2025 Sustainability Report 2025年度 可持续发展报告 | 关于本报告 | 03 | contents | | | --- | --- | --- | --- | | 董事长致辞 | 04 | | | | 走进寒武纪 | 05 | | | | | 08 | 环境篇 | | | ESG 治理 | | | | | ESG 治理架构 | 09 | | | | 利益相关方沟通 | 09 | 应对气候变化 | 12 | | 双重重要性议题评估 | 10 | | | | 附录 | 53 | | --- | --- | | 关键绩效表 | 53 | | 指标索引表 | 56 | | 意见反馈 | 59 | 目录 | 环境篇 | | | --- | --- | | 应对气候变化 | 12 | | 环境合规管理 | 16 | | 废弃物与污染物管理 | 16 | | 能源及水资源利用 | 17 | | 循环经济及绿色办公 | 17 | | 2025 年 | ESG | 绩效摘要 | 08 | 环境篇 | 11 | 社会篇 | 18 | 治理篇 | 45 | | --- | --- | --- | - ...

证券代码：688256 证券简称：寒武纪 公告编号：2026-004 中科寒武纪科技股份有限公司 2、2025年度向特定对象发行股票情况 经上海证券交易所审核同意，并根据中国证券监督管理委员会出具的《关于 同意中科寒武纪科技股份有限公司向特定对象发行股票注册的批复》（证监许可 关于公司 2025 年度募集资金存放、管理与实际使用 情况的专项报告 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、准确性和完整性承担法律责任。 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 1、2022年度向特定对象发行股票情况 经上海证券交易所审核同意，并根据中国证券监督管理委员会出具的《关于 同意中科寒武纪科技股份有限公司向特定对象发行股票注册的批复》（证监许可 〔2023〕424号），中科寒武纪科技股份有限公司（以下简称"公司"、"本公 司"或"寒武纪"）2022年度向特定对象发行A股股票13,806,042股，每股发行 价格为人民币121.10元，募集资金总额为人民币1,671,911,686.20元，扣除各项发 行费用（不含税）人民币22,621,676. ...

证券代码：688256 证券简称：寒武纪 公告编号：2026-007 中科寒武纪科技股份有限公司 关于召开2025年年度股东会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年年度股东会 召开日期时间：2026 年 4 月 2 日 14 点 30 分 召开地点：北京市海淀区知春路 25 号北京丽亭华苑酒店二层金辉 6 厅 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 4 月 2 日 至2026 年 4 月 2 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 股东会召开日期：2026年4月2日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场 ...

中科寒武纪科技股份有限公司2025 年年度报告 公司代码：688256 公司简称：寒武纪 中科寒武纪科技股份有限公司 2025 年年度报告 1 / 219 中科寒武纪科技股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司上市时未盈利且尚未实现盈利 □是 √否 报告期内公司实现扭亏为盈，全年营业收入 649,719.62 万元，同比增长 453.21%；归属于上 市公司股东的净利润 205,922.85 万元，归属于上市公司股东的扣除非经常性损益的净利润 176,993.42 万元。 三、重大风险提示 详见本报告第三节"管理层讨论与分析"之"四、风险因素"所述内容，请投资者予以关注。 四、公司全体董事出席董事会会议。 五、 天健会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 六、公司负责人陈天石、主管会计工作负责人叶淏尹及会计机构负责人（会计主管人员）李振 声明：保证年度报告中财务报告的真实、准确、完整。 2 / 219 中科寒武纪科技股份有 ...

证券代码：688256 证券简称：寒武纪 公告编号：2026-003 中科寒武纪科技股份有限公司 关于 2025 年度利润分配及资本公积金转增股本方案 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。 司回购专用证券账户中的股份为基数分配利润及转增股本。本次利润分配、资本 公积金转增股本方案如下： 1.公司拟向全体股东每 10 股派发现金红利 15.00 元（含税）。截至 2026 年 3 月 12 日，公司总股本 421,685,170 股，扣除公司回购专用证券账户所持本公司股 份 36,600 股后，实际可参与利润分配的股数为 421,648,570 股，以此计算合计拟派 发现金红利 632,472,855.00 元（含税），占 2025 年度归属于上市公司股东净利润的 比例为 30.71%。2025 年度，公司以现金为对价，采用集中竞价方式已实施的股份 回购金额 20,061,625.99 元（不含印花税、交易佣金等交易费用），现金分红和回购 金额合计 652,534,480.99 元，占 2025 年度归属于上 ...

