寒武纪(688256) - 2020 Q4 - 年度财报

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.5 billion in 2020, representing a year-over-year growth of 25%[12]. - The company's operating revenue for 2020 was ¥458,927,330.67, representing a year-on-year increase of 3.38% compared to ¥443,938,465.82 in 2019[22]. - The net profit attributable to shareholders for 2020 was -¥434,509,331.16, an improvement from -¥1,178,985,649.53 in 2019[22]. - The company reported a significant increase in fourth-quarter revenue, achieving ¥301,397,372.75, a 328.57% growth compared to the third quarter[26]. - The company reported a net loss attributable to shareholders of CNY 434.51 million, a reduction in loss of 63.15% compared to the previous year[76]. - The company achieved total revenue of CNY 458.93 million in 2020, representing a year-on-year growth of 3.38%[76]. - The revenue from terminal intelligent processor IP decreased by 82.96% to CNY 11.72 million, while revenue from cloud intelligent chips and acceleration cards increased by 9.34% to CNY 86.25 million[78]. Research and Development - Research and development expenses increased by 10%, totaling 300 million, to support innovation in AI technologies[12]. - The company achieved a total R&D investment of ¥768,280,263.58, representing a 41.48% increase compared to the previous year[56]. - The R&D investment accounted for 167.41% of the operating revenue, up from 122.32% in the previous year, indicating a significant increase in R&D focus[56]. - The company focuses on the research and development of artificial intelligence chips, providing core processing chips for various applications including cloud servers and edge computing devices[31]. - The company has developed a unified software platform, Cambricon Neuware, which enhances the development efficiency and deployment speed of AI applications across different hardware platforms[37]. - The company has launched the SiYuan 290 cloud intelligent chip, which integrates 46 billion transistors and supports AI training and inference tasks[53]. - The company has developed a cloud-edge-end integrated development environment to improve cross-platform development efficiency and deployment speed[53]. Market Expansion and Strategy - The company is expanding its market presence in Europe, targeting a 15% market share by the end of 2022[12]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of the next fiscal year[17]. - The company plans to enhance its market presence through strategic partnerships and potential acquisitions in the future[1]. - The company aims to establish a new ecosystem integrating cloud, edge, and terminal solutions, enhancing its competitive edge in the AI chip market[43]. - The company is actively exploring new cooperation opportunities and enhancing its developer ecosystem, which has gained significant recognition in the industry[68]. Corporate Governance - The company received a standard unqualified audit report from Tianjian Accounting Firm[4]. - The board of directors and senior management confirmed the accuracy and completeness of the financial report[3]. - There are no non-operating fund occupations by controlling shareholders or related parties[7]. - The company has not violated decision-making procedures for external guarantees[7]. - The company has no special arrangements for corporate governance[6]. - The company successfully listed on the Sci-Tech Innovation Board on July 20, 2020, enhancing its corporate governance and investor relations[68]. Risks and Challenges - The report includes a risk statement regarding forward-looking statements, indicating potential investment risks[6]. - The company faces risks related to high customer concentration, with the top five customers accounting for 82.11% of total revenue in 2020[72]. - The company faces risks related to high supplier concentration and potential exchange rate fluctuations due to its reliance on foreign procurement[75]. - The company is committed to continuous R&D investment, which has led to sustained losses, indicating potential risks in achieving profitability in the near future[70]. Shareholder and Dividend Policies - The company reported no cash dividends for the fiscal year 2020 and will not increase capital reserves or issue bonus shares[5]. - The cash dividend policy stipulates that if the company achieves distributable profits, it will prioritize cash dividends, aiming for a minimum of 30% of the average annual distributable profits over three consecutive years[109]. - The company has not achieved profitability in 2020 and therefore will not distribute profits or implement cash dividends for the year[108]. - No dividends were distributed in the years 2018, 2019, and 2020, with a dividend payout ratio of 0% for each year[110]. Intellectual Property and Innovation - The company has filed 555 new patent applications during the reporting period, including 538 invention patents, enhancing its intellectual property portfolio[55]. - The company has achieved a total of 125 patents in intelligent processor microarchitecture, with 22 patents granted overseas, indicating a strong position in this technology area[47]. - The company has developed three generations of commercial intelligent processor instruction sets, forming a complete and flexible patent portfolio in this area[47]. - The company has established a comprehensive knowledge property layout, with a total of 332 authorized patents, ensuring protection for its core technologies[55]. Financial Management - The company’s investment activities generated a net cash flow of CNY 872.16 million, a significant improvement compared to the previous year[77]. - The company’s operating cash flow net amount was negative CNY 132.15 million, an improvement from negative CNY 201.80 million in the previous year[77]. - Cash and cash equivalents at the end of the period reached ¥4,875,288,355.88, accounting for 66.70% of total assets, a significant increase of 1,171.90% compared to the previous period[93]. - The company has engaged in various structured deposit agreements with banks, with amounts including 200 million CNY and 500 million CNY, yielding annualized returns between 1.4% and 3.2%[159]. Employee and Talent Management - The number of R&D personnel increased to 978, accounting for 77.13% of the total workforce[61]. - Average salary for R&D personnel rose to CNY 452,674.35, compared to CNY 416,505.62 in the previous period[61]. - The company plans to strengthen its technical team and increase R&D investment to enhance product quality and maintain competitive advantage in the industry[132]. Compliance and Regulatory Matters - The company has confirmed that all financial activities have followed legal procedures and regulations[159]. - The company will comply with all relevant laws and regulations regarding the transfer of shares held by major shareholders and actual controllers[115]. - The company will ensure that any share reduction plans are publicly announced in a timely manner[115].