Cambricon(SH:688256) Chang Jiang Shang Bao·2025-07-21 23:03Core Viewpoint - The chip company Cambricon (688256.SH) has adjusted its private placement plan, reducing the total fundraising cap from 4.98 billion yuan to 3.985 billion yuan, a decrease of 995 million yuan or 20% [1][2]. Fundraising Allocation - The adjusted fundraising will allocate approximately 2.054 billion yuan for the large model chip platform project, 1.452 billion yuan for the large model software platform project, and 479 million yuan for working capital [2]. - The initial plan included 2.9 billion yuan for the chip platform project, 1.6 billion yuan for the software platform project, and 480 million yuan for working capital [2]. Financial Performance - In Q1 2025, Cambricon achieved revenue of 1.111 billion yuan, a year-on-year increase of 4230.22%, and a net profit of 355 million yuan, marking a significant turnaround from previous losses [1][4]. - The company reported a revenue of 1.174 billion yuan in 2024, a growth of 65.56%, and reached a profitability milestone in Q4 2024 with a revenue of 989 million yuan and a net profit of 272 million yuan [4][5]. R&D Investment - Cambricon has consistently invested in R&D, with total expenditures from 2020 to 2024 exceeding annual revenues, amounting to 5.761 billion yuan over five years [5]. - In Q1 2025, R&D investment was 273 million yuan, representing 24.57% of total revenue, and showing a year-on-year increase of 38.33% [5]. Market Position and Strategy - The company aims to enhance its competitive edge in the smart chip market by developing competitive products and adapting to new technology trends in large models [3]. - The global AI computing demand is projected to grow, with the AI server market expected to reach approximately 158.7 billion dollars in 2025 and 222.7 billion dollars by 2028 [2].