中证报中证网讯(王珞)12月12日晚间，芯原股份披露了两项并购的新进展，公司拟联合共同投资人对特 殊目的公司天遂芯愿进行投资，并以天遂芯愿为收购主体收购逐点半导体的控制权；同时，终止发行股 份及支付现金购买芯来智融97.0070%股权并募集配套资金事宜。 联合重量级投资人超9亿元增资芯原获得控制权 12月12日晚间，芯原股份披露了《关于联合投资人共同对外投资暨收购逐点半导体的进展公告》。公告 显示，2025年12月12日，公司与天遂芯愿、华芯鼎新(北京)股权投资基金(有限合伙)、上海国投先导集 成电路私募投资基金合伙企业(有限合伙)、北京屹唐元创股权投资基金合伙企业(有限合伙)、北京芯创 智造二期创业投资基金(有限合伙)和上海涵泽创业投资合伙企业(有限合伙)签署《关于天遂芯愿科技(上 海)有限公司之增资协议》和《关于天遂芯愿科技(上海)有限公司之股东协议》。天遂芯愿拟新增注册资 本9.4亿元，其中公司拟以现金3.5亿元认缴天遂芯愿3.5亿元新增注册资本。本次投资完成后，天遂芯愿 的注册资本将变更为9.5亿元，公司将持有天遂芯愿40%股权、成为天遂芯愿单一第一大股东，并将根 据相关交易协议控制天遂芯愿的多数董事 ...

Core Viewpoint - Chipone Technology announced a strategic capital increase for TianSui Semiconductor, acquiring control of ZhuDian Semiconductor, which is expected to enhance its position in the semiconductor industry and improve its AI ASIC market competitiveness [1][6]. Group 1: Capital Increase and Shareholding Structure - On December 12, Chipone Technology signed a capital increase agreement with TianSui Semiconductor and five investment partners, with TianSui planning to increase its registered capital by 940 million yuan [1]. - Chipone will contribute 350 million yuan in cash and an additional 20 million yuan through its existing 2.11% stake in ZhuDian Semiconductor, resulting in a significant ownership stake [1]. - After the capital increase, TianSui's registered capital will rise from 10 million yuan to 950 million yuan, with Chipone becoming the largest shareholder with a 40% stake [5]. Group 2: Investment Partners - The investment partners include prominent entities such as Huaxin Dingxin, Guotou Xiandao, Yitang Yuanchuang, and Hanzhe Chuangtou, contributing a total of 550 million yuan to support the acquisition [4]. - Huaxin Dingxin invested 300 million yuan, while Guotou Xiandao contributed 150 million yuan, showcasing a strong backing from established investment firms [4]. Group 3: Strategic Implications - ZhuDian Semiconductor, established in 2004, is a leading provider of video and display processing chip solutions, holding over 160 patents and dominating the 3LCD projector control chip market with over 80% share [5]. - The acquisition allows Chipone to offer a comprehensive solution from image preprocessing to postprocessing for mobile clients, enhancing its capabilities in emerging fields like AI smartphones and cloud gaming [5]. - The market analysis suggests that this strategic acquisition aligns with the trend of domestic semiconductor replacement and policy support, potentially setting a new benchmark for industry consolidation [6].

