" 寒武纪市值是待上市公司估值的十倍以上，该如何进行合理定 价？ " 作者丨 包永刚 编辑丨 王亚峰 据了解，上述几家AI芯片上市公司， 摩尔线程估值约为255亿元，天数智芯估值未达到200亿元，另外两 家公司的估值都超过200亿元。 多轮、大额融资实际上也是几家AI