40亿元“弹药”将至，寒武纪定增方案获上交所审核通过，加码AI核心赛道

Core Viewpoint - Cambricon, a leading AI chip design company in China, has successfully passed a key financing plan, raising nearly 4 billion RMB for its AI model chip and software development [1][3]. Financing and Strategic Moves - The company’s A-share stock issuance application has received approval from the Shanghai Stock Exchange, confirming compliance with issuance, listing, and information disclosure requirements [1]. - The total amount to be raised from the financing plan is capped at 39.85 billion RMB, which is a reduction from the initial proposal [1]. - The funds will primarily be allocated to chip and software platform projects aimed at large models, along with some working capital, indicating a clear strategic focus on the core areas of AI technology development [1][3]. Market Context and Demand - The financing progress coincides with a surge in demand for domestic computing power, leading to a significant increase in Cambricon's stock price, which reached a historical high of 985 RMB [1]. - The establishment of a new subsidiary in Hohhot, focusing on integrated circuit chip design and services, aligns with the company's recent strategic direction [3]. Infrastructure Development - Hohhot is a key hub for the national "East Data West Computing" project, with a total computing power scale exceeding 100,000 P and a total load capacity of 554 MW, expected to reach 1,100 MW by the end of 2025 [4]. - A collaborative project involving Cambricon and other entities has initiated the first national green computing and electricity coordination base in Hohhot, which includes data center clusters and chip testing laboratories [4]. Financial Performance and Market Sentiment - Cambricon's financial performance has significantly improved, with a reported revenue increase of over 42 times year-on-year in Q1 2025, marking its first positive quarterly net profit [5]. - Several brokerages have raised their profit forecasts for Cambricon, with estimates for 2025 net profit reaching up to 18.3 billion RMB [5]. - As of August 15, Cambricon's stock closed at 923.7 RMB per share, with a total market capitalization of 386.4 billion RMB [6].