中科寒武纪科技股份有限公司 2025 年年度股东会会议资料 证券代码：688256 证券简称：寒武纪 中科寒武纪科技股份有限公司 2025 年年度股东会会议资料 2026 年 4 月 | 2025 | 年年度股东会会议须知 | 3 | | --- | --- | --- | | 2025 | 年年度股东会会议议程 | 6 | | 2025 | 年年度股东会会议议案 | 8 | | 议案一：关于《2025 | 年度董事会工作报告》的议案 8 | | | 议案二：关于公司《2025 | 年年度报告》及其摘要的议案 9 | | | 议案三：关于 2025 | 年度利润分配及资本公积金转增股本方案的议案 | 10 | | 议案四：关于确认 2025 | 年度审计费用及续聘 2026 年度财务和内部控制审计机构的议案. | 12 | | 议案五：关于确认 2025 | 年度董事薪酬与津贴的议案 13 | | | 议案六：关于 2026 | 年度董事薪酬与津贴方案的议案 14 | | | 议案七：关于制定《董事、高级管理人员薪酬管理制度》的议案 | 15 | | | 附件一：2025 | 年度董事会工作报告 16 | | ...

Group 1 - The Shanghai 50 ETF (510050) opened at 2.911 yuan, with an increase of 0.38% on March 25 [1][2] - Major holdings in the Shanghai 50 ETF include Kweichow Moutai, which rose by 0.20%, Ping An Insurance up by 0.65%, Zijin Mining up by 4.04%, and others like China Merchants Bank and Industrial Bank showing slight increases [1][2] - The Shanghai 50 ETF has a performance benchmark of the Shanghai 50 Index, managed by Huaxia Fund Management Co., with a return of 397.48% since its inception on December 30, 2004, and a recent one-month return of -6.98% [1][2] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [3]

Group 1 - The Shanghai 50 ETF Dongcai (530050) opened with a gain of 0.63%, priced at 1.116 yuan [1][2] - Major holdings in the Shanghai 50 ETF include Kweichow Moutai, which rose by 0.56%, Ping An of China up by 0.92%, Zijin Mining increasing by 2.19%, and others like China Merchants Bank and Industrial Bank showing modest gains [1][2] - The performance benchmark for the Shanghai 50 ETF is the return rate of the Shanghai 50 Index, managed by Dongcai Fund Management Co., with a return of 10.52% since its establishment on November 18, 2024, and a recent one-month return of -7.98% [1][2]

Group 1 - The Shanghai Stock Exchange 50 ETF Tianhong (530000) opened with a gain of 0.69%, priced at 1.322 yuan [1][2] - Major holdings in the ETF include Kweichow Moutai, which rose by 0.56%, Ping An Insurance up by 0.92%, Zijin Mining up by 2.19%, and others such as China Merchants Bank and Industrial Bank showing slight increases [1][2] - The performance benchmark for the ETF is the Shanghai 50 Index return, managed by Tianhong Fund Management Co., with a return of 29.97% since its establishment on September 4, 2024, and a recent one-month return of -7.95% [1][2]

Group 1 - The core point of the news is the performance of the Huazhang 50 ETF (510190), which opened at 4.126 yuan with a gain of 0.93% on March 24 [1][2] - Major stocks held by the Huazhang 50 ETF include Kweichow Moutai, which rose by 0.56%, Ping An of China by 0.92%, Zijin Mining by 2.19%, and others showing positive gains [1] - The Huazhang 50 ETF has a benchmark performance index of the SSE 50 Index, managed by Huazhang Fund Management Co., with a return of 56.51% since its establishment on November 18, 2010, and a recent one-month return of -7.87% [2] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for the stocks mentioned [3]

Core Insights - Embodied intelligence is driving a technological shift from "perceiving the world" to "acting in the world," marking the beginning of an industrial transformation that integrates software, hardware, data, and scenarios [3] - The embodied intelligence industry is transitioning from research and development to industrialization and commercialization, with a focus on core technologies, product solutions, and value realization in various scenarios [3] Group 1: Industry Development - The industry is addressing core technical bottlenecks such as the lack of standardization in upstream hardware ecosystems and the maturity of motion control technologies [5] - Efforts are being made to promote hardware standardization and software ecosystem development to create an open and collaborative industrial ecosystem [5] - The cost structure of humanoid robots has significantly decreased, with single-unit costs dropping from millions to hundreds of thousands, approaching large-scale production standards [14] Group 2: Key Players and Components - Notable companies in the embodied intelligence sector include Nvidia, Huawei, Alibaba Cloud, and various others across hardware, software, and solutions [8][10] - The core components of humanoid robots include actuators and sensors, which account for over 60% of the total cost, highlighting the importance of domestic alternatives in these areas [15] Group 3: Application Areas - The application of embodied intelligence has expanded beyond traditional automation to flexible manufacturing, autonomous decision-making, and collaborative industrial ecosystems [23] - In the commercial service sector, embodied intelligence has achieved comprehensive scene coverage, with a focus on precise scene segmentation and human-like interaction experiences [26] - The special service sector has seen significant breakthroughs in adapting to extreme environments and executing tasks, showcasing the core value of embodied intelligence in replacing humans in hazardous situations [30]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved significant revenue growth, with a total revenue of 6.497 billion yuan in 2025, representing a year-on-year increase of 453.21%. The company turned a profit with a net profit attributable to shareholders of 2.059 billion yuan [1] - The company continues to invest heavily in research and development, with R&D expenses amounting to 1.351 billion yuan, reflecting an 11.10% year-on-year increase. The R&D expense ratio stands at 20.79% [2] - The demand for AI computing power is rising, positioning the company as a leading domestic player in the AI chip market. The revenue from the cloud product line reached 6.477 billion yuan, a year-on-year increase of 455.34% [3] Financial Summary - The company is projected to achieve revenues of 14.061 billion yuan, 21.599 billion yuan, and 35.605 billion yuan for the years 2026, 2027, and 2028, respectively, with year-on-year growth rates of 116.42%, 53.61%, and 64.84% [4] - The net profit attributable to shareholders is expected to reach 4.830 billion yuan, 7.613 billion yuan, and 13.539 billion yuan for the same years, with growth rates of 134.57%, 57.62%, and 77.84% [4] - The company’s P/E ratios are projected to be 85 times, 54 times, and 30 times for the years 2026, 2027, and 2028, respectively [4]

