继续强化RISC-V布局 9月12日，芯原股份公告，拟通过发行股份及支付现金的方式收购芯来智融半导体科技（上海）有限公 司（下称"芯来科技"）97.01%股权，并募集配套资金。收购标的芯来科技为RISC-V CPU IP领先企业， 2024年营业收入7794.7万元，净利润-761.74万元（剔除股份支付影响后），毛利率超90%。 资料显示，芯来科技的RISC-V IP业务在中国本土处于领先地位，拥有全系列RISC-V CPU IP矩阵和领 先的车规IP产品，在全球已授权客户超300家。通过本次交易，芯原股份计划进一步完善IP储备并强化 在RISC-V领域的布局。 但是12月12日，芯原股份公告终止本次重组。对于终止原因，公司介绍，在推进各项工作过程中，标的 公司管理层及交易对方提出的核心诉求及关键事项与市场环境、政策要求及公司和全体股东利益存在偏 差；公司收到了标的公司管理层及交易对方终止本次交易的通知。 日前，芯原股份董事长戴伟民在合肥举行的上市公司高质量发展大会上表示，半导体并购最大的挑战是 标的估值问题，即卖方对估值预期太高致使谈不拢，成为并购方案失败的原因。对此戴伟民建议，可以 针对不同融资轮次进行 ...

数据显示，12月12日，芯原股份股价收盘报149.04元/股，上涨7.22%，总市值为784亿元。 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股权并募集配 套资金。 12月12日晚，芯原股份公告称，近日收到芯来智融半导体科技（上海）有限公司管理层及交易对方关于 终止发行股份及支付现金购买芯来智融97.0070%股权并募集配套资金的通知，为切实维护公司及全体 股东利益，经充分审慎研究，公司同意终止本次重大资产重组交易。 公司将于12月18日通过上海证券交易所上证路演中心召开终止重大资产重组事项投资者说明会，在信息 披露允许的范围内与投资者进行互动交流。 12月12日晚，公司还披露了关于联合投资人共同投资暨收购逐点半导体的进展公告。 公告显示，公司拟联合共同投资人对特殊目的公司天遂芯愿科技（上海）有限公司进行投资，并以天遂 芯愿为收购主体收购逐点半导体（上海）股份有限公司的控制权。 12月12日，公司与天遂芯愿、华芯鼎新（北京）股权投资基金（有限合伙）、上海国投先导集成电路私 募投资基金合伙企业（有限合伙）、北京屹唐元创股权投资基金合伙企业（有限合伙）、北京 ...

前言 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ①商业航天+卫星互联网，深度参与国家卫星互联网工程，自研射频基带芯片已验证，并拓展手机/汽车直 连市场，这家公司是天通卫星终端及芯片主流供应商； ②侧端AI+IP芯片，这家公司NPU IP应用于AI P C、手机、汽车、机器人等领域，已集成在140余款芯片中，出货近2亿颗，覆盖物联网、汽车电子等多领 域。 ...

Core Viewpoint - The semiconductor industry has undergone significant transformation since the launch of the iPhone 4S in 2011, marking a shift towards smart devices and establishing semiconductors as a crucial component in modern industrial ecosystems [3][4]. Group 1: Industry Transformation - The introduction of the iPhone 4S initiated a wave of smart device adoption, leading to a surge in semiconductor demand and innovation, particularly in connectivity, bandwidth, and low power consumption [4]. - The global semiconductor market experienced unprecedented growth, with a jump from 9% to 31.8% in 2010, and sales exceeding $300 billion by 2013 [3]. Group 2: Company Spotlight - Chipone Technology - Chipone Technology, founded in 2001, has emerged as a leading player in the semiconductor sector, providing chip standard cell libraries and design services, positioning itself similarly to ARM [5][6]. - The company has recently reported a projected revenue of 1.284 billion yuan for Q3 2025, marking a historic high for quarterly revenue [6]. Group 3: Financial Performance - Chipone's market capitalization surged by 249.04% in 2023, reaching nearly 100 billion yuan, reflecting strong investor confidence and market performance [10][9]. - The company’s one-stop chip customization business saw a 145.8% year-on-year increase in new orders, with AI-related orders constituting 65% of this growth [12]. Group 4: Investment and Strategic Moves - Chipone has actively engaged in industry investments, with over 15 disclosed investments from 2020 to 2023, targeting early-stage semiconductor startups [12][13]. - The acquisition of ChipRise Technology, specializing in RISC-V IP, is expected to enhance Chipone's capabilities in CPU and co-processor IP, broadening its market reach [14][13]. Group 5: Market Dynamics and Future Outlook - The semiconductor industry in China is witnessing a shift towards market-driven investment, with private enterprises playing a crucial role in development, as evidenced by Chipone's success story [19][24]. - The narrative surrounding Chipone reflects a broader trend in the semiconductor sector, where private entrepreneurs and market-oriented capital are increasingly shaping the landscape [24][25].

