寒武纪最新业绩公布，营收暴增超43倍！“寒王”又迎历史性时刻

Core Viewpoint - Cambricon achieved significant financial milestones in the first half of 2025, reporting a revenue of 2.881 billion yuan, a year-on-year increase of 4347.82%, and a net profit attributable to shareholders of 1.038 billion yuan, marking its first half-year profitability since its IPO in 2020 [1][2]. Financial Performance - In Q4 2024, Cambricon recorded its first quarterly profit, followed by continued growth in Q1 and Q2 of 2025, with revenues of 989 million yuan, 1.111 billion yuan, and 1.769 billion yuan, respectively, and net profits of 272 million yuan, 356 million yuan, and 683 million yuan [6]. - The company attributed its revenue growth to the increasing demand for artificial intelligence computing power and its core advantages in AI chip products, enhancing collaborations with leading enterprises in cutting-edge fields [6]. Shareholder Insights - As of the end of Q2 2025, major shareholder Zhang Jianping held 6.0863 million shares, maintaining a 1.45% stake since the end of Q1 [6]. - Dongwu Securities significantly raised its profit forecasts for Cambricon for 2025 and 2026, projecting net profits of 1.31 billion yuan and 2.21 billion yuan, respectively, with a new forecast for 2027 at 3.06 billion yuan [6]. Future Projections - East China Securities forecasted Cambricon's revenues for 2025 to 2027 at 8.443 billion yuan, 16.171 billion yuan, and 25.105 billion yuan, with year-on-year growth rates of 618.91%, 91.52%, and 55.25% [7]. - Zheshang Securities also projected revenues of 7.53 billion yuan, 13.46 billion yuan, and 20.56 billion yuan for the same period, with corresponding growth rates of 541%, 79%, and 53% [7]. Market Context - The demand for domestic advanced chips is expected to rise due to the restrictions on high-end chip exports from Nvidia to China, highlighting the importance of domestic chip manufacturing capacity [7]. - Cambricon's stock price saw a significant rebound, increasing over 100% in a month, with a closing price of 1,329 yuan per share as of August 26, 2025, making it the second-highest stock in A-shares [9].