超50亿元限售股解禁+连续三年亏损，芯原股份发布股东减持计划

Core Viewpoint - The stock price of Chip Origin Co., Ltd. reached a historical high of 237.79 yuan on January 26, 2026, but shortly after, the company announced a shareholder reduction plan, coinciding with the second-largest shareholder, the National Integrated Circuit Fund, also announcing a reduction plan. Despite the rising stock price, the company has reported losses for three consecutive years [2]. Group 1: Stock Performance and Shareholder Actions - Chip Origin's stock price peaked at 237.79 yuan, marking a historical high [2] - A week later, the company announced a shareholder reduction plan, with the second-largest shareholder also planning to reduce holdings [2] - Over 24.86 million shares will be released for trading starting December 30, 2025 [2] Group 2: Financial Performance - The company has reported losses for three consecutive years [2] - Institutions participating in the company's private placement have seen a floating profit of approximately 1.86 times, with a total investment of about 1.807 billion yuan, now valued at approximately 5.167 billion yuan based on current stock prices [2] - Despite ongoing losses, the company has maintained high order levels for nine consecutive quarters, with new orders in 2025 amounting to 5.960 billion yuan, a year-on-year increase of 103.41% [2] Group 3: Order Backlog and Future Prospects - As of the end of 2025, the company's order backlog reached 5.075 billion yuan, a significant increase of 54.45% from the end of the third quarter [2] - Over 80% of the backlog is expected to convert within a year, with nearly 60% of the orders related to data processing applications [2]