Cambricon(SH:688256) Ju Chao Zi Xun·2025-07-18 00:57Core Viewpoint - Cambrian is adjusting its A-share issuance plan for 2025, aiming to raise up to 3.985 billion yuan to support projects related to large model chip platforms and software platforms, as well as to supplement working capital [1][2] Group 1: Fundraising and Investment Plans - The company plans to issue no more than 20.9175 million shares, with total fundraising not exceeding 3.985 billion yuan [1] - The raised funds will primarily be used for projects focused on large model chip platforms and software platforms, as well as to enhance liquidity [1] Group 2: Market Context and Strategic Importance - The rapid development of large models is driving unprecedented growth in the intelligent computing market, creating significant opportunities [1] - Cambrian aims to address the innovative demands for intelligent chips driven by the evolution of large model technologies, focusing on breakthroughs in intelligent processor technology [1][2] - The company will also establish an advanced packaging technology platform to support differentiated product packaging needs across various scenarios [1] Group 3: Competitive Position and Industry Impact - Cambrian has quickly achieved technological industrialization since its establishment in 2016, creating a comprehensive product matrix covering cloud, edge, and terminal intelligent chips [2] - The company has gained recognition in various vertical industries, including telecommunications, finance, and the internet, through deep collaborations with large model enterprises [2] - With the explosion of large models like ChatGPT, global AI computing power demand is experiencing exponential growth, marking a golden development period for high-end intelligent chips [2] - If the fundraising is successfully implemented, it will significantly enhance Cambrian's core competitiveness in the era of large models and inject strong momentum into the development of the domestic AI chip ecosystem [2]