“寒王”定增，大赢家曝光！

Core Viewpoint - The article discusses the recent private placement by Cambricon, highlighting the issuance price, the amount raised, and the key investors involved, particularly emphasizing the significant role of GF Fund in this transaction [2][6][8]. Summary by Sections Issuance Details - Cambricon announced a private placement with an issuance price of 1195.02 yuan per share, totaling 3.3349 million shares and raising approximately 3.985 billion yuan [2][7]. - The issuance price represents a 110.51% ratio compared to the issuance floor price [6][7]. - The issuance was conducted through a competitive bidding process, with the pricing benchmark set for September 18, 2025 [7]. Key Investors - GF Fund emerged as the largest beneficiary, acquiring 1,010,861 shares for a total of approximately 1.208 billion yuan [8][9]. - Other notable investors include UBS AG and Xinhua Asset Management, with respective allocations of 364,010 shares and 351,458 shares [9]. Fund Utilization - The funds raised will be allocated to projects aimed at enhancing Cambricon's competitiveness in the large model field, including chip and software platform projects, as well as supplementing working capital [10][11]. - The total investment for the chip platform project is estimated at 290 million yuan, with 205.43 million yuan sourced from the raised funds [12]. Financial Performance - As of the second quarter of 2025, Cambricon reported total assets of 8.42 billion yuan and net assets of 6.76 billion yuan, with a significant revenue increase of 4347.82% year-on-year, amounting to 2.88 billion yuan [13][14]. - The net profit attributable to shareholders reached approximately 1.04 billion yuan, a substantial recovery from a loss of 530 million yuan in the same period the previous year [13][15].