Core Viewpoint - The company, Chip Origin Co., Ltd. (芯原股份), is experiencing significant growth driven by the AI technology boom, with a substantial increase in new orders and a strong market position in the semiconductor industry. Group 1: Financial Performance - As of October 10, 2025, Chip Origin's stock closed at 186.01 yuan, up 1.64% from the previous week, with a market capitalization of 97.788 billion yuan, ranking 10th in the semiconductor sector [1] - The company expects to sign new orders worth 1.593 billion yuan in Q3 2025, a year-on-year increase of 145.80%, with AI-related orders accounting for approximately 65% [1][5] - The total new orders for the first three quarters of 2025 are projected to reach 3.249 billion yuan, surpassing the total for the entire year of 2024 [1] Group 2: Order Backlog and R&D - The company's order backlog is expected to reach 3.286 billion yuan by the end of Q3 2025, maintaining a high level for eight consecutive quarters, marking a historical high [1] - Nearly 90% of the backlog consists of one-stop chip customization orders, with an expected conversion rate of about 80% within a year [1] - The company has invested over 20 years in R&D, leading to a rich technological accumulation in semiconductor IP and chip customization [1] Group 3: Technological Advancements - High-speed SerDes interface IP is becoming a key technology for data center communication, enhancing bandwidth and port density [2] - The company focuses on self-research while also pursuing technology acquisitions and team recruitment to strengthen its IP capabilities and customization abilities [2] - Chiplet technology is a crucial development strategy, with advancements in generative AI big data processing and high-end intelligent driving [3] Group 4: Strategic Moves - The company plans to acquire 97.0070% of Chip Lai Zhirong Semiconductor Technology (Shanghai) Co., Ltd., constituting a major asset restructuring [4] - The stock was suspended from trading starting August 29, 2025, for up to 10 trading days, with the board approving the acquisition plan on September 11, 2025 [4] - The company will continue to fulfill its information disclosure obligations as the transaction undergoes due diligence, auditing, and evaluation [4]

2025 年 10 月 9 日 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-08-25 | 149.82 | 买进 | | 2025-08-04 | 94.49 | 买进 | | 2025-05-21 | 87.59 | 买进 | | 2023-01-19 | 57.18 | 买进 | 产品组合 | 芯片量产业务 | 43.4% | | --- | --- | | IP 授权使用费 | 33.5% | | 芯片设计业务 | 17.8% | | 特许权使用费 | 5.3% | 机构投资者占流通 A 股比例 基金 29.7% 股价相对大盘走势 a C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . | C0044@capital.com.tw | | | --- | --- | | 朱吉翔 目标价 | 250 元 | 公司基本资讯 | 产业别 | 电子 | | --- | --- | | A 股价(2025/9/30) | 183.00 | | 上证指数(2025/9/30) | 3882. ...

半导体IP 深度积累，多下游布局广阔。芯原的主营业务为半导体IP 授权业务和一站式芯片定制业务。 通过20 余年的高研发投入和深度积累，公司已布局GPU IP、NPU IP、VPU IP、DSPIP、ISP IP、 Display ProcessingIP 这六类处理器IP、智能像素处理平台、基于FLEXA 的IP 子系统，1,600 多个数模混 合IP 以及多种物联网连接(含射频)IP 等，并在22nmFD-S0I 工艺上开发了60 多个FD-S0I 模拟及数模混合 IP，为国内外知名客户提供了43 个FD-SOI 项目的一站式设计服务，其中33 个项目已经进入量产，且累 计向45 个客户授权了300 多个/次FD-SOI IP 核。公司根据自身的技术、资源、客户积累，并结合市场发 展趋势，已逐步在AIGC 汽车电子、可穿戴设备、数据中心和物联网这5 个领域形成了一系列优秀的平 台化解决方案，并取得了较好的业绩和市场地位。 战略布局Chiplet 技术和应用，领跑基于Chiplet 的AIGC 和智驾系统赛道。Chiplet 技术及产业化是芯原 的发展战略之一，公司已于五年前开始布局Chiplet 技术的研 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Insights - The company is leading in the Chiplet technology and its applications, particularly in AIGC and intelligent driving systems. It has been developing Chiplet technology for five years and is focusing on "IP chipification," "chip platformization," and "platform ecosystem" [3] - The company expects to achieve a record high revenue of 1.284 billion yuan in Q3 2025, with a year-on-year growth of 78.77% and a quarter-on-quarter increase of 119.74%. New orders are projected to reach 1.593 billion yuan, a year-on-year increase of 145.80% [8] - The company has a strong accumulation of semiconductor IP and a broad layout across various downstream sectors, including AIGC, automotive electronics, wearable devices, data centers, and IoT [8] Financial Projections - The company’s total revenue is projected to reach 3.813 billion yuan in 2025, with a year-on-year growth of 64.22%. The net profit attributable to the parent company is expected to be -76.76 million yuan [1][10] - The report adjusts the revenue expectations for 2025-2027 to 3.8 billion, 5.3 billion, and 7 billion yuan respectively, and the net profit expectations to -0.8 billion, 2.7 billion, and 5.6 billion yuan [9]

