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]

据智通财经，7月8日，无锡市滨湖区发布进一步促进住房消费的若干措施。其中提到，支持"苏超"参赛 球员和观赛球迷购房。支持鼓励房地产开发企业对购买滨湖区新建商品住房的江苏省城市足球联赛参赛 球员和观赛球迷，凭参赛或观赛等证明给予每套3万—5万元的购房补贴。 具体细则如下：本措施发布之日起至2025年10月31日，支持鼓励房地产开发企业对购买滨湖区新建商品 住房的江苏省城市足球联赛参赛球员和观赛球迷，凭参赛或观赛等证明给予每套3万-5万元的购房补 贴。 而作为赛事主办方，江苏省城市足球联赛官方则把"苏超"首家官方旗舰店落地京东，京东还在同期推出 「京东送苏超夺冠城 1000 台百吋电视」活动。 此外，京东服饰特别推出城市球衣定制服务，助力球迷支持家乡球队。 自今年5月"苏超"举办以来，引发全民关注。7月5日晚南京奥体中心南京队VS苏州队更是点燃"苏超"开 赛以来最高热度，当晚共有60396人到场观战。其中，来自江苏省外的观众高达21306人。这一观战数字 不仅刷新了"苏超"历史单场上座纪录，更创造了中国业余足球赛事的上座新纪录。 "苏超"赛事也激活了江苏省的相关文旅消费。据南京发布7月9日推送的《218.1万人次 ...

作为全链路品牌定制服务领域的佼佼者，乾昇控股(深圳)有限公司(以下简称"乾昇控股")凭借其卓越的创意设计、强大的IP孵化能力以及完善的供 应链管理体系，正在重新定义品牌营销服务的边界，为国内外知名企业提供了全方位、一体化的品牌定制解决方案，助力品牌在激烈的市场竞争 中脱颖而出。 一、创新驱动，科技赋能品牌定制服务 自2018年成立以来，乾昇控股始终坚持以创意设计为基础，以科技为驱动力，致力于为客户提供富有创意设计、IP驱动力的品牌定制营销全案服 务。公司不仅积累了丰富的行业经验和案例，还沉淀了一套一站式运营和管理服务的标准规范，并拥有自主创新的核心数字化运营平台技术。这 一技术平台的建立，不仅提升了服务效率和质量，更为产业内的研发、创新、实践和发展提供了强有力的支撑。 在业务模式上，乾昇控股以全链路品牌定制服务为核心，覆盖了从营销策划、产品设计、供应链管理到物流配送及售后的全流程。公司通过整合 产业链上下游资源，为客户经营用户赋能，满足了包括商业银行、消费类品牌以及互联网企业在内的众多行业客户的多样化需求。无论是节日馈 赠、银行积分兑换、员工福利，还是活动促销、用户拉新等场景，乾昇控股都能提供量身定制的一体化 ...

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]

国泰海通证券股份有限公司 关于芯原微电子（上海）股份有限公司 之 上市保荐书 目 录 三、本次证券发行上市的项目保荐代表人、协办人及项目组其他成员情况 ..... 17 一、发行人基本情况 （一）发行人基本信息 保荐机构（主承销商） 二〇二五年七月 声 明 本保荐机构及其保荐代表人已根据《中华人民共和国公司法》 （以下简称《公 司法》）、《中华人民共和国证券法》等法律法规和中国证券监督管理委员会（以 下简称"中国证监会"）及上海证券交易所的有关规定，诚实守信，勤勉尽责， 严格按照依法制定的业务规则和行业自律规范出具上市保荐书，并保证所出具文 件真实、准确、完整。 如无特殊说明，本上市保荐书中的简称或名词释义与《芯原微电子（上海） 股份有限公司向特定对象发行 A 股股票之募集说明书》一致。 中文名称 芯原微电子（上海）股份有限公司 英文名称 VeriSilicon Microelectronics (Shanghai) Co., Ltd. 法定代表人 Wayne Wei-Ming Dai（戴伟民） 股票上市地 上海证券交易所 股票简称 芯原股份 股票代码 688521.SH 上市时间 2020年8月18日 股本 ...

Core Insights - The article discusses the evolving consumer psychology of young people, particularly those born in the 90s and 00s, highlighting their unique purchasing behaviors and preferences for emotional value over practicality [3][5][11] - It emphasizes the importance of brands establishing emotional connections with consumers, moving beyond traditional marketing strategies to engage with the emotional needs of the younger demographic [4][8][9] Group 1: Young Consumer Behavior - Young consumers are increasingly drawn to personalized and niche products, with trends like Lolita fashion becoming mainstream, reflecting a shift towards the acceptance of subcultures [3][5] - Emotional consumption is on the rise, with brands like Nike and Adidas adapting their marketing strategies to create deeper emotional connections with consumers [4][11] - The difference in consumer logic between generations is evident, with older consumers prioritizing practicality and brand reliability, while younger consumers focus on emotional value and identity representation [5][11] Group 2: Brand Strategies - Brands are encouraged to redefine their identity and marketing strategies to resonate with the emotional needs of consumers, moving from a fixed image to a more flexible and open approach [8][9] - Successful brands like Pop Mart and Jellycat have capitalized on emotional branding by creating products with personality and stories, allowing them to maintain consumer loyalty despite higher price points [5][11] - The need for brands to adapt to rapidly changing consumer preferences is critical, requiring a balance between maintaining core values and being responsive to market trends [9][12]