Summary of VeriSilicon Conference Call Company Overview - **Company**: VeriSilicon (688521.SS) - **Industry**: Semiconductor, specifically focusing on AI ASIC solutions and semiconductor IP products Key Points Order Momentum and Growth - Strong order momentum is evident, with orders on hand reaching **Rmb3 billion**, reflecting a **33% YoY** and **23% QoQ** increase, driven by AI ASIC design services and production management orders [4] - Over **80%** of these orders are expected to convert to revenue within one year, supporting sequential growth [4] - The company has **100+ design projects** on hand, indicating growing demand from AI computing projects [4] AI ASIC Projects - Management is optimistic about the growth of AI/ASIC solutions, particularly for cloud and edge devices, including AI/AR glasses, AI smartphones, AI Pads, and AI toys [4] - The trend towards localization of AI chips is expected to benefit the company [4] - Private placement funding is being utilized to accelerate new product development in ASIC IP and GPU IP [4] Semiconductor IP Coverage - VeriSilicon has a comprehensive semiconductor IP coverage, including GPU IP, NPU IP, VPU IP, DSP IP, Display IP, and over **1,600** analog/mixed signal IP and RF IP [4] - In-house IP products are designed to optimize chip size, bandwidth, and performance, saving clients time and costs [4] Financial Projections - The 12-month price target for VeriSilicon is set at **Rmb193**, representing a **26.1% upside** from the current price of **Rmb153** [7] - Revenue projections for the next few years are as follows: - **2024**: Rmb2,321.9 million - **2025E**: Rmb3,025.6 million - **2026E**: Rmb4,951.9 million - **2027E**: Rmb6,526.3 million [7] Risks - Potential risks include: 1. Slower-than-expected technology development [6] 2. Higher-than-expected costs for talent acquisition and retention [6] 3. Weaker-than-expected customer spending on IP and new chipset projects [6] Conclusion - Overall, management remains positive about the rising demand for AI solutions and the company's ability to capitalize on this trend through its AI ASIC turnkey solutions and extensive semiconductor IP offerings [4]

Core Viewpoint - The article discusses the planned acquisition of ChipRising Semiconductor Technology (Shanghai) Co., Ltd. by ChipOrigin Microelectronics (Shanghai) Co., Ltd. through a combination of share issuance and cash payment, highlighting the strategic importance of this move in the RISC-V architecture field [1][4]. Group 1: Transaction Details - ChipOrigin is planning to acquire ChipRising using a combination of shares and cash, with additional fundraising to support the transaction [1][4]. - The specific transaction amount and equity payment ratio have not been disclosed yet, but ChipOrigin has a history of successful cash transactions exceeding tens of millions in recent years [4]. - The transaction is subject to audit, board, and shareholder approval, as well as regulatory approval, indicating some uncertainty [4]. Group 2: Strategic Importance - This acquisition is seen as a key move for ChipOrigin in the RISC-V architecture sector, potentially creating synergies with its existing GPU and NPU product lines [4][7]. - ChipRising, established in 2018, is a leading player in the RISC-V field, offering a complete product line including 32-bit and 64-bit CPU IPs, and has served over 300 domestic and international clients [6][9]. - ChipOrigin ranks first in China and seventh globally in semiconductor IP revenue, with a diverse portfolio of IP types, indicating a strong foundation for the acquisition [6][9]. Group 3: Market Outlook - The acquisition is expected to enhance technological collaboration, particularly in creating a heterogeneous computing platform that combines general computing and specialized acceleration [7]. - The RISC-V architecture is projected to be a critical technology path for overcoming heterogeneous computing challenges, with the AI SoC market based on RISC-V expected to exceed $42 billion by 2030, growing at a compound annual growth rate of 49.2% [7][9].

