公告显示，主要受一站式芯片定制业务增长带动，2025年第三季度芯原股份营收创历史新高。从各业务 具体表现来看，公司预计2025年第三季度实现芯片设计业务收入4.29亿元，环比增长291.76%，同比增 长80.67%；预计实现量产业务收入6.09亿元，环比增长133.02%，同比增长158.12%；预计实现知识产权 授权使用费收入2.13亿元，环比增长14.14%，同比基本持平。 中证报中证网讯（王珞）10月8日，芯原股份发布2025年第三季度经营情况自愿性披露公告，经财务部 门初步测算，公司预计2025年第三季度实现营业收入12.84亿元，单季度收入创公司历史新高，环比大 幅增长119.74%，同比大幅增长78.77%。订单方面，公司预计2025年第三季度新签订单15.93亿元，同比 增长145.80%，预计2025年前三季度新签订单32.49亿元，已超过2024年全年新签订单水平；公司在手订 单已连续八个季度保持高位，预计截至2025年第三季度末在手订单金额为32.86亿元，持续创造历史新 高。 2020年，公司在科创板上市时，曾被誉为"中国半导体IP第一股"；随着公司业务在业界获得更广泛的关 注度和更深 ...

10月8日晚间，芯原股份(688521)发布第三季度经营情况自愿性披露公告，经财务部门初步测算，预计 2025年第三季度实现营业收入12.84亿元，单季度收入创公司历史新高，环比大幅增长119.74%，同比大 幅增长78.77%。 在AI ASIC领域，芯原股份基于自有的丰富IP和领先的芯片定制能力，已推出面向AI应用的软硬件芯片 定制平台解决方案，涵盖如智能手表、AR/VR眼镜等轻量化空间计算设备，AIPC、AI手机、智慧汽 车、机器人等高效率端侧计算设备，以及数据中心、服务器等高性能云侧计算设备。芯原股份2025年上 半年芯片设计业务收入中，AI算力相关收入占比约52%。 同时，芯原股份预计第三季度盈利能力大幅提升，单季度亏损同比、环比均实现大幅收窄。公司还预计 第三季度新签订单15.93亿元，同比大幅增长145.80%。 2025年第二季度，芯原股份实现营业收入5.84亿元，环比增长49.90%，主要由知识产权授权使用费收入 及量产业务收入增长所带动。 芯原股份表示，公司第三季度营收大幅增长，主要受一站式芯片定制业务增长所带动。从各业务具体表 现来看，公司预计2025年第三季度实现芯片设计业务收入4.2 ...

要点速览 芯原股份刚刚扔出了一份让市场瞠目结舌的Q3经营数据预告，各项指标几乎全面超出预期。对于那些 仍在用"半导体IP第一股"的旧标签审视这家公司的投资者来说，这份数据无疑是一次强有力的提醒：芯 原的增长引擎已经切换，AI ASIC（人工智能专用芯片）的叙事正在被数据兑现。 营收与利润：冰火两重天后的绝地反击 最引人注目的数据是营收。2025年第三季度，公司预计实现营业收入12.84亿元，这不仅是公司单季度 的历史新高，更实现了环比119.74%和同比78.77%的惊人增长。 这与公司上半年的表现形成了鲜明对比。根据背景资料，芯原股份2025年上半年归母净利润亏损扩大至 3.2亿元，第二季度营收甚至同比下滑4.8%。然而，仅仅一个季度后，公司就上演了绝地反击。这种巨 大的预期差背后，是其业务结构的质变。 公告明确指出，增长主要受"一站式芯片定制业务"带动。具体来看： 数据清晰地表明，芯原的商业模式重心已从收取前期IP授权费，成功转向了提供从设计到量产的全流程 服务，而后者的市场空间和收入体量显然要大得多。同时，公告提到"第三季度单季度亏损同比、环比 均实现大幅收窄"，这意味着营收的爆发式增长正在有效摊薄各项 ...

