Summary of the Conference Call for XinYuan Co., Ltd. Company Overview - **Company**: XinYuan Co., Ltd. - **Industry**: Semiconductor and IP Licensing Key Financial Performance - **IP Licensing Revenue**: - 2025 H1 revenue reached 280 million CNY, up 8.2% YoY - Q2 revenue was 187 million CNY, nearly doubling QoQ, with a YoY increase of 16.97% [2][5] - Digital IP contributed approximately 75% of the revenue [2][5] - **Chip Design Revenue**: - 2025 H1 revenue was 232 million CNY, with 52% related to AI computing [2][5] - 63% of projects were under 14nm advanced processes, covering data centers and smart driving [2][5] - **Mass Production Revenue**: - 2025 H1 revenue was 408 million CNY, up 20% YoY, with Q2 revenue of 261 million CNY, nearly 80% QoQ growth [2][5] - 112 mass production projects currently active, with 45 awaiting mass production [2][5] Business Model and Strategy - **One-Stop Chip Customization**: - The company offers comprehensive services from design to mass production, including NRE fees and royalties [4] - Focus on reducing customer R&D costs and risks [4] - **Global Operations**: - Approximately 40% of sales are from overseas, an increase from 37% YoY [6] - 98% of R&D personnel are based domestically, supporting a dual circulation development model [6] Order and Market Dynamics - **New Orders**: - Q2 2025 saw new ISIC business orders exceeding 700 million CNY, a 700% QoQ increase and over 350% YoY [7] - Total new orders for mass production reached 665 million CNY in H1 2025 [7] - **Sector Performance**: - Consumer electronics revenue grew 70% YoY, driven by edge AI demand, accounting for 29.31% of total revenue [8] - Non-chip company clients contributed 35.66% to overall revenue, indicating a growing trend of system manufacturers and internet companies designing their own chips [9] Profitability and Market Position - **Gross Margin**: - H1 2025 gross margin was 43.32%, stable YoY [11] - Q2 losses narrowed to 99.5 million CNY, a 54.84% reduction QoQ [11] - **Stock Performance**: - Since September 23, the company's stock has outperformed major international indices, including a 94% outperformance against the STAR 50 Index [12] Technological Developments - **AI ASIC Progress**: - Significant advancements in AI ASIC, including a 5nm chip for new energy vehicles, matching performance with Tesla and NVIDIA [15] - Collaboration with BGI for gene detection chips, targeting resource-limited areas [17] - **Emerging Markets**: - Active in AI glasses and other emerging markets, with a focus on low-power chips for smart glasses [20][39] Future Outlook - **Market Trends**: - Anticipation of significant growth in hardware computing power driven by software advancements, predicting a bull market by 2027 [33] - Continued focus on AI technology and innovative product launches to meet diverse market demands [21] - **M&A Strategy**: - Open to mergers and acquisitions as a means to enhance capabilities and respond to national policies [48] - Emphasis on cultural integration and strategic selection to ensure successful mergers [49] Conclusion XinYuan Co., Ltd. demonstrates robust growth in the semiconductor industry, particularly in IP licensing and chip design, with a strong focus on AI applications and global operations. The company is well-positioned to capitalize on emerging market trends and technological advancements while maintaining a strategic approach to mergers and acquisitions.

Group 1 - The stock price of Chip Origin Co., Ltd. closed at 138.80 yuan on August 21, 2025, down 8.24 yuan or 5.60% from the previous trading day [1] - The company specializes in semiconductor IP licensing and custom chip services, covering areas such as graphics processors and neural network processors, providing solutions for applications in artificial intelligence and the Internet of Things [1] - Recent market rumors suggested a collaboration between ByteDance and Chip Origin for AI chip development, which ByteDance has denied [1] Group 2 - On August 21, the net outflow of main funds was 347 million yuan, accounting for 0.5% of the circulating market value, while the cumulative net inflow over the past five days was 120 million yuan, representing 0.17% of the circulating market value [1] - Chip Origin announced that its production and operational activities are normal, with no undisclosed significant information [1]

芯原股份最新股价报104.28元，较前一交易日上涨9.79元，涨幅达10.36%。盘中最高触及104.50元，最 低下探至94.53元，成交量为167054手，成交金额16.78亿元。 芯原股份是一家专注于芯片设计服务和半导体IP授权的企业，业务涵盖物联网、人工智能、汽车电子等 领域。公司总部位于上海，为国内外客户提供一站式芯片定制服务。 上海市近日发布《上海市支持企业加强基础研究增强高质量发展新动能的若干措施》，提出对企业基础 研究投入给予财政补助和税收优惠。政策明确对基础研究投入达到或超过1亿元/年的企业，给予一次性 财政补助1000万元。这一政策对科技企业形成直接利好。 风险提示：股市有风险，投资需谨慎。 来源:金融界 数据显示，芯原股份8月4日主力资金净流入20578.19万元，占流通市值比为0.39%。近五日主力资金净 流出8706.93万元，占流通市值比为0.17%。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4]. Core Viewpoints - The company achieved a revenue of 3.386 billion RMB in 2024, representing a year-on-year increase of 30.23%. However, the net profit attributable to the parent company was -693 million RMB, a decline of 37.01% year-on-year [1][3]. - The company is experiencing strong growth in its chip business, particularly in the cellular IoT segment, which has led to significant revenue increases. The main business segments include chip products (89.02%), custom chip services (9.92%), and semiconductor IP licensing (1.04%) [1][2]. - The company continues to invest heavily in R&D, with approximately 1.242 billion RMB allocated in 2024, accounting for 36.68% of its revenue. This investment supports ongoing product upgrades and technological innovation [2][3]. Financial Data and Projections - The company forecasts revenues of 4.571 billion RMB in 2025, with a growth rate of 35%. The projected net profit for 2025 is -330 million RMB, improving to 60 million RMB in 2026 and 199 million RMB in 2027 [3][11]. - The EBITDA for 2024 is projected at 861.49 million RMB, with a significant increase in operating income expected in the following years [3][11]. - The company’s total assets are projected to reach 9.845 billion RMB by 2027, with a debt-to-equity ratio of 41.42% [11].