2025 年 04 月 28 日 芯原股份(688521.SH) 25Q1 营收高增，有望长期受益 AIGC、 自动驾驶、Chiplet 等新产业趋势 事件： 4 月 25 日，公司发布 2025 年一季报。25Q1 实现营收 3.90 亿元， 同比+22.49%；实现归母净利润-2.2 亿元，毛利率 39.06%，24Q4 为 33.34%。公司持续保持高强度研发投入，2024 年投入研发费 12.47 亿元，25Q1 研发费 3 亿元。 25Q1 营收高增，有望长期受益 AI 产业趋势。 根据公司一季报，按下游领域划分：来自系统厂、互联网公司、 云服务提供商、车企等营收占比 37.3%；消费电子收入同比 +103.81%，营收占比 44.12%。按业务类型划分：芯片设计业务收 入 1.22 亿元，同比+40.75%，其中 28nm 及以下工艺节点收入占比 89.05%，14nm 及以下工艺节点收入占比 63.14%；量产业务收入 1.46 亿元，同比+40.33%；半导体 IP 授权同比小幅下滑。根据公 司年报，公司深化布局 AIGC、数据中心、智驾系统、智慧可穿戴 设备、物联网、Chiplet 等领域： ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 4月29日，2025势银异质异构集成封装产业大会（浙江宁波） 点此报名 添加文末微信，加 先进封装 群 2025势银异质异构集成封装产业大会 将于 4月29日 在浙江宁波 · 甬江实验室举办。 会议议程 ⊙ 09:00 - 12:00 专题论坛： 异构集成研究中心成立仪式 09:00 09:10 相关领导 主办方、联合主办方致辞 09:10 09:20 相关领导 混合键合在异构集成先进封装中的应用 09:20 钟飞 主任助理、信息材料与微纳器件制备 09:40 平台负责人 爵江实验室 Chiplet EDA全流程:设计空间探索,物 理实现及多物理验证 09:40 吴晨 项目总监 10:00 芯粒CAD和制造浙江省工程研究中心/深圳 市比昂芯科技有限公司 聚焦2.5D/3D先进封装EDA平台,探索后 10:00 端全流程设计、仿真与验证协同创新模式 10:20 赵毅 创始人兼首席科学家 珠海硅芯科技有限公司 空部 10:20 1 ...

以下文章来源于IC后摩院 ，作者赵瑜斌 IC后摩院 . 产业为天，学术为地，搬运在这天地间 如果您希望可以时常见面，欢迎标星收藏哦~ | Contents | | | --- | --- | | 引 | | | 01 | 架构设计 | | 02 | 设计实现 | | 03 | 仿真 | | 04 | PV验证/签核 | | 05 | 供电 / 功耗 | | 06 | 标准/底座/生态 | | 07 | 商用工具现状 | 本篇主要分享从设计视角，对于Chiplet tool的真实需求。在开始前，我们略去了Chiplet设计的必要性和 后摩路径的好处（在其他篇中我们再分享），但是我们从一个基本的角度来看必须用Chiplet来构建未来系 统，尤其是算力系统的必要性——晶体管transistor的增长。 上个月底参加了HiPi联盟大会，以及在近期多场和3DIC、先进封装有关的会议中，国内设计界对EDA的呼声 可谓此起彼伏。这几天方得空整理了一下若干专家对此的讨论和分享。由于流程环节繁多，内容庞大，本文仅 挑一些要点做分享，如有更适合的场合再分别做详细介绍。 2024年，成功商用单片（苹果M3 max@3nm）晶体管最 ...

Core Viewpoint - The company, Canaan Inc. (688691.SH), has shown significant growth in its order backlog and is making strides in various sectors, including automotive chips and artificial intelligence, as highlighted in its Q1 2025 report [1][5]. Group 1: Financial Performance - As of the end of Q1 2025, the company's order backlog reached 899 million yuan, reflecting a quarter-on-quarter increase of 11.38%, indicating strong future performance support [2]. - The pre-received payments from downstream customers amounted to 300 million yuan, an increase of 87 million yuan compared to the end of the previous year, further confirming the company's robust order situation [2]. Group 2: Chip Customization Services - The company is advancing in one-stop chip customization services, with multiple projects entering the design phase, including a charging pile power control chip and the first domestic MRAM control chip [3]. - Canaan Inc. focuses on domestic independent process platforms and has established strategic partnerships with leading foundries like SMIC, which enhances its market position amid the accelerating domestic substitution in the semiconductor sector [3]. Group 3: Expansion into New Fields - The company is actively developing automotive chips, particularly high-performance MCUs, which are crucial for the growing demand in the automotive electronics sector [4]. - In the artificial intelligence and data center domains, the company has validated its self-developed high-speed interface IP across multiple process platforms, catering to the needs for high bandwidth and low latency [4]. - The company is collaborating with packaging manufacturers to develop advanced 2.5D/3D interconnect solutions, enhancing signal transmission efficiency in advanced packaging [4].

