Sou Hu Cai Jing·2025-08-28 06:50Core Viewpoint - The recent stock price competition between chip giant Cambricon (688256.SH) and liquor leader Kweichow Moutai (600519.SH) highlights the volatility and potential of the A-share market, with Cambricon briefly surpassing Moutai to become the "new king" of A-shares before experiencing a price adjustment [1][2]. Group 1: Cambricon's Performance - Cambricon's stock price surged to 1464.98 CNY per share on August 27, 2023, driven by a remarkable revenue growth of 4347.82% year-on-year, reaching 2.881 billion CNY in the first half of 2025 [1]. - The company reported a net profit of 1.038 billion CNY, marking a turnaround from previous losses, with a net profit of 355 million CNY in Q1 2025 [1]. - Market expectations for domestic substitution and self-reliance in technology have bolstered Cambricon's stock, with Goldman Sachs raising its target price to 1835 CNY and significantly increasing profit forecasts for 2025 to 2027 [1]. Group 2: Historical Context and Challenges - Historically, companies that have challenged Moutai's "king" status often faced significant declines after initial surges, with past examples like Stone Technology and Aimeike seeing their stock prices drop to between 113 CNY and 208 CNY from previous highs [2]. - The phenomenon known as the "Moutai curse" is attributed to factors such as share dilution from high stock splits and the inability to sustain high valuations post-speculation [2]. - Despite Cambricon's explosive growth, its dynamic price-to-earnings ratio stands at 343, significantly higher than the industry median of 73.92, raising concerns about the sustainability of its profitability [5].