Cambricon(SH:688256) 财联社·2025-09-18 14:06Core Viewpoint - The article highlights a stark contrast between the ambitious technological plans of Cambrian (688256.SH) and the management's avoidance of key questions regarding major clients, sustainability of performance, and core competitiveness during the 2025 semi-annual performance briefing [1][2]. Group 1: Future Technology Direction - Cambrian's management focused on future technology layouts, particularly on "large models" and the development of next-generation high-end training chips, aiming to enhance product competitiveness through iterative optimization of microarchitecture and instruction sets [2]. - The company has established an open developer community to attract developers and facilitate the migration of existing models to Cambrian's products, aiming to create a comprehensive open service capability from model development to application deployment [2]. Group 2: Key Client Concerns - Investors raised concerns about the identity of Cambrian's major clients, with management only indicating that products are being deployed at scale in key industries such as telecommunications, finance, and the internet, without disclosing specific client names [3][4]. - Cambrian has historically been secretive about its major clients, only revealing limited information in past annual reports [4]. Group 3: Performance Sustainability - Cambrian reported a significant revenue increase of 28.81 billion yuan, a year-on-year growth of 4347.82%, and a net profit of 10.38 billion yuan for the first half of the year, marking its first half-year profit [5]. - Despite this explosive growth, management did not provide a clear outlook on maintaining current profitability levels, emphasizing a focus on technological innovation and market expansion instead [5]. Group 4: Competitive Positioning - The article discusses the competitive landscape of the AI chip industry, noting that Cambrian's market share is 4% with an output of 26,000 AI chips in 2024, lagging behind competitors like Huawei and Baidu [7]. - Cambrian's management emphasized a commitment to independent research and technological foresight to maintain market competitiveness, but did not provide specific comparisons with competitors' products or technical metrics [7]. Group 5: Financing and Market Performance - Cambrian is in the process of raising funds, with a plan to issue shares to specific investors to raise up to 39.85 billion yuan, primarily for projects related to chips and software platforms for large models [7]. - The company's stock price has seen a dramatic increase, closing at 1420.99 yuan per share on September 18, reflecting a cumulative increase of 952.9% over two years [7].