寒武纪(688256)：定增加码研发 步入收获之年

Group 1 - The company announced a private placement of A-shares on June 4, 2025, aimed at funding the development of a chip platform and software platform for large models, laying the foundation for continuous product iteration [1] - In Q1 2025, the company's revenue increased by 12.4% quarter-on-quarter, and net profit attributable to shareholders rose by 31%, indicating positive signs of growth [1][2] - The total amount of funds raised in this round is expected to be no more than 4.98 billion, focusing on the diverse demands of large models and enhancing the company's technological and product capabilities [2] Group 2 - The company is expected to enter a harvest year in 2025, with continued explosive growth in production capacity and widespread recognition of its products in key industries such as the internet and finance [2][3] - The company forecasts revenues of 7.53 billion, 13.46 billion, and 20.56 billion for 2025-2027, with year-on-year growth rates of 541%, 79%, and 53% respectively [3] - The estimated net profit attributable to shareholders for the same period is projected to be 1.83 billion, 2.82 billion, and 4.65 billion [3]