股价3年狂飙22倍，寒武纪紧急发声：存在脱离基本面风险

Core Viewpoint - The company, Cambrian, has issued a significant risk warning regarding its stock price, which has surged dramatically, indicating a potential disconnect from its current fundamentals [1][7]. Group 1: Stock Performance - Cambrian's stock price has increased by 133.86% from July 28, 2025, to August 28, 2025, significantly outperforming most peers and major indices [1]. - The stock price has risen 15.73% on August 28, 2025, closing at 1587.91 CNY per share, making it the highest in the A-share market, surpassing Kweichow Moutai [2]. - Over the past three years, Cambrian's stock has skyrocketed by 22 times, with a total increase of 2288.75% from August 26, 2022, to August 27, 2025 [4]. Group 2: Revenue and Financials - Cambrian expects to achieve an annual revenue of 5 billion to 7 billion CNY for the year 2025 [1]. - The company reported a revenue growth of over 43 times year-on-year, indicating a strong financial performance [2]. Group 3: Market Position and Investor Sentiment - Cambrian is benefiting from the "domestic substitution" trend, focusing on the large model computing power sector and cloud intelligent chips [5]. - The company has been included in several major indices, such as CSI 300 and SSE 50, which has contributed to its rising stock price [5]. - Significant investments from prominent investors, such as Zhang Jianping, who holds over 608,630 shares, reflect confidence in Cambrian's fundamentals [5]. Group 4: Risks and Concerns - Cambrian has highlighted risks related to its supply chain stability due to being placed on the U.S. "entity list," which may adversely affect its operational performance [1]. - The company faces high inventory pressure, with a stock balance of 2.69 billion CNY as of mid-2025, a 51.64% increase from the previous year [7]. - Customer concentration risk is evident, with the top five clients accounting for 85.31% of accounts receivable, and a significant portion of these receivables has been provisioned for bad debts [7]. - Cambrian's dynamic price-to-earnings ratio reached 595 times, significantly higher than the semiconductor industry median of 137 times, indicating potential valuation concerns [7].