Summary of the Conference Call on China's AI GPU Sector Industry Overview - The focus is on the **China AI GPU ecosystem**, which is rapidly evolving due to high capital expenditure (capex) in AI and sustained policy support, aiming to close the technological gap with the US [2][24] - The report emphasizes the importance of **AI chips** as the foundation of AI infrastructure in China, assessing demand, supply constraints, and competitive landscape [3][26] Key Insights Domestic AI GPU Supply - China has made significant progress in developing local AI GPUs since 2020, overcoming initial constraints from US export controls [4] - By 2028, domestic foundry capacity and chip supply are expected to meet core sovereign needs, with local supply projected to reach around **US$30 billion** by 2027 [4][30] Commercial Viability - Long-term growth of China's AI GPU vendors depends on demonstrating compelling economics, with a competitive total cost of ownership (TCO) supported by lower chip prices and cheaper power [5] - The report suggests that for inference workloads, cost per token is more critical than peak performance, enhancing the competitiveness of domestic solutions [5] Market Dynamics - The total addressable market (TAM) for China's AI chips is estimated to grow to **US$67 billion** by 2030, driven initially by sovereign and state-owned enterprises (SOEs) [10][30] - The market is expected to remain supply-driven through 2027 due to foundry capacity constraints, with strong demand from cloud service providers and government-led AI investments [30] Competitive Landscape - China's localization strategy is gaining traction, with domestic GPUs expected to extend into training workloads and potentially see overseas adoption [6] - Major players in the AI semiconductor supply chain include **SMIC** (foundry), **NAURA** (equipment), and **ASM Pacific** (advanced packaging) [6] Risks and Challenges - The report highlights risks of commoditization and consolidation in the AI GPU sector, as large customers may favor sovereign-backed vendors, limiting the market for independent third-party vendors [42] - The ongoing debate centers around whether China can supply competitive AI GPUs at scale, with challenges in advanced chip design and manufacturing persisting [44][73] Valuation Insights - China's AI semiconductor design houses trade at significantly higher price-to-sales (P/S) multiples compared to global peers, reflecting expectations for rapid domestic AI substitution [47] - Specific companies like **Cambricon** and **Hygon** are highlighted for their high P/S ratios, indicating elevated market expectations despite smaller revenue bases [54] Future Outlook - The report outlines three scenarios for the future of China's AI chip market: a base case of gradual progress under constraints, a bull case of accelerated domestic capability, and a bear case of weaker supply and reduced substitution pressure [66][70] - The overall sentiment is constructive on China's AI semiconductor supply chain, with expectations for continued growth and development in the coming years [6][30]

Core Insights - The A-share technology sector experienced a notable pullback, with the AI ETF (515070) dropping over 1.3% during trading, while holdings like Unisplendour surged over 4% [1] - Nvidia's CEO Jensen Huang showcased the company's full-stack autonomous driving software platform, DRIVE AV, during a 22-minute video ride in an autonomous vehicle, highlighting its capabilities without human intervention [1] - Huatai Securities believes the AI industry is in a rapid development phase, with expanding technological innovations and application scenarios, indicating significant long-term investment value in the AI sector [1] Industry Summary - The AI ETF (515070) tracks the CS AI Theme Index (930713), selecting stocks that provide technology, foundational resources, and applications in the AI sector, focusing on the midstream and upstream of the AI industry chain [1] - Key weight stocks in the ETF include major domestic technology leaders such as Zhongji Xuchuang, Xinyisheng, Cambricon Technologies, and Hikvision, among others [1] - The AI industry is expected to benefit from increased policy support and market demand, particularly in foundational technology areas like algorithm frameworks, which are seen as future investment focal points [1]

Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Insights - Domestic AI model invocation volume is experiencing rapid growth, leading to a sustained increase in demand for computing power. In February, China's AI model invocation volume surpassed that of the United States for the first time, reaching 41.2 trillion tokens compared to the U.S.'s 29.4 trillion tokens. The weekly invocation volume further increased to 51.6 trillion tokens, marking a 127% growth over three weeks, while the U.S. volume decreased to 27 trillion tokens [3] - The domestic computing power market is growing quickly, with revenue from domestic computing companies continuously increasing. The Chinese AI market is projected to reach 733 billion yuan in 2024, a year-on-year growth of 26.7%, and is expected to reach 1,253.4 billion yuan by 2026 [3] - Systematic strategic guidance and policy support from the national level provide a solid foundation for AI development. The "New Generation Artificial Intelligence Development Plan" aims for China to become a major global AI innovation center by 2030 [3] Summary by Sections AI Model Growth - In February, China's AI model invocation volume exceeded that of the U.S. for the first time, indicating a significant shift in the global AI landscape [3] - The top five global models include four from China, showcasing the competitive strength of domestic AI firms [3] Market Growth and Revenue - The domestic computing power market is projected to grow significantly, with major companies like Cambricon and Haiguang Information reporting substantial revenue increases [3] - The growth in AI demand is driving the value realization phase for domestic computing power [3] Policy Support - National policies are actively promoting AI development, with specific initiatives aimed at enhancing computing power infrastructure and efficiency [3] - The government's commitment to AI as a critical component of industrial modernization is evident in recent policy documents [3] Investment Recommendations - The report suggests focusing on domestic chip manufacturers, CPU producers, ODM firms, IDC companies, and component suppliers as potential investment opportunities in the high-growth computing power sector [3]

