9月18日，寒武纪举办2025年半年度业绩说明会，集中回答了投资者关于定增项目、产品迭代、软件生 态等相关问题。 值得注意的是，对于投资者关于寒武纪是否重启汽车驾驶芯片业务、是否考虑在芯片之外提供集成式的 解决方案，以及如何看待云厂商纷纷自研AI芯片等问题，寒武纪方面并未回答。 持续推动产品迭代优化 在当天下午举办的寒武纪业绩说明会上，有投资者问及寒武纪的产品路线和时间节点是否具有先进性。 有投资者问及，寒武纪上半年存货水平有较大幅度增长，这主要是出于对下游需求的乐观预期而主动备 货，还是有其他方面的原因？ 对此，寒武纪董事会秘书叶淏尹回复称，2024年度，公司凭借人工智能芯片产品的核心优势，持续深化 与科技前沿领域头部企业的技术合作，公司云端产品线在场景落地方面取得突破。考虑大模型等人工智 能市场对人工智能算力的旺盛需求，该商业化场景预计将为公司带来持续性收入，因此公司针对云端产 品线进行了备货。2025年6月末，公司存货较上年同期有所增长，主要系本期产成品增加所致。 8月26日，寒武纪发布2025年半年报显示，上半年公司营业收入28.81亿元，同比增长4347.82%；归属于 上市公司股东净利润10.38 ...

9月18日，寒武纪举办2025年半年度业绩说明会，集中回答了投资者关于定增项目、产品迭代、软件生 态等相关问题。 值得注意的是，对于投资者关于寒武纪是否重启汽车驾驶芯片业务、是否考虑在芯片之外提供集成式的 解决方案，以及如何看待云厂商纷纷自研AI芯片等问题，寒武纪方面并未回答。 持续推动产品迭代优化 有投资者问及，寒武纪上半年存货水平有较大幅度增长，这主要是出于对下游需求的乐观预期而主动备 货，还是有其他方面的原因？ 对此，寒武纪董事会秘书叶淏尹回复称，2024年度，公司凭借人工智能芯片产品的核心优势，持续深化 与科技前沿领域头部企业的技术合作，公司云端产品线在场景落地方面取得突破。考虑大模型等人工智 能市场对人工智能算力的旺盛需求，该商业化场景预计将为公司带来持续性收入，因此公司针对云端产 品线进行了备货。2025年6月末，公司存货较上年同期有所增长，主要系本期产成品增加所致。 驳斥销量等不实信息 有投资者问及，市场上有传言称，寒武纪未来出货量可能达到100万颗，此类消息是否属实？公司如何 应对？ 陈天石回复称，网上传播的关于公司在某厂商预定大量载板订单、 收入预测、新产品情况、送样及潜 在客户、供应链等相 ...

寒武纪2025年上半年营收28.81亿元，同比增长4347.82%，净利10.38亿元，扭亏为盈。AI芯片需求爆发 推动业绩飙升，公司加大研发投入，布局大模型芯片与软件平台，拟募资39.85亿元，加速技... 上半年，寒武纪实现营业收入28.81亿元，较上年同期的6476.53万元大幅增长4347.82%，营收规模实现 量级突破。 盈利能力亦实现飞跃。上半年，寒武纪归属于上市公司股东的净利润10.38亿元，归属于上市公司股东 的扣除非经常性损益的净利润9.13亿元，较上年同期的-5.3亿元、-6.09亿元均实现扭亏为盈。 除了业绩之外，现金流同样表现优异，本期实现9.11亿元，较上年同期的-6.31亿元大幅改善，主要得益 于销售回款的显著增加，反映出公司市场订单兑现能力及客户付款意愿显著提升。 客户方面，2024年，寒武纪持续深化与科技前沿领域头部企业的技术合作，公司云端产品线在场景落地 方面取得突破。 一家曾经长期处于亏损状态的中国AI芯片企业，正在大模型浪潮中迎来属于自己的"觉醒时刻"。 就在不久前，寒武纪披露了令人瞩目的半年报：2025年上半年，公司实现营业总收入28.81亿元，同比 增长4347.82 ...

