on-year increase of 38.33% [7]. - The majority of new orders in the fourth quarter are related to AI computing, with over 84% of the orders falling into this category [8][9]. Group 2: Financial Performance - Chipone Technology's revenue for 2023 and 2024 was 2.338 billion yuan and 2.322 billion yuan, respectively, showing a decline of 12.73% and 0.69% year-on-year [10]. - The company has been investing heavily in R&D, with expenditures of 8.37 billion yuan, 9.54 billion yuan, and 12.47 billion yuan from 2022 to 2024, representing a 32% increase in 2024 [11]. - In the third quarter of 2025, the company achieved a revenue of 1.281 billion yuan, a year-on-year increase of 78.38%, and a significant reduction in net loss by 75.82% [12]. Group 3: Shareholder Activity - The Big Fund plans to reduce its stake in Chipone Technology by up to 1.7% over the next three months, marking its first reduction since becoming a strategic investor in 2018 [13][14]. - This reduction may be related to Chipone's joint investment activities, including a recent acquisition of control over Zhudian Semiconductor [3][15].