Group 1 - The core viewpoint of the news is that the Sci-Tech Innovation Board (STAR Market) is witnessing the first batch of companies transitioning out of the growth tier, with significant revenue and profit growth expected for 2025 [2][3] - As of March 11, all companies on the STAR Market have disclosed their 2025 performance, projecting total revenue of 1.59 trillion yuan, a year-on-year increase of 10.3%, and net profit of 59.1 billion yuan, a year-on-year increase of 28.2% [2] - Six companies, including Cambricon and BeiGene, are expected to successfully turn profitable, with net profits ranging from 80 million yuan to 2.1 billion yuan, and are anticipated to remove the special "U" designation after the 2025 annual report [2][3] Group 2 - Among the six companies, BeiGene leads in revenue, expecting 2025 revenue of 38.205 billion yuan, a 40.4% increase, and a net profit of 1.422 billion yuan, driven by strong sales of its key products [3] - Cambricon achieved a revenue of 6.497 billion yuan in 2025, a substantial increase of 453.21%, marking its first annual profit since its IPO in 2020 [6][8] - Other companies like Orbbec and NIO also reported significant growth, with Orbbec's revenue reaching 941 million yuan (up 66.66%) and NIO's revenue at 2.726 billion yuan (up 108.93%) [8] Group 3 - The STAR Market's growth tier was established to support technology companies with significant breakthroughs and broad commercial prospects, particularly those that are not yet profitable at the time of listing [10] - Since the introduction of the "1+6" policy measures by the China Securities Regulatory Commission, several cutting-edge technology companies have accelerated their listing processes, with 39 companies now included in the growth tier [10] - The establishment of the growth tier enhances the market's inclusivity and attractiveness, catering to different risk preferences among investors [11]

Core Viewpoint - The first "delisting" wave of the Sci-Tech Innovation Board's growth tier marks a significant milestone in the capital market's service to technological innovation, indicating the effectiveness of the tiered mechanism from establishment to realization of results [3][10]. Summary by Sections Delisting Companies - A total of 39 companies in the Sci-Tech Innovation Board's growth tier have disclosed their 2025 performance data, with 6 companies successfully turning profitable and set to exit the growth tier [1][4]. - The companies include: - Zhongke Hanwuji (营业收入: 64.97 billion, 归母净利润: 20.59 billion) - Baiji Shenzhou (营业收入: 382.05 billion, 归母净利润: 14.22 billion) - Aobi Zhongguang (营业收入: 9.41 billion, 归母净利润: 1.27 billion) - Jingjin Electric (营业收入: 27.26 billion, 归母净利润: 1.62 billion) - Beixin Life (营业收入: 5.42 billion, 归母净利润: 0.81 billion) - Nuo Cheng Jianhua (预计营业收入: 23.65 billion, 预计归母净利润: 6.33 billion) [2][8]. Industry Impact - The delisting of these 6 companies reflects the successful implementation of the tiered mechanism, showcasing how technological breakthroughs can translate into market returns [5][11]. - The companies span key sectors such as innovative pharmaceuticals, high-end medical devices, semiconductors, and artificial intelligence [5][6]. Financial Performance - Zhongke Hanwuji reported a revenue increase of 453.21% to 64.97 billion, marking its first annual profit since its listing [6]. - Baiji Shenzhou achieved a revenue of 382.05 billion, a 40.4% increase, and turned a profit of 14.22 billion, recovering from a loss of 49.78 billion the previous year [7]. - Other companies also reported significant revenue and profit growth, indicating a trend of recovery and profitability in the growth tier [8]. Regulatory Framework - The growth tier's delisting process is governed by specific criteria, including a requirement for companies to achieve positive net profit and revenue thresholds [5][6]. - The establishment of the growth tier has provided a platform for unprofitable tech companies to access capital markets earlier, facilitating their transition from research and development to commercialization [11][12].