寒武纪(688256) - 2023 Q4 - 年度财报

Financial Performance - The company reported a net loss attributable to shareholders of 848.44 million yuan and a net loss of 1.04286 billion yuan after deducting non-recurring gains and losses for the reporting period [3]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in 2023, representing a 25% year-over-year growth [19]. - The company's operating revenue for 2023 was ¥709,386,584.26, a decrease of 2.70% compared to ¥729,034,623.05 in 2022 [26]. - The net profit attributable to shareholders was a loss of ¥848,440,140.99, an improvement of 32.47% from a loss of ¥1,256,353,139.85 in the previous year [26]. - The net cash flow from operating activities improved by ¥734,326,061.01, resulting in a net cash outflow of ¥595,535,023.01 for 2023 [26]. - The gross margin improved to 45%, up from 40% in the previous year, due to cost optimization strategies [19]. - The comprehensive gross margin was 69.16%, an increase of 3.40 percentage points from the previous year [68]. - The company achieved operating revenue of 709.39 million RMB, with a gross profit of 490.59 million RMB, representing a gross margin of 69.16%, an increase of 3.40 percentage points year-on-year [35]. - The net loss attributable to shareholders narrowed to 848.44 million RMB, a reduction of 327.47 million RMB or 32.47% compared to the previous year [35]. Research and Development - Research and development expenses accounted for 157.53% of the company's operating revenue during the reporting period [3]. - The company is investing 100 million in R&D for next-generation AI technologies over the next two years [19]. - Research and development expenses totaled 1.12 billion RMB, accounting for 157.53% of operating revenue, with a dedicated R&D team comprising 75.28% of total employees [35]. - The company has optimized its large model training software stack, achieving industry-leading performance and efficiency in distributed cluster pre-training, with stable operation over extended periods [36]. - The company has developed a programming language called BANG, which supports the rapid iteration of AI applications and algorithms [48]. - The company has developed a mathematical library that has been utilized in over 100 million smart terminals and server devices [48]. - The company has achieved significant performance optimizations in traditional model inference across high-frequency usage networks, maintaining industry-leading levels [36]. - The company is focusing on optimizing its next-generation intelligent processor microarchitecture and instruction set for large model training and inference, enhancing programming flexibility, usability, performance, power consumption, and area [41]. Market Strategy and Expansion - The company plans to continue expanding market share, accelerating scene implementation, and focusing on technological innovation to enhance core competitiveness [3]. - The company is expanding its market presence in Europe, targeting a 15% market share by 2025 [19]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of the next fiscal year [109]. - The company plans to enhance market expansion efforts to capture strategic opportunities in the artificial intelligence sector [70]. - The company aims to enhance its ecosystem and brand image by improving the Cambricon developer community and collaborating with universities for AI talent development in 2024 [102]. Product Development and Innovation - New product launches included an advanced AI chip, which is expected to enhance processing speed by 40% compared to previous models [19]. - A strategic acquisition of a smaller tech firm was completed, which is anticipated to contribute an additional 200 million in annual revenue [19]. - The company is actively participating in AI application scenarios across various industries, including finance and telecommunications, to drive future growth [35]. - The company has launched a smart chip compiler that optimizes the performance of AI algorithms, with 28 patents obtained for this technology [48]. - The company has developed the BangTransformer distributed inference acceleration library, significantly improving model computation efficiency for large language models, and integrated it into several open-source frameworks [36]. Financial Management and Governance - The company will not distribute cash dividends or increase capital reserves through stock issuance for the 2023 fiscal year [6]. - The company has maintained a good cash flow position, which supports ongoing R&D investments and daily operations [63]. - The company has a robust decision-making process for profit distribution, ensuring compliance with regulations and protection of minority shareholders' rights [130]. - The company has established a long-term mechanism to prevent the controlling shareholder from occupying company funds, ensuring independent operations [102]. - The company has implemented a stock incentive plan with a total of 6,500,000 shares granted under the 2023 restricted stock incentive plan, accounting for 1.56% of the total share capital [132]. Talent and Human Resources - The company has established a comprehensive talent development system, focusing on attracting high-level talent and providing various training programs to meet different employee career development needs [36]. - The company has a strong R&D team, with 75.28% of employees in R&D roles and 78.46% of R&D personnel holding master's degrees or higher [62]. - The company emphasizes employee training, offering various programs to enhance skills and promote knowledge sharing [126]. - The company has a structured approach to performance-based remuneration for senior management, which includes both base and performance pay [113]. Environmental and Social Responsibility - The company emphasizes ESG management and integrates sustainable development into its operations [143]. - The company has implemented carbon reduction measures, including promoting paperless offices and energy-saving practices [147]. - The company participated in charitable activities, donating 10,000 yuan to support various relief projects in May 2023 [152]. Shareholder Relations and Communication - The company has maintained a transparent performance evaluation and incentive mechanism for its board members and senior management, linking compensation to company performance [102]. - The company has established a mechanism for promptly addressing investor inquiries through IR phone and email channels [163]. - The company emphasizes transparency in information disclosure, adhering to relevant laws and regulations to provide accurate and complete information to investors [165]. - The company has conducted two shareholder meetings during the reporting period, allowing institutional investors to participate in important agenda discussions [167].