前高管索赔42亿 寒武纪应诉底气来自哪里？2025年业绩与市值双高显发展韧性

Core Viewpoint - The lawsuit filed by former executive Liang Jun against Cambricon Technologies seeks to confirm an employment relationship and claims compensation for stock incentive losses amounting to 4.287 billion yuan, but legal experts suggest that the claims lack contractual basis and are unlikely to succeed [1][2][3]. Group 1: Legal Context - Liang Jun's core demands include recognition of an employment relationship from October 18, 2017, to February 10, 2022, and compensation for stock incentive losses [1]. - Legal experts assert that Liang Jun's claims are unsupported by the contractual agreements, particularly due to the signing of the "Equity Incentive Plan" which supersedes the "Letter of Intent" [2][3]. - Previous arbitration rulings have indicated that Liang Jun must adhere to the terms of the "Equity Incentive Plan" regarding stock incentives, which complicates his current claims [3]. Group 2: Financial Implications - The lawsuit is not expected to have a direct financial impact on Cambricon, as the stock incentive rights are tied to a partnership structure rather than direct ownership of shares [5]. - Liang Jun indirectly held approximately 11.52 million shares before leaving the company, with a calculated market value of 4.287 billion yuan based on stock prices [6]. - Cambricon's stock price has significantly increased from 78.92 yuan to 1375 yuan since Liang Jun's departure, representing a 16.42-fold increase in the value of his equity [6]. Group 3: Company Performance - Cambricon has reported substantial revenue growth, achieving 1.727 billion yuan in Q3, a year-on-year increase of 1332.52%, and a total of 4.607 billion yuan for the first three quarters, up 2386.38% [6]. - The company anticipates annual revenues between 5 billion yuan and 7 billion yuan for 2025, indicating strong growth prospects [6]. - As a leading domestic chip manufacturer, Cambricon's resilience is expected to improve due to enhanced supply capabilities and ongoing capital actions [7].