聚焦科创成长层。 2025年，一家过去长期处于亏损状态的国产AI芯片企业，乘着全球大模型技术爆发的浪潮，迎来了属 于自己的"觉醒时刻"。作为科创板"1+6"改革后首批从存量未盈利企业中平移进入"科创成长层"的企 业，寒武纪平移仅4个月便依托科创板再融资"轻资产、高研发"机制，获得用于硬件开发与软件生态建 设的39.85亿元定增资金，提升公司在智能芯片产业领域的长期竞争力。 同一时期，摩尔线程科创板IPO从受理到过会仅用时88天——若顺利拿到注册批文，作为未盈利企业的 它，将成为首批"原生登陆"科创成长层的新一代信息技术企业之一。 科创成长层的设立初心便是为所有"高研发、暂未盈利"的"硬科技"主体，搭建一座连接"技术攻 坚"与"资本活水"的桥梁。对于"研发投入大、盈利周期长"的新一代信息技术行业而言，显然是一场"及 时雨"。 循着产业链自上而下，科创成长层企业正在逐步点亮"芯"质生产力。具体来看： 半导体制造领域，芯联集成已成为中国最大的车规级IGBT生产基地之一，产品已渗透国内90%以上的 新能源车企； AI算力领域，寒武纪持续深化与科技前沿领域头部企业的技术合作，深度融入国产人工智能基础设施 建设； 通信赛 ...

Core Viewpoint - The establishment of the "Science and Technology Innovation Growth Layer" aims to bridge the gap between high R&D, temporarily unprofitable "hard technology" entities and capital markets, providing timely support for the new generation of information technology industry [3][4]. Group 1: Company Developments - A domestic AI chip company, previously in a long-term loss state, has raised 3.985 billion yuan through a private placement to enhance its competitiveness in the smart chip industry [1]. - The company, Cambrian, has completed two rounds of refinancing totaling over 8.2 billion yuan since its IPO, allowing it to address urgent development needs [3]. - The "Science and Technology Innovation Growth Layer" has attracted 32 companies, with 18 new applications submitted after the introduction of the "1+6" policy [4]. Group 2: Technological Advancements - Companies in the growth layer are focusing on solving key core technology issues, contributing to the development of the real economy [6]. - In the semiconductor manufacturing sector, ChipLink has become one of China's largest production bases for automotive-grade IGBTs, penetrating over 90% of domestic new energy vehicle manufacturers [7]. - Cambrian is deepening technical cooperation with leading companies in the AI field, integrating into the domestic AI infrastructure [7]. Group 3: Market Confidence and Future Outlook - The growth layer has instilled confidence in the market to continue investing in hard technology, paving the way for the future development of the new generation of information technology [3]. - Companies like Efort and Orbbec are actively investing in long-term R&D to seize opportunities in emerging markets, such as industrial robotics and 3D vision products [10]. - The introduction of more inclusive policies and reforms aims to cultivate a capital ecosystem that aligns with the development of hard technology enterprises [11][12].

Core Insights - The company has a strong order backlog for its chip customization business, with expectations for significant revenue growth by 2026 compared to 2024 [2] - The new custom projects are based on 6nm and more advanced processes, indicating a focus on cutting-edge technology [2] - The company is optimistic about achieving record-high sales revenue for the year based on current shipment data and a rolling forecast from clients [2] Financial Performance - In 2024, the revenue from the chip customization business is projected to be 336 million yuan, accounting for 9.92% of total revenue, which represents a 48.38% increase compared to the same period last year [2]

Core Viewpoint - The company, Aojie Technology (688220), is experiencing growth in its custom chip business, with expectations for significant revenue increases in the coming years, particularly in 2026. Group 1: Business Model and Revenue Recognition - The company employs a Turnkey model for its custom chip business, providing comprehensive services from design to mass production, with revenue recognized upon client acceptance after project completion, typically taking 1 to 2 years [2] - During the mass production phase, the company charges based on a cost-plus principle, and the revenue from these sales is included in the custom chip business segment, not in self-developed chip sales [3] Group 2: Order Status and Revenue Forecast - The company has a strong order backlog in its custom chip business, with expectations for revenue to grow significantly in 2026 compared to 2024, although specific client details cannot be disclosed due to confidentiality agreements [4] Group 3: Product Development and Market Position - The company is focusing on developing wearable and cloud inference chips in collaboration with internet companies [5] - The company has advantages in AP (Application Processor) design, with expertise in complex chip designs and proprietary modules for graphics, image, and signal processing, positioning itself to meet demands in automotive and robotics sectors [6] Group 4: Market Outlook and Performance - The company is optimistic about the RISC-V server chip market and has initiated collaborations with several enterprises in this area, expecting strong sales growth in the second half of the year, traditionally a peak season for the semiconductor industry [7] - The company is advancing its 5G smartphone chip, which is in the late stages of development and is expected to enhance its product lineup starting in the second half of next year [10] Group 5: Financial Performance - For the first half of 2025, the company reported a main revenue of 1.898 billion yuan, a year-on-year increase of 14.67%, while the net profit attributable to shareholders was -245 million yuan, up 7.29% year-on-year [13] - The company’s gross margin stands at 24.72%, with a debt ratio of 16.05% [13] Group 6: Analyst Ratings and Predictions - Recent analyst reports indicate a positive outlook for the company, with three institutions giving buy ratings and a target price averaging 136.7 yuan [14]