加码前沿科技 芯原股份构建AI算力解决方案体系

Core Insights - The company, Chip Origin, aims to build its development goals through innovation during the 14th Five-Year Plan, focusing on business expansion, technological breakthroughs, and capital operations, achieving a dual leap in scale and quality while establishing a solid core advantage in industry competition [1] Business Performance - From 2020 to 2022, Chip Origin's revenue had a compound annual growth rate of 33.37%. However, in the second half of 2023, the company's performance faced short-term pressure due to industry cycle fluctuations and customer inventory destocking [2] - For 2025, the company anticipates a revenue of approximately 3.153 billion yuan, representing a year-on-year growth of 35.81%. In Q4 2025, new orders reached 2.711 billion yuan, marking a historical high for quarterly new orders. By the end of 2025, the company's order backlog is expected to reach 5.075 billion yuan, maintaining a high level for nine consecutive quarters [2] Capital Operations - In recent years, the company has leveraged the capital market for refinancing and industry acquisitions, resulting in significant improvements in asset quality and business scale. In December 2023, the company initiated a refinancing plan to raise approximately 1.8 billion yuan, aimed at developing a Chiplet technology ecosystem and implementing it in generative AI hardware platforms and smart mobility platforms [2] - The refinancing was completed in June 2025, and the company successfully acquired control of a semiconductor firm [2] Strategic Outlook - Looking ahead to the 15th Five-Year Plan, the company plans to adhere to its strategic direction of "IP platformization, chip ecosystem development, and solution scenarioization," aiming to consolidate and expand its leading position in the AI sector. The company will continue to focus on the cloud AI ASIC market while also emphasizing edge AI ASIC, strengthening its technological capabilities, and systematically laying out around AIGC big data processing and smart mobility [3]