Core Viewpoint - Cambricon Technologies Co., Ltd. announced a private placement of 3.3349 million shares at a price of 1195.02 CNY per share, raising a total of 3.985 billion CNY, aimed at enhancing its capabilities in AI-driven chip technology and software platforms [2][3]. Group 1: Fundraising Details - The total amount raised from the private placement is 3.985 billion CNY, with a net amount of 3.953 billion CNY after expenses [2]. - The funds will be allocated to three main projects: approximately 2.054 billion CNY for a chip platform project, about 1.452 billion CNY for a software platform project, and 479 million CNY for working capital [3]. Group 2: Company Performance - For the first three quarters of 2025, the company reported a revenue of 4.607 billion CNY, representing a year-on-year growth of 2386.38%, and a net profit attributable to shareholders of 1.605 billion CNY [3]. - In the third quarter alone, the company achieved a revenue of 1.727 billion CNY, with a year-on-year increase of 1332.52%, and a net profit of 567 million CNY [3]. Group 3: Strategic Goals - The company aims to enhance its comprehensive strength in chip technology and products tailored for large models, improve the openness and usability of its software ecosystem, and meet operational funding needs to strengthen its risk resilience [2].

Core Viewpoint - The announcement of the largest private placement in A-share history by Cambricon (688256.SH) aims to raise approximately 3.985 billion yuan to enhance its competitive strength in AI chip and software technology for large model applications [1][2]. Group 1: Private Placement Details - Cambricon plans to issue 3.3349 million shares at a price of 1195.02 yuan per share, raising a total of 3.985 billion yuan, with a net amount of 3.953 billion yuan [1]. - The new shares will be tradable on the Shanghai Stock Exchange's Sci-Tech Innovation Board after a six-month lock-up period [1]. - This issuance will not change the company's control, with Dr. Chen Tian Shi remaining the controlling shareholder [1]. Group 2: Institutional Participation - The private placement attracted 13 institutions, including GF Fund, UBS AG, and Xinhua Asset, with GF Fund acquiring 1,010,861 shares for a total of 1.208 billion yuan [2]. - Other notable public funds such as Huatai-PineBridge, E Fund, and Harvest also participated in the offering [2]. Group 3: Business Impact and Financial Performance - The funds raised will significantly enhance Cambricon's capabilities in the large model market, allowing for rapid development of tailored chip and software solutions [2]. - Cambricon's main business involves the research, design, and sales of AI core chips for various applications, including cloud servers and edge computing devices [2]. - In Q3 2025, Cambricon reported a revenue of 1.727 billion yuan, a year-on-year increase of 1332.52%, and a net profit of 567 million yuan, up 391.47% year-on-year [3]. - For the first three quarters, total revenue reached 4.607 billion yuan, a year-on-year increase of 2386.38%, with a net profit of 1.605 billion yuan, up 321.49% [3]. - However, there was a quarter-on-quarter revenue decline of 2.4% and a net profit decrease of 17% in Q3 compared to Q2 [3]. - As of the end of Q3, the company's inventory was 3.729 billion yuan, a 38.62% increase from the previous quarter [3].

Core Insights - The final issuance targets for Cambrian are confirmed to be 13 entities [1] - The largest allocation of shares went to Guangfa Fund Management Co., Ltd., receiving 1.0109 million shares valued at 1.208 billion yuan [1] - Other 12 entities received allocations ranging from 100,400 shares to 364,000 shares [1]

