寒武纪去年营收增长超400%，“牛散”章建平频频加仓

Core Viewpoint - The article highlights the significant growth of AI chip manufacturer Cambricon (寒武纪) in 2025, marking its first profitable year since its listing, with a revenue increase of 453.21% year-on-year and a net profit of 20.59 billion yuan [2]. Financial Performance - In 2025, Cambricon reported a revenue of 6.497 billion yuan, a substantial increase of 453.21% compared to the previous year [2]. - The net profit for 2025 reached 2.059 billion yuan, indicating a turnaround from losses to profitability [2]. - Despite the overall positive financial results, the net profit for the fourth quarter of 2025 saw a quarter-on-quarter decline of 19.8%, with a revenue of 1.89 billion yuan, reflecting a 9.4% increase from the previous quarter [2]. Research and Development - Cambricon invested 1.169 billion yuan in R&D in 2025, which is a 9.03% increase year-on-year [2]. - The R&D expenditure accounted for 17.99% of total revenue, although this represents a decrease of 73.31 percentage points compared to the previous year due to the much higher growth rate of revenue [2]. Shareholder Activity - Notable investor Zhang Jianping increased his holdings in Cambricon, acquiring 1.476 million shares in 2025, bringing his total to 6.814 million shares, which constitutes 1.62% of the company [3][4]. - Zhang Jianping's position as the fifth largest shareholder highlights confidence in the company's future prospects [3]. Stock Performance - Cambricon's stock price peaked at 1,462 yuan per share in August 2022, surpassing Kweichow Moutai to become the highest-priced stock in A-shares [5]. - As of March 12, 2023, the stock price was 1,099 yuan per share, resulting in a market capitalization of 463.4 billion yuan, a decline of nearly 200 billion yuan from its peak [5].