财报显示，得益于公司近两年在手订单持续保持高位，随着订单的不断转化，公司研发资源陆续投入客 户项目，公司2025年第三季度营业收入延续了第二季度环比大幅增长的趋势，2025年第三季度实现营业 收入12.81亿元，单季度收入创公司历史新高，环比增长119.26%，同比大幅增长78.38%。 从前三季度经营情况来看，2025年前三季度，公司实现营业收入22.55亿元，同比增长36.64%。其中半 导体IP授权业务（包括知识产权授权使用费收入、特许权使用费收入）同比增长3.86%，一站式芯片定 制业务（包括芯片设计业务收入、量产业务收入）同比增长53.51%。 前三季度，公司实现境内销售收入15.23亿元，占营业收入比重为67.57%。2025年前三季度，公司来自 系统厂商、大型互联网公司、云服务提供商和车企等客户群体的收入占营业收入比重40.36%。受下游 市场需求带动，2025年前三季度公司数据处理领域的收入占营业收入比重为33.14%，占比同比提升 10.36个百分点，主要系该领域第三季度收入同比大幅增长超180%，单季度收入占比43.77%。 分业务来看，半导体IP授权业务方面，前三季度，公司实现知识产权授 ...

从收入构成来看，第三季度，公司量产业务表现尤为突出，实现收入6.09亿元，同比猛增157.84%，环 比增长132.77%。芯片设计业务同样表现不俗，实现收入4.28亿元，同比增长80.23%。相比之下，知识 产权授权使用费收入为2.12亿元，同比基本持平。 芯原股份前三季度营收为22.55亿元，同比增长36.64%；净利润亏损3.47亿元。 芯原股份未来的收入增长获得了强有力的保障。财报显示，公司第三季度新签订单金额达15.93亿元， 同比大幅增长145.80%。至此前三季度，累计新签订单达32.49亿元，已超过2024年全年水平。AI算力是 这轮订单增长的核心。在第三季度的新签订单中，约65%与AI算力相关。 截至第三季度末，公司在手订单金额攀升至32.86亿元，连续八个季度创下历史新高。这些订单质量颇 高，其中来自系统厂商、大型互联网公司、云服务提供商和车企等客户群体的订单占比达到83.52%。 更重要的是，这些订单中约80%预计在一年内转化为营业收入，为公司短期业绩的确定性提供了有力支 撑。量产业务翻倍，收入结构转变 得益于在手订单的持续转化和人工智能相关需求的爆发，公司第三季度营业收入创下历史新高， ...

将投中网设为"星标⭐"，第一时间收获最新推送 他花了一年时间，一个个接下了40多个投资人的份额。 作者丨 蒲凡 来源丨 投中网 在半导体产业史上， 2011 年是极具变革性的一年。 芯原股份 2001 年成立，是国内第一家像 ARM 那样，提供芯片标准单元库的公司，为芯片设计公司提供设计前后的 IP 、测 试及对接生产等服务，起步远远早于安集科技、澜起科技等新兴公司。芯原股份创始人戴伟民则在半导体行业已经 " 颇有建 树 " ，创业之前为加州大学圣塔克鲁兹分校计算机工程系终身教授，还创办过一家高科技公司 Ultima Interconnect Technology ，后来这家公司与美国 BTA 合并变身为美国思略科技（ Celestry ），他在新公司中担任共同董事长兼首席技 术官。 " 海归学者 + 关键产业的相对薄弱环节 + 行业窗口期 " ，可以说，如果芯原股份的创业故事能够顺利地讲下去，对于整个中 国科创圈的激励意义是难以估量的。 好在芯原股份确实能不断兑现着当初人们的预期，并在最近迎来了一个里程碑时刻。 10 月 8 日，芯原股份发布第三季度经 营情况自愿性披露公告，预计 2025 年第三季度实现营 ...