Core Viewpoint - The company has decided to terminate the acquisition of a 97.0070% stake in Chip Lai Technology due to discrepancies between the core demands of the target company's management and the market environment, policy requirements, and the interests of the company and its shareholders [3][5]. Group 1: Termination of Acquisition - The company received a notification from the management of Chip Lai Technology and the transaction counterparties regarding the termination of the acquisition [2]. - The board of directors approved the termination after thorough research, emphasizing that it would not adversely affect the company's normal business operations or harm the interests of shareholders, especially minority shareholders [3]. Group 2: Future Plans and RISC-V Focus - The company will continue to strengthen its layout in the RISC-V field and maintain and deepen its cooperative relationship with Chip Lai Technology as a shareholder [3]. - The company aims to expand collaborations with multiple RISC-V IP core suppliers to promote the rapid development of the RISC-V ecosystem in China [3][9]. Group 3: RISC-V Industry Engagement - The company has been actively involved in the RISC-V industry for over seven years, focusing on building an open RISC-V hardware platform and an open-source RISC-V software ecosystem [4][7]. - The company has organized multiple RISC-V industry forums, promoting over 40 new RISC-V chip products from various domestic enterprises [4]. Group 4: Chip Lai Technology Overview - Chip Lai Technology, established in 2018, has developed over 70 IP products, including more than 20 RISC-V IPs, and has authorized over 300 global customers [6]. - The company achieved a high gross margin of over 90% for its RISC-V IP licensing services and is nearing breakeven [6]. Group 5: Strategic Importance of RISC-V - The termination of the acquisition is seen as a strategic move to enhance the company's competitive edge and expand its business development space in the RISC-V sector [9]. - The company plans to leverage its semiconductor IP and the integration of Chip Lai Technology's RISC-V IP to accelerate the large-scale implementation of RISC-V technology [9].

芯片领域突发。 芯原股份（688521）12月12日晚间公告，公司近日收到芯来智融半导体科技（上海）有限公司（简称"标的公司"）管理层及交易 对方关于终止发行股份及支付现金购买芯来智融97.0070%股权并募集配套资金的通知，并于2025年12月11日召开第三届董事会第 七次会议，审议通过了《关于终止公司发行股份及支付现金购买资产并募集配套资金事项的议案》，经公司充分审慎研究，同意 终止本次交易，并授权公司董事长及其进一步授权人士全权办理终止本次交易的相关事宜。 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，已推出面向广泛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眼镜等始终在线的轻量化空间计算设备，AI PC、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，且端侧、云侧AI ASIC均有众多客户项目已经或正在逐步量产上市。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%。 而标的公司成立于2018年，是中国本土首批RISC-V CPU IP提供商之一，已累计开发数十款IP产品。据披露，近年来标 ...

Core Viewpoint - The company, Chip Origin Co., Ltd. (芯原股份), has decided to terminate the acquisition of a 97.0070% stake in Chip Lai Zhirong Semiconductor Technology (Shanghai) Co., Ltd. due to discrepancies between the core demands of the target company's management and the market environment, policy requirements, and the interests of the company and its shareholders [1][3]. Group 1: Transaction Termination - The company received a notification from the target company's management and the transaction party regarding the termination of the share issuance and cash payment for the acquisition [1]. - The board of directors approved the termination of the transaction after thorough research, emphasizing the need to protect the interests of the company and all shareholders [3]. - The termination of this major asset restructuring will not adversely affect the company's normal business operations or the interests of shareholders, particularly minority shareholders [3]. Group 2: Future Plans and Collaborations - The company plans to continue strengthening its layout in the RISC-V field and will maintain and deepen its cooperative relationship with Chip Lai Zhirong as a shareholder [3]. - The company aims to expand collaborations with multiple RISC-V IP core suppliers to promote the rapid development of the RISC-V ecosystem in China [3]. Group 3: Company Background and Market Position - Chip Origin Co., Ltd. is recognized as a leading provider of semiconductor IP and offers comprehensive chip customization services, having been listed in 2020 as "China's first semiconductor IP stock" [4]. - The company has established itself as a leader in the AI ASIC sector, with AI-related revenue accounting for approximately 52% of its chip design business income in the first half of 2025 [4]. - The target company, established in 2018, is one of the first domestic RISC-V CPU IP providers in China and has developed numerous IP products, leading the RISC-V IP business domestically [5].

