Cambricon(SH:688256) 半导体芯闻·2025-09-01 10:27Core Viewpoint - Alibaba Cloud denied the rumor of purchasing 150,000 GPUs from Cambricon, which led to a significant drop in Cambricon's stock price by 6.96% to 1388.60 CNY per share [2][3]. Summary by Sections Company Response - Alibaba Cloud confirmed its support for domestic supply chains but stated that the claim regarding the large GPU order from Cambricon was false [2]. Stock Market Reaction - Following the denial of the GPU purchase, Cambricon's stock experienced a rapid decline, with a reported drop of 6.96% [2][3]. Financial Performance - In the first half of 2025, Cambricon reported a revenue of 2.881 billion CNY, a staggering year-on-year increase of 4347.82%, and a net profit of 1.038 billion CNY, recovering from a loss of 533 million CNY in the previous year [3][4]. - The net cash flow from operating activities improved significantly to 911 million CNY, compared to a negative 631 million CNY in the same period last year [3]. Research and Development - Cambricon's R&D expenses for the first half of 2025 were 456 million CNY, reflecting a year-on-year increase of 2.01%. However, the proportion of R&D expenses to revenue dropped dramatically from 690.92% to 15.85% [4]. Profitability and Market Conditions - The company indicated that its gross margin could fluctuate due to various factors, including product pricing, raw material costs, production processes, and market competition [5]. - Cambricon highlighted the potential for stock price volatility due to recent gains and warned investors about misleading information circulating online regarding new products and orders [5].