芯原股份 20251027 摘要 新元股份 2025 年第三季度营收达 12.81 亿元，创历史新高，环比增长 119.26%，同比增长 78.38%。前三季度总营收 22.55 亿元，显示出 强劲的增长势头。 公司在手订单连续 8 个季度保持高位，第三季度末达 32.86 亿元，其中 一站式芯片定制业务占比近 90%，预计未来一年转化比例约 80%，系 统厂商客户订单占比达 83.52%。 新元股份通过 IP 授权和芯片定制服务，帮助客户降低研发和运营成本， IP 授权服务毛利率高达 90%，一站式芯片定制服务毛利率约为 20%， 整体毛利率为 34%。 公司持续投入研发，拥有六大类核心处理器 IP，其中 GPU、NPU 和 VPU 贡献 70%收入。28 纳米及以下工艺节点贡献 94%收入，14 纳米 以下工艺节点贡献 81%收入，技术实力显著。 数据处理领域收入占比提升至 33.14%，同比增长 10.36 个百分点，总 体同比增幅超过 180%，表明公司在云计算相关项目领域表现突出。 小米 3 纳米芯片采用 GAA 架构，AI NPU 性能达 40 TOPS，超越微软 AI PC 标准，并应用于平板电 ...

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call primarily discusses **Xiaomi** and its advancements in the **smartphone chip industry** and **automotive sector**. [1][2][3] Core Insights and Arguments - **Investment in Chip Development**: Xiaomi has invested a total of **13.5 billion RMB** over four years in chip research and development, with a team size of **2,500 people**, indicating a strong commitment to enhancing its brand image and moving away from being perceived merely as an assembly manufacturer. [1] - **3nm Chip Performance**: The latest **3nm chip** from Xiaomi features a **10-core CPU design**, comparable to top products from Qualcomm and MediaTek. However, it relies on an external MediaTek baseband chip for communication capabilities, indicating a need for improvement in baseband performance. [1] - **Evaluation Metrics for Smartphone Chips**: Key metrics for assessing smartphone chips include **CPU core count**, **GPU performance**, **AI computing power**, and **process technology**. Xiaomi's chip slightly lags in AI computing power compared to Snapdragon 8GEN3, but overall energy efficiency is crucial for device heating and battery life. [1][7] - **Integration of Hardware and Software**: Xiaomi aims to achieve better energy efficiency and user experience through its self-developed chips and the **玄戒 O1 operating system**, gradually building a technological barrier. [1][10] - **Challenges in Baseband Chip Development**: Developing baseband chips is complex due to high-frequency communication, RF interference, and patent barriers. Qualcomm holds a significant advantage in baseband patents, and Xiaomi must learn from others' experiences while focusing on talent acquisition. [1][14] - **Impact of U.S. Export Controls**: The U.S. export controls have a limited impact on Xiaomi's 3nm chip, as it contains fewer than **20 billion transistors** and is primarily used in consumer electronics. However, long-term monitoring of policy changes and supply chain impacts is necessary. [1][21] Additional Important Insights - **Automotive Sales Trends**: Orders for the **Xiaomi Su 7** have declined, but new models are highly anticipated. Short-term sales performance will be a key focus, while long-term strategies include high-end positioning, globalization, and technological advancement. [2][30] - **Strategic Directions**: Xiaomi's core strategies include **globalization**, **high-end positioning**, and **hardcore technology**. The successful launch of the Su 7 and the introduction of the 玄戒 O1 chip are significant steps in these directions. [3][30] - **Market Positioning**: The global smartphone market is dominated by MediaTek, Qualcomm, and Apple, with Xiaomi competing alongside companies like **海思** and **紫光展锐** in the domestic market. [4][5] - **Future Applications of Chips**: If successful, Xiaomi's 3nm chip could be used in other devices such as tablets and cars, enhancing its ecosystem and overall competitiveness. [23] - **Potential Beneficiaries in the Supply Chain**: Following the May 22 launch event, Xiaomi is expected to benefit significantly, along with third-party IP companies and domestic semiconductor fabs, as its design capabilities improve. [28][29] Conclusion - Xiaomi's advancements in chip technology and automotive sales are critical to its future growth. The company's strategic focus on high-end products, globalization, and technological innovation will be essential for enhancing its market position and overall valuation. [30][33]