摘要： 陈天石称，2025年上半年，公司持续推动智能处理器微架构及指令集的迭代优化工作。 9月18日下午四点，寒武纪的2025年半年度业绩说明会准时开始。董事长、总经理陈天石，副总经理、财务负责人、董秘 叶淏尹，以及独立董事王秀丽在线上一同参与。 这场说明会的关注度并不令人意外。就在半个月前，寒武纪披露的《2025年半年度报告》已经给市场带来惊喜：公司实现 收入大幅增长，成功扭亏为盈。人工智能算力市场的火热，带动了AI芯片与软件平台的需求，公司也凭借技术积累迎来 拐点。 就在本轮暴涨行情前，市场曾传出"寒武纪未来出货量达100万颗"的惊人传闻。 "网上传播的关于公司在某厂商预定大量载板订单、 收入预测、新产品情况、送样及潜在客户、供应链等相关信息，均为 误导市场的不实信息。"陈天石在本次沟通会上再次予以否定。 关于40亿元定增资金的投向，陈天石称这是"面向大模型"的关键投入，涵盖芯片研发、先进封装和软件平台，目标是建立 覆盖算法开发到应用部署的全链条能力。 叶淏尹则在多个环节回应了投资者的关切。他提到，公司产品已在运营商、金融、互联网等行业落地，并通过客户环境验 证；对于存货的增加，他解释是出于对大模型算力需 ...

寒武纪近日召开2025年半年度业绩线上说明会，寒武纪董事长、总经理陈天石表示，2024年以来，公司 凭借人工智能芯片产品的核心优势，持续深化与科技前沿领域头部企业的技术合作，公司云端产品线在 场景落地方面取得突破。考虑到大模型等人工智能市场对人工智能算力的旺盛需求，该商业化场景预计 将为公司带来持续性收入。公司各报告期经营情况请以公司在法定披露媒体披露的定期报告等公告信息 为准。 ...

每经北京9月18日电（记者杨煜）9月18日盘后，寒武纪（688256.SH，股价1420.99元，市值5944.71亿 元）召开2025年半年度业绩线上说明会。今年上半年，公司实现营业收入28.81亿元，同比增长 4347.82%；归母净利润为10.38亿元，而上年同期为亏损逾5亿元。这一爆发式业绩增长是否具有可持续 性？对此，《每日经济新闻》记者以个人投资者身份进行提问，寒武纪董事长、总经理陈天石回复， 2024年以来，公司凭借人工智能芯片产品的核心优势，持续深化与科技前沿领域头部企业的技术合作， 公司云端产品线在场景落地方面取得突破。考虑到大模型等人工智能市场对人工智能算力的旺盛需求， 该商业化场景预计将为公司带来持续性收入。公司各报告期经营情况请以公司在法定披露媒体披露的定 期报告等公告信息为准。 ...

Market Overview - The average stock price of A-shares is 13.49 yuan, with 165 stocks priced over 100 yuan as of September 18 [1] - The Shanghai Composite Index closed at 3831.66 points, down 1.15% [1] - Among stocks priced over 100 yuan, the highest closing price is for Kweichow Moutai at 1467.96 yuan, down 1.68% [1] Performance of High-Value Stocks - Stocks priced over 100 yuan had an average increase of 0.67%, outperforming the Shanghai Composite Index by 1.82 percentage points [1] - 77 stocks in this category increased in price today, while 88 stocks decreased [1] Recent Trends in High-Value Stocks - Over the past month, high-value stocks have averaged a 25.44% increase, compared to a 3.65% increase in the Shanghai Composite Index [2] - Notable performers include Haoen Automotive and Cambridge Technology, with increases of 171.60% and 164.53%, respectively [2] - Year-to-date, the average increase for these stocks is 98.96%, surpassing the Shanghai Composite Index's increase of 84.64% [2] New High-Value Stocks - Two stocks, Changfei Fiber and Huafeng Technology, have recently surpassed the 100 yuan mark, closing at 109.65 yuan and 106.21 yuan, with increases of 10.00% and 20.00%, respectively [2] Industry Distribution of High-Value Stocks - The electronics sector has the highest concentration of high-value stocks, with 53 stocks, accounting for 32.12% of the total [2] - Other significant sectors include machinery equipment with 20 stocks (12.12%) and computer technology with 19 stocks (11.52%) [2] Stock Market Composition - Among the high-value stocks, 40 are from the main board, 50 from the ChiNext board, 3 from the Beijing Stock Exchange, and 72 from the Sci-Tech Innovation Board, with the latter making up 43.64% of the total [2]

