编者按：在国产替代的浪潮中，寒武纪们的崛起看似偶然，实则蕴含诸多必然。我们聚焦"国产替代浪潮中的隐形冠军"，本质上也是在聚焦那些深耕细分赛 道的硬科技企业。 它们中，有的借天时地利人和实现业绩跃迁，成为产业自主的攻坚尖兵；有的在资本市场的估值重塑中，印证了硬科技"从研发投入到价值兑现"的逻辑，成 为科技牛市的核心标的。通过研究这些典型样本，我们既能拆解中国科技企业从技术攻坚到资本突围的破局路径与成长密码，也能为市场读懂硬科技的长期 价值提供参照。 8月的最后一周，半导体行业热度依旧不减，多家头部公司关键性并购屡见报端——芯原股份、中芯国际、华虹公司等，多是耳熟能详的名字。 2025年8月28日，芯原股份宣布筹划收购RISC-V CPU（微处理器） IP企业芯来智融的全部或控股权。作为国内RISC-V赛道的早期入局者，芯来智融不仅手 握全球首个RISC-V架构ISO 26262 ASIL-D 车规认证，其IP方案还已服务超300家全球客户，覆盖AI、智能驾驶等核心场景。 东吴证券研报指出，此次收购将助力芯原补全CPU IP能力，强化全栈布局；民生证券也认为，这是国产IP企业整合生态的重要一步。 半导体IP授权业 ...

Financial Performance - The company reported a total revenue of 974 million yuan for the first half of 2025, an increase of 4.49% year-on-year [1] - The net profit attributable to shareholders was -320 million yuan, a decrease of 12.3% compared to the previous year [1] - In Q2 2025, total revenue was 584 million yuan, down 4.84% year-on-year, with a net profit of -99.51 million yuan, a decline of 27.86% [1] - The gross margin was 43.32%, down 2.44% year-on-year, while the net margin was -32.85%, a decrease of 7.48% [1] - The total of selling, administrative, and financial expenses was 139 million yuan, accounting for 14.29% of revenue, an increase of 2.98% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased significantly by 222.37% to 2.273 billion yuan due to funds raised from a specific stock issuance [1] - Accounts receivable stood at 1.071 billion yuan, a slight increase of 1.66% [1] - Interest-bearing liabilities rose by 22.56% to 1.493 billion yuan [1] - The net asset value per share increased by 41.72% to 6.85 yuan [1] Cash Flow Analysis - Operating cash flow per share was -0.69 yuan, a decrease of 2.97% year-on-year [1] - The net cash flow from investing activities increased by 352.0%, attributed to the maturity of financial assets [4] - The net cash flow from financing activities surged by 712.12% due to funds raised from stock issuance [5] Business Operations - The company has a significant amount of accounts receivable, which accounted for 46.11% of total revenue [1] - The company is focusing on enhancing its semiconductor IP licensing and chip customization services, which are expected to complement each other effectively [9] Market Position - The company has shown a historical median ROIC of -8.27%, indicating poor investment returns [6] - The company has experienced losses in 7 out of its 10 years since listing, suggesting a challenging financial history [6] - The largest fund holding the company's shares is the Huaxia SSE Sci-Tech Innovation Board 50 ETF, which has seen significant growth in the past year [8]

Core Viewpoint - The company reported a slight increase in revenue for the first half of 2025, indicating a stable growth trajectory in its semiconductor IP licensing and custom chip design businesses [1] Financial Performance - For the first half of 2025, the company achieved a revenue of 974 million yuan, representing a year-on-year growth of 4.49% [1] - The semiconductor IP licensing business saw a year-on-year increase of 6.85%, while the one-stop chip customization business grew by 3.42% [1] - In Q2 2025, the company's net profit attributable to shareholders was -99.51 million yuan, with a significant quarter-on-quarter reduction in losses by 54.84% [1] - For the first half of 2025, the net profit attributable to shareholders was -320 million yuan, and the net profit after deducting non-recurring gains and losses was -358 million yuan [1]

Group 1 - The core viewpoint of the news is that the company Chiplet has achieved strong synergy between its semiconductor IP licensing business and custom chip services, leading to rapid order growth and significant market adoption of its technologies [1] - Chiplet's order backlog is expected to reach 3.025 billion yuan by the end of Q2 2025, with nearly 90% of these orders coming from its one-stop custom chip services [1] - The company has developed a video processor IP that is being adopted by multiple cloud platforms and internet service providers, supporting 8K video transcoding in data center video transcoding platforms [1] Group 2 - The company is focused on advancing Chiplet technology and has designed various chips based on the Chiplet architecture, as well as developed the UCIe interface [1]