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芯原股份-U分析师会议-20250912
  1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - Core view 1: Based on its self - owned IP, the company has a rich portfolio of software - hardware chip customization platform solutions for AI applications, covering various types of computing devices [22] - Core view 2: The company is advancing the R & D and industrialization of Chiplet technology and projects, guided by the concepts of "IP as a Chiplet", "Chiplet as a Platform", and "Platform as an Ecosystem" [23] - Core view 3: The company's new orders and backlog of orders are growing rapidly, with AI - related orders driving significant growth, and it expects to further increase royalty income and expand the scale effect of its IP licensing business [24][26] - Core view 4: The acquisition of Nuclei System Technology will strengthen the company's layout in the RISC - V field, build a full - stack heterogeneous computing IP platform, and promote the coordinated development and industrialization of AI ASIC and RISC - V technologies [25][26] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Xin Yuan Co., Ltd. - U, belonging to the semiconductor industry. The reception time was September 12, 2025. The company's reception personnel included the chairman and president, WAYNE WEI - MING DAI (Dai Weimin), and the director, board secretary, and senior vice - president of human resources and administration, Shi Wenli [17] 3.2 Detailed Research Institutions - The relevant institution is Bosera Fund, a fund management company [20] 3.3 Research Institution Proportion - No information provided in the content 3.4 Main Content Data - Company business: Xin Yuan is a company that provides platform - based, comprehensive, and one - stop chip customization services and semiconductor IP licensing services. It has six types of processor IPs and over 1,600 mixed - signal and RF IPs. Its business application areas are extensive, and its main customers include various types of companies [22][23] - Technical capabilities: The company has excellent design capabilities in mainstream semiconductor process nodes globally and has successful tape - out experience in advanced semiconductor process nodes [23] - Market position: In 2024, Xin Yuan was the top - ranked semiconductor IP licensing service provider in mainland China and ranked eighth globally in terms of semiconductor IP sales revenue. Its IP royalty income ranked sixth globally, and its IP variety ranked among the top two in the world's top ten IP companies [24] - Business performance: In Q2 2025, the company achieved an operating income of 584 million yuan, a quarter - on - quarter increase of 49.90%. As of the end of Q2 2025, the backlog of orders reached 3.025 billion yuan, a quarter - on - quarter increase of 23.17%. In Q2 2025, new orders were 1.182 billion yuan, a quarter - on - quarter increase of nearly 150%. From July 1 to September 11, 2025, new orders were 1.205 billion yuan, an 85.88% increase compared to the same period last year, with AI - related orders accounting for about 64% [24][25][26] - R & D and market expansion: The company has been investing in R & D in key application areas, such as starting to layout Chiplet technology and its applications in generative AI and intelligent driving five years ago. It is also expanding the incremental market and emerging markets and developing industry - leading customers [24][25] - Acquisition of Nuclei System Technology: The acquisition is expected to strengthen the company's layout in the RISC - V field, build a full - stack heterogeneous computing IP platform, and bring more benefits and industrial value to the AI ASIC business [25][26] - RISC - V layout: The company has been actively involved in the RISC - V industry for over 7 years. It has played a leading role in promoting the RISC - V ecosystem, including leading the establishment of industry alliances, co - hosting industry forums, and collaborating with leading RISC - V companies. Its semiconductor IP has been adopted by multiple RISC - V chips, and it has launched multiple chip design platforms and hardware development boards based on RISC - V cores [28][29][30]