Core Insights - The article emphasizes that computational power is becoming the "first productive force" in the era of accelerated AI large models, with China's intelligent computing scale expected to grow by 74.1% year-on-year in 2024 [1] - The industry is facing significant challenges, including the "memory wall," "process wall," and "interconnect wall," prompting rapid advancements in technologies such as Chiplet advanced packaging, heterogeneous computing, RISC-V architecture innovation, and distributed clusters [1] - A live forum titled "Building the AI Computing Ecosystem in China" is being organized to address these challenges, featuring key players in the semiconductor industry [1] Group 1: Event Details - The live forum will take place on November 20, 2025, from 14:00 to 16:00 [2] - The event will be accessible via a live streaming platform, with prior registration encouraged [2][8] Group 2: Technical Challenges - In the EDA tools layer, AI-assisted design is crucial for ensuring that domestic AI computing remains autonomous and controllable [6] - The Chiplet architecture layer faces new challenges in system verification, interconnectivity, and standardization across different processes and packages [6] - The computing fusion layer is characterized by a diverse landscape of CPU, GPU, NPU, FPGA, DPU, and emerging architectures like RISC-V, necessitating intelligent collaboration for both Scale-Up and Scale-Out [6] - The ecosystem co-construction layer highlights the need for a closed-loop ecosystem that integrates EDA, Chiplet, NPU, and cloud services, which is still under development [6] Group 3: Roundtable Discussion Topics - The roundtable will discuss how to initiate breakthroughs in autonomous computing systems [7] - It will explore the construction of an evolving computing architecture from Chiplet to system [7] - The discussion will address how to achieve collaborative advancement in a multi-faceted computing ecosystem [7] - It will also focus on igniting collaboration between upstream and downstream players in the industry chain to enhance global competitiveness in AI [7] Group 4: Event Participation - The ICCAD 2025 event is expected to gather over 8,000 industry professionals, 2,000 IC companies, and 300 service providers from the IC industry [7] - For those unable to attend in person, there will be opportunities to virtually explore the event and witness the latest industry trends [7]

Core Insights - The release of Xpeedic EDA 2025 software suite by Xinheng Semiconductor includes three core platforms: Chiplet advanced packaging design platform, packaging/PCB full-process design platform, and integrated system simulation platform [1] - The founder and president of Xinheng Semiconductor, Dr. Dai Wenliang, emphasized that the software aims not only for domestic use but also to compete in the international market [1] - The semiconductor industry is undergoing a comprehensive transformation driven by the implementation of the State Council's "Artificial Intelligence +" initiative, with a surge in demand for AI large model training and the need for advanced packaging solutions due to the slowdown of Moore's Law [1] Industry Trends - The integration of EDA and AI is highlighted as a significant industry trend, with the company leveraging 15 years of experience to enhance cross-scale simulation efficiency and support large-scale system-level optimization [2] - The domestic semiconductor industry's development is characterized by using mathematical models to compensate for physical limitations, reducing the need for physical prototype validation through numerical simulations [2] - Advanced packaging techniques, such as heterogeneous integration and Chiplet, are being utilized to address cost and yield issues associated with advanced processes, while innovative computing architectures are being developed to overcome performance ceilings of process nodes [2]

Core Viewpoint - The 2025 Chip and Semiconductor User Conference in Shanghai focuses on the integration of AI and EDA, exploring new paradigms for hardware design innovation and ecosystem development in the AI era [1][3]. Group 1: Industry Trends - The semiconductor industry is undergoing comprehensive transformation driven by the demand for AI large model training and the slowdown of Moore's Law, necessitating a shift from single-chip design to packaging-level collaborative optimization [3][5]. - The design of AI data centers has evolved into a complex system engineering challenge, requiring EDA to upgrade from DTCO to a full-link STCO approach, enabling capabilities from chip to system [3][5]. Group 2: Strategic Positioning - Chip and Semiconductor aims to advance its "Born for AI" strategy, focusing on both EDA FOR AI and AI+EDA, leveraging partnerships across the AI hardware ecosystem [5][6]. - The company has established a first-mover advantage in the "full-stack EDA from chip to system" domain, supporting vertical and horizontal expansions of AI computing power [6][9]. Group 3: Product Launch - The Xpeedic EDA 2025 software suite was launched, featuring three core platforms: Chiplet advanced packaging design, packaging/PCB full-process design, and integrated system simulation, addressing challenges in AI hardware design [5][6]. - Six industry solutions were introduced, including advanced packaging, RF, storage, power, data center, and smart terminal solutions, to facilitate comprehensive deployment [5][6]. Group 4: Ecosystem Collaboration - The conference included technical forums on AI HPC and high-frequency interconnects, showcasing collaborative efforts among various industry players to tackle key technology challenges in the semiconductor sector [8][9]. - The EDA ecosystem display area featured partnerships with multiple companies, emphasizing the collaborative advantages in advancing China's integrated circuit industry [8][9].

