寒王大动作！拟使用27亿资本公积金弥补亏损

Core Viewpoint - The article discusses the announcement by AI chip manufacturer Cambricon to use 2.778 billion yuan from its capital reserve to offset accumulated losses, a move permitted under the new Company Law effective from July 1, 2024, which allows companies to use specific capital reserves for loss compensation [1][4]. Financial Operations - Cambricon plans to use 2.778 billion yuan from its capital reserve to cover its accumulated losses, with the aim of bringing its negative retained earnings to zero by the end of 2024 [1]. - As of December 31, 2024, the company's financial report indicates accumulated retained earnings of -2.778 billion yuan and a capital reserve balance of 9.625 billion yuan [1]. Market Reactions and Expert Opinions - Market analysts express interest in the implications and risks of such capital reserve operations. Industry expert Wang Jiyue notes that this method does not materially affect the company's net assets or cash flow, thus posing no risk to normal operations [5]. - Angel investor and AI expert Guo Tao emphasizes that this is an internal accounting adjustment, primarily aimed at helping profitable companies with negative retained earnings to meet conditions for dividends and refinancing [5]. Business Performance and Market Outlook - Cambricon's products are reportedly performing well in specific AI scenarios, such as large model training and inference, intelligent vision, and voice processing, which may lead to a continuous increase in orders [6]. - The company has seen significant revenue growth, with a reported revenue of 4.607 billion yuan for the first three quarters of 2025, a year-on-year increase of 2386.38%, and a net profit of 1.605 billion yuan, compared to a loss of 724.5 million yuan in the same period last year [7]. - The company maintains a strong focus on R&D, with increased actual investment despite a decrease in the proportion of R&D spending relative to revenue [7]. Stock Market Performance - As of December 15, Cambricon's stock closed down 0.9% at 1331.9 yuan per share, with a total market capitalization of 561.6 billion yuan [8]. - Cambricon has the highest closing price among stocks on the Sci-Tech Innovation Board, followed by other companies like Moole and Yuanjie Technology [9].