| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 9.32亿 | 9.74亿 | 4.49% | | 归母浄利润（元） | -2.85 Z | -3.2 Z- | -12.30% | | 扣非净利润(元) | -3.04亿 | -3.58 Z | -17.58% | | 货币资金(元) | 7.05亿 | 22.73亿 | 222.37% | | 应收账款(元) | 10.53亿 | 10.71亿 | 1.66% | | 有息负债(元) | 12.18亿 | 14.93亿 | 22.56% | | 毛利率 | 44.41% | 43.32% | -2.44% | | 净利率 | -30.56% | -32.85% | -7.48% | | 三费占营收比 | 13.88% | 14.29% | 2.98% | | 每股净资产 (元) | 4.84 | 6.85 | 41.72% | | 每股收益(元) | -0.57 | -0.64 | -12.28% | | 每股经营性现金流(元) | -0.67 | -0.69 ...

截至2025年8月21日收盘，芯原股份股价报138.80元，较前一交易日下跌8.24元，跌幅5.60%。当日开盘 价为148.00元，最高触及158.75元，最低下探至136.42元，成交量为38.58万手，成交额达56.86亿元。 资金流向方面，8月21日主力资金净流出3.47亿元，占流通市值的0.5%。近五日主力资金累计净流入 1.20亿元，占流通市值的0.17%。 风险提示：市场波动风险、行业竞争加剧、技术研发不及预期等。 近期市场传闻字节跳动与芯原股份合作开发AI芯片，但字节跳动已明确否认。芯原股份也发布公告 称，目前生产经营活动正常，无应披露而未披露的重大信息。 芯原股份是一家专注于半导体IP授权和芯片定制服务的企业，业务覆盖图形处理器、神经网络处理器等 领域，为人工智能、物联网等应用提供解决方案。公司所属行业为半导体，同时涉及上海板块、基金重 仓等概念。 ...

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 annual shareholder meeting of Canxin Semiconductor (Shanghai) Co., Ltd. will address various proposals, including financial reports, profit distribution, and the appointment of auditing firms for the fiscal year 2025, amidst a significant decline in net profit and revenue for 2024. Group 1: Financial Performance - The net profit attributable to shareholders for 2024 is 61.05 million yuan, a decrease of 64.19% compared to the previous year [6][7]. - The total revenue for 2024 is approximately 1.09 billion yuan, reflecting an 18.77% decline from 2023 [7]. - The net cash flow from operating activities is reported at 9.12 million yuan, down 75.13% year-on-year [7]. Group 2: Business Segmentation - Revenue from chip design business and chip volume production business is categorized, with the latter generating 808.60 million yuan, a 14.54% decrease due to changes in customer demand [9]. - The company completed 190 chip design projects in 2024, marking a 30.14% increase from 2023 [9]. Group 3: Shareholder Meeting Proposals - Proposal one includes the review of the 2024 annual report and its summary, which has been approved by the board and supervisory committee [6]. - Proposal two involves the financial settlement report for 2024 and the budget report for 2025, emphasizing the need for revenue growth strategies [6][7]. - Proposal six outlines a profit distribution plan, proposing a cash dividend of 1.70 yuan per 10 shares, totaling approximately 20.40 million yuan, with a cash dividend ratio of 33.42% [28][30]. Group 4: Governance and Compliance - The board of directors has conducted meetings in compliance with legal regulations, ensuring the legitimacy of resolutions passed [16]. - The supervisory board has effectively monitored the company's operations and financial status, confirming adherence to laws and regulations [26]. - The company plans to revise its articles of association and governance structures, eliminating the supervisory board and transferring its responsibilities to the audit committee [31].

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]