Core Viewpoint - The 25th China International Industry Fair (CIIF 2025) opened in Shanghai, where Chip and Semiconductor won the CIIF Award for its advanced packaging simulation platform, Metis, marking the first time a domestic EDA company has received this honor [1][4]. Group 1: CIIF Award and Evaluation Process - The CIIF Award is the highest accolade at the China Industry Fair, established by the State Council, aiming to create the "Oscar" of China's industrial sector, with a maximum of 11 awards given [4]. - The evaluation process involves a team of academicians, scholars, and industry experts who assess projects based on core technology, patents, and economic benefits, requiring international leading standards [4]. Group 2: Chiplet Technology and EDA Challenges - With the explosion of AI model training demands, traditional SoC single-chip performance improvements are nearing their limits, and Chiplet advanced packaging is emerging as a core path for continued computational growth [4]. - This architectural innovation presents unprecedented challenges for EDA, necessitating tools to expand from single-chip design to packaging-level collaborative optimization, covering interconnect, power, thermal, and stress analyses [4]. Group 3: Metis Platform and Its Impact - The Metis platform utilizes proprietary high-precision 3D electromagnetic field simulation technology and adaptive mesh partitioning, providing a comprehensive solution for multi-chip heterogeneous integration [6]. - It addresses simulation challenges in signal, power, and multi-physical fields, enhancing design iteration efficiency and is widely adopted by leading international and domestic AI chip design companies [6]. Group 4: Future Outlook and Company Vision - The founder of Chip and Semiconductor expressed encouragement at winning the CIIF Award, highlighting that Chiplet advanced packaging is now the preferred architecture for mainstream AI chips, driving the domestic AI industry towards a trillion-level scale [8]. - The company aims to leverage its EDA platform to collaborate with the domestic Chiplet industry chain, contributing to the secure and stable operation of China's AI infrastructure [8]. Group 5: Company Background - Chip and Semiconductor Technology (Shanghai) Co., Ltd. is a high-tech enterprise focused on EDA software tool development, providing comprehensive EDA solutions across various fields including 5G, AI, and data centers [11]. - The company has received numerous accolades, including the National Science and Technology Progress Award, and has established R&D centers in multiple cities across China [11].

Core Viewpoint - The company, Wogao Optoelectronics (603773), is collaborating with major manufacturers in various fields to develop GCP glass-based circuit board products, with expectations for initial mass production in some products by next year [1] Group 1 - Wogao Optoelectronics is involved in the semiconductor packaging substrate business, communication RF, CPO optoelectronic co-packaging, and advanced Chiplet packaging applications [1] - The collaboration with major manufacturers is at different stages across various fields [1] - Initial mass production applications for some products are anticipated to begin next year [1]

Core Viewpoint - Wogao Optoelectronics (603773.SH) is collaborating with major manufacturers in various fields for the development of GCP glass-based circuit board products, which are applicable in semiconductor packaging, communication RF, CPO optoelectronic integration, and advanced Chiplet packaging [1] Group 1 - The GCP glass-based circuit board products are involved in multiple applications including semiconductor packaging and communication RF [1] - The collaboration with major manufacturers is at different stages depending on the specific field [1] - Further details will be provided in official announcements [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - In 2024, the company achieved a revenue of 1.222 billion RMB, representing a year-on-year growth of 20.98%, while maintaining the leading market share among domestic EDA companies. However, the net profit attributable to the parent company decreased by 45.46% to 109 million RMB, with a non-recurring net profit loss of 57 million RMB [2]. - The company continues to expand its product matrix through self-research and mergers and acquisitions, launching new EDA tools that enhance simulation efficiency significantly. The acquisition of a semiconductor control company is expected to improve the company's market coverage and share [4]. Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 479 million RMB, a year-on-year increase of 29.13%, and a net profit of 51 million RMB, up 73.71% year-on-year [2]. Operational Analysis - The EDA software sales revenue for 2024 was 1.092 billion RMB, growing by 20.71%, while the technical services revenue reached 115 million RMB, up 40.01%. However, hardware and other income fell by 35.71% to 15 million RMB. The overseas revenue accounted for 4.72% of total revenue, declining by 13.32% [3]. - The gross profit margin for 2024 was 93.31%, a slight decrease of 0.48 percentage points from the previous year. The sales, management, and R&D expense ratios were 16.31%, 12.05%, and 60.79%, respectively, showing a year-on-year decline [3]. Profit Forecast and Valuation - Revenue projections for 2025 to 2027 are 1.661 billion RMB, 2.138 billion RMB, and 2.708 billion RMB, with growth rates of 35.91%, 28.68%, and 26.66%, respectively. The net profit forecasts for the same period are 158 million RMB, 218 million RMB, and 285 million RMB, corresponding to price-to-sales ratios of 39.67, 30.83, and 24.34 [5][10].