每经记者｜王晶 每经编辑｜文多 拆分业务板块来看，今年上半年，芯原股份"半导体IP授权业务"中的"知识产权授权使用费"收入为2.81亿元， 同比增长8.20%；"特许权使用费"收入为0.51亿元，同比下滑0.03%。在芯原股份的核心处理器IP相关营业收 入中，图形处理器IP、神经网络处理器IP和视频处理器IP收入占比较高，这三类IP在公司上半年半导体IP授权 业务收入中合计占比约75%。 据悉，半导体IP授权服务主要是将集成电路设计时所需的经过验证、可重复使用且具备特定功能的模块（即 半导体IP）授权给客户使用，并提供相应的配套软件。据研究机构IPnest统计，芯原半导体IP授权业务去年的 市场占有率位列国内第一，全球第八。 在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）方面，芯原股份今年上半年实现芯片设计 业务收入2.32亿元，同比下降17.18%。公司解释称，收入短期波动主要受客户项目进度安排影响。公司的量 产业务则实现收入4.08亿元，同比增长20.47%。 图片来源：网页截图 公开资料显示，芯原股份是一家依托自主半导体IP（IP此处指已验证的、可重复利用的、具有某种确定功能 的集成电路模块 ...

文体商旅已经成为带动消费、扩大内需的"黄金组合"。 芯原股份尾盘"炸板" 8月20日，半导体IP龙头芯原股份(688521)持续走高，盘中一度封死"20cm"涨停板，股价逼近历史高点。尾盘阶段，该股涨停板被快 速打开，收盘涨幅回落至15.52%。 | 15分钟 30分钟 60分钟 | 日线 | 周线 | 重多周期 ▲ | 亮价 ▼ | 容加 ▼ | 田学 | 显示 ▼ | 夏智 | 简约 | 隐藏》》 2 | | ◀ 688521 芯原股份 ① ▶ | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 08-23披露2025年中报 | | | | | | | | | | × | | +19.76 | | | | | | | | | | | | | | | | 147.04 | | | | 行业:半导体 最新:1770.90 张跌:+2.74% | | | | | | | | 原題在 | 秋宇温泉部 | 20.00% | | +15.52% | | | | | | | ...

Core Insights - The main business of the company includes providing platform-based, comprehensive, and one-stop chip customization services and semiconductor IP licensing services, relying on its proprietary semiconductor IP [2] - The company's revenue structure shows that volume business revenue accounts for the highest proportion at 36.88%, while chip design business revenue accounts for 31.22% [2] - The company reported a net profit attributable to shareholders of -0.26 billion yuan in 2020, which further declined to -6.01 billion yuan by 2024, marking a cumulative decrease of 2250.27% over the years [2] - The company's revenue increased from 1.506 billion yuan in 2020 to 2.322 billion yuan in 2024, with rapid growth in 2021 and 2022, but a decline in revenue in 2023 and 2024 [2] - The company's net profit margin has been worsening, with losses expanding from -0.26 billion yuan in 2020 to -6.01 billion yuan in 2024, indicating challenges in profitability [2] Market Performance - The company's market capitalization peaked at 84.076 billion yuan on August 18, 2020, with a stock price of 174.0 yuan [4] - As of August 15, the stock price was 105.66 yuan, and the market capitalization was 55.547 billion yuan, representing a decrease of 28.529 billion yuan and a market value evaporation of 33.93% compared to its peak [4]