Core Viewpoint - The article discusses the planned acquisition of Chip Origin Microelectronics (芯原股份) by purchasing equity in Chip Lai Zhi Rong Semiconductor Technology (芯来智融) through a combination of issuing shares and cash payments, which is expected to enhance Chip Origin's position in the RISC-V architecture sector and create synergies with its existing IP product lines [1][4]. Group 1: Transaction Details - Chip Origin is planning to acquire Chip Lai Zhi Rong using a combination of share issuance and cash payments, while also raising matching funds [1][4]. - The specific transaction amount and equity payment ratio have not yet been disclosed, but Chip Origin has a history of completing multiple cash transactions exceeding tens of millions in recent years [4]. - The transaction is subject to audit evaluation, board and shareholder approval, and regulatory approval, indicating some level of uncertainty [4]. Group 2: Strategic Importance - The acquisition is seen as a key move for Chip Origin in the RISC-V architecture field, potentially complementing its existing GPU and NPU product lines [4][7]. - Chip Lai Zhi Rong, established in 2018, is a leading player in the RISC-V sector, focusing on RISC-V CPU IP and platform solutions, with a complete product line serving over 300 domestic and international clients [6][9]. - Chip Origin has a strong presence in the semiconductor IP field, ranking seventh globally and first in China for IP revenue, with a diverse range of IP offerings [6][9]. Group 3: Market Outlook - The acquisition is expected to create multiple technological synergies, enhancing Chip Origin's capabilities in AI computing and automotive electronics [7][9]. - The RISC-V architecture is projected to be a critical technology path for overcoming heterogeneous computing bottlenecks, with the AI SoC market based on RISC-V expected to exceed $42 billion by 2030, growing at a compound annual growth rate of 49.2% [7][9].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company has a rich accumulation of core semiconductor IP and has achieved a historical high in its order backlog [9][10] - The company reported a revenue of 974 million yuan in the first half of 2025, representing a year-on-year growth of 4.49%, but incurred a net loss attributable to shareholders of 320 million yuan [5][9] - The company’s order backlog reached 3.025 billion yuan by the end of Q2 2025, marking a year-on-year increase of 569 million yuan and a quarter-on-quarter increase of 23.17% [9][10] Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 2.896 billion yuan, 4.278 billion yuan, and 5.807 billion yuan respectively, with corresponding price-to-sales (P/S) ratios of 26.0X, 17.6X, and 13.0X based on the closing price on August 26 [10] - The company’s gross margin for the first half of 2025 was 43.32%, down 1.09 percentage points year-on-year, while the net margin was -32.85%, down 2.29 percentage points year-on-year [9] - The company’s R&D expenses accounted for a significant portion of its operating costs, with a rate of 62.85% in the first half of 2025 [9] Order and Business Development - The company has maintained a high level of order backlog for seven consecutive quarters, with new orders signed in Q2 2025 amounting to 1.182 billion yuan, a nearly 150% increase quarter-on-quarter [9][10] - The one-stop chip customization business accounts for nearly 90% of the order backlog, with an expected conversion rate of approximately 81% within a year [10] Market Position and Product Offering - The company’s NPU IP has been adopted by 91 clients for over 140 AI chip models, with nearly 200 million AI chips shipped globally [10] - The company’s core processor IP includes GPU IP, NPU IP, VPU IP, DSP IP, ISP IP, and Display Processing IP, which are widely used by well-known domestic and international companies [10]

Core Viewpoint - The article discusses the recent share transfer pricing of VeriSilicon Limited and other shareholders of Chip Origin Co., Ltd. (688521.SH), highlighting the significant price difference between the transfer price and the market price, as well as the company's business structure and financial performance. Group 1: Share Transfer Details - Chip Origin Co., Ltd. has set a preliminary share transfer price of 105.21 CNY per share, which is approximately 66.63% of the closing price of 157.90 CNY on August 25 [1] - The total number of shares to be transferred accounts for 5.00% of the company's total share capital, with 37 institutional investors participating in the transfer [1] - The total transaction value is expected to exceed 2.7 billion CNY based on the transfer price [1] Group 2: Stock Performance - Over the past year, from September 24 to August 25, Chip Origin's stock price has increased by over 500% [1] - Following the announcement, the stock price experienced a significant drop of 9.87% in the morning session on August 26 [4] Group 3: Business Structure and Revenue - Chip Origin's revenue structure is characterized by a high proportion of one-time licensing fees compared to ongoing royalties, which is atypical for semiconductor IP companies [4][6] - In the first half of 2025, the company's intellectual property licensing fees amounted to 281 million CNY, a year-on-year increase of 8.20%, while royalty fees slightly decreased by 0.03% [6] - The licensing fees accounted for 84.64% of the IP business revenue, indicating a reliance on one-time fees [6] Group 4: Profit Margins and Market Position - The gross margin for Chip Origin's one-stop custom chip services is relatively low at 18.17%, compared to industry leaders like Broadcom and Marvell, which have gross margins around 60% to 75% [14][16] - The company is recognized as a leader in AI ASIC chip design and has provided services to major international clients, with nearly 200 million AI chips shipped globally [15] - The low gross margin in custom chip services is attributed to the diverse customer base and product structure, which may improve as domestic manufacturers expand into AI ASIC markets [17]

Core Viewpoint - The company, VeriSilicon Limited, is conducting a share transfer at a price of 105.21 CNY per share, which is approximately 70% of the closing price on August 25, 157.9 CNY. The transfer involves 26,285,663 shares, accounting for 5% of the total share capital, due to the shareholders' funding needs [2][7][8]. Group 1: Share Transfer Details - The share transfer was quickly finalized within four days after the announcement, with 37 institutional investors participating, including fund management companies, insurance companies, and private equity firms [5]. - The shareholders involved in the transfer include VeriSilicon Limited, which is the largest shareholder, and several other investment partnerships, all citing funding needs as the reason for the transfer [8][9]. Group 2: Business Performance and Orders - The company has been recognized as a leader in AI ASIC technology, with successful chip tape-outs at advanced process nodes, including 5nm FinFET technology [10]. - In the second quarter, the company reported new orders exceeding 700 million CNY for ASIC design revenue, reflecting a more than 700% quarter-over-quarter increase and over 350% year-over-year growth [11]. - The company has a strong order backlog, reaching 3.025 billion CNY as of the end of the second quarter of 2025, marking a 23.17% increase from the previous quarter [12].