中国基金报·2025-08-31 13:22Core Viewpoint - In the first half of 2025, three major domestic chip design companies in China are reaching significant milestones, with Haiguang Information aiming to build a platform-based "computing aircraft carrier," Cambrian achieving breakthroughs in commercialization, and Longxin Zhongke entering a new growth cycle despite ongoing losses [2]. Cambrian Technology - Cambrian achieved a revenue of 2.881 billion yuan in the first half of 2025, a year-on-year increase of 4347.82%, and a net profit of 1.038 billion yuan, marking a turnaround to profitability [4]. - The company reported a quarterly revenue growth from Q4 2024 to Q2 2025, with revenues of 989 million yuan, 1.111 billion yuan, and 1.769 billion yuan, and net profits of 272 million yuan, 356 million yuan, and 683 million yuan respectively [4]. - Cambrian's cash flow from operating activities in Q2 2025 was 2.311 billion yuan, a significant increase from -1.399 billion yuan in Q1 2025, indicating a positive trend in key financial metrics [4]. - The company's products have been widely recognized and deployed in various industries, achieving large-scale commercialization [5]. - East China Securities raised Cambrian's 2025 net profit forecast from 1.595 billion yuan to 3.056 billion yuan, an increase of approximately 92% [5]. Haiguang Information - Haiguang Information reported a revenue of 5.464 billion yuan in the first half of 2025, a year-on-year increase of 45.21%, and a net profit of 1.201 billion yuan, up 40.78% [7]. - The company is undergoing a merger with Zhongke Shuguang, aiming to create a comprehensive domestic computing giant covering chip design, server, storage systems, data center infrastructure, and cloud computing services [8]. - The successful completion of this merger is expected to enhance Haiguang's position in the computing industry and strengthen its ecosystem [8]. Longxin Zhongke - Longxin Zhongke achieved a revenue of 244 million yuan in the first half of 2025, a year-on-year increase of 10.9%, with chip product revenue of 202 million yuan, up 23.6% [10]. - Despite revenue growth, the company reported a net loss of 295 million yuan, a decline of 23.66% year-on-year, due to high R&D expenditures [10]. - Longxin is transitioning from a focus on product development to market sales, with new CPU products nearing market readiness [11]. - The company faces intense competition from domestic and international CPU manufacturers, which poses challenges for achieving scalable revenue and profitability [11].