据证券之星公开数据整理，近期灿芯股份（688691）发布2025年中报。截至本报告期末，公司营业总收 入2.82亿元，同比下降52.56%，归母净利润-6088.23万元，同比下降175.69%。按单季度数据看，第二季 度营业总收入1.43亿元，同比下降43.6%，第二季度归母净利润-3506.92万元，同比下降241.75%。本报 告期灿芯股份三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达108.53%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率18.49%，同比减40.45%，净利 率-21.6%，同比减259.56%，销售费用、管理费用、财务费用总计4113.09万元，三费占营收比14.6%， 同比增108.53%，每股净资产10.73元，同比减6.47%，每股经营性现金流-0.04元，同比减129.58%，每 股收益-0.51元，同比减163.75% 证券之星价投圈财报分析工具显示： 业务评价：公司去年的ROIC为4.23%，资本回报率不强。去年的净利率为5.6%，算上全部成本后，公 司产品或服务的附加值一般。从历史年报数据统计来看，公司上市以来中位数ROIC为7. ...

Core Viewpoint - The company, Canaan Inc. (688691.SH), has shown significant growth in its order backlog and is making strides in various sectors, including automotive chips and artificial intelligence, as highlighted in its Q1 2025 report [1][5]. Group 1: Financial Performance - As of the end of Q1 2025, the company's order backlog reached 899 million yuan, reflecting a quarter-on-quarter increase of 11.38%, indicating strong future performance support [2]. - The pre-received payments from downstream customers amounted to 300 million yuan, an increase of 87 million yuan compared to the end of the previous year, further confirming the company's robust order situation [2]. Group 2: Chip Customization Services - The company is advancing in one-stop chip customization services, with multiple projects entering the design phase, including a charging pile power control chip and the first domestic MRAM control chip [3]. - Canaan Inc. focuses on domestic independent process platforms and has established strategic partnerships with leading foundries like SMIC, which enhances its market position amid the accelerating domestic substitution in the semiconductor sector [3]. Group 3: Expansion into New Fields - The company is actively developing automotive chips, particularly high-performance MCUs, which are crucial for the growing demand in the automotive electronics sector [4]. - In the artificial intelligence and data center domains, the company has validated its self-developed high-speed interface IP across multiple process platforms, catering to the needs for high bandwidth and low latency [4]. - The company is collaborating with packaging manufacturers to develop advanced 2.5D/3D interconnect solutions, enhancing signal transmission efficiency in advanced packaging [4].