Core Insights - Chipone Technology has successfully established itself as a leading player in the semiconductor IP industry, being recognized as "China's first semiconductor IP stock" after its listing on the STAR Market in August 2020 [1][2] - The company has achieved significant milestones, including being included in the STAR 50 index and successfully completing a refinancing issuance under the "light asset, high R&D investment" recognition standard [1][3] - As of the end of Q1 2025, Chipone's order backlog reached a record high of 2.456 billion yuan, maintaining a high level for six consecutive quarters, indicating strong demand and growth potential [1][3] Company Development - Chipone Technology was founded in 2001 and has evolved from providing standard cell libraries to offering comprehensive chip customization services and semiconductor IP licensing [2] - The company initially aimed for a NASDAQ listing but chose to return to the Chinese capital market, benefiting from the reforms and growth prospects of the STAR Market [2] R&D and Market Position - Chipone ranks first in China and eighth globally in semiconductor IP licensing revenue as of 2024, with a strong focus on high R&D investment, maintaining over 30% of revenue allocated to R&D from 2020 to 2024 [3][4] - The company has successfully developed 5nm system-on-chip (SoC) technology and is executing multiple projects in the 4nm/5nm range, showcasing its advanced design capabilities [3] Strategic Growth and Financing - The recent A-share private placement marks a significant step for Chipone, allowing for more flexible fund allocation towards R&D and innovation, which is crucial for maintaining competitive advantages [4][5] - The company is also exploring mergers and acquisitions to enhance its industry position and foster ecosystem development, leveraging its status as a leading semiconductor IP provider [5][6] AI and Chiplet Technology - The rise of artificial intelligence has created substantial demand for high-performance chips, particularly in the AI ASIC sector, where Chipone has made significant advancements [6][7] - Chipone's neural network processor (NPU) IP has been adopted in 142 AI chip models across various sectors, including servers and automotive, with over 100 million units shipped [6][7] - The company has been proactive in developing Chiplet technology, which allows for modular integration of chips, enhancing performance while balancing costs, particularly in cloud AI and high-end automotive applications [8]

Group 1 - Chip Origin Co., Ltd. (芯原股份) successfully completed a private placement of A-shares, raising a total of 1.807 billion yuan by issuing 24.86 million shares at a price of 72.68 yuan per share [1] - The initial plan was to issue up to 50.09 million shares, indicating that the actual issuance was less than half of the maximum proposed [1] - The private placement involved 11 institutional investors, including major fund management companies and securities firms, with E Fund Management being the largest subscriber, contributing approximately 755 million yuan, accounting for 42% of the total raised [1][2] Group 2 - Chip Origin Co., Ltd. has previously raised a total of approximately 3.67 billion yuan through two rounds of equity financing, with the first round occurring during its IPO in August 2020 [2] - The funds raised from the latest private placement will be primarily allocated to research and development projects in the AIGC and smart mobility sectors, focusing on Chiplet solutions and new generation IP development [2] - The company specializes in providing platform-based, comprehensive, and one-stop chip customization services and semiconductor IP licensing, with a portfolio of various processor IPs and over 1,600 mixed-signal and RF IPs [3] Group 3 - Despite its technological capabilities, the company faces financial challenges, with projected revenues of 2.338 billion yuan and 2.322 billion yuan for 2023 and 2024, respectively, alongside significant R&D expenditures [3] - The company reported a net loss of 296 million yuan in 2023 and is expected to incur a larger loss of 601 million yuan in 2024 [3] - In the first quarter of this year, the company achieved a revenue of 390 million yuan, reflecting a year-on-year growth of 22.49%, but still reported a net loss of 220 million yuan [3]

