Cambricon(SH:688256) Xin Lang Cai Jing·2025-08-27 10:14Core Viewpoint - The stock price of Cambricon, the first AI chip company listed on the STAR Market, has surged significantly, reaching a market capitalization of over 600 billion yuan, driven by impressive financial results and market speculation [1][2]. Financial Performance - For the first half of 2025, Cambricon reported a revenue of 2.881 billion yuan, a staggering year-on-year increase of 4347.82% [1]. - The net profit attributable to shareholders was 1.038 billion yuan, a significant turnaround from a loss of 530 million yuan in the same period last year, with a gross margin of 55.93% [1]. - Research and development expenses for the first half of 2024 were 456 million yuan, up 2.1% year-on-year, accounting for 15.85% of total revenue [3]. Stock Market Performance - Cambricon's stock price has increased by 108% year-to-date and over 468% in the past year [2]. - The stock price reached a peak of 1464.98 yuan, surpassing that of Kweichow Moutai, before closing at 1372.1 yuan, giving it a market capitalization of 574 billion yuan [1]. Market Position and Trends - Cambricon is recognized as the only publicly listed company focusing on computing power chips in its niche, attracting significant investment due to its status as the "first stock" in the AI chip sector [6]. - The company is positioned to benefit from the increasing domestic demand for AI chips and the trend of localizing chip production, especially as Nvidia's future in the Chinese market remains uncertain [6]. Product Development - Cambricon's current products include the inference AI chips, SiYuan 270 and SiYuan 370, with plans to launch the more powerful SiYuan 590, which is reportedly in limited circulation [6]. - The company aims to compete with Nvidia's A100 GPU, which has set a benchmark in the industry [6]. Industry Context - According to IDC, the shipment of domestic AI chips in China is projected to exceed 820,000 units in 2024, with domestic chips accounting for approximately 30% of the market share [6][7]. - The top three domestic AI chip manufacturers are Huawei Ascend, Baidu Kunlun, and Cambricon, indicating a competitive landscape [7].