Investment Rating - The investment rating for the computer industry is "Recommended" [2] Core Insights - MiniMax released its new flagship model M2.7, achieving a breakthrough with "self-evolution" capabilities, which allows the model to participate deeply in its training and optimization processes, resulting in approximately a 30% performance improvement on internal evaluation sets [6][14][17] - The price increases by AI companies, including Zhizhu and Alibaba Cloud, are driven by the explosive global demand for AI, leading to increased costs in hardware procurement and cloud services [18][19] - The report suggests that domestic AI manufacturers are entering an innovation cycle, with efficiency improvements expected to accelerate AI applications in various sectors, benefiting related application ecosystem and solution companies [20] Summary by Sections 1. Recent Developments - MiniMax's M2.7 model can execute over 100 cycles of "analyze-improve-validate," significantly enhancing its capabilities in software engineering and project delivery [6][14] - Zhizhu's API prices increased by 50% and 20% in two instances, while Alibaba Cloud announced price hikes for AI computing and storage services, marking a shift from discounting to a new pricing cycle in the cloud computing industry [18][19] 2. Market Performance - The computer index fell by 4.74% from March 16 to March 20, 2026, with notable stock performances among various companies [9] 3. Investment Recommendations - The report highlights key companies to watch in AI infrastructure and applications, including Haiguang Information, Cambricon, and Zhaoyi Technology, among others [20][21]

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The demand for AI inference is continuously growing, driven by a significant increase in tokens usage, with a reported increase from 1.62 trillion tokens in March 2025 to 18 trillion tokens in March 2026, representing a growth of approximately 1011% [6][11] - Cloud service providers are raising prices for AI computing products due to rising hardware costs and increased demand for AI services, with price hikes ranging from 5% to 34% for various services [8][33] - The report highlights that the expansion of AI capabilities is expected to lead to a substantial increase in the number of active agents and token consumption, with annual token consumption projected to grow from 0.0005 PetaTokens in 2025 to 152,667 PetaTokens by 2030, reflecting a compound annual growth rate of 3418% [9][38] Summary by Sections Recent Trends - The computer industry has shown a relative performance decline of -10.1% over the past month, while the Shanghai Composite Index has remained stable [5] Price Adjustments - Major cloud providers like Alibaba Cloud and Baidu Cloud are increasing prices for AI computing services due to rising hardware procurement costs, with specific increases of up to 34% for Alibaba's AI computing services and 30% for Baidu's [8][27] Token Consumption Growth - The report indicates a significant rise in token consumption, with OpenClaw being a major contributor, achieving a monthly token call volume of 13.4 trillion as of March 2026 [17] - The share of domestic models in token consumption is increasing, with domestic models accounting for approximately 53.4% of the top models' total token calls as of March 2026 [14] Future Outlook - The report anticipates that the demand for AI computing and tokens will continue to rise, benefiting cloud service providers and related upstream and downstream companies [10][44] - The ongoing increase in hardware costs and the demand for AI services suggest that price adjustments in the cloud computing sector may persist [9][33]

Market Overview - The A-share market opened lower on March 23, with all three major indices dropping over 2%, and the Shanghai Composite Index falling below the 3900-point mark [1] - By midday, the Shanghai Composite Index was down 2.5%, the Shenzhen Component Index down 2.53%, and the ChiNext Index down 2.44%, while the Sci-Tech Innovation Index fell over 3% [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.46 trillion yuan, an increase of 15.5 billion yuan compared to the previous trading day [1] Sector Performance - The green electricity concept showed resilience, with Huadian Liao Energy (600396) achieving six consecutive trading limits, and Dongfang New Energy (002310) hitting four trading limits in six days [5] - The robotics sector also performed well, with multiple stocks including Zhongdali De (002896) and Jinfatech (600143) reaching trading limits [5] - The coal sector saw significant gains, with Liaoning Energy (600758) hitting a trading limit and a buy order exceeding 1.24 million hands [5] Declining Sectors - Precious metals and pork sectors faced significant declines, with stocks like Muyuan Foods (002714) and Jinxinnong (002548) experiencing substantial drops [6] Individual Stock Movements - Domestic AI chip leader Cambricon Technologies saw its stock price drop over 3%, falling below the 1000 yuan mark, amid intensifying competition in the domestic AI chip market [7] - Chifeng Gold (600988) faced a trading halt, with its stock price hitting the limit down due to ongoing pressure in the international gold market, which saw prices drop below 4400 USD per ounce [7] - BYD (002594) experienced a counter-trend increase, with its stock price rising 5.69% to 108.89 yuan, bringing its market capitalization back to 1 trillion yuan [8] Industry Insights - The geopolitical situation in the Middle East is driving up refined oil prices, with predictions of a price increase in the domestic market [9] - The Chinese new energy vehicle market has surpassed a 50% penetration rate, shifting competition from price wars to core technology and supply chain resilience [9]