寒武纪：严正声明

Core Viewpoint - The article discusses the recent significant drop in the stock price of Cambrian, a company focused on artificial intelligence chip development, and highlights its financial performance and projections for 2025 [2][3]. Group 1: Company Performance - Cambrian's stock price fell by over 14% on February 3, closing down 9.18% at 1128 CNY per share, resulting in a total market capitalization of 475.66 billion CNY [2]. - The company forecasts its 2025 revenue to be between 6 billion to 7 billion CNY, representing a year-on-year growth of 410.87% to 496.02%, with a projected net profit of 1.85 billion to 2.15 billion CNY, marking a turnaround from previous losses [2]. - In 2024, Cambrian reported a revenue of 1.174 billion CNY, with a net loss of 0.452 billion CNY [2]. Group 2: Research and Development - Cambrian has maintained a strong focus on research and development, with R&D expenses reaching 0.843 billion CNY in the first three quarters of 2025, contributing to a total of 6.604 billion CNY since its IPO [2]. - The company has been recognized in the market as a domestic equivalent to Nvidia, emphasizing its role in the AI chip sector [2]. Group 3: Historical Financial Growth - Since its listing, Cambrian's revenue has increased nearly 15 times from 0.444 billion CNY prior to its IPO in 2020 [3]. - The stock price has also seen substantial growth, rising from an initial price of 64.39 CNY per share to 1258.89 CNY per share as of January 30, reflecting an approximate increase of 18 times [3].