12月12日晚间，芯原股份（688521）披露公告称，公司终止重大资产重组。 今年8月28日，芯原股份公告，公司正在筹划以发行股份及支付现金的方式购买芯来智融半导体科技（上海）有限公司（以下简称"芯来智融"或"标的公 司"）股权并募集配套资金。 彼时，芯原股份已与标的公司主要股东胡振波、芯来共创（上海）管理咨询中心（有限合伙）、芯来合创（上海）管理咨询中心（有限合伙）签署了《股 权收购意向协议》，约定公司通过发行股份及支付现金的方式购买其持有的标的公司股权，最终价格以评估报告结果为定价依据、由交易各方协商确定。 此后公布的交易预案显示，芯原股份拟通过发行股份及支付现金方式向芯来共创、胡振波、芯来合创等31名交易对方购买其合计持有的芯来智融 97.0070%股权，并募集配套资金。由于芯原股份已直接持有芯来智融2.9930%股权，交易完成后，芯来智融将成为上市公司的全资子公司。 芯来智融成立于2018年，是中国本土首批RISC-V CPU IP提供商之一，拥有员工100余人，已累计开发数十款IP产品。2024年，其CPU IP业务收入在中国 RISC-V IP企业中位居前列。 芯原股份表示，此次交易将完善公司核心 ...

Core Insights - The company expects to achieve a record high revenue of 1.284 billion yuan in Q3 2025, with a significant quarter-on-quarter increase of 119.74% and a year-on-year increase of 78.77% [2] - The company anticipates a substantial improvement in profitability, with a significant reduction in quarterly losses compared to both the previous quarter and the same quarter last year [2] - New orders signed in Q3 2025 are projected to reach 1.593 billion yuan, representing a year-on-year increase of 145.80% [2] Revenue Breakdown - The company expects to generate 429 million yuan from chip design services in Q3 2025, with a quarter-on-quarter growth of 291.76% and a year-on-year growth of 80.67% [2] - Revenue from mass production services is anticipated to be 609 million yuan, reflecting a quarter-on-quarter increase of 133.02% and a year-on-year increase of 158.12% [2] - The company projects 213 million yuan in revenue from intellectual property licensing fees, with a quarter-on-quarter growth of 14.14% and year-on-year figures remaining stable [2] Order Status - The company expects to sign new orders worth 1.593 billion yuan in Q3 2025, with approximately 65% of these related to AI computing [3] - Cumulative new orders for the first three quarters are projected to reach 3.249 billion yuan, surpassing the total new orders for the entire year of 2024 [3] - The company has maintained a high level of backlog orders for eight consecutive quarters, with an estimated backlog of 3.286 billion yuan at the end of Q3 2025 [3] Business Model and Market Position - The company provides comprehensive, one-stop chip customization services and semiconductor IP licensing, leveraging its proprietary semiconductor IP [3] - The company is recognized as "China's first semiconductor IP stock" and ranks first in China's semiconductor IP licensing market share and eighth globally for 2024 [3] - In the AI ASIC sector, the company has launched a chip customization platform solution for various AI applications, with AI-related revenue accounting for approximately 52% of its chip design revenue in the first half of 2025 [4]