In the first half of 2025, the company achieved operating revenue of 281.7988 million yuan, with a net profit attributable to shareholders of the listed company of -60.8823 million yuan, and a net profit attributable to shareholders after deducting non-recurring gains and losses of -70.0556 million yuan. The largest shareholder of the company remains SMIC, holding a 14.2% stake (as of the end of June).
Due to fluctuations in customer demand, the company’s operating revenue in the first half of 2025 decreased year-on-year. However, on the one hand, the company’s chip design business revenue showed a growth trend year-on-year, and the number of projects completed for tape-out verification during this reporting period also increased year-on-year, laying a foundation for the company’s subsequent mass production business revenue. On the other hand, the company’s chip mass production business revenue in the second quarter of 2025 increased by 24.80% quarter-on-quarter, showing an improving trend. At the same time, for long-term development considerations, the company continued to focus on “IP + platform” R&D work during the reporting period, making continuous progress in high-speed interface IP, high-performance analog IP, and system-level chip platforms, with R&D expenses increasing by 43.25% year-on-year.
The main questions raised by investors and the company’s responses are as follows:
1、What are the reasons for the changes in the company’s operating revenue in the first half of 2025?
Answer:The company’s chip design business achieved revenue of 141.6527 million yuan, an increase of 30.13% compared to the same period last year, mainly due to the completion of several large-scale chip design projects during this reporting period, while the overall number of tape-out projects also maintained growth, driving rapid revenue growth in the company’s chip design business. The number of projects completed for tape-out verification in the first half of 2025 was 130, an increase of 80.56% year-on-year. The chip mass production business achieved revenue of 140.1462 million yuan, a decrease of 71.11% compared to the same period last year, mainly due to a reduction in procurement from some customers who contributed significantly to the company’s mass production business last year due to changes in their demand, while the revenue from new projects was insufficient to offset the impact of the aforementioned revenue changes. Meanwhile, the company’s chip mass production business revenue has rebounded quarter-on-quarter, with the second quarter of 2025 showing a quarter-on-quarter increase of 24.80%, indicating an improving trend.
2、What progress has the company made in one-stop chip customization services in the first half of 2025?
Answer: The company is committed to providing high-value, differentiated one-stop chip customization services for downstream customers. Leveraging its advantages in process, proprietary IP, and SoC core technologies, the company collaborates with well-known system manufacturers and chip design companies in the industry to continuously enhance its competitiveness.
In the first half of 2025, the company successfully tape-out chips designed for domestic testing machines, achieving first-time success with the MPW version, meeting the needs for testing digital chips on customer machines. The intelligent network chip designed by the company has been implemented on a special process platform, marking the company’s first project on this platform, which has a large design scale and high design difficulty, making it the project with the most sub-modules in the history of the company’s engineering customization services. The single-point LED driver chip designed by the company has passed the first MPW functional verification and is expected to tape-out within the year. This chip has significant market demand and is expected to contribute to the company’s ongoing mass production business revenue. Additionally, the MRAM control chip project designed by the company is progressing steadily and is expected to tape-out within the year. This chip is based on the SMIC 55LL process for logic control design, achieving a breakthrough in domestic MRAM storage, and due to its cost advantages, it can gradually replace external FLASH and on-chip SRAM in low-speed application scenarios during subsequent SoC design processes. This chip is expected to undergo multiple iterations in the future, with significant commercialization prospects.
3、What is the current status of the company’s IP R&D?
Answer: The company is conducting R&D work focused on high-speed interface IP and high-performance analog IP. The main R&D progress achieved in the high-speed interface IP field in the first half of the year is as follows:
(1)DDR: The company has successfully validated the design of 72bit DDR and LPDDR IP based on the 28nm HKC+ process, achieving a maximum speed of 2,667Mbps and has achieved mass production delivery; the DDR and LPDDR IP based on the 28nm HKD 2.5V process has also successfully validated the design, achieving a maximum speed of 2,667Mbps; the DDR5 IP based on the 22nm process platform has completed architectural validation. The DDR5 IP core technology is a key module supporting the next generation of high-performance computing chips, mainly covering controllers, PHY physical layers, and complete subsystem solutions.
(2)SerDes and PCIe: The company has completed the design of 16Gbps SerDes IP and PCIe 4 IP based on the 28nm HKD 1.8V process, which has entered the verification stage; the company has also started the design and development of 28Gbps SerDes IP based on the 28nm process platform, which is about to enter the tape-out verification stage, focusing on the reserve of high-speed interconnect technology, which will be used in fields such as 25Gbps and above Ethernet physical layer chips and in-vehicle high-speed video transmission chips.
(3)MIPI: The company has completed the design of 4.5Gbps MIPI DPHY IP based on the 28nm HKD 1.8V process, which has entered the verification stage.
(4)PSRAM: The company has delivered PSRAM IP based on the 28nm HKD 2.5V process to customers.
(5)TCAM: The company has successfully validated the design of TCAM IP based on the 28nm HKC+ process, achieving a maximum speed of 900MHz.