Investment Rating - The report gives a "Buy" rating for the company [5]. Core Insights - The company is expected to achieve revenues of 45.80 billion, 57.35 billion, and 70.72 billion yuan in 2025, 2026, and 2027 respectively, with corresponding price-to-sales (PS) ratios of 10, 8, and 7 times [5][12]. - The company is one of the few that covers multi-standard cellular and multi-protocol non-cellular chips, focusing on mobile baseband and IoT fields, with significant self-developed IP reserves [5][12]. - The 5G mobile chip has been taped out and is expected to continue ramping up in the future [5][12]. - The ASIC segment is expected to see significant growth, with projected revenue in 2026 being several times higher than in 2024 [5][12]. Summary by Sections Company Overview - The company provides wireless communication and large-scale chip solutions, with products including cellular baseband chips, non-cellular IoT chips, custom chip services, and semiconductor IP licensing [2][29]. - It has established partnerships with major clients such as ZTE, Quectel, Midea, Xiaomi, and OPPO [2][29]. Market Position and Growth - The IoT baseband segment is growing steadily, with the company holding nearly 50% market share in the Cat.1bis segment in 2024, leading the industry [2][12]. - The Cat.4 shipment volume is expected to double year-on-year in 2024, and the new Cat.7 products have been successfully introduced to clients like ZTE [2][12]. - In the mobile sector, the 4G octa-core smartphone chip has been successfully introduced to clients in the first half of 2025, while the 5G mobile chip is in the late stages of development, with client introduction expected in the second half of 2026 [2][12]. ASIC and Custom Chip Services - The company is one of the few domestic chip design firms with a presence on both the "cloud" and "edge" sides, having previously customized large inference and training chips for clients [3][30]. - The ASIC business is expected to see substantial revenue growth, with projections of 8.39 billion, 10.91 billion, and 14.18 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 150%, 30%, and 30% [13][30]. - The custom chip business is expected to have a gross margin of 45%, 46%, and 48% over the same period [13][30]. Financial Projections - The company anticipates revenues of 2.6 billion yuan in 2023, growing to 3.386 billion in 2024, and reaching 4.58 billion, 5.735 billion, and 7.072 billion in 2025, 2026, and 2027 respectively, with corresponding growth rates of 21.5%, 30.2%, 35.3%, 25.2%, and 23.3% [3][12]. - The net profit attributable to shareholders is projected to improve from a loss of 506 million yuan in 2023 to a profit of 175 million yuan in 2027 [3][12]. Valuation and Target Price - The report suggests a target market value of 574.25 billion yuan for 2026, with a target price of 137.28 yuan based on the company's unique position in the domestic baseband communication chip market and its advantages in the ASIC field [18][12].

Group 1: Acquisition and Financial Details - Chipone Technology plans to acquire 97.0070% equity of Chiplet Technology through a combination of issuing shares and cash payment, with the stock resuming trading on September 12 [1] - The proposed issuance price is set at 106.66 yuan per share, which is 81.11% of the average stock price over the last 20 trading days and 69.71% of the closing price before the suspension [1] - The acquisition price is significantly higher than the previous fundraising price of 72.68 yuan per share in June and slightly above the transfer price of 105.21 yuan per share in August, indicating confidence in the long-term value of Chipone Technology [1] Group 2: Order and Revenue Growth - As of the end of Q2 2025, Chipone Technology has a backlog of orders amounting to 3.025 billion yuan, maintaining a high level for seven consecutive quarters [2] - New orders signed from July 1 to September 11, 2025, reached 1.205 billion yuan, representing a substantial increase of 85.88% compared to the same period last year, with AI computing-related orders accounting for approximately 64% [2] Group 3: Chiplet Technology Overview - Chiplet Technology, established in 2018, is a leading provider of RISC-V CPU IP in China, with a workforce of 111 employees, 75.68% of whom are in R&D [3] - The company has developed over 70 IP products, including more than 20 RISC-V IPs, and has authorized over 300 global clients, making it one of the largest RISC-V IP suppliers in China [3] - Chiplet Technology achieved ISO26262 ASIL-D certification for automotive functional safety in July 2023, and its RISC-V IP business revenue ranks among the top in China [3] Group 4: Chipone Technology's Market Position - Chipone Technology is recognized as a leader in the AI ASIC sector, leveraging its extensive IP and chip customization capabilities to provide comprehensive chip design services [4] - In the first half of 2025, AI computing-related revenue accounted for approximately 52% of the company's chip design business [4] Group 5: RISC-V Industry Development - Chipone Technology has been actively involved in the RISC-V industry for over seven years, founding the China RISC-V Industry Alliance in 2018, which now has 204 member units [5] - The company has organized multiple RISC-V industry forums, promoting over 40 domestic RISC-V chip products [5] Group 6: Future Prospects and Strategic Goals - The acquisition of Chiplet Technology will enhance Chipone Technology's capabilities in RISC-V, allowing for a more comprehensive heterogeneous computing IP platform [7] - The integration of Chiplet Technology's RISC-V IP will enable Chipone Technology to offer differentiated and competitive chip solutions for AI ASIC applications [7] - The transaction is expected to boost Chipone Technology's total assets and revenue, enhancing its market competitiveness and industry influence [8]

