Core Viewpoint - The major asset restructuring plan of Chip Origin Technology Co., Ltd. has been abruptly terminated, which includes the acquisition of a 97.0070% stake in Xinlai Zhiyuan Semiconductor Technology (Shanghai) Co., Ltd. and related fundraising activities [2][5]. Group 1: Transaction Details - The acquisition was initiated on August 28, 2025, with a suspension of trading on August 29, and resumed on September 12, 2025 [4]. - The transaction aimed to enhance the company's core processor IP and CPU IP capabilities, thereby strengthening its AI ASIC design flexibility and innovation capacity [4]. - The termination was due to discrepancies between the core demands of the target company's management and the market environment, policy requirements, and the interests of the company and its shareholders [5]. Group 2: Future Plans - Following the termination, the company plans to invest in Tian Sui Xin Yuan Technology (Shanghai) Co., Ltd. and use it as the acquisition vehicle to gain control over Zhu Dian Semiconductor (Shanghai) Co., Ltd. [5]. - The company has committed to not planning any major asset restructuring for at least one month following the termination announcement [5]. Group 3: Company Performance - Chip Origin Technology reported a revenue of 2.255 billion yuan for the first three quarters of the year, representing a year-on-year growth of 36.64% [6]. - The net profit attributable to shareholders was a loss of 347 million yuan, which is a reduction of 49.158 million yuan compared to the same period last year [6]. - The company secured new orders worth 1.593 billion yuan in the third quarter of 2025, a significant year-on-year increase of 145.80%, with approximately 65% of these orders related to AI computing [6]. Group 4: Market Position - According to industry research firm IPnest, Chip Origin Technology ranks first in China's semiconductor IP licensing market and eighth globally in 2024 [6]. - The company's intellectual property licensing revenue ranks sixth globally [6]. Group 5: Stock Performance - Chip Origin Technology, known as "China's first semiconductor IP stock," has seen its stock price increase by over 184% year-to-date, with a total market capitalization reaching 78.37 billion yuan as of December 12 [7]. Group 6: Industry Context - In the past month, 21 A-share listed companies have announced the termination of merger and acquisition plans, indicating a broader trend in the market [8].

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].

Market Overview - The three major A-share indices collectively declined today, with the Shanghai Composite Index down 0.12%, Shenzhen Component down 0.43%, and ChiNext down 1.09% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 25,483 billion yuan, an increase of 837 billion yuan compared to the previous day [1] - Nearly 2,000 stocks rose, while over 3,300 stocks fell across the market [1] Sector Performance - The sectors that saw the largest gains included non-ferrous metals, storage chips, film and television, real estate, and steel [5] - Conversely, the sectors with the largest declines included insurance, liquor, banking, securities, and peek materials [5] Notable Stocks and Trends - Precious metals and non-ferrous metals sectors rose collectively, with stocks like Hunan Silver and Northern Copper hitting the daily limit [7] - The storage chip sector saw significant gains, with stocks like Beijing Junzheng and Xiangnan Chip rising over 10% [7] - The real estate sector was active, with multiple stocks such as Rongsheng Development and Huaxia Happiness hitting the daily limit [7] - The banking sector experienced a decline, with Shanghai Pudong Development Bank dropping over 3% [7] Technology Sector Insights - The technology sector displayed mixed performance, with Chip Yuan Co. hitting the daily limit and driving the storage sector's rise [8] - The copper industry outperformed, with Northern Copper reaching a historical high [8] - The recent performance of Chip Yuan Co. was driven by its announcement of acquiring a majority stake in Chip Technology and a record high in orders [9][10] Analyst Opinions - Guosheng Securities expressed optimism about Chip Yuan Co.'s potential in the AI ASIC+IP market, predicting significant growth due to its acquisition strategy [10] - Morgan Stanley downgraded several optical module stocks, suggesting that the positive fundamentals have already been reflected in stock prices [11] - The market is expected to continue its upward trend, with a focus on sectors like chemicals, agriculture, steel, and photovoltaics, which are still at historical lows [17]

Market Overview - On September 12, A-shares experienced a rise and then a pullback, with the Shanghai Composite Index reaching a peak of 3892.74 points, surpassing the previous high of 3888.6 points, marking a new stage high [2] - By midday, the Shanghai Composite Index closed at 3884.71 points, up 0.24%, while the Shenzhen Component Index rose 0.15%, and the ChiNext Index fell 0.52% [2] - The trading volume in the Shanghai and Shenzhen markets reached 164.87 billion yuan, an increase of 152.6 billion yuan compared to the same period the previous trading day [2] Real Estate Sector - The real estate sector showed strong performance early in the session, with New Dazheng hitting the daily limit within one minute of opening [5] - Other notable stocks in the real estate sector included Suning Universal, which achieved a four-day limit-up streak, and several others like Xiangjiang Holdings and Rongsheng Development also reached their daily limits [5][7] - The Central Committee and State Council recently issued opinions on promoting high-quality urban development, emphasizing the construction of "good houses" and complete communities to better meet diverse housing needs [7][8] Semiconductor Sector - Chip Origin Technology resumed trading and saw its stock price surge by 20%, reaching a historical high of 183.6 yuan per share [4][10] - The company announced plans to acquire a 97.0070% stake in Chip Technology, which will become a wholly-owned subsidiary, enhancing its capabilities in the RISC-V field [10] - Chip Origin reported a record high in new orders, amounting to 3.025 billion yuan, with AI-related orders making up approximately 64% of the total [10][11] Robotics Sector - The robotics sector remained active, with Shoukai Co. achieving a remarkable performance of seven limit-ups in eight days [12][13] - The market anticipates significant growth in the humanoid robot sector, driven by Tesla's advancements and supportive domestic policies, with projections indicating a tenfold increase in domestic robot shipments by 2026 [15][16]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The acquisition of Chiplet Technology will enhance the company's CPU matrix and strengthen its position in the RISC-V sector, which is expected to drive significant growth in AI ASIC and RISC-V technology [3][4] - The company has achieved record-high new orders, totaling 1.205 billion yuan, representing an 85.88% year-on-year increase, with AI-related orders accounting for approximately 64% [4] - The company is positioned as a leading player in the AI ASIC and IP market, benefiting from the ongoing AI industry wave [4] Financial Performance - The total revenue for Chiplet Technology in 2024 is projected to be 77.947 million yuan, with a near break-even point achieved in the reporting period [2] - Revenue forecasts for the company are 3.179 billion yuan in 2025, 4.057 billion yuan in 2026, and 5.883 billion yuan in 2027, with year-on-year growth rates of 36.9%, 27.6%, and 45.0% respectively [5] - The company is expected to achieve a net profit of 0.1 million yuan in 2025, 0.6 million yuan in 2026, and 1.4 million yuan in 2027, with significant year-on-year growth rates [5] Market Position - Chiplet Technology is recognized as one of the leading RISC-V CPU IP providers in China, with over 300 global authorized clients and applications across various sectors including AI, automotive electronics, and IoT [2] - The company has established partnerships with multiple leading RISC-V firms and has provided customized chip solutions for over 20 clients [3]