Core Viewpoint - The recent financial report of Cambrian (688256.SH) shows significant growth in revenue and net profit, indicating a strong performance driven by the booming demand for AI applications and the company's strategic market expansion [1][2][3]. Financial Performance - Cambrian's Q3 revenue reached 17.27 billion yuan, a year-on-year increase of 1332.52%, with a net profit of 5.66 billion yuan, up 390.23% [1]. - For the first three quarters, Cambrian achieved a total revenue of 46.07 billion yuan, representing a year-on-year growth of 2386.38%, and a net profit of 16.04 billion yuan, up 320.19% [2]. - The company reported a significant improvement in cash flow, with a net operating cash flow of -0.29 billion yuan, an increase of 98.38% year-on-year [6]. Market Drivers - The surge in AI computing demand is a primary driver, with major global tech companies increasing their capital expenditures on AI hardware [8]. - The acceleration of domestic alternatives due to U.S. export controls on AI chips is reshaping the semiconductor industry landscape [9]. - The collaboration with partners for technology ecosystem optimization is also contributing to growth, as seen in recent strategic agreements [10]. Product and Capital Structure - Cambrian has a diverse product line, including various intelligent processors and cloud-based acceleration cards, supporting a wide range of AI applications across multiple industries [12]. - The company secured 39.85 billion yuan in funding for hardware development and software ecosystem construction, enhancing its financial capacity for growth [12]. Analyst Outlook - Goldman Sachs maintains an optimistic outlook for Cambrian, raising its 2025 net profit forecast by 8% and keeping the target price at 2104 yuan, indicating over 60% upside potential from the current market valuation [11]. - The firm has previously adjusted the target price multiple times, reflecting confidence in Cambrian's growth trajectory driven by increased AI chip shipments and reduced operating costs [11]. Risks and Challenges - High customer concentration poses a risk, with the top five customers accounting for an increasing share of sales, which could impact revenue stability if major orders decline [14]. - The elevated valuation of Cambrian raises concerns, as any underperformance relative to market expectations could lead to significant stock price adjustments [15]. - Supply chain stability is also a concern, as geopolitical factors could disrupt production and increase costs, affecting performance [15].

Core Viewpoint - The recent quarterly report of Cambrian (688256.SH) shows significant revenue and profit growth, indicating a strong performance driven by the expanding AI ecosystem and market demand [2][3][4]. Financial Performance - Cambrian's Q3 revenue reached 1.727 billion yuan, a year-on-year increase of 1332.52%, with a net profit of 566 million yuan, up 390.23% [2]. - For the first three quarters, Cambrian achieved a total revenue of 4.607 billion yuan, representing a year-on-year growth of 2386.38%, and a net profit of 1.604 billion yuan, up 320.19% [3]. - The company reported a significant increase in operating cash flow, with a net cash flow of -29 million yuan, improving by 98.38% year-on-year [5]. Market Drivers - The surge in AI computing power demand is a primary driver, with major global tech companies increasing their investments in AI hardware [7]. - Domestic giants like Alibaba and Tencent are also raising capital expenditures for computing infrastructure, further fueling growth [8]. - The acceleration of domestic alternatives due to U.S. export controls on AI chips is reshaping the semiconductor industry landscape [8][9]. Product and Strategic Developments - Cambrian's product line includes various AI processors and intelligent acceleration cards, supporting diverse AI tasks across multiple industries [10]. - The company secured 3.985 billion yuan in funding for hardware development and software ecosystem construction, enhancing its financial position [10]. Analyst Outlook - Goldman Sachs maintains an optimistic outlook for Cambrian, with a target price of 2104 yuan, reflecting a potential upside of over 60% from the current market value [2][10]. - The firm has adjusted its profit forecasts for Cambrian, citing lower operating costs and increased AI chip shipments as key factors [9]. Risks and Concerns - High customer concentration poses a risk, with the top five customers accounting for an increasing share of sales, potentially impacting revenue stability [11][12]. - The company's high valuation raises concerns about market expectations, with any underperformance likely to trigger stock price adjustments [13][14]. - Supply chain stability is also a risk, as geopolitical factors could affect production and costs [15].

