Group 1 - The company expects a significant increase in Q3 2025 revenue, projecting 1.284 billion yuan, a 119.74% increase quarter-on-quarter and a 78.77% increase year-on-year [1] - New orders for Q3 2025 are expected to reach 1.593 billion yuan, a year-on-year increase of 145.80%, with approximately 65% of these orders related to AI computing power [1] - The company has maintained a high level of backlog orders for eight consecutive quarters, with an expected backlog of 3.286 billion yuan by the end of Q3 2025, setting a new historical high [1] Group 2 - The company has deep expertise in semiconductor IP, with over 20 years of R&D investment, covering various types of processor IP and providing one-stop design services for numerous clients [1] - The company has developed a series of platform solutions in five key areas: AIGC, automotive electronics, wearable devices, data centers, and IoT, achieving strong performance and market position [1] - The company has been focusing on Chiplet technology for five years, aiming to lead in the AIGC and smart driving systems sectors, with ongoing projects in Chiplet architecture and advanced packaging technology [2] Group 3 - The company has adjusted its revenue forecasts for 2025-2027 to 3.8 billion, 5.3 billion, and 7 billion yuan respectively, and has revised its net profit expectations to -80 million, 270 million, and 560 million yuan for the same period [2] - The company is recognized as a top ASIC company in China, benefiting from significant technological accumulation, customer resources, and product implementation advantages [2] - The company maintains a "buy" rating based on its strong market position and growth potential [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Insights - The company is leading in the Chiplet technology and its applications, particularly in AIGC and intelligent driving systems. It has been developing Chiplet technology for five years and is focusing on "IP chipification," "chip platformization," and "platform ecosystem" [3] - The company expects to achieve a record high revenue of 1.284 billion yuan in Q3 2025, with a year-on-year growth of 78.77% and a quarter-on-quarter increase of 119.74%. New orders are projected to reach 1.593 billion yuan, a year-on-year increase of 145.80% [8] - The company has a strong accumulation of semiconductor IP and a broad layout across various downstream sectors, including AIGC, automotive electronics, wearable devices, data centers, and IoT [8] Financial Projections - The company’s total revenue is projected to reach 3.813 billion yuan in 2025, with a year-on-year growth of 64.22%. The net profit attributable to the parent company is expected to be -76.76 million yuan [1][10] - The report adjusts the revenue expectations for 2025-2027 to 3.8 billion, 5.3 billion, and 7 billion yuan respectively, and the net profit expectations to -0.8 billion, 2.7 billion, and 5.6 billion yuan [9]

Core Viewpoint - The successful testing of the QM935-G1 chip marks a significant advancement in the automotive industry, particularly in smart cockpit and autonomous driving applications, driven by the increasing demand for high computational power and bandwidth due to large model deployments [1][3][10] Group 1: Chip Specifications and Capabilities - The QM935-G1 IVI Chiplet is designed for smart cockpits, featuring a GPU with a computing power of 1.3T FLOPS and a memory bandwidth of 51.2GB/s, supporting secure isolation for instrument and entertainment screens [1] - The Chiplet technology allows for modular design and integration, enabling flexible combinations of chiplets to meet diverse vehicle and user requirements, achieving a memory bandwidth of 128GB/s when combined with other chiplets [4] - The QM935-G1 can also serve as a co-processor, enhancing graphical rendering capabilities to address existing limitations in GPU performance for mature cockpit chipsets [5] Group 2: Industry Trends and Applications - The development of large models is driving the upgrade of smart cockpits and autonomous driving solutions, with applications in AI agents for cockpit domains and VLM-E2E and VLA routes for autonomous driving [3] - The integration of high bandwidth cockpit chips facilitates the deployment of AI large models (LLM) and more intelligent voice assistants, enabling offline functionality and complex multi-turn dialogues [8] - The company aims to become a service provider for AI infrastructure focused on large model applications, continuing to leverage Chiplet and near-memory computing technologies for cloud inference and vehicle intelligence solutions [10]