Market Overview - The Shanghai Composite Index rose by 0.54% to close at 3924.08 points, with a daily high of 3936.31 points [1] - The Shenzhen Component Index increased by 1.39% to close at 13329.99 points, reaching a high of 13389.67 points [1] - The ChiNext Index saw a rise of 2.6%, closing at 3190.27 points, with a peak of 3214.48 points [1] ETF Market Performance - The median return for stock ETFs was 0.9%, with the highest return from the Xinyin CSI Kechuang 50 ETF at 3.71% [2] - The highest performing industry ETF was the Jiashi National Communication ETF, yielding 4.78% [2] - The top strategy ETF was the China Southern ChiNext Low Volatility Value ETF, with a return of 1.76% [2] - The best performing thematic ETF was the Fuguo CSI Communication Equipment Thematic ETF, achieving a return of 5.65% [2] ETF Performance Rankings - The top three ETFs by return were: - Fuguo CSI Communication Equipment Thematic ETF (5.65%) - Huazhong ChiNext Artificial Intelligence ETF (5.62%) - Dacheng ChiNext Artificial Intelligence ETF (5.56%) [4] - The worst performing ETFs included: - Guotai CSI Coal ETF (-1.5%) - Huitianfu CSI Energy ETF (-1.35%) - Zhaoshang CSI Hong Kong and Shanghai Consumer Leaders ETF (-1.26%) [4] ETF Fund Flows - The top three ETFs by fund inflow were: - Southern CSI A500 ETF (1 billion) - Huatai Baichuan CSI 300 ETF (920 million) - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (789 million) [6] - The largest outflows were from: - E Fund ChiNext ETF (880 million) - Huabao CSI All-Index Securities Company ETF (673 million) - Guolianan CSI All-Index Semiconductor Products and Equipment ETF (461 million) [6] ETF Margin Trading Overview - The highest margin buy amounts were for: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (703 million) - Guotai CSI All-Index Securities Company ETF (509 million) - Huatai Baichuan CSI 300 ETF (467 million) [8] - The highest margin sell amounts were for: - Huatai Baichuan CSI 300 ETF (39.27 million) - Huaxia CSI 1000 ETF (20 million) - Huaxia Shanghai Stock Exchange 50 ETF (17.83 million) [8] Industry Insights - The global 400G+ optical module market is expected to reach $37.8 billion by 2026, driven by the demand for AI servers and high-speed optical interconnects [9] - Domestic AI development is accelerating, with Alibaba Cloud's business growing by 34%, indicating increased demand for IDC infrastructure [10] - The overall communication industry is expected to benefit from increased capital expenditure by cloud providers and the iteration of large AI models [10]

Core Viewpoint - The A-share market is experiencing slight declines, particularly in the AI sector, with the ChiNext AI Index down by 0.50% as of 14:29 on December 2. However, certain stocks like Zhaolong Interconnect and Tianfu Communication are performing well despite the overall trend [1]. Group 1: Market Performance - The ChiNext AI Index has seen a decline of 0.50% as of the specified time [1]. - The Huaxia ChiNext AI ETF (159381) is actively traded, with a transaction volume exceeding 300 million yuan during the day [1]. - Over the past five days, the Huaxia ChiNext AI ETF has accumulated an increase of 11.13%, ranking first among comparable funds [1]. Group 2: Fund Inflows - In the last two trading days, the Huaxia ChiNext AI ETF has experienced a continuous net inflow of over 60 million yuan [1]. Group 3: Future Outlook - According to China International Capital Corporation (CICC), the overseas AI hardware sector is expected to maintain high growth. The capital expenditure of the four major cloud providers in North America increased by 75% year-on-year in Q3 2025, with a positive outlook for AI investments in 2026 [1]. - The transition of cloud providers towards AI ASICs is anticipated to optimize costs and power consumption, with global AI ASIC shipments expected to more than double year-on-year by 2026 [1]. - The sustained demand is likely to drive the AI server and high-speed optical interconnect markets, with the global market size for 400G+ optical modules projected to reach 37.8 billion USD by 2026 [1].