QM9 3 5 -G1芯片测试板 近日，北极雄芯QM935-G1成功测试点亮。该IVI Chi p l e t（车载信息娱乐系统）专为智能座舱设计，包含高性能GPU核以及HIFI 5、 UFS等多媒体系统所需模块。单颗IVI Chi pl e t GPU算力达1 .3T FLOPS，内存带宽达51 .2GB/s，支持仪表及娱乐屏幕系统安全隔 离。该芯片后续将提供开发板交付下游适配。 QM9 3 5 -G1芯片 近 年 来 随 着 大 模 型 的 发 展 ， 进 一 步 推 动 了 智 能 座 舱 以 及 自 动 驾 驶 方 案 的 升 级 ， 乘 用 车 功 能 多 元 化 的 探 索 亦 将 持 续 推 动 着 跨 域 融 合 的 加 速 。 大 模 型 在 乘 用 车 上 的 应 用 场 景 分 为 座 舱 域 的 A I A g e n t 以 及 智 驾 域 的 V L M - E 2 E 以 及 V L A 路 线 。 从 芯 片 需 求 角 度 来 看 ： 大 模 型 上 车 将 带 来 大 量 的 算 力 及 带 宽 需 求 ， 尤 其 当 前 车 用 芯 片 主 要 采 用 L P D D R ...

Group 1 - The company, Beiji Xiongxin, has completed a new round of financing exceeding 100 million yuan, with investors including Wuxi High-tech Zone Science and Technology Industry Group and existing shareholders like Yunhui Capital participating [1][2] - The funds raised will be used for the development and mass production of the Qiming 935 series edge AI solutions, as well as solutions for cloud inference scenarios [1] - Beiji Xiongxin, founded in 2021 and incubated by Tsinghua University, focuses on providing high flexibility, low cost, and short cycle solutions for AI applications across various industries through innovative architectures like Chiplet [1][2] Group 2 - The strategic investment from Kecai Group and the establishment of the intelligent driving business headquarters in Wuxi High-tech Zone will enhance the company's core competitiveness in deploying large models for automotive applications [2] - The company is leveraging its accumulated capabilities in NPU, toolchain, and model deployment optimization to develop dedicated acceleration solutions for cloud inference, aiming to improve cost-effectiveness by over 10 times compared to current mainstream deployment solutions, with mass production expected in 2026 [2] - The Qiming 935 family of chips for edge AI applications has completed development, with high-performance automotive-grade SoC chips and NPU chips already tested and adapted to mainstream models [3] Group 3 - Beiji Xiongxin is the only leading company in China to obtain chip-level automotive certification, with the Qiming 935 series chips designed to meet various functional requirements in cockpit and driving domains [3] - By September 2025, the company aims to establish a prototype library of automotive-grade chips, including HUB Chiplet, NPU Chiplet, and IVI Chiplet, with the Qiming 935 product matrix already in the delivery phase [3] - The POC mass production projects for QM935–A08 (intelligent driving urban NOA) and dual QM935–A04 (intelligent cockpit AI Box) have been initiated [3]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - Core view 1: Based on its self - owned IP, the company has a rich portfolio of software - hardware chip customization platform solutions for AI applications, covering various types of computing devices [22] - Core view 2: The company is advancing the R & D and industrialization of Chiplet technology and projects, guided by the concepts of "IP as a Chiplet", "Chiplet as a Platform", and "Platform as an Ecosystem" [23] - Core view 3: The company's new orders and backlog of orders are growing rapidly, with AI - related orders driving significant growth, and it expects to further increase royalty income and expand the scale effect of its IP licensing business [24][26] - Core view 4: The acquisition of Nuclei System Technology will strengthen the company's layout in the RISC - V field, build a full - stack heterogeneous computing IP platform, and promote the coordinated development and industrialization of AI ASIC and RISC - V technologies [25][26] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Xin Yuan Co., Ltd. - U, belonging to the semiconductor industry. The reception time was September 12, 2025. The company's reception personnel included the chairman and president, WAYNE WEI - MING DAI (Dai Weimin), and the director, board secretary, and senior vice - president of human resources and administration, Shi Wenli [17] 3.2 Detailed Research Institutions - The relevant institution is Bosera Fund, a fund management company [20] 3.3 Research Institution Proportion - No information provided in the content 3.4 Main Content Data - Company business: Xin Yuan is a company that provides platform - based, comprehensive, and one - stop chip customization services and semiconductor IP licensing services. It has six types of processor IPs and over 1,600 mixed - signal and RF IPs. Its business application areas are extensive, and its main customers include various types of companies [22][23] - Technical capabilities: The company has excellent design capabilities in mainstream semiconductor process nodes globally and has successful tape - out experience in advanced semiconductor process nodes [23] - Market position: In 2024, Xin Yuan was the top - ranked semiconductor IP licensing service provider in mainland China and ranked eighth globally in terms of semiconductor IP sales revenue. Its IP royalty income ranked sixth globally, and its IP variety ranked among the top two in the world's top ten IP companies [24] - Business performance: In Q2 2025, the company achieved an operating income of 584 million yuan, a quarter - on - quarter increase of 49.90%. As of the end of Q2 2025, the backlog of orders reached 3.025 billion yuan, a quarter - on - quarter increase of 23.17%. In Q2 2025, new orders were 1.182 billion yuan, a quarter - on - quarter increase of nearly 150%. From July 1 to September 11, 2025, new orders were 1.205 billion yuan, an 85.88% increase compared to the same period last year, with AI - related orders accounting for about 64% [24][25][26] - R & D and market expansion: The company has been investing in R & D in key application areas, such as starting to layout Chiplet technology and its applications in generative AI and intelligent driving five years ago. It is also expanding the incremental market and emerging markets and developing industry - leading customers [24][25] - Acquisition of Nuclei System Technology: The acquisition is expected to strengthen the company's layout in the RISC - V field, build a full - stack heterogeneous computing IP platform, and bring more benefits and industrial value to the AI ASIC business [25][26] - RISC - V layout: The company has been actively involved in the RISC - V industry for over 7 years. It has played a leading role in promoting the RISC - V ecosystem, including leading the establishment of industry alliances, co - hosting industry forums, and collaborating with leading RISC - V companies. Its semiconductor IP has been adopted by multiple RISC - V chips, and it has launched multiple chip design platforms and hardware development boards based on RISC - V cores [28][29][30]

