Cambricon(SH:688256) Di Yi Cai Jing·2025-10-17 12:54Core Viewpoint - Cambricon's third-quarter net profit decreased by 17% quarter-on-quarter, despite a significant year-on-year revenue growth of 1332.52% [1][3]. Financial Performance - In Q3, Cambricon reported revenue of 1.727 billion yuan, with a year-on-year increase of 1332.52% and a net profit of 567 million yuan, marking a return to profitability [1][3]. - For the first three quarters of the year, Cambricon's revenue reached 4.607 billion yuan, up 2386.38% year-on-year, with a net profit of 1.605 billion yuan [3]. - The company has achieved profitability for four consecutive quarters [3]. - However, Q3 revenue decreased by 2.4% compared to the previous quarter, and net profit fell by 17% [3]. - As of the end of Q3, total assets increased to 12.592 billion yuan, a growth of 87.44% year-on-year, primarily due to a capital raise through a private placement of shares [3]. - Cash and cash equivalents reached 5.163 billion yuan, an increase of 4.2 billion yuan year-on-year [3]. Research and Development - R&D expenditure in Q3 was 258 million yuan, a year-on-year increase of 22.05%, but the proportion of R&D spending relative to revenue decreased to 14.95%, down 160.57 percentage points from the previous year [4]. Shareholder Information - Notable shareholder Zhang Jianping increased his stake in Cambricon by approximately 320,000 shares in Q3, bringing his total holdings to over 6.4 million shares, representing 1.53% of the total share capital [5]. Business Overview - Cambricon is a leading AI chip company in China, offering products such as cloud intelligent chips, accelerator cards, and edge products, which are utilized in cloud servers and data centers [6]. - A report from Huaxin Securities indicates that the company is expected to receive more orders as its software and hardware develop in tandem [6]. Stock Performance - Cambricon's stock price reached a peak of 1462 yuan per share in late August, making it the highest-priced stock in A-shares, but closed at 1247.68 yuan on October 17, down 2.07%, with a market capitalization of 522 billion yuan [6].