Cambricon(SH:688256) Xin Lang Cai Jing·2025-08-28 12:38Core Viewpoint - The company reported significant growth in its financial performance for the first half of 2025, driven by the expansion of its smart chip product line and improved operational efficiency. Financial Performance - In H1 2025, the company achieved revenue of 2.881 billion yuan, a year-on-year increase of 4347.82% [1][2] - The net profit attributable to shareholders reached 1.038 billion yuan, up 295.82% year-on-year [1][2] - The net profit after deducting non-recurring items was 913 million yuan, reflecting a 249.88% increase year-on-year [1][2] - Operating cash flow was 911 million yuan, compared to a negative 631 million yuan in the same period last year [1][2] Q2 Performance - In Q2 2025, revenue was 1.769 billion yuan, a year-on-year increase of 4425.01% [2] - The net profit attributable to shareholders for Q2 was 683 million yuan, up 324.97% year-on-year [2] - The net profit after deducting non-recurring items for Q2 was 637 million yuan, reflecting a 283.07% increase year-on-year [2] - The gross margin for H1 2025 was 55.93%, a decrease of 6.79 percentage points year-on-year [2] - The net profit margin for H1 2025 was 36.02%, turning positive from a negative figure [2] Inventory and Contract Liabilities - As of H1 2025, inventory stood at 2.690 billion yuan, an increase of 2.455 billion yuan year-on-year [3] - Prepayments were 828 million yuan, up 277 million yuan year-on-year [3] - Contract liabilities reached 543 million yuan, reflecting a year-on-year increase of 543 million yuan [3] - The company reported sales cash receipts of 4.035 billion yuan, significantly exceeding the revenue of 2.881 billion yuan for the same period [3] R&D Investment - In H1 2025, the company invested 456 million yuan in R&D, a year-on-year increase of 2.01% [4] - The R&D team comprised 792 employees, accounting for 77.95% of the total workforce [4] - The company is focusing on technological innovation and product development in collaboration with leading enterprises in various fields [4] Product Development - The company is developing a new generation of smart processors aimed at optimizing performance in natural language processing and image generation [4] - The training software platform has been updated to enhance compatibility and performance for various model series [5] - The inference software platform has significantly improved communication latency and efficiency, enhancing performance in large language model inference [5] Future Outlook - The company is expected to benefit from its competitive advantage in the domestic market, particularly following NVIDIA's cessation of H20 production [5] - Revenue projections for 2025-2027 are 8.524 billion, 22.319 billion, and 32.136 billion yuan, respectively, with net profits of 3.386 billion, 9.619 billion, and 13.704 billion yuan [5]