Cambricon(SH:688256) Feng Huang Wang·2025-09-18 22:25Core Viewpoint - The company presented a strong vision for future technology development, particularly focusing on "large models," while avoiding direct answers to critical questions regarding major clients and the sustainability of its performance [1][2]. Group 1: Company Performance - In the first half of the year, the company achieved a revenue of 2.881 billion yuan, representing a year-on-year increase of 4347.82% [5]. - The net profit attributable to shareholders reached 1.038 billion yuan, marking the first half-year profit for the company [5]. Group 2: Client and Market Concerns - The company did not disclose the identities of its major clients, only stating that its products are being deployed at scale in key industries such as telecommunications, finance, and the internet [3][4]. - There is speculation about whether ByteDance is one of its major clients, but the company has not confirmed this [4]. Group 3: Technology and Competition - The company is focusing on optimizing its next-generation intelligent processors for various applications, including natural language processing and video image generation [1]. - According to IDC data, the company’s AI chip shipment in 2024 is projected to be 26,000 units, capturing 4% of the domestic AI chip market, which lags behind competitors like Huawei and Baidu [6]. - The company is pursuing a new round of financing, aiming to raise up to 3.985 billion yuan for projects related to chips and software platforms for large models [7]. Group 4: Market Sentiment - The company's stock price closed at 1420.99 yuan per share on September 18, reflecting a staggering cumulative increase of 952.9% over the past two years [7].