Cambricon(688256)2023-04-28 16:00Financial Performance - The company has not achieved profitability as of December 31, 2022, and has accumulated losses due to increased R&D investments to maintain a competitive edge in the smart chip market [3]. - The company reported a significant increase in revenue, reaching 300 million, a 15% increase compared to the previous year [12]. - The company's operating revenue for 2022 was ¥729,034,623.05, representing a year-on-year increase of 1.11% compared to ¥721,045,278.97 in 2021 [20]. - The net loss attributable to shareholders for 2022 was ¥1,256,562,522.00, an increase in loss of ¥431,613,100.00 compared to the previous year [21]. - The company reported a total revenue of 1.5 billion in 2022, representing a year-over-year growth of 15% [126]. - The company provided guidance for the next fiscal year, projecting revenue growth of 25% and aiming for 1.875 billion [121]. Research and Development - R&D expenses significantly increased compared to the previous year, including personnel costs, wafer costs, and depreciation of R&D equipment [3]. - The company invested 50 million in R&D for new technologies, focusing on edge computing and IoT solutions [12]. - The total R&D investment for the year was approximately ¥1.52 billion, representing a 34.11% increase from the previous year's ¥1.14 billion [60]. - R&D expenses accounted for 208.92% of operating revenue, an increase of 51.41 percentage points compared to the previous year [60]. - The company plans to continue increasing R&D investment to maintain a competitive edge in the market [24]. - The company plans to continue R&D investments to maintain technological advancement and market competitiveness, which may significantly impact operating results [73]. Market Expansion and Strategy - The company plans to continue expanding market share and accelerating the implementation of its technology innovations [3]. - The company is expanding its market presence in Europe, targeting a 15% market share by the end of the next fiscal year [12]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share within the next two years [121]. - The company aims to enhance market share and accelerate scene implementation while focusing on technological innovation and brand building [68]. - The company plans to leverage the "East Data West Computing" initiative to expand its intelligent computing cluster system business [72]. Product Development and Launches - New product launches included an AI chip that achieved 10 TOPS performance, enhancing processing capabilities for machine learning applications [12]. - The company launched new AI acceleration cards, MLU370-X8 and MLU370-M8, providing training performance of 24 TFLOPS and 32 TFLOPS respectively [33]. - The company has successfully completed compatibility adaptations for its SiYuan 370 chip with several leading internet companies, entering the mass sales phase [35]. - New product launches are expected to contribute an additional 200 million in revenue, with a focus on AI-driven technologies [122]. Financial Management and Cash Flow - The company maintains a good cash flow position to support ongoing R&D and daily operations in the near future [3]. - The net cash flow from operating activities decreased by ¥456,720,900.00, primarily due to increased personnel expenses and procurement costs [25]. - The company reported a net cash flow from operating activities of RMB 172.22 million in the fourth quarter, contrasting with negative cash flows in the previous three quarters [27]. - The company’s operating cash flow for the period was a net outflow of CNY 1,329,861.09 million, compared to a net outflow of CNY 873,140.20 million in the previous year [77]. Governance and Shareholder Relations - The board of directors has approved the profit distribution plan, which is pending approval from the shareholders' meeting [6]. - The company has established a fair and transparent performance evaluation mechanism for its board and management, linking compensation to company performance [112]. - The company emphasizes the protection of minority investors' rights, ensuring separate voting for significant matters that may affect their interests [183]. - The company has not faced any penalties from securities regulatory authorities in the past three years [131]. Environmental and Social Responsibility - The company has established a green management philosophy, implementing energy-saving measures and waste classification to enhance energy efficiency [168]. - The company has actively participated in social responsibility initiatives, including providing employment opportunities for people with disabilities [180]. - The company does not belong to high-pollution industries and has no significant environmental pollution activities [165]. Talent and Workforce - The company has a strong talent pool, with 79.49% of employees in R&D roles and 77.18% of R&D personnel holding master's degrees or higher [67]. - The company emphasizes employee training and development, offering various training programs to enhance skills and knowledge [150]. - The company has a total of 55 employees with doctoral degrees, showcasing a highly educated workforce [148].