Core Viewpoint - Chip leader Chip Origin Co., Ltd. announced a plan to acquire 97.0070% equity of Chip Coming Technology through a combination of issuing shares and cash payment, along with raising supporting funds [1][3] Group 1: Acquisition Details - The company plans to purchase the equity from 31 trading parties, including Chip Coming Co-Creation and Hu Zhenbo, while also raising funds from no more than 35 specific investors at a price of 106.66 yuan per share [3] - The total amount of raised funds will not exceed 100% of the transaction price for the asset acquisition, with the number of shares issued not exceeding 30% of the total share capital post-transaction [3] - The raised funds will be used for cash payment for the transaction, intermediary fees, transaction taxes, and to supplement the working capital of both the listed company and the target company [3] Group 2: Company Performance and Orders - As of the second quarter of 2025, the company reported a record high order backlog of 3.025 billion yuan, with new orders signed from July 1 to September 11 amounting to 1.205 billion yuan, representing a significant year-on-year increase of 85.88% [5] - AI computing-related orders accounted for approximately 64% of the new signed orders, indicating a strong focus on AI technology [5] - The company achieved a revenue of 974 million yuan in the first half of 2025, with a year-on-year growth of 4.49%, although it reported a net loss of 320 million yuan [6] Group 3: Company Background and Market Position - Chip Coming Technology, established in 2018, is one of the first domestic RISC-V CPU IP providers in China, with over 100 employees and a portfolio of dozens of IP products [4] - The company is recognized as a leader in AI ASIC and aims to enhance its market competitiveness through the acquisition, which will complete its full-stack heterogeneous computing layout [5]

Core Viewpoint - Chip Origin Co., Ltd. plans to acquire 97.01% of Chip Lai Technology, marking a significant asset restructuring and enhancing its position in the semiconductor industry [1] Group 1: Acquisition Details - The acquisition will make Chip Lai Technology a wholly-owned subsidiary of Chip Origin, which currently holds 2.99% of its shares [1] - The transaction is expected to be completed by September 12, 2025, when trading will resume [1] Group 2: Company Background - Chip Origin is recognized as the "first stock of China's semiconductor IP" and is regarded as a leader in AI ASIC technology [1] - The company holds the top market share in China's semiconductor IP licensing business and ranks eighth globally, with licensing revenue ranking sixth worldwide [1][2] Group 3: AI ASIC and RISC-V Technology - Chip Origin has developed a comprehensive chip customization platform for various AI applications, with AI-related revenue accounting for approximately 52% of its chip design business in the first half of 2025 [2] - Chip Lai Technology, established in 2018, is a leading provider of RISC-V CPU IP in China, with over 300 global clients and applications across multiple sectors [2][3] Group 4: Strategic Importance of the Acquisition - The acquisition will enhance Chip Origin's capabilities in heterogeneous computing and strengthen its market competitiveness in AI ASIC design [3] - The integration of RISC-V technology will allow for more flexible and differentiated chip solutions, leveraging the open RISC-V ecosystem for various AI applications [4] Group 5: Financial Performance - As of the end of Q2 2025, Chip Origin's order backlog reached 3.025 billion yuan, marking a historical high and indicating strong future performance [5] - New orders signed from July 1 to September 11, 2025, amounted to 1.205 billion yuan, representing an 85.88% increase compared to the same period last year, with AI-related orders making up about 64% of the total [5]