Core Viewpoint - Cambrian announced a private placement of A-shares for the year 2025, aiming to raise approximately RMB 3.99 billion through the issuance of 3,334,946 shares at a price of RMB 1,195.02 per share [1] Group 1 - The total amount of funds raised is RMB 3,985,327,168.92, with a net amount of RMB 3,953,155,863.99 after deductions [1] - The newly issued shares will be listed and traded on the Shanghai Stock Exchange's Sci-Tech Innovation Board after the expiration of the lock-up period [1] - If the listing date coincides with a legal holiday or weekend, it will be postponed to the next trading day [1]

股票代码：688256 股票简称：寒武纪 中科寒武纪科技股份有限公司 2025 年度向特定对象发行 A 股股票 上市公告书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 2、发行价格：1,195.02 元/股 3、募集资金总额：人民币 3,985,327,168.92 元 4、募集资金净额：人民币 3,953,155,863.99 元 二、本次发行股票预计上市时间 二〇二五年十月 特别提示 一、发行数量及价格 1、发行数量：3,334,946 股 本次发行新增股份将于限售期届满的次一交易日起在上海证券交易所科创 板上市流通交易，如遇法定节假日或休息日，则顺延至其后的第一个交易日。 三、新增股份的限售安排 发行对象认购的本次发行的股票自发行结束之日起 6 个月内不得转让。本次 发行完成后至限售期满之日止，发行对象所取得公司本次向特定对象发行的股票 因公司分配股票股利、资本公积转增股本等情形所取得的股份，亦应遵守上述限 售安排。 上述限售期届满后，该等股份的转让和交易将根据届时有效的法律法规及中 国证监会、上海证券交易所的有关规定执行。法律、法规对限售期另有规定的， 依其规定。 ...

中信证券股份有限公司 上市保荐书 关于 保荐机构（主承销商） 中科寒武纪科技股份有限公司 2025 年度向特定对象发行 A 股股票 之 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年十月 中科寒武纪科技股份有限公司 2025 年度向特定对象发行 A 股股票申请文件 上市保荐书 声 明 本保荐机构及保荐代表人根据《中华人民共和国公司法》《中华人民共和国证券法》 《证券发行上市保荐业务管理办法》《上市公司证券发行注册管理办法》《上海证券交 易所科创板股票上市规则》《上海证券交易所科创板上市公司证券发行承销实施细则》 等有关法律、行政法规和中国证券监督管理委员会、上海证券交易所的规定，诚实守信， 勤勉尽责，严格按照依法制定的业务规则和行业自律规范出具上市保荐书，并保证所出 具文件真实、准确、完整。 本上市保荐书中如无特别说明，相关用语与《中科寒武纪科技股份有限公司 2025 年度向特定对象发行 A 股股票募集说明书》中的含义相同。 3-2-1 | 声 | 明 1 | | --- | --- | | 目 | 录 2 | | | 一、发行人基本情况 3 | | | 二、本次向特定对象发行股票方案 ...

证券代码：688256 证券简称：寒武纪 公告编号：2025-059 中科寒武纪科技股份有限公司 2025 年度向特定对象发行股票发行结果 暨股本变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 中科寒武纪科技股份有限公司（以下简称"公司"或"发行人"）本次发行新 增股份 3,334,946 股已于 2025 年 10 月 16 日在中国证券登记结算有限责任公司上 海分公司办理完毕股份登记手续。本次发行新增股份为有限售条件流通股，将于 限售期届满的次一交易日起在上海证券交易所科创板上市流通交易，如遇法定节 假日或休息日，则顺延至其后的第一个交易日。 本次发行完成后，发行对象所认购的股份自发行结束之日起 6 个月内不得转 让。法律、法规对限售期另有规定的，依其规定。本次发行完成后至限售期满之 日止，发行对象所取得公司本次向特定对象发行的股票因公司分配股票股利、资 本公积转增股本等情形所取得的股份，亦应遵守上述限售安排。上述限售期届满 后，发行对象所认购股份的转让将按《公司法》《证券法》等相关法律、法规 ...

Group 1 - The company Cambrian announced a private placement of A-shares for the year 2025, with a total issuance of 3,334,946 shares at a price of 1,195.02 RMB per share [1] - The total amount of funds raised is approximately 3,985,327,168.92 RMB, with a net amount of approximately 3,953,155,863.99 RMB after expenses [1] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [2]