Core Viewpoint - The article emphasizes the growing importance of chiplet integration technology and the shift towards advanced packaging techniques in the semiconductor industry, particularly in China, which holds a significant market share in bonding equipment demand [2][3]. Group 1: Industry Trends - Chiplet integration technology is becoming a strategic focus in semiconductor innovation, with the complexity of processes and equipment evolving alongside traditional scaling methods [2]. - The market for hybrid bonding is projected to grow at a compound annual growth rate (CAGR) of 13.4% over the next five years, with China accounting for 40% of the global demand for bonding equipment [2]. - The hybrid bonding market is expected to reach USD 397 million by 2030, highlighting its critical role in advanced three-dimensional heterogeneous integration technologies [2]. Group 2: Market Dynamics - The hybrid bonding equipment market is currently dominated by companies such as Besi, Applied Materials, and EVG, due to the limited demand and high technical difficulty associated with specific chip hybrid bonding [3]. - Domestic innovative enterprises are accelerating their efforts in this niche market to capture market share and establish brand influence [3]. Group 3: Upcoming Events - TrendBank plans to host the 2025 Heterogeneous Integration Annual Conference from November 17-19, 2025, in Ningbo, focusing on advanced packaging technologies and fostering collaboration between industry and academia [7].

Group 1 - Noan Fund recently conducted research on six listed companies, focusing on their growth strategies and market opportunities [1] - StarNet Ruijie is emphasizing optical communication in the telecommunications sector, with significant revenue growth expected from its collaboration with domestic operators [1] - Ruijie Network's data center product revenue is primarily driven by internet clients, with a notable increase in overseas business revenue [1] - Baile Tianheng is advancing multiple clinical trials for cancer treatments and aims to become a leading player in oncology within five years [2] - Stanley achieved steady growth in revenue and profit, driven by improved product structure and effective pricing strategies in the compound fertilizer sector [2] Group 2 - Chip Origin is providing customized hardware and software solutions in the AI field, with a high percentage of R&D personnel and a focus on enhancing chip customization capabilities [3] - Cambridge Technology is expanding its production capacity for 800G series products, with plans for further expansion supported by self-funding and potential financing [4]

Group 1: Zhaoyi Innovation - Zhaoyi Innovation reported strong growth across various business lines in Q2 2024, with NOR Flash experiencing high single-digit growth, niche DRAM growing over 50%, and MCU close to 20% [1] - The company anticipates a sequential growth in Q3, with overall demand expected to rise, particularly for niche DRAM, which is facing supply tightness [1] - The gross margin is expected to remain stable, with a slight increase in DRAM margins and moderate price increases for Flash products [1] Group 2: Teabo Bio - Teabo Bio is focusing on functional cure strategies for hepatitis B, emphasizing the combination of different mechanism drugs with interferons and nucleos(t)ide analogs [2] - The company aims to expand its clinical management network for chronic hepatitis B and is exploring new solutions through partnerships and acquisitions [2] - New technologies like siRNA are entering clinical application stages, with a focus on optimizing combination therapy strategies [2] Group 3: Ruijie Networks - Ruijie Networks saw significant revenue growth in data center products, primarily driven by internet clients, with over 90% of revenue coming from this sector [3] - The company expects continued strong demand for cloud computing infrastructure, with a projected growth rate exceeding 50% for data center products [3] - The gross margin for data center products is relatively low (15%-20%), but margins in enterprise and SMB markets are improving [3] Group 4: Chipone Technology - Chipone Technology provides various customized hardware and software solutions in the AI sector, serving multiple international clients [4] - The company has a high percentage of R&D personnel (89.31%) and is focused on enhancing its chip customization capabilities to increase revenue from high-value projects [4] - Chipone is advancing its Chiplet technology and has successfully designed high-performance automotive chips [4]