Core Viewpoint - The company, VeriSilicon Microelectronics (Shanghai) Co., Ltd., is focused on providing comprehensive chip customization services and semiconductor IP licensing, leveraging its proprietary semiconductor IP to cater to various applications, including AI, consumer electronics, and automotive sectors [1][2][4]. Group 1: Company Overview - The company was established on August 21, 2001, and became a joint-stock company on March 26, 2019, with its shares listed on the Shanghai Stock Exchange under the stock code 688521.SH since August 18, 2020 [1][3]. - The total share capital of the company is 525,713,273 shares, and it operates primarily in the semiconductor industry, providing services such as chip design, modeling, and technical consulting [1][4]. Group 2: Main Business and Services - The company specializes in semiconductor IP, offering a wide range of processor IPs, including graphics, neural network, video, digital signal, image signal, and display processors, along with over 1,600 mixed-signal and RF IPs [1][5][9]. - The main business includes a one-stop chip customization service that encompasses the entire process from design to manufacturing, packaging, and testing, aimed at reducing design risks and shortening development cycles for clients [5][6]. Group 3: Market Position and Financial Performance - In 2023, the company ranked first in the semiconductor IP licensing market in mainland China and eighth globally, with its licensing revenue ranking sixth worldwide [5]. - The company reported a total revenue of 2.68 billion yuan in 2023, with a significant increase in net profit, turning from a loss of 29.65 million yuan in 2022 to a profit of 7.38 million yuan in 2023 [11][14]. Group 4: Research and Development - The company has consistently invested in R&D, with a focus on chip customization technology, software technology, and semiconductor IP technology, accumulating a substantial number of patents and intellectual property rights [10][12]. - As of December 31, 2024, the company had obtained 205 invention patents, 3 utility model patents, and 12 software copyrights, reflecting its commitment to innovation and technology advancement [10][12]. Group 5: Future Plans and Fundraising - The company plans to raise approximately 1.81 billion yuan through a private placement of shares, with the funds allocated to projects in the AIGC and smart mobility sectors, as well as new IP development [22][26]. - The issuance is set to take place on June 12, 2025, with a share price of 72.68 yuan, and the funds will be used to enhance the company's operational capabilities and long-term profitability [22][24].

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage of the stock [4][5]. Core Views - The company is positioned as a leading provider of one-stop customized chip design and semiconductor IP licensing services, focusing on R&D to drive future growth [14][17]. - The demand for self-developed ASICs from cloud vendors is surging, presenting historical opportunities for the chip design service industry [2][38]. - There is a pressing need for domestic semiconductor IP, with the company ranked first in China and eighth globally in terms of sales revenue [3][4]. Summary by Sections One-Stop Customized Chip Design & IP - The company offers comprehensive chip customization services and semiconductor IP licensing, with a strong emphasis on R&D and talent development [14][17]. - As of Q1 2025, the company has a record high order backlog of 24.56 billion yuan, indicating robust future revenue potential [1][11]. ASIC Demand Surge - The chip design service industry is experiencing a significant demand increase for self-developed ASICs, particularly from major cloud service providers [2][38]. - The company has strong supply chain capabilities, enabling it to meet the self-development needs of large enterprises [2][38]. Semiconductor IP Localization - The company is the leading provider of semiconductor IP in China, with a wide range of applications for its NPU and GPU IP products [3][4]. - The localization of semiconductor IP is critical, and the company is well-positioned to benefit from the trend towards domestic alternatives [3][4]. Profit Forecast and Investment Recommendations - Revenue projections for the company are 31.8 billion yuan in 2025, 40.6 billion yuan in 2026, and 58.8 billion yuan in 2027, with expected growth rates of 36.9%, 27.6%, and 45.0% respectively [4][9]. - The company is expected to turn profitable by 2025, with a projected net profit of 0.1 billion yuan, growing significantly in subsequent years [4][9].

Group 1 - MSCI announced the inclusion of 30 new stocks and the removal of 61 stocks from its global equity index, with 5 A-shares from China being added [1] - The newly added A-shares include Chipone Technology, Baillie Gifford, Huatai Medical, Light Media, and Haisco Pharmaceutical, which all showed significant price increases on the trading day following the announcement [1][2] - Chipone Technology reported projected revenues of 2.322 billion yuan and a net profit of 601 million yuan for 2024, focusing on AI application solutions [2] - Light Media, a leading player in the entertainment sector, aims to diversify its revenue by becoming an "IP creator and operator" following the success of its animated film "Nezha 2" [2] - Baillie Gifford, specializing in biopharmaceuticals, expects revenues of 5.823 billion yuan in 2024, marking a 936.31% increase year-on-year, with a net profit of 3.708 billion yuan [2] - Haisco Pharmaceutical has 14 commercialized products and new drugs in clinical trials, focusing on innovative drug development [3] - Huatai Medical is recognized as a leading company in domestic electrophysiology and vascular intervention, with new products approved for atrial fibrillation treatment [3] Group 2 - The adjustments made by MSCI will take effect after the market closes on May 30, indicating that stocks entering the MSCI China Index will also be included in the MSCI Global Standard Index series, attracting passive investment tracking [3]