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 添加文末微信，加 先进封装 群 Chiplet先进封装技术是半导体制程微缩脚步放缓后必然发展路径，其拥有独立IP物理化带来的 降本增效优势，以及可模块化异质异构集成特点，正在成为提升芯片性能的又一关键技术解决 方案。 在通州区委副书记、南通高新技术产业开发区党工委常务副书记吴冰冰开幕致辞下，本次交流 会正式开启。 会议上，南通高新技术产业开发区相关领导详细解读了南通在集成电路领域的产业优势、人才 及资源情况、交通运输发展规划。复旦大学智能材料与未来能源创新学院相关领导深入浅出的 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 4月29日，2025势银异质异构集成封装产业大会（浙江宁波） 点此报名 分享了复旦大学在微电子材料与器件分析技术方向的产学研布局。制局半导体（南通）有限公 司董事长付伟为各与会专家详细介绍了本次在南通高新区落地的先进封装模组制造项目，制局 半导体总投资10.5亿元，聚焦小芯片和异构集成技术，凭借具有高产出、低成本的FOPLP先进 封装解决方案，致力于为 ...

半导体产业正处在前所未有之大变局时刻：一方面，摩尔定律渐趋极限；另一方面，人工智能的爆 发式增长对计算架构带来全新的机遇与挑战。面对这一趋势，Arm 于近期发布《芯片新思维：人 工智能时代的新根基》行业报告，该报告汇集了构建AI时代芯片设计新范式的洞察，涵盖算力、 能效、安全、可扩展性等核心议题，勾勒出未来智能计算的底层路线图。 在该报告中，Arm与业界专家分享了诸多关键趋势： AI计算底层逻辑发生质变 过去四十年，芯片技术经历了从早期的超大规模集成电路 (VLSI) 和极大规模集成电路 (ULSI) 设 计、移动芯片组的发展，到移动系统级芯片 (SoC) 的广泛应用，再到如今的 AI 优化的定制芯片 如果您希望可以时常见面，欢迎标星收藏哦~ 通过摩尔定律实现半导体缩放的传统方法已达到物理与经济的极限。产业正转向创新的替代 方案，如定制芯片、计算子系统 (CSS) 以及芯粒 (chiplets)，以持续提升性能与能效。 随着 AI 工作负载对计算密集型任务的需求日益增加，能效已成为 AI 计算发展的首要考量。 芯片设计正在整合优化的内存层次结构、先进的封装技术，以及成熟的电源管理技术，以降 低能源消耗，同时维 ...

Core Viewpoint - The semiconductor industry is undergoing rapid restructuring driven by global tech competition and the AI computing power revolution, with significant focus on wafer foundry, advanced packaging, IC design, memory, and third-generation semiconductors [1][2]. Group 1: Semiconductor Industry Trends - The demand for high-performance chips is ignited by AI models like DeepSeek, leading to intensified competition among wafer foundry manufacturers for advanced processes like 2nm and 1nm [1]. - The mature process sector is experiencing fluctuating capacity utilization due to weak demand in the consumer electronics market [1]. - The competition in the wafer foundry industry is shifting from capacity expansion to ecosystem integration, highlighting regional clustering effects [1]. Group 2: Advanced Packaging and IC Design - Advanced packaging is gaining momentum under the AI wave, with technologies like Chiplet and 3D stacking becoming mainstream [1]. - Manufacturers are accelerating their layouts, making heterogeneous integration capabilities a core competitive factor, although challenges in capacity, cost, and industrial collaboration are emerging [1]. - IC design companies are fully embracing AI, innovating from cloud training chips to edge inference terminals, with a noticeable trend towards collaborative development across packaging, foundry, and design stages [1]. Group 3: Memory and Storage Market Dynamics - The demand for high-performance products like HBM and DDR5 is surging due to the explosion of AI and data centers, while the enterprise SSD market continues to expand amid digital transformation [2]. - Emerging fields such as smart vehicles and humanoid robots are creating differentiated storage solution demands [2]. - However, memory prices are experiencing significant volatility due to international circumstances and weak consumer electronics demand, leading to future uncertainties [2]. Group 4: Third-Generation Semiconductors - Breakthroughs in silicon carbide (SiC) for electric vehicles and AI server power supplies, along with innovations in gallium nitride (GaN) for fast charging and humanoid robot joint drives, are resonating in the market [2]. - The global third-generation semiconductor industry is transitioning from laboratory experiments to large-scale applications, with strategic value in the context of AI computing power potentially reshaping the power semiconductor market landscape [2]. Group 5: Upcoming Industry Forum - TrendForce will hold the 2025 Semiconductor Industry Forum in Shenzhen on June 10, 2025, featuring senior analysts discussing the current state and future of the semiconductor industry [3][4]. - The forum aims to provide strategic planning insights and a platform for in-depth exchanges among industry leaders [3].