In the field of high-performance analog IP, the main R&D progress achieved in the first half of the year is as follows:
(1)ADC: The company has successfully validated the design of 12bit SAR ADC IP based on the 28nm HKD 1.8V process, achieving a maximum sampling rate of 125Msps and effective bits exceeding 10bit. Based on the successful experience of the 16bit ADC using the 40nm LL process, performance enhancement and optimization design for the IP on the 40nm EF process platform have been completed and have entered the silicon verification stage.
(2)PLL: The company has successfully validated the design of PLL IP based on the 28nm HKD 1.8V process; PLL IP based on the 28nm HKD 2.5V process has also been successfully validated, achieving a maximum speed of 4.5GHz and has been delivered to customers.
(3)PMU: The company has completed the design of a wide-voltage low-power power management IP platform based on the 40nm EF process, which has entered the verification stage.
4、What is the company’s current progress in emerging fields such as automotive chips and artificial intelligence?
Answer: In the field of automotive chips, the company’s self-developed automotive MCU platform has completed MPW return in the first half of 2025, passing light-up tests and basic functional verification, with normal verification results meeting the platform’s R&D expectations. This platform adopts a dual-core design, ensuring chip performance through redundant cores, ECC memory, and built-in self-test (BIST) mechanisms, while real-time comparison of computation results through lockstep cores provides safety assurance against hardware failures. Overall, the company’s self-developed automotive MCU platform features high performance, strong stability, multiple data protection capabilities, high real-time performance, and rich peripheral interfaces, making it suitable for various application scenarios, including power control assemblies (such as motor control for new energy vehicles, fuel injection control for fuel vehicles, etc.), chassis systems (such as electronic stability programs, active suspension control, etc.), and sensor fusion. Relying on the company’s investment in automotive MCU, rich proprietary IP, and project experience and technical advantages in chip customization, the company will be able to meet the diverse needs of different customers in the automotive electronics field and strengthen its core competitiveness in this area.
Driven by strong demand in artificial intelligence, data centers, and smart vehicles, high-speed interface IP technology is accelerating iteration, becoming one of the core supports for chip design. The company has completed validation and mass production delivery of high-speed interface IP such as DDR, SerDes, PCIe, MIPI, and USB based on the 28HKC+ process platform, which can support high-performance scenarios such as data center AI acceleration chips and in-vehicle SoCs. Additionally, the aforementioned IP integrates advanced signal integrity (SI) and power integrity (PI) designs, enhancing the reliability of the IP in complex electromagnetic environments. On the 28HKD process platform, all lines of DDR, SerDes, PCIe, MIPI, and USB high-speed interface IP have completed small-batch customer verification, and the newly added PSRAM and EMMC IP product lines further supplement the company’s layout in the low-power storage interface field. The DDR5 IP based on the 22nm process platform has completed architectural validation, and the DDR5 IP core technology is a key module supporting the next generation of high-performance computing chips, mainly covering controllers, PHY physical layers, and complete subsystem solutions. Through high-speed, low-power, and innovative architectural design, it has been deeply integrated into high-performance fields such as AI computing, data centers, mobile terminals, and industrial control.
5、What is the company’s outlook for future development?
Answer:The company will continue to focus on providing one-stop chip customization services, dedicated to offering high-value, differentiated solutions for customers. With mature industry application solutions, excellent chip architecture design capabilities, and rich chip design experience, the company aims to help customers efficiently and qualitatively complete chip definition, design, and mass production delivery. The company’s subsequent main business plans include:
(1)Technological R&D Innovation: The company will further increase R&D investment, enhance independent innovation capabilities, improve R&D systems and quality management systems, and continuously conduct R&D on the existing comprehensive technical service system centered on large-scale SoC customization design technology and semiconductor IP development technology, continuously providing customers with high-quality, efficient, low-cost, and low-risk one-stop chip customization services.
(2)Market Expansion: On the one hand, the company will strengthen market development efforts, focusing on high-potential fields such as automotive electronics, edge AI, and AI+IoT, accelerating the market application of technological R&D achievements and enhancing the company’s core competitiveness; on the other hand, the company will expand the coverage of its sales and service network, improve the overall professional quality of its sales team, and optimize the company’s marketing model.
(3)R&D Team Building and Management Efficiency Improvement: The company values talent introduction, actively engages with domestic and foreign research institutes, universities, and enterprises based on its actual situation, and focuses on introducing high-end professional technical talents from both domestic and international sources. At the same time, the company implements talent training programs, improves internal training, personnel assessment and evaluation, promotion, and optimization mechanisms, and strengthens the company’s investment in innovation culture, employee career planning, internal knowledge sharing, and employee leadership development, continuously enhancing the quality of the workforce. Additionally, the company will optimize management processes, improve process efficiency, enhance overall management effectiveness, and reduce operational costs.
(4）Mergers and Acquisitions and Resource Integration: In the context of a highly competitive industry landscape, the company will actively seek acquisition opportunities while growing itself, enabling the company to cover more product categories and capture more niche markets, laying a foundation for the company’s long-term sustainable growth. The company will comprehensively assess the compatibility of the target company’s management team and corporate culture with its own to ensure the strengthening and further development of the company’s core competitiveness.
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