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 108.41 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 6.95 billion yuan [1] - A total of 222 stocks saw net inflows, while 366 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 175 stocks rose, with two stocks, Dekoli and Huafeng Technology, hitting the daily limit, while 408 stocks declined [1] - The top three stocks with the highest net inflows were Huafeng Technology (337 million yuan), Maiwei Biology (298 million yuan), and Zhongwei Company (220 million yuan) [1][2] Continuous Fund Flow Analysis - There are 39 stocks that have seen continuous net inflows for more than three trading days, with Hanwujing leading at 22 consecutive days of inflow [2] - Conversely, 162 stocks have experienced continuous net outflows, with Naike Equipment leading at 15 consecutive days of outflow [2] Top Fund Inflows - The top stocks by net inflow include: - Huafeng Technology: 337.30 million yuan, with a 20% increase [2] - Maiwei Biology: 298.07 million yuan, with a 13.21% increase [2] - Zhongwei Company: 219.55 million yuan, with an 11.43% increase [2] Notable Outflows - The stocks with the highest net outflows included: - Haiguang Information: 1.17 billion yuan, with a 0.46% increase [1] - Dongxin Co. and SMIC: 819 million yuan and 731 million yuan outflows, respectively [1]

Group 1 - The chip and computing sectors continue to perform strongly, with Cambricon rising nearly 5% and returning above 1500 yuan, while Northern Huachuang, SMIC, and Haiguang Information reached new highs during trading [1] - Huawei's rotating chairman Xu Zhijun emphasized that computing will remain crucial for artificial intelligence, predicting the launch of the Ascend 950PR chip in Q1 2026 [1] - Baidu and Alibaba's recent AI developments have attracted market attention, with Baidu reporting approximately 500 million yuan in revenue from digital human-related businesses in Q2, a 55% quarter-on-quarter increase [1] Group 2 - The Federal Reserve's decision to cut interest rates by 25 basis points is expected to improve liquidity, benefiting the valuation of technology stocks [1] - The Sci-Tech Innovation Artificial Intelligence ETF tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, with a semiconductor weight of 54.1%, and the top three weighted stocks being Cambricon (16.62%), Lattice Semiconductor (10%), and Chipone Technology (8.65%) [1] - The Artificial Intelligence ETF covers the entire AI industry chain, attracting 6.369 billion yuan in inflows this year, with a total size of 22.795 billion yuan, making it the largest in its category and the only one exceeding 10 billion yuan, offering a low-cost and high-liquidity investment tool for AI sector exposure [1]

Market Overview - The three major indices experienced a rapid rise followed by a decline, with over 4,600 stocks in the market falling. The Shanghai Composite Index dropped by 1.15%, the Shenzhen Component Index fell by 1.06%, and the ChiNext Index decreased by 1.64% [1]. Sector Performance - The robotics sector continued its strong performance, with Shoukai Co. hitting the daily limit for the 12th time in 11 trading days. Jingxing Paper and Junsheng Electronics also achieved three consecutive limit-ups [1]. - Low-priced stocks showed active performance, with Xiangjiang Holdings, Shanzi Gaoke, and Shanghai Construction Group achieving five consecutive limit-ups [1]. - The semiconductor industry chain rose against the trend, with SMIC reaching a historical high [1]. Trading Volume - The total trading volume of the Shanghai and Shenzhen stock exchanges reached 3.14 trillion yuan, marking the third highest this year, with an increase of approximately 758.43 billion yuan compared to the previous trading day. The Shanghai Stock Exchange accounted for 1.37 trillion yuan, while the Shenzhen Stock Exchange recorded 1.77 trillion yuan [2]. Top Stocks by Trading Volume - Cambrian-U led the trading volume with 25.1 billion yuan, followed by Dongfang Caifu with 23.5 billion yuan, SMIC with 22.9 billion yuan, and Zhongji Xuchuang with 21.6 billion yuan [2].