Company Overview - The company is dedicated to the research, production, and sales of semiconductor packaging materials, specifically epoxy molding compounds and electronic adhesives, and is one of the few specialized factories in China for chip-level solid and liquid packaging materials [8][9] - The main products include epoxy molding compounds and electronic adhesives, which are widely used in semiconductor packaging and board-level assembly [9][12] Business Model - The company employs a research and development model focused on optimizing the formulation and production processes of semiconductor packaging materials [10] - The procurement model involves a dedicated procurement department that collaborates with various departments to select suppliers and manage material needs [10] - The production model combines sales-driven production with demand forecasting to ensure alignment between production plans and sales [11] - The sales model is customer-centric, primarily targeting direct customers while also engaging with trading partners, with a strong sales presence in East China, Southwest China, and South China [11] Industry Position - Since its establishment in 2010, the company has focused on the R&D and industrialization of semiconductor packaging materials, achieving significant technological advancements and market recognition [19] - The company is recognized as a national high-tech enterprise and has established stable partnerships with leading industry players, enhancing its market share and brand influence [19] Financial Performance - In the reporting period, the company achieved operating revenue of 331.63 million yuan, a year-on-year increase of 17.23%, and a net profit attributable to shareholders of 40.06 million yuan, up 26.63% year-on-year [24] Profit Distribution Plan - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares (including tax) for the 2024 fiscal year, with a total proposed cash dividend amounting to approximately 24.13 million yuan, representing 60.23% of the net profit attributable to shareholders [55][54]

Group 1: Company Developments - Huatian Technology (华天科技) reported its 2024 annual report, highlighting ongoing research and development in advanced packaging technologies, particularly focusing on Chiplet, automotive electronics, and board-level packaging [1] - The company has completed the construction and equipment debugging of its 2.5D production line, which is crucial for mainstream computing chips [1] - Huatian's R&D investment aims to develop 2.5D packaging technology for applications in AI, big data, and high-performance computing, with a goal to increase market share [1] Group 2: Industry Trends - Changdian Technology (长电科技) is also investing in 2.5D packaging technology, with its XDFOI®Chiplet series entering stable mass production [2] - This technology focuses on high-density heterogeneous integration solutions, covering 2D, 2.5D, and 3D integration technologies, indicating a trend towards collaborative design and integrated testing [2] - Both Huatian and Changdian are prioritizing R&D in high-performance computing 2.5D advanced packaging, while Tongfu Microelectronics (通富微电) has not reported similar projects in its 2023 annual report [3] Group 3: Competitive Landscape - Tongfu Microelectronics is upgrading its large-size multi-chip Chiplet packaging technology, developing new processes to enhance chip reliability, although it lacks a focus on 2.5D packaging [3] - The competitive landscape shows a clear focus among leading companies on advanced packaging technologies, particularly in the context of high-performance computing and AI applications [2][3]

Core Viewpoint - The article discusses the emerging concepts of "chiplet" and "heterogeneous integration," highlighting the lack of standardized definitions and the implications for the semiconductor industry [2][3][4]. Summary by Sections Chiplet Definition and Characteristics - Chiplets are discrete components that can be integrated into a single package, differing from traditional multi-chip modules (MCM) [3][4]. - A key feature of chiplets is the direct connection between chips through standardized interfaces, which enhances performance and efficiency compared to MCMs [4][5]. - The economic rationale for chiplets stems from the high costs associated with advanced nodes and the inability to produce larger chips [4][5]. Standardization and Interoperability - The standardization of interfaces, such as UCIe and Bunch of Wires (BoW), is crucial for ensuring interoperability among chiplets from different sources [5][6]. - There is a debate on whether a chiplet must have a standardized interface to qualify as such, with some experts arguing that the presence of a die-to-die interface is essential [12][19]. Heterogeneous Integration - Heterogeneous integration involves combining different types of chips within a single package, which can include various nodes and materials [13][14]. - The definitions of heterogeneous integration vary, with some emphasizing the need for different functionalities among the chips involved [13][17]. - The complexity of integrating analog and photonic chips adds further challenges to the standardization of definitions in this area [10][18]. Industry Implications - The lack of consensus on definitions may hinder interoperability and complicate the development of advanced packaging processes [19]. - As the industry evolves, the need for clear definitions will become increasingly important for decision-making and market differentiation [19][20].