Investment Rating - The report indicates a positive outlook for the RISC-V industry in China, suggesting a strong potential for growth and market share acquisition in the coming years [5][21]. Core Insights - The 2025 RISC-V China Summit highlighted the rapid development and diversification of the RISC-V ecosystem in China, with significant contributions from various sectors including education, wireless applications, general-purpose control, and computing [2][14]. - High-performance CPUs such as Alibaba's Xuantie C930 and the Xiangshan processor are entering practical use, with mass production expected within one to two years, marking a significant advancement in China's chip design capabilities [5][19]. - The report emphasizes the strong competitive advantage of endpoint solutions, particularly in the MCU and embedded systems segments, where companies have established differentiated products validated by market performance [3][20]. Summary by Sections Event Overview - The 5th RISC-V China Summit took place from July 16 to 19, 2025, in Shanghai, featuring over 100 companies and research institutions, with more than 1,000 attendees and over 500,000 online viewers [1][13]. Industry Development - China's RISC-V industry is flourishing across multiple domains, with a comprehensive landscape formed across consumer electronics, IoT, control, and computing fields [2][14]. - The report notes that the RISC-V architecture is being increasingly integrated into various applications, including AI, automotive, and embedded systems, showcasing a diversified approach to ecosystem development [2][18]. High-Performance CPU Advancements - Significant advancements in high-performance CPUs were noted, with the Xuantie C930 achieving 15/GHz on SPECint2006 benchmarks and the Xiangshan processors showing competitive performance against established architectures [3][15]. Endpoint Solutions - Companies like ESWIN and WCH are successfully differentiating their offerings in the MCU and embedded systems markets, with ESWIN's RISAA platform and WCH's QingKe RISC-V MCUs achieving substantial sales [3][16]. IP Core Leadership - China is leading in the IP core segment, with notable achievements such as the NA900 automotive-grade RISC-V CPU IP certified to ISO26262 standards, indicating a strong position in the global IP ecosystem [3][17]. Government Support and International Collaboration - The report highlights strong national support for RISC-V development, with government initiatives facilitating ecosystem integration and international collaboration during the summit [5][18].

Core Viewpoint - The article discusses the development and potential of the domestic open-source high-performance RISC-V processor core, "Xiangshan," highlighting its significance in the computing industry and its future applications in commercial sectors like servers and edge computing [1][2][4]. Group 1: Development of Xiangshan - The Xiangshan processor core, developed by the Institute of Computing Technology of the Chinese Academy of Sciences and Beijing Microkernel Technology Co., Ltd., is the world's first high-performance open-source RISC-V processor project [1]. - The first version, "Yanshihu," was launched in July 2021, followed by the second version, "Nanhu Architecture," in November 2023, with the third version, "Kunming Lake," currently under development [1]. - The project has attracted collaboration from domestic and international developers, enterprises, and universities, laying a foundation for future commercial applications despite its initial positioning as a research project [1]. Group 2: Microkernel's Background and Strategy - The Microkernel team has over 20 years of experience in CPU development, having participated in the R&D of the "Loongson CPU" and various high-performance processors [2]. - The decision to pursue the RISC-V architecture represents a strategic shift towards a more open and customizable computing solution, addressing the limitations of traditional architectures like X86 and ARM [4][6]. - The team aims to integrate high-performance CPU technology with industry applications, promoting an open and flexible innovation model [4]. Group 3: Market Positioning and Competitive Advantage - Microkernel's strategy focuses on high-performance computing, particularly in server and AI computing markets, as a means to establish RISC-V's foothold [6][7]. - The company has formed strategic partnerships with major internet companies and data processing enterprises, concentrating on storage servers and DPU fields to build a robust ecosystem [7]. - Customization and cost-effectiveness are highlighted as core competitive advantages, allowing RISC-V to achieve significant performance improvements through hardware acceleration [7][8]. Group 4: Customization and Commercial Value - The article emphasizes that open-source is just the starting point, with the real commercial value lying in deep customization to meet specific industry needs [9][10]. - Microkernel offers tailored services across hardware, software, and system levels, enabling precise alignment with various application requirements [10][12]. - The company adopts a "technical translation" approach, converting abstract customer needs into concrete technical blueprints, exemplified by their collaboration on a phased array radar chip [12]. Group 5: Future Prospects - The high-performance processor platform developed by Microkernel is designed to be adaptable across multiple fields, including robotics, edge servers, industrial control, and automotive electronics [14]. - RISC-V is viewed as a versatile technology platform with immense potential, capable of driving innovation when integrated with specific applications [14][15]. - With backing from top-tier investors, Microkernel is positioned for high-quality development and aims to redefine the technology ecosystem, believing RISC-V will play a crucial role in the future of technology [15].