资料显示，芯原微电子(上海)股份有限公司位于中国(上海)自由贸易试验区春晓路289号张江大厦20A， 成立日期2001年8月21日，上市日期2020年8月18日，公司主营业务涉及依托自主半导体IP,为客户提供 平台化、全方位、一站式芯片定制服务和半导体IP授权服务。主营业务收入构成为：芯片量产业务收入 41.85%，知识产权授权使用费收入28.81%，芯片设计业务收入23.83%，特许权使用费收入5.21%，其他 (补充)0.29%。 泰康500（515530）基金经理为魏军。 截至发稿，魏军累计任职时间13年360天，现任基金资产总规模156.74亿元，任职期间最佳基金回报 86.34%， 任职期间最差基金回报-30.28%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 10月9日，芯原股份涨6.92%，截至发稿，报195.66元/股，成交15.31亿元，换手率1.57%，总市值 1028.61亿元。 从基金十大重仓股角度 数据显示，泰康基金旗下 ...

在订单方面，芯原股份预计第三季度新签订单15.93亿元，其中AI算力相关的订单占比约65%。公司预 计前三季度新签订单32.49亿元，已超过2024年全年新签订单水平。公司在手订单已连续八个季度保持 高位，预计截至第三季度末在手订单金额为32.86亿元，持续创造历史新高。公司第三季度末在手订单 中，一站式芯片定制业务在手订单占比近90%，且预计一年内转化的比例约为80%。 资料显示，芯原股份是一家依托自主半导体IP，为客户提供平台化、全方位、一站式芯片定制服务和半 导体IP授权服务的企业。该公司于2020年上市，被誉为"中国半导体IP第一股"。根据IPnest统计，2024 年芯原股份的半导体IP授权业务市场占有率位列中国第一、全球第八；知识产权授权使用费收入排名全 球第六。 在AI ASIC领域，芯原股份基于自有的丰富IP和领先的芯片定制能力，已推出面向AI应用的软硬件芯片 定制平台解决方案，涵盖如智能手表、AR/VR眼镜等轻量化空间计算设备，AIPC、AI手机、智慧汽 车、机器人等高效率端侧计算设备，以及数据中心、服务器等高性能云侧计算设备。芯原股份2025年上 半年芯片设计业务收入中，AI算力相关收入占 ...

10月8日晚间，芯原股份(688521)发布第三季度经营情况自愿性披露公告，经财务部门初步测算，预计 2025年第三季度实现营业收入12.84亿元，单季度收入创公司历史新高，环比大幅增长119.74%，同比大 幅增长78.77%。 在AI ASIC领域，芯原股份基于自有的丰富IP和领先的芯片定制能力，已推出面向AI应用的软硬件芯片 定制平台解决方案，涵盖如智能手表、AR/VR眼镜等轻量化空间计算设备，AIPC、AI手机、智慧汽 车、机器人等高效率端侧计算设备，以及数据中心、服务器等高性能云侧计算设备。芯原股份2025年上 半年芯片设计业务收入中，AI算力相关收入占比约52%。 同时，芯原股份预计第三季度盈利能力大幅提升，单季度亏损同比、环比均实现大幅收窄。公司还预计 第三季度新签订单15.93亿元，同比大幅增长145.80%。 2025年第二季度，芯原股份实现营业收入5.84亿元，环比增长49.90%，主要由知识产权授权使用费收入 及量产业务收入增长所带动。 芯原股份表示，公司第三季度营收大幅增长，主要受一站式芯片定制业务增长所带动。从各业务具体表 现来看，公司预计2025年第三季度实现芯片设计业务收入4.2 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Insights - The company is leading in the Chiplet technology and its applications, particularly in AIGC and intelligent driving systems. It has been developing Chiplet technology for five years and is focusing on "IP chipification," "chip platformization," and "platform ecosystem" [3] - The company expects to achieve a record high revenue of 1.284 billion yuan in Q3 2025, with a year-on-year growth of 78.77% and a quarter-on-quarter increase of 119.74%. New orders are projected to reach 1.593 billion yuan, a year-on-year increase of 145.80% [8] - The company has a strong accumulation of semiconductor IP and a broad layout across various downstream sectors, including AIGC, automotive electronics, wearable devices, data centers, and IoT [8] Financial Projections - The company’s total revenue is projected to reach 3.813 billion yuan in 2025, with a year-on-year growth of 64.22%. The net profit attributable to the parent company is expected to be -76.76 million yuan [1][10] - The report adjusts the revenue expectations for 2025-2027 to 3.8 billion, 5.3 billion, and 7 billion yuan respectively, and the net profit expectations to -0.8 billion, 2.7 billion, and 5.6 billion yuan [9]

