寒武纪疑团未解，陈天石避答关键问题

Core Viewpoint - The company, Cambrian, has gained significant market attention following a strong stock performance and a recent earnings call, although management's responses to investor inquiries were vague and non-specific [2][3]. Group 1: Financial Performance - Cambrian reported a revenue of 28.81 billion yuan for the first half of 2025, marking a year-on-year increase of 4347.82% [7]. - The net profit attributable to shareholders reached 10.38 billion yuan, a turnaround from a loss of 5.3 billion yuan in the same period last year [7]. - The company's "contract liabilities" surged from 1.42 million yuan at the end of Q1 2025 to 543 million yuan by the end of Q2 2025, indicating a growth of over 380 times within a single quarter, which is seen as a potential driver for future performance [7]. Group 2: Customer Concentration - The company has a high customer concentration, with the top five clients accounting for 84.94%, 92.36%, and 94.63% of total revenue over the past three years [6]. - In 2024, the largest customer contributed 9.3 billion yuan, representing 79.15% of Cambrian's total annual sales [7]. - Despite inquiries, the company has not disclosed the identities of its major clients, maintaining a level of confidentiality around its customer base [3][4]. Group 3: Inventory and Market Strategy - Cambrian's inventory reached 26.9 billion yuan, a 51.64% increase compared to the same period last year, attributed to an increase in finished goods and preparations for market demand [8]. - The company plans to raise nearly 4 billion yuan through a private placement, with approximately 2.05 billion yuan allocated to a chip platform project and about 1.45 billion yuan for a software platform project aimed at large models [8]. - The management emphasized a focus on technological innovation and market expansion to sustain growth [7].