Core Viewpoint - The company announced plans to acquire a majority stake in Chipwise Technology (Shanghai) Co., Ltd. through a combination of share issuance and cash payment, but later decided to terminate the transaction due to misalignment of key demands with market conditions and shareholder interests [2][3]. Group 1: Acquisition Plans - On August 28, the company disclosed its intention to purchase 97.0070% of Chipwise Technology's equity, with the final price to be determined based on an evaluation report [2]. - The acquisition was intended to enhance the company's core processor IP and CPU IP capabilities, thereby strengthening its AI ASIC design flexibility and market competitiveness [3]. Group 2: Termination of Acquisition - The company received a notification from Chipwise Technology's management and stakeholders about the termination of the acquisition, which was agreed upon after careful consideration [3]. - The reasons for termination included discrepancies between the core demands of the target company and the prevailing market environment, policy requirements, and the interests of the company and its shareholders [3]. Group 3: New Investment Strategy - Concurrently with the termination of the acquisition, the company announced plans to invest in a special purpose vehicle, TianSuiXinYuan Technology (Shanghai) Co., Ltd., to acquire control of ZD Semiconductor (Shanghai) Co., Ltd. [3]. - TianSuiXinYuan plans to increase its registered capital by 94 million yuan, with the company contributing 20 million yuan in equity and 35 million yuan in cash [6]. Group 4: Financial Performance - In Q3 2025, the company reported a record revenue of 1.28 billion yuan, a significant increase of 119.26% quarter-over-quarter and 78.38% year-over-year [9]. - The company secured new orders worth 1.593 billion yuan in Q3 2025, a year-over-year increase of 145.80%, with AI-related orders accounting for approximately 65% [9]. - The company's net profit loss narrowed significantly to -26.85 million yuan in Q3 2025, showing improvements compared to previous quarters [9]. Group 5: Stock Performance - The company's stock price has seen a significant increase, rising over 180% year-to-date, with a notable jump of more than 7.2% on December 12, reaching 149.04 yuan [10].

Core Viewpoint - Chip Origin Co., Ltd. (芯原股份) announced the termination of a significant asset restructuring plan aimed at acquiring a majority stake in Chip Lai Zhi Rong Semiconductor Technology (芯来智融) due to discrepancies between the demands of the target company's management and market conditions [1][4]. Group 1: Termination of Asset Restructuring - On December 12, Chip Origin disclosed the termination of its major asset restructuring [1]. - The company had previously planned to acquire 97.0070% of Chip Lai Zhi Rong's equity through a combination of share issuance and cash payment [3]. - The termination was attributed to misalignments between the core demands of the target company's management and the interests of Chip Origin and its shareholders [4]. Group 2: New Investment Strategy - Concurrently with the termination announcement, Chip Origin plans to invest in Tian Sui Xin Yuan Technology (天遂芯愿) to acquire control of Zhu Dian Semiconductor (逐点半导体) [4]. - Tian Sui Xin Yuan will increase its registered capital by 94 million yuan, with Chip Origin contributing 20 million yuan in equity and 35 million yuan in cash [7]. - Following the investment, Chip Origin will hold a 40% stake in Tian Sui Xin Yuan, becoming its largest single shareholder and gaining control over the majority of its board seats [7]. Group 3: Company Performance - In Q3 2025, Chip Origin reported a record revenue of 1.28 billion yuan, marking a significant quarter-on-quarter increase of 119.26% and a year-on-year increase of 78.38% [10]. - The company secured new orders worth 1.593 billion yuan in Q3 2025, a year-on-year increase of 145.80%, with AI-related orders accounting for approximately 65% [10]. - As of the end of Q3 2025, the total order backlog reached 3.286 billion yuan, continuing a trend of high order levels for eight consecutive quarters [10]. Group 4: Stock Performance - Chip Origin's stock price surged over 7.2% on December 12, reaching 149.04 yuan, with a year-to-date increase exceeding 180% [11].