Group 1 - The company, Beiji Xiongxin, has completed a new round of financing exceeding 100 million yuan, with investors including Wuxi High-tech Zone Science and Technology Industry Group and existing shareholders like Yunhui Capital participating [1][2] - The funds raised will be used for the development and mass production of the Qiming 935 series edge AI solutions, as well as solutions for cloud inference scenarios [1] - Beiji Xiongxin, founded in 2021 and incubated by Tsinghua University, focuses on providing high flexibility, low cost, and short cycle solutions for AI applications across various industries through innovative architectures like Chiplet [1][2] Group 2 - The strategic investment from Kecai Group and the establishment of the intelligent driving business headquarters in Wuxi High-tech Zone will enhance the company's core competitiveness in deploying large models for automotive applications [2] - The company is leveraging its accumulated capabilities in NPU, toolchain, and model deployment optimization to develop dedicated acceleration solutions for cloud inference, aiming to improve cost-effectiveness by over 10 times compared to current mainstream deployment solutions, with mass production expected in 2026 [2] - The Qiming 935 family of chips for edge AI applications has completed development, with high-performance automotive-grade SoC chips and NPU chips already tested and adapted to mainstream models [3] Group 3 - Beiji Xiongxin is the only leading company in China to obtain chip-level automotive certification, with the Qiming 935 series chips designed to meet various functional requirements in cockpit and driving domains [3] - By September 2025, the company aims to establish a prototype library of automotive-grade chips, including HUB Chiplet, NPU Chiplet, and IVI Chiplet, with the Qiming 935 product matrix already in the delivery phase [3] - The POC mass production projects for QM935–A08 (intelligent driving urban NOA) and dual QM935–A04 (intelligent cockpit AI Box) have been initiated [3]

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]

Core Viewpoint - The article emphasizes the growing importance of chiplet integration technology and the shift towards advanced packaging techniques in the semiconductor industry, particularly in China, which holds a significant market share in bonding equipment demand [2][3]. Group 1: Industry Trends - Chiplet integration technology is becoming a strategic focus in semiconductor innovation, with the complexity of processes and equipment evolving alongside traditional scaling methods [2]. - The market for hybrid bonding is projected to grow at a compound annual growth rate (CAGR) of 13.4% over the next five years, with China accounting for 40% of the global demand for bonding equipment [2]. - The hybrid bonding market is expected to reach USD 397 million by 2030, highlighting its critical role in advanced three-dimensional heterogeneous integration technologies [2]. Group 2: Market Dynamics - The hybrid bonding equipment market is currently dominated by companies such as Besi, Applied Materials, and EVG, due to the limited demand and high technical difficulty associated with specific chip hybrid bonding [3]. - Domestic innovative enterprises are accelerating their efforts in this niche market to capture market share and establish brand influence [3]. Group 3: Upcoming Events - TrendBank plans to host the 2025 Heterogeneous Integration Annual Conference from November 17-19, 2025, in Ningbo, focusing on advanced packaging technologies and fostering collaboration between industry and academia [7].

Group 1 - Noan Fund recently conducted research on six listed companies, focusing on their growth strategies and market opportunities [1] - StarNet Ruijie is emphasizing optical communication in the telecommunications sector, with significant revenue growth expected from its collaboration with domestic operators [1] - Ruijie Network's data center product revenue is primarily driven by internet clients, with a notable increase in overseas business revenue [1] - Baile Tianheng is advancing multiple clinical trials for cancer treatments and aims to become a leading player in oncology within five years [2] - Stanley achieved steady growth in revenue and profit, driven by improved product structure and effective pricing strategies in the compound fertilizer sector [2] Group 2 - Chip Origin is providing customized hardware and software solutions in the AI field, with a high percentage of R&D personnel and a focus on enhancing chip customization capabilities [3] - Cambridge Technology is expanding its production capacity for 800G series products, with plans for further expansion supported by self-funding and potential financing [4]

