寒武纪回应存货和预付款为何激增

Core Viewpoint - Cambricon, known as the "first AI chip stock," has reported consecutive profitable quarters, with significant increases in inventory and prepayments, raising concerns about future sales performance and cash flow management [2][3][5]. Group 1: Financial Performance - Cambricon achieved a net profit of 2.72 billion yuan in Q4 2024, marking its first quarterly profit, followed by a profit of 3.55 billion yuan in Q1 2025 [3]. - From 2020 to 2024, Cambricon's cumulative revenue was 2.618 billion yuan, with cumulative losses reaching 3.816 billion yuan [3]. Group 2: Inventory and Prepayments - By Q1 2025, Cambricon's inventory surged to 2.755 billion yuan, the highest level in its history, up from 235 million yuan in the first half of 2024 and 1.015 billion yuan by Q3 2024 [3][4]. - Prepayments also reached a record high of 973 million yuan by the end of Q1 2025, attributed to increased advance payments to suppliers [4][5]. Group 3: Research and Development - Cambricon has consistently invested over 1 billion yuan annually in R&D from 2020 to 2024, totaling 5.617 billion yuan, significantly exceeding its revenue during the same period [7]. - The company plans to continue enhancing R&D investments to extend its chip products into large models and vertical industry applications [8]. Group 4: Financing and Cash Flow - Cambricon announced a refinancing plan to raise up to 4.98 billion yuan, with 4.8 billion yuan allocated for working capital and 29 billion yuan for large model chip platform projects [8][9]. - The company's operating cash flow was negative, with a net cash flow of -1.618 billion yuan for the entire year of 2024 and -1.399 billion yuan in Q1 2025 [6].