Sou Hu Cai Jing·2025-08-27 14:27Core Viewpoint - The stock price of Cambricon, known as the "first AI chip stock," surpassed Kweichow Moutai, reaching a peak of 1464.98 yuan per share, marking it as the new "king of stocks" in the market [2][3]. 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%, and a net profit of 1.038 billion yuan, indicating a turnaround from losses [3][4]. - The company achieved a gross margin of 55.93%, reflecting strong profitability, and its net cash flow from operating activities turned positive at 911 million yuan, compared to a negative 631 million yuan in the same period last year [8]. Market Dynamics - The surge in Cambricon's stock price is attributed to the increasing demand for AI computing power, particularly due to collaborations with leading companies in the large model and internet sectors [5][8]. - The acceleration of domestic AI chip replacement processes, coupled with security concerns over foreign AI chips, has heightened market expectations for domestic computing power chips [8]. Industry Context - The semiconductor sector has seen a significant influx of capital, with the establishment of the National Integrated Circuit Industry Investment Fund, which has a registered capital of 344 billion yuan [12]. - The A-share market is witnessing a shift from traditional sectors like finance and real estate to technology stocks, with Cambricon's rise symbolizing this transformation [12][14]. Shareholder Impact - Cambricon's founder, Chen Tian Shi, has become a significant beneficiary of the stock price surge, with his net worth reaching approximately 199.6 billion yuan based on the company's market capitalization of 556 billion yuan as of August 26 [9].