| 全屋定制家居 | 大热门品牌排行榜 | | | | --- | --- | --- | --- | | OPPE N & A. | 欧派家居 | 高级全国空部 | | | 要非空 | SEE NO | 1988 新闻日 | | | HOLKE | 好菜客 | 3 | | | G 金牌 | 金牌家居 | 4 | | | ZBOM | 志邦家居 | 5 | | | 我乐家居 | ■ 13 1 | | | | 顶固家居 | | | | | a | 尚品宅配 | 8 | | | 玛格 | 0 | | | | DIANO | 皮阿诺 | 10 | 受同應 | · 天然壁垒：运营成本居高不下（单店投入超 200 万），且受消费降级影响，高端客群收缩导致增长触 顶。 有人靠定制加盟年赚百万，有人却踩坑血本无归！在家装市场规模即将突破 5 万亿的 2025 年，全屋定 制赛道的「选择逻辑」正在重构。当下行业已形成三大泾渭分明的阵营，而轻高定赛道的爆发式增长， 正让一批先知先觉的加盟商抢占财富先机。其中，作为轻高定领域的标杆品牌，顶固家居以「高定品质 × 轻量投入」的双重优势，成为 2025 年加盟市场的焦点。 一、万亿市 ...

粤读新职业14 统筹/吴绍锋 文、图/广州日报全媒体记者周伟良 （部分图由受访者提供） 失去一双小腿，如何再"站"起来？广州旅拍定制师李名扬面对客人"站立"的愿望，定制了一条特别的路 线：在马尔代夫蔚蓝的深海中，一条巨大的鲸鲨缓缓游过。李名扬迅速按下快门，记录下失去小腿的客 人"站立"在鲸鲨身旁的影像，圆了客人"重新站起来"的心愿。 今年5月，人力资源社会保障部发布公示，新增旅拍定制师这一新工种。实际上，这个记录美好瞬间的 职业已出现多年。从业8年的李名扬表示，为高端客人定制旅拍，一般7天的收费大概在2万—3万元；收 入最高峰的时候，7天可获得16万元。 今年35岁的李名扬是广州一名90后旅拍定制师。由于热爱摄影，大学时便到影楼学习拍摄。2014年，已 经在影楼工作几年的李名扬，渐渐感到职业倦怠。"每天拍相似的场景、相似的姿势，像流水线一 样。"他说。恰好在那个时候，他接触了潜水。海底世界的斑斓色彩和自由感让他着迷，也让他萌生了 一个新想法——为什么不试试水下摄影？ 当时水下摄影在国内尚属小众。李名扬买了一套专业设备，当时价值10万元，而技术难点更显而易见： 水下光影会吞噬红色，照片只剩蓝绿。为此，李名扬开始 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 11 年 月 日 芯原股份（688521.SH） 国产算力中坚力量，一站式定制化&IP 领军 一站式定制化&IP 领军，潜心研发致力未来。芯原股份主要服务为面向消 费电子、汽车电子、计算机及周边、工业、数据处理、物联网等广泛应用 市场所提供的一站式芯片定制服务（（24 年占比 68%）和半导体 IP 授权服 务（24 年占比 32%），公司 2024 年营收 23.22 亿元，截至 2025 年一季 度末，公司在手订单金额为 24.56 亿元，创公司历史新高，在手订单已连 续六季度保持高位。从新签订单角度，2025 年一季度公司量产业务新签 订单超 2.8 亿元，截至 2025 年一季度末量产业务在手订单超 11.6 亿元， 对公司未来的业务拓展及业绩转化奠定坚实基础。截至 2024 年，公司研 发人员达 1800 人，占比 89.37%，公司注重研发与人才培养，我们看好公 司的研发积累，进一步提升公司的收入水平，并在规模效应下摊薄费用率， 优化公司利润。 自研 ASIC 需求井喷，设计服务行业迎历史机遇。一站式芯片定制服务 是指向客户 ...

聚焦操作系统技术领域，构造全面技术护城河体系。公司聚焦操作系统技术领域，与芯片厂商密切合 作，注重前沿技术跟进及核心技术积累。1）移动智能终端软件领域： 2025 年4 月，公司发布2024 年度报告与2025 年第一季度业绩报告。2024 年公司实现营收19.76 亿元， 同比增长5.23%；实现归母净利润-1.26 亿元，同比转亏；扣非归母净利润-1.43 亿元，亏损同比收窄 31.00%。2025 年第一季度公司实现营收4.76亿元，同比增长13.59%；实现归母净利润-0.42 亿元，亏损 同比收窄6.95%；扣非归母净利润-0.44 亿元，亏损同比收窄6.61%。 智能网联汽车业务实现较好增长，利润有所承压。2024 年公司营收同比增长5.23%。 其中1）公司移动智能终端软件领域实现收入9.36 亿元，同比下降3.76%，主要受部分客户收入下降影 响，公司移动智能终端技术服务及解决方案领域总体保持行业领先优势，客户包括OPPO、vivo、荣 耀、小米、华为等头部客户；2）公司智能网联汽车软件业务领域实现收入4.90 亿元，同比增长 16.91%，公司及子公司智达诚远在维持与现有海内外整车厂合作的同 ...