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock is expected to outperform the benchmark index by more than 15% [11]. Core Insights - The company's revenue for the first half of 2025 reached 974 million yuan, a year-on-year increase of 4.49%, while the net profit attributable to shareholders was a loss of 320 million yuan. In Q2 2025, revenue was approximately 584 million yuan, a quarter-on-quarter increase of 49.90%, with the net loss narrowing by 54.8% compared to Q1 [1][3]. - The significant growth in Q2 performance was driven by increases in intellectual property licensing fees and mass production business revenue, with licensing fees reaching 187 million yuan, up 16.97% year-on-year and 99.63% quarter-on-quarter, and mass production revenue at 261 million yuan, up 11.65% year-on-year and 79.01% quarter-on-quarter [3]. - The demand for AI ASICs is strong, with new and existing orders reaching a historical high. In Q2 2025, the company signed new orders worth 1.182 billion yuan, a nearly 150% increase quarter-on-quarter, and the total order backlog reached 3.025 billion yuan, up 23.17% quarter-on-quarter [3]. - The company has been investing in Chiplet technology and its applications in AIGC and smart driving for five years, establishing a core barrier through high R&D investment. In Q2, the proportion of R&D expenses decreased by 25.76 percentage points [3]. - Future revenue projections are optimistic, with expected revenues of 2.996 billion yuan, 4.621 billion yuan, and 6.077 billion yuan for 2025E, 2026E, and 2027E respectively, reflecting year-on-year growth rates of 29.0%, 54.2%, and 31.5% [3][5]. Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 974 million yuan, with a net loss of 320 million yuan. Q2 revenue was 584 million yuan, with a significant quarter-on-quarter growth of 49.90% and a reduced net loss of 99 million yuan [1][3]. - The company anticipates revenues of 2.996 billion yuan in 2025E, 4.621 billion yuan in 2026E, and 6.077 billion yuan in 2027E, with corresponding net profits projected to improve significantly over the years [5]. Business Segments - The growth in Q2 was primarily driven by intellectual property licensing and mass production, with licensing fees at 187 million yuan and mass production revenue at 261 million yuan [3]. - The company has a strong order backlog, with 3.025 billion yuan in orders, of which nearly 90% is from ASIC business, providing a solid foundation for future revenue [3]. R&D and Future Outlook - The company is focusing on Chiplet technology and its applications in smart driving, with a strategic shift towards "IP as a Chiplet" [3]. - The expected growth in AI ASIC demand from major internet companies and automotive manufacturers positions the company favorably for future performance [3].

Core Viewpoint - The company, VeriSilicon Limited, is conducting a share transfer at a price of 105.21 CNY per share, which is approximately 70% of the closing price on August 25, 157.9 CNY. The transfer involves 26,285,663 shares, accounting for 5% of the total share capital, due to the shareholders' funding needs [2][7][8]. Group 1: Share Transfer Details - The share transfer was quickly finalized within four days after the announcement, with 37 institutional investors participating, including fund management companies, insurance companies, and private equity firms [5]. - The shareholders involved in the transfer include VeriSilicon Limited, which is the largest shareholder, and several other investment partnerships, all citing funding needs as the reason for the transfer [8][9]. Group 2: Business Performance and Orders - The company has been recognized as a leader in AI ASIC technology, with successful chip tape-outs at advanced process nodes, including 5nm FinFET technology [10]. - In the second quarter, the company reported new orders exceeding 700 million CNY for ASIC design revenue, reflecting a more than 700% quarter-over-quarter increase and over 350% year-over-year growth [11]. - The company has a strong order backlog, reaching 3.025 billion CNY as of the end of the second quarter of 2025, marking a 23.17% increase from the previous quarter [12].

Macro Strategy - The report analyzes three historical cases of capacity adjustment over a century, highlighting the negative feedback loop of capacity imbalance and the importance of government intervention to restore balance [1][12] - It emphasizes that supply-demand rebalancing requires simultaneous efforts in controlling capacity, restoring credit, and stabilizing employment, rather than relying solely on supply or demand policies [1][12] Fixed Income - The new bond value-added tax regulation enhances the relative attractiveness of credit bonds, as their interest income is not subject to the tax, while government bonds lose their tax exemption [2][3][13] - The adjustment in tax rates is expected to narrow the yield spread between credit bonds and other interest rate bonds by approximately 10 basis points, with potential increases in relative value for credit bonds by 5-15 basis points for proprietary trading departments [2][3][14] Industry Analysis - The asset operation and maintenance (O&M) industry is gaining importance post-capital formation peak, with growth driven more by product development than by personnel or capital [4][15] - The report indicates that the O&M market is projected to grow significantly, with the current market size at approximately 2.44 trillion and expected to reach around 5.5 trillion in ten years [4][15] - The report suggests focusing on companies like Borui Data, Rongzhi Rixin, and Xianheng International, as they are positioned to benefit from the increasing demand for high-quality O&M services [4][15] Electronic Industry - The ASIC business model requires service providers to have strong IP design and SoC design capabilities, with major players like Broadcom and Marvell holding significant market shares [5][16][17] - The custom chip market is projected to reach $55.4 billion by 2028, with a compound annual growth rate (CAGR) of 53% from 2023 to 2028, driven by the demand for AI acceleration [5][16][17] - The report highlights the potential for margin pressure in the custom chip business due to increased competition from domestic firms entering the AI ASIC market [5][16][17]