国产AI芯片行业迎来业绩爆发期，但大部份企业仍面临盈利考验，在手大额订单能否转化为实际利润 成为关键 人工智能爆发式发展，相关芯片企业的业绩也井喷般猛增。 10月8日，芯原股份（688521.SH）披露了三季度业绩预告，预计三个季度实现营收12.84亿元，创单季 度收入新高，环比激增119.74%，同比增幅达78.77%。 除了收入猛增，该公司的在手订单也大幅增加。前三季度，该公司新签订单32.49亿元，已超2024年全 年，其中三季度新签订单15.93亿元，AI算力相关订单占比高达65%。 然而，亮眼业绩难掩盈利压力。今年上半年，芯原股份净利润亏损3.2亿元，较去年同期同比扩大 12.3%，在订单井喷的情况下，该公司预计三季度单季度亏损同比、环比收窄，但仍然亏损。 而芯原股份的处境并非个例。今年以来，国产AI芯片行业迎来业绩爆发期，订单狂欢下营收高速增 长，但大部份企业仍面临盈利考验，在手大额订单能否转化为实际利润，成为资本市场关注的焦点。 AI驱动业绩暴涨 芯原股份三季度的业绩爆发，具有显著的"AI驱动"特征。 但与营收高增长形成反差的是，芯原股份仍未摆脱亏损。该公司未在业绩预报中披露三季度单季和前三 季 ...

Core Insights - The rise of domestic semiconductor companies like Verisilicon (芯原股份) is a result of the trend towards domestic substitution in the technology sector, focusing on deep specialization in hard technology [1] - The acquisition of RISC-V CPU IP company Chiplet (芯来智融) by Verisilicon is seen as a strategic move to enhance its CPU IP capabilities and strengthen its overall stack [3][11] Group 1: Market Position and Performance - Verisilicon ranks as the eighth largest semiconductor IP provider globally and the first in China, with a market share of 1.6% and an IP licensing revenue of approximately $113 million in 2024 [4][6] - The global semiconductor IP market is dominated by ARM and Synopsys, which together hold about 66% of the market share, highlighting the competitive landscape [6] - Verisilicon's IP offerings cover a wide range of applications, including AI, automotive electronics, and cloud services, with significant adoption among major global companies [9][7] Group 2: Business Model and Ecosystem - Verisilicon's business model, SiPaaS (Silicon Platform as a Service), allows for a distributed and reusable platform service, reducing the barriers for smaller companies to enter the semiconductor market [10] - The company's ecosystem approach enables collaboration and specialization among various players in the semiconductor industry, enhancing overall innovation efficiency [10][12] Group 3: Financial Performance and R&D Investment - In the first half of 2025, Verisilicon's R&D expenses reached 612 million yuan, accounting for 62.85% of its total revenue, indicating a strong commitment to innovation [14] - Despite significant R&D investments, the company faced net losses in 2023 and 2024, with a continued loss of 320 million yuan in the first half of 2025, reflecting the industry's cyclical nature [16][17] - Recent financial improvements were noted, with a 49.9% increase in revenue in Q2 2025, suggesting a recovery in demand for its IP solutions [17]

Financial Performance - The company reported a total revenue of 974 million yuan for the first half of 2025, an increase of 4.49% year-on-year [1] - The net profit attributable to shareholders was -320 million yuan, a decrease of 12.3% compared to the previous year [1] - In Q2 2025, total revenue was 584 million yuan, down 4.84% year-on-year, with a net profit of -99.51 million yuan, a decline of 27.86% [1] - The gross margin was 43.32%, down 2.44% year-on-year, while the net margin was -32.85%, a decrease of 7.48% [1] - The total of selling, administrative, and financial expenses was 139 million yuan, accounting for 14.29% of revenue, an increase of 2.98% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased significantly by 222.37% to 2.273 billion yuan due to funds raised from a specific stock issuance [1] - Accounts receivable stood at 1.071 billion yuan, a slight increase of 1.66% [1] - Interest-bearing liabilities rose by 22.56% to 1.493 billion yuan [1] - The net asset value per share increased by 41.72% to 6.85 yuan [1] Cash Flow Analysis - Operating cash flow per share was -0.69 yuan, a decrease of 2.97% year-on-year [1] - The net cash flow from investing activities increased by 352.0%, attributed to the maturity of financial assets [4] - The net cash flow from financing activities surged by 712.12% due to funds raised from stock issuance [5] Business Operations - The company has a significant amount of accounts receivable, which accounted for 46.11% of total revenue [1] - The company is focusing on enhancing its semiconductor IP licensing and chip customization services, which are expected to complement each other effectively [9] Market Position - The company has shown a historical median ROIC of -8.27%, indicating poor investment returns [6] - The company has experienced losses in 7 out of its 10 years since listing, suggesting a challenging financial history [6] - The largest fund holding the company's shares is the Huaxia SSE Sci-Tech Innovation Board 50 ETF, which has seen significant growth in the past year [8]