Core Viewpoint - Chip Origin Co., Ltd. has experienced significant stock price fluctuations, with a year-to-date increase of 251.34% but a recent decline of 10.58% over the past five trading days [2] Financial Performance - For the first half of 2025, Chip Origin reported revenue of 974 million yuan, a year-on-year increase of 4.49%, while the net profit attributable to shareholders was -320 million yuan, a decrease of 12.30% year-on-year [3] - The company's main revenue sources include chip volume business (41.85%), intellectual property licensing fees (28.81%), chip design services (23.83%), and other income (0.29%) [2] Stock Market Activity - As of September 30, the stock price was 184.21 yuan per share, with a market capitalization of 96.842 billion yuan [1] - The stock has been active on the trading leaderboard, with the most recent appearance on September 22, where it recorded a net buy of 523 million yuan [2] - The stock has seen a net outflow of 71.4 million yuan in principal funds on September 30, with significant buying and selling activity [1] Shareholder Information - As of June 30, the number of shareholders was 25,400, a decrease of 3.58% from the previous period, while the average circulating shares per person increased by 3.71% to 19,656 shares [3] - Major institutional shareholders include Huaxia SSE Sci-Tech Innovation Board 50 ETF and E Fund SSE Sci-Tech Innovation Board 50 ETF, both of which have reduced their holdings [3]

Core Viewpoint - Chip Origin Co., Ltd. has entered the "trillion" market value club, with a total market value reaching 994 billion yuan and a cumulative increase of over 660% since the "924" market rally [1][3] Company Performance - As of September 26, Chip Origin's stock price was 189.11 yuan, with a total market value of 994.2 billion yuan, reflecting a strong performance that has significantly benefited its investors [3] - The company has been experiencing losses, with net profits of -318.1 million yuan and -643.4 million yuan for 2023 and 2024 respectively, showing a year-on-year decrease of 2493.19% and 102.29% [8] - In the first half of 2025, the company achieved revenue of 974 million yuan, a slight increase of 4.49%, but still recorded a net loss of 358 million yuan, a year-on-year decrease of 17.58% [8] Shareholder Insights - The third-largest shareholder, Fucai Holdings, owned by Gong Hongjia, has seen its investment grow significantly since entering the company around 2018, with a current holding value of approximately 6.516 billion yuan [1][4][5] - Fucai Holdings has participated in multiple rounds of financing, contributing a total of 15.617 million USD and 32.441 million yuan to the company [5] Business Model - Chip Origin operates differently from traditional chip companies, focusing on providing customized chip services and semiconductor IP licensing without owning its own branded chip products [7][8] - The company is positioned as a "tool provider" for chip development, which has led to a unique market perception [8] Market Expectations - There are high expectations for Chip Origin's chip customization segment, with forecasts predicting revenue growth in the chip volume business to reach 1 billion yuan, 4 billion yuan, and 6 billion yuan from 2025 to 2027 [9] - The global demand for ASIC customization is expected to grow rapidly, with projections indicating a market size of 94 billion USD by 2028, driven by advancements in AI chip development [10] Order Backlog - As of the second quarter of 2025, Chip Origin had a total order backlog of 3.025 billion yuan, with nearly 90% attributed to chip customization orders [11] - The company signed new orders worth 1.205 billion yuan between July 1 and September 11, 2025, marking an 85.88% increase compared to the same period last year [11] Leadership and Expansion - The founder, Dai Weimin, has a strong academic and entrepreneurial background, having previously held a tenured professor position before founding Chip Origin [13][14] - The company is pursuing expansion through acquisitions, including a recent announcement to acquire a 97.007% stake in Chip Technology, a local RISC-V CPU IP provider, to enhance its capabilities in AI ASIC design [16]

截至发稿，陈薪羽累计任职时间6年59天，现任基金资产总规模12.16亿元，任职期间最佳基金回报 63%， 任职期间最差基金回报-19.21%。 杜超累计任职时间1年343天，现任基金资产总规模24.67亿元，任职期间最佳基金回报56.95%， 任职期 间最差基金回报-14.54%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，国联基金旗下1只基金重仓芯原股份。国联中证500ETF（515550）二季度持有股数3300股， 占基金净值比例为0.44%，位居第八大重仓股。根据测算，今日浮亏损失约3.46万元。 国联中证500ETF（515550）成立日期2019年11月15日，最新规模7275.48万。今年以来收益28.98%，同 类排名1885/4220；近一年收益55.37%，同类排名1621/3824；成立以来收益62.64%。 国联中证500ETF（515550）基金经理为陈薪羽、杜超。 9月26日，芯原股份跌5.18%，截至发稿，报192.00元/股， ...