Group 1 - SoftBank expressed acquisition interest in Marvell, but terms were not agreed upon, leading to a significant increase in Marvell's stock price [1] - Marvell specializes in custom chips, with ASIC services similar to Broadcom, offering comprehensive solutions from network interfaces to memory and packaging [1] - Google plans to launch its seventh-generation Tensor Processing Unit, Ironwood, which boasts four times the performance of the sixth-generation Trillium TPU for training and inference tasks [1] Group 2 - ASICs demonstrate significant advantages in energy efficiency and cost, with Google's TPU v5 being 1.46 times more efficient than NVIDIA's H200, and Amazon's Trainium2 reducing training costs by 40% and inference costs by 55% [2] - Broadcom's AI ASIC revenue is projected to reach $12.2 billion in 2024 and $13.7 billion in the first three quarters of 2025, with quarterly growth rates surpassing NVIDIA [2] - The global AI ASIC market is expected to reach $125 billion by 2028, according to AMD, while Broadcom anticipates the ASIC service market for major clients to be between $60 billion and $90 billion by 2027 [2] Group 3 - Domestic cloud service providers are achieving results in self-developed ASICs, with Baidu's Kunlun chip reaching its third generation and securing a 1 billion yuan order from China Mobile [2] - Alibaba's PPU surpasses NVIDIA's A800 in memory and bandwidth, with a signed order for 16,384 computing cards from China Unicom [2] - ByteDance initiated chip self-development in 2020, planning to achieve mass production by 2026 [2]

Core Viewpoint - MediaTek has secured a second ASIC project expected to contribute revenue starting in 2028, with an overall market size for AI ASIC projected to reach at least $50 billion by 2028, aiming for a market share of 10% to 15% [2]. Group 1: ASIC Projects and Revenue - The first ASIC project is on track to generate approximately $1 billion in revenue by 2026, excluding NRE, and is expected to scale to several billion dollars by 2027 [2]. - The second ASIC project will begin contributing to revenue from 2028 and is anticipated to grow continuously [2]. Group 2: Technology Development and Market Outlook - MediaTek is developing key technologies and IPs, including high-speed interconnects, silicon photonics, 2nm process technology, and 3.5D packaging, which are seen as foundational for advanced chips post-2027 [3]. - The company expects smartphone shipments to increase by 1% to 3% year-on-year in the coming year, with strong sales performance from its flagship chip, Dimensity 9500, despite tight memory supply [3]. Group 3: Financial Performance and Partnerships - The median gross margin for Q4 is projected to be around 46%, slightly down from the previous quarter due to product and revenue mix impacts, with a focus on high-value products to manage cost pressures [3]. - MediaTek is collaborating closely with NVIDIA on the GB10 project and is developing a second-generation product, asserting its technological and timing advantages [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a record high in new orders in Q3 2025, with a significant growth in AI ASIC business, doubling its quarterly revenue [1] - The company has signed new orders amounting to 3.249 billion yuan in the first three quarters of 2025, surpassing the total for the entire year of 2024 [1] - The revenue structure shows remarkable growth in chip design and mass production businesses, with chip design revenue reaching 428 million yuan in Q3 2025, up 80.23% year-on-year [1] - The company is expected to achieve revenue of 3.813 billion yuan in 2025, with a projected net profit of -76.76 million yuan [1] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 2.338 billion yuan, with a decline of 12.73% year-on-year [1] - The company anticipates a revenue increase of 64.22% in 2025, reaching 3.813 billion yuan [1] - The net profit for 2025 is expected to be -76.76 million yuan, showing an improvement from -600.88 million yuan in 2024 [1] Order and Revenue Growth - New orders in Q1-Q3 2025 reached 3.249 billion yuan, exceeding the total for 2024 [1] - The company has a backlog of orders amounting to 3.286 billion yuan, with a high conversion rate expected [1] - The revenue from chip design and mass production has shown significant growth, with mass production revenue reaching 609 million yuan in Q3 2025, up 157.84% year-on-year [1] Research and Development - R&D investment for the first three quarters of 2025 was 999 million yuan, with a reasonable decrease in the proportion of R&D expenses relative to revenue [1] - The company is focusing on optimizing its R&D structure while improving profitability [1] - The net profit for Q3 2025 was -27 million yuan, indicating a 73% quarter-on-quarter improvement [1]