2 1 Shi Ji Jing Ji Bao Dao·2025-05-06 13:04Core Insights - The demand for AI inference is driving significant growth in the performance of domestic AI chip companies, with notable improvements in financial results for key players like Cambrian and Haiguang [1][2][11] - Cambrian has ended six consecutive years of losses, achieving profitability in Q4 2024 and continuing this trend into Q1 2025, with a substantial revenue increase [2][6] - Haiguang's performance remains stable, with a strong revenue growth driven by innovations in general computing products [11][14] Cambrian's Performance - Cambrian reported a revenue of 1.174 billion yuan in 2024, a year-on-year increase of 65.56%, and a net loss of 452 million yuan, which is a 46.69% reduction in losses compared to the previous year [2] - In Q1 2025, Cambrian's revenue surged to 1.111 billion yuan, a 40-fold increase year-on-year, although the quarter-on-quarter growth showed a decline [6] - The company achieved a net profit of 355 million yuan in Q1 2025, marking a 256.39% increase compared to a loss of 227 million yuan in the same quarter of the previous year [7] Haiguang's Stability - Haiguang achieved a revenue of 9.162 billion yuan in 2024, a 52.4% increase year-on-year, with a net profit of 1.931 billion yuan, up 52.87% [11] - In Q1 2025, Haiguang's revenue was 2.4 billion yuan, a 50.76% increase year-on-year, and a net profit of 506 million yuan, reflecting a 75.33% increase [11][14] - The growth is attributed to continuous technological innovation and an expanding market share in general computing products [11][15] Challenges in Specialized Markets - Companies focusing on specialized markets, such as Jingjiawei and Loongson Zhongke, are facing performance pressures, with Jingjiawei's revenue declining by 34.62% in 2024 [17] - Loongson Zhongke reported a slight revenue decrease of 0.28% in 2024, with a net loss of 625 million yuan, indicating challenges in building its ecosystem [20] - Both companies are attempting to transition from specialized to more general market applications to enhance growth [17][20] Industry Trends and Innovations - The rapid adaptation of AI chip manufacturers to DeepSeek's models is seen as a significant step towards internationalization and enhancing the domestic AI chip ecosystem [22][23] - The introduction of integrated computing products is gaining traction, with over a hundred models available, although there are concerns about their performance consistency [24] - Innovations in computing efficiency and transmission rates are being pursued, exemplified by Huawei's new CloudMatrix architecture, which significantly enhances resource interconnect bandwidth [26]