Group 1 - The core viewpoint of the news is that Chipone Technology (Shanghai) Co., Ltd. has seen a significant stock price increase of 5.22%, reaching 209.50 CNY per share, with a total market capitalization of 110.137 billion CNY [1] - Chipone's main business involves providing platform-based, comprehensive, and one-stop chip customization services and semiconductor IP licensing services, with revenue breakdown: 41.85% from chip volume business, 28.81% from IP licensing fees, 23.83% from chip design services, 5.21% from royalties, and 0.29% from other sources [1] Group 2 - From the perspective of fund holdings, a fund under Bank of China Securities has a significant position in Chipone Technology, with the Bank of China CSI 500 ETF (515190) holding 4,100 shares, representing 0.45% of the fund's net value [2] - The Bank of China CSI 500 ETF has achieved a year-to-date return of 28.96% and a one-year return of 57.12%, ranking 1837 out of 4220 and 1572 out of 3820 respectively [2] - The fund managers, Liu Xianzheng and Zhang Yimin, have had varying performance records, with Liu achieving a best return of 118.04% and Zhang a best return of 20.36% during their respective tenures [2]

9月25日，芯原股份涨5.22%，截至发稿，报209.50元/股，成交18.25亿元，换手率1.77%，总市值 1101.37亿元。 资料显示，芯原微电子(上海)股份有限公司位于中国(上海)自由贸易试验区春晓路289号张江大厦20A， 成立日期2001年8月21日，上市日期2020年8月18日，公司主营业务涉及依托自主半导体IP,为客户提供 平台化、全方位、一站式芯片定制服务和半导体IP授权服务。主营业务收入构成为：芯片量产业务收入 41.85%，知识产权授权使用费收入28.81%，芯片设计业务收入23.83%，特许权使用费收入5.21%，其他 (补充)0.29%。 从基金十大重仓股角度 数据显示，财通证券资管旗下1只基金重仓芯原股份。财通资管创新成长混合A（020075）二季度持有 股数4.79万股，占基金净值比例为4.8%，位居第五大重仓股。根据测算，今日浮盈赚取约49.85万元。 财通资管创新成长混合A（020075）成立日期2024年3月26日，最新规模5950.49万。今年以来收益 47.62%，同类排名1328/8173；近一年收益89.21%，同类排名816/8003；成立以来收益84.27%。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has a strong order backlog of 3.025 billion yuan as of the end of Q2 2025, with AI-related orders accounting for approximately 64% of new contracts signed, which increased by 85.88% compared to the same period last year [4][5] - The company plans to acquire Chiplet Technology to enhance its CPU IP offerings, aiming to build a comprehensive heterogeneous computing IP platform [5] - Revenue projections for 2025, 2026, and 2027 are estimated at 3.1 billion, 4 billion, and 5.3 billion yuan respectively, with net profits expected to turn positive by 2026 [6][8] Company Overview - The latest closing price is 173.00 yuan, with a total market capitalization of 90.9 billion yuan [3] - The company has a debt-to-asset ratio of 54.2% and is primarily owned by VeriSilicon Limited [3] Financial Forecasts - Revenue is expected to grow at rates of -0.69% in 2024, 31.96% in 2025, 31.77% in 2026, and 31.37% in 2027 [8][13] - The company is projected to achieve a net profit of 98.29 million yuan in 2026 and 286.71 million yuan in 2027, indicating a significant turnaround from losses in 2024 and 2025 [8][13] Relative Valuation - The company is positioned as a leading AI ASIC enterprise with a strong IP reserve, competing effectively with global peers [11] - The relative valuation analysis suggests a price-to-sales (P/S) ratio of 30.65x for 2025, reflecting the company's growth potential in the semiconductor industry [11][12]