Sou Hu Cai Jing·2025-08-28 03:37Core Viewpoint - The competition between chip giant Cambricon (stock code: 688256.SH) and liquor giant Kweichow Moutai (stock code: 600519.SH) has intensified, with Cambricon briefly surpassing Moutai in stock price on August 27, 2023, marking a significant moment in the A-share market [1][2]. Group 1: Stock Performance - Cambricon's stock price surged from 520.67 yuan per share on July 11 to a peak of 1464.98 yuan on August 27, representing an increase of over 180% [1]. - The stock price of Kweichow Moutai remained relatively stable, fluctuating between 1496.33 yuan and 1630.32 yuan earlier in the year, with a recent closing price of 1448 yuan, indicating a slight decline [2]. - Cambricon's stock has increased nearly 30 times from its low of 54.15 yuan in January 2023 [2]. Group 2: Wealth Creation - The stock price increase of Cambricon has created significant wealth for investors, including major shareholder Zhang Jianping, whose holdings are valued at nearly 8 billion yuan, resulting in a profit of approximately 5 billion yuan [2]. - Cambricon's founder, Chen Tianshi, has also seen his wealth rise, with his stake valued at around 164 billion yuan based on the stock price on August 27 [2]. Group 3: Financial Performance - Cambricon reported a revenue of 2.881 billion yuan for the first half of 2025, a staggering year-on-year growth of 4347.82%, with a net profit of 1.038 billion yuan [3]. - The company achieved profitability for the first time in Q4 2024, with a net profit of 355 million yuan in Q1 2025 [3]. Group 4: Market Sentiment and Future Outlook - The market's optimism towards Cambricon is fueled by expectations of domestic substitution and the company's proprietary instruction set and microarchitecture, which are anticipated to benefit its long-term growth [3]. - Despite the current momentum, historical trends suggest that companies attempting to challenge Moutai's dominance often experience significant price corrections, a phenomenon referred to as the "Moutai curse" [3]. - Cambricon's dynamic price-to-earnings ratio stands at 343, significantly higher than the industry median, indicating potential overvaluation and reliance on a limited customer base [3].