Group 1: Zhaoyi Innovation - Zhaoyi Innovation reported strong growth across various business lines in Q2 2024, with NOR Flash experiencing high single-digit growth, niche DRAM growing over 50%, and MCU close to 20% [1] - The company anticipates a sequential growth in Q3, with overall demand expected to rise, particularly for niche DRAM, which is facing supply tightness [1] - The gross margin is expected to remain stable, with a slight increase in DRAM margins and moderate price increases for Flash products [1] Group 2: Teabo Bio - Teabo Bio is focusing on functional cure strategies for hepatitis B, emphasizing the combination of different mechanism drugs with interferons and nucleos(t)ide analogs [2] - The company aims to expand its clinical management network for chronic hepatitis B and is exploring new solutions through partnerships and acquisitions [2] - New technologies like siRNA are entering clinical application stages, with a focus on optimizing combination therapy strategies [2] Group 3: Ruijie Networks - Ruijie Networks saw significant revenue growth in data center products, primarily driven by internet clients, with over 90% of revenue coming from this sector [3] - The company expects continued strong demand for cloud computing infrastructure, with a projected growth rate exceeding 50% for data center products [3] - The gross margin for data center products is relatively low (15%-20%), but margins in enterprise and SMB markets are improving [3] Group 4: Chipone Technology - Chipone Technology provides various customized hardware and software solutions in the AI sector, serving multiple international clients [4] - The company has a high percentage of R&D personnel (89.31%) and is focused on enhancing its chip customization capabilities to increase revenue from high-value projects [4] - Chipone is advancing its Chiplet technology and has successfully designed high-performance automotive chips [4]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company, Chiplet Technology Co., Ltd. (芯原股份), is expected to achieve approximately 584 million yuan in revenue for Q2 2025, representing a quarter-on-quarter growth of 49.90% and a significant improvement in profitability [2] - The company's IP licensing revenue reached 187 million yuan, showing a year-on-year increase of 16.97% and a quarter-on-quarter increase of 99.63% [5] - The company has a record high backlog of orders at 3.025 billion yuan, with a quarter-on-quarter growth of 23.17%, indicating strong future revenue growth potential [5] - The company has been investing heavily in R&D, particularly in Chiplet technology, which is expected to support its growth in emerging markets [5] Summary by Sections Revenue and Profitability - The company reported total revenue of 2.338 billion yuan in 2023, with a projected revenue of 3.016 billion yuan in 2025, reflecting a year-on-year growth rate of 29.9% [6] - The net profit attributable to the parent company is projected to improve from a loss of 296 million yuan in 2023 to a profit of 237 million yuan by 2027, indicating a significant turnaround [6] Order Backlog and Future Growth - As of the end of Q2 2025, the company’s backlog of orders reached a historical high, with approximately 81% of these orders expected to convert within a year, providing a solid foundation for future revenue growth [5] R&D Investment - The company has been focusing on R&D investments, with a decreasing proportion of R&D expenses relative to revenue, as it aims to allocate more resources to customer projects [5] Financial Projections - The company’s projected revenues for 2025, 2026, and 2027 are 3.016 billion yuan, 4.321 billion yuan, and 5.627 billion yuan, respectively, with corresponding net profits expected to be -281 million yuan, 25 million yuan, and 237 million yuan [6]

Group 1 - The core viewpoint of the news is that the company Chiplet has achieved strong synergy between its semiconductor IP licensing business and custom chip services, leading to rapid order growth and significant market adoption of its technologies [1] - Chiplet's order backlog is expected to reach 3.025 billion yuan by the end of Q2 2025, with nearly 90% of these orders coming from its one-stop custom chip services [1] - The company has developed a video processor IP that is being adopted by multiple cloud platforms and internet service providers, supporting 8K video transcoding in data center video transcoding platforms [1] Group 2 - The company is focused on advancing Chiplet technology and has designed various chips based on the Chiplet architecture, as well as developed the UCIe interface [1]