芯原股份 20250825 摘要 新元股份 2025 年上半年销售额同比增长 50%，订单总额达 20 亿元， 连续 7 个季度创新高，主要来自一站式服务，占比超 90%，显示业务模 式的市场认可度和可持续增长潜力。 公司新签订单在过去一年内达 11.82 亿，单季环比增长 150%，IP 业务 显著增长，数字 IP 中的 GPU、MPU、VPU 占据 75%份额，设计服务收 入中 AI 算力相关部分占 52%，先进工艺占比高。 2025 年上半年，量产业务收入超 4 亿，同比增长 24%，二季度环比增 长 79%，同比增长 11%。公司无库存压力，产品多样，新签订单金额 超 7 亿，环比增长 700%，同比增长 350%。 公司客户结构分散，系统公司、互联网公司、云服务公司及车企直接定 制业务占比达 35.66%，上半年新增客户 450 家，一站式服务客户 340 家，市场覆盖面扩大。 上半年综合毛利率为 43.32%，设计服务和量产业务毛利率较低，但因 前期投入少、无库存风险，毛利即为净利。公司整体尚未盈利，但亏损 幅度大幅收窄至 54.84%。 Q&A 新元股份在 2025 年上半年的业绩表现如何？ 在 ...

Summary of the Conference Call for XinYuan Co., Ltd. Company Overview - XinYuan Co., Ltd. has reached a record high in orders, totaling 3.025 billion yuan as of the end of Q2 2025, representing a 23.17% increase from the previous quarter, with nearly 90% of these orders coming from one-stop chip customization services, and about 81% expected to convert to revenue within a year [2][4][5] - The company's stock price has increased over 300% since September 2024, significantly outperforming the Sci-Tech 50 and Shanghai Composite Index, driven by rapid growth in ASIC customization services due to AI demand [2][6] - XinYuan employs approximately 2,000 people, with 89% in R&D, and 97% of R&D personnel based in China. The company has a global operational strategy, with about 40% of sales revenue coming from overseas clients, including major companies like Google and Amazon [2][7] Financial Performance - For Q2 2025, XinYuan expects revenue of 584 million yuan, a 49.90% quarter-on-quarter increase. Revenue from mass production business was 261 million yuan, up 79.01% quarter-on-quarter and 11.65% year-on-year. IP licensing revenue was 187 million yuan, up 99.63% quarter-on-quarter and 16.97% year-on-year [3] Business Model and Strategy - XinYuan focuses on ASIC design, providing IP licensing and chip customization services to reduce clients' chip development costs and risks. The company does not own its chip products but customizes based on client needs [2][8] - The company believes the next bull market will occur in 2026-2027, driven by high-performance hardware leading software development, and anticipates the stock market to rise to 4,000 points in 2025 [5][32] Market Position and Achievements - XinYuan has established itself as a leader in the ASIC market, particularly in video processors and AI, with significant international presence and partnerships [2][10] - In the autonomous driving sector, XinYuan has designed a chip for electric vehicle companies that outperforms NVIDIA's Orin chip, marking a significant achievement in domestic chip design [15][16] Challenges and Opportunities - The company acknowledges the challenges posed by international geopolitical changes but sees opportunities for development, emphasizing a dual approach of leveraging international cooperation while enhancing domestic R&D capabilities [46] - XinYuan's strategy includes a focus on the domestic market while maintaining some level of international collaboration, advocating for a balanced approach to "decoupling" [45][46] Future Outlook - XinYuan expects significant revenue contributions from autonomous driving, AI edge computing, cloud AI, and smart hardware in the next 5-10 years, with a strong market position in high-end autonomous driving technology [44] - The company is also exploring the potential of RISC-V architecture in various applications, particularly in IoT and automotive sectors, to enhance its competitive edge [38] Conclusion - XinYuan Co., Ltd. is positioned for substantial growth driven by its innovative ASIC solutions and strong market demand, particularly in AI and autonomous driving sectors, while navigating the complexities of international market dynamics and domestic policy changes.