Group 1 - The core viewpoint of the articles suggests that the technology sector in the A-share market is expected to continue as a main investment theme, driven by the importance of self-reliance in technology and the ongoing trend of domestic substitution [1][2] - Recent performance of Chip Origin Technology (芯原股份) shows significant growth, with Q3 2025 projected revenue reaching 1.284 billion yuan, a 119.74% increase quarter-on-quarter and a 78.77% increase year-on-year, primarily due to a surge in one-stop chip customization services [1] - The AI industry is experiencing accelerated internal consolidation, exemplified by the strategic cooperation agreement between SenseTime and Cambricon, indicating a shift towards collaborative development in China's AI sector [1] Group 2 - The domestic AI chip industry is witnessing rapid advancement, with China leading globally by releasing 1,509 large models, accounting for the highest number worldwide, and dominating the top ten open-source models on the Hugging Face leaderboard [2] - The Science and Technology Innovation Artificial Intelligence ETF (科创人工智能ETF, 589520) has attracted significant capital inflow, totaling 74.25 million yuan over the past five days, reflecting investor confidence in the sector's future [2][4] - The ETF's top ten holdings account for over 70% of its weight, with the semiconductor sector representing more than half, indicating a high concentration and aggressive investment strategy [4] Group 3 - The current phase of the technology stock market is characterized as an explosive growth stage, with expectations not fully priced in, particularly regarding advanced technology areas mentioned in the "14th Five-Year Plan" [5] - The integration of edge and cloud computing is becoming a core trend in AI development, presenting historic opportunities for the domestic AI industry across various segments [6] - The Science and Technology Innovation Artificial Intelligence ETF and its connected funds provide convenient tools for investors to engage in this rapidly evolving sector [6]

Core Insights - The company, Chip Origin Co., Ltd., reported a record high quarterly revenue of 1.284 billion yuan for Q3 2025, marking a significant increase of 119.74% quarter-on-quarter and 78.77% year-on-year [1] - The surge in performance is primarily driven by explosive demand in the AI computing market, with new orders reaching 1.593 billion yuan in Q3, a year-on-year increase of 145.8% [2] Group 1: Financial Performance - Q3 revenue reached 1.284 billion yuan, a historical high, with a quarter-on-quarter increase of 119.74% and a year-on-year increase of 78.77% [1] - New orders in Q3 totaled 1.593 billion yuan, with AI computing orders accounting for 65%, contributing to a total of 3.249 billion yuan in new orders for the first three quarters, surpassing the total for 2024 [2] - The one-stop chip customization business has become a key growth driver, with chip design revenue of 429 million yuan, up 80.67%, and mass production revenue of 609 million yuan, up 158.12% [2] Group 2: Strategic Positioning - The company is enhancing its competitive edge through acquisitions and ecosystem collaborations, including a planned acquisition of 97% of the shares of Chip Technology, a leading domestic RISC-V CPU IP provider [3] - This acquisition aims to fill the CPU IP gap and create a comprehensive heterogeneous computing platform that competes directly with the ARM ecosystem [3] - The company has established deep partnerships with major clients such as Samsung, Google, Amazon, and Microsoft, leveraging a strategy of binding top clients and covering the entire industry chain [3] Group 3: Challenges and Outlook - Despite a significant reduction in losses year-on-year and quarter-on-quarter, the company remains in a loss position due to high R&D expenditures, which accounted for over 60% of revenue in the first half of 2025, and low gross margins of 18% for one-stop services [4] - The company is expected to benefit from economies of scale as order volumes increase and advanced processes penetrate the market [4] - The performance surge is seen as a reflection of the ongoing transformation in the semiconductor industry driven by AI computing, positioning the company as a key player in the trillion-yuan market [4]

Group 1: Market Performance and Growth - The STAR Market has shown significant vitality since September, with companies like Chipone Technology (688521.SH) expected to achieve a record quarterly revenue of 1.284 billion yuan in Q3 2025, marking a substantial increase of 119.74% quarter-on-quarter and 78.77% year-on-year [1] - In the first half of 2025, 589 companies on the STAR Market collectively generated revenues of 701.4 billion yuan, reflecting a year-on-year growth of 5%. Excluding four major photovoltaic companies, the revenue growth was 12% [3] Group 2: Research and Development Advancements - Multiple companies have reported significant R&D breakthroughs, including DiAo Microelectronics (688381.SH) with its eUSB repeater product, and Guoxin Technology (688262.SH) successfully testing a new generation automotive electronic chip [1] - The STAR Market's overall R&D investment exceeded 84.1 billion yuan in the first half of 2025, which is 2.8 times the net profit, with a median R&D investment ratio of 12.61% [3] Group 3: Biopharmaceutical Innovations - In the biopharmaceutical sector, companies like Sunshine Nuohuo (688621.SH) and Baike Biotechnology (688276.SH) received clinical trial approvals for innovative projects, enhancing their product pipelines [2] - BeiGene (688235.SH) is projected to achieve nearly 19 billion yuan in global sales for its drug Zebrutinib in 2024, indicating strong market potential [4] Group 4: Corporate Confidence and Share Buybacks - Seven companies, including Canray Technology (688061.SH), announced share buyback plans totaling up to 225 million yuan, reflecting strong corporate confidence [2] - Since the beginning of 2025, 72 companies have disclosed 76 buyback plans with a total proposed amount exceeding 6.6 billion yuan, indicating a robust trend in corporate buybacks [4] Group 5: Industry Structure and Competitive Landscape - The STAR Market has established a "chain-group" development pattern, with over 120 companies in the integrated circuit sector covering the entire industry chain, representing more than 60% of A-share companies in the same field [2] - The hard technology sector is transitioning from a follower to a leader, with significant breakthroughs in key areas such as semiconductor equipment and biopharmaceuticals [4]

Core Insights - The company, Chip Origin Co., Ltd., reported a record high revenue of 1.284 billion yuan for Q3 2025, marking a significant quarter-on-quarter increase of 119.74% and a year-on-year increase of 78.77% [1][2] - The company signed new orders worth 1.593 billion yuan in Q3 2025, representing a year-on-year growth of 145.80%, with total new orders for the first three quarters of 2025 reaching 3.249 billion yuan, surpassing the total for the entire year of 2024 [1][3] - The company is recognized as a leader in AI ASIC, benefiting from the growing demand for high-performance chips driven by AI computing needs [3] Revenue Performance - The revenue from chip design services is expected to reach 429 million yuan in Q3 2025, with a quarter-on-quarter growth of 291.76% and a year-on-year growth of 80.67% [2] - The revenue from mass production is projected to be 609 million yuan, reflecting a quarter-on-quarter increase of 133.02% and a year-on-year increase of 158.12% [2] - The revenue from intellectual property licensing is anticipated to be 213 million yuan, with a quarter-on-quarter growth of 14.14% and year-on-year figures remaining stable [2] Order Backlog - The company has maintained a high order backlog for eight consecutive quarters, with an expected backlog of 3.286 billion yuan by the end of Q3 2025, setting a new historical high [4] - Approximately 90% of the backlog is attributed to one-stop chip customization services, with an estimated 80% expected to convert within a year, providing strong support for future revenue growth [4] Market Position and Strategy - The company has established a comprehensive IP layout and is positioned to benefit from the increasing demand for chip design services and IP from various chip companies and terminal manufacturers [4] - The company has developed a chip customization platform solution for AI applications, catering to various sectors including smart wearables, AR/VR devices, and high-performance cloud computing [3]

2025.10.10 本文字数：2094，阅读时长大约3分钟 作者 |第一财经 王媛丽 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。 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 季度的利润，仅称三季度亏损"同比、环比均大幅收窄"。但中报数据显示，其上半年净利率 为-32.85%，较2024年同期的-30.56%进一步恶化。 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， ...

2025.10. 10 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。 分业务看，该公司的核心增长引擎一站式芯片定制业务，三季度表现尤为突出，其中芯片设计业务预 计收入4.29亿元，环比暴涨291.76%，同比增长80.67%；芯片量产业务预计收入6.09亿元，环比增 长133.02%，同比增长158.12%。 本文字数：2094，阅读时长大约3分钟 作者 | 第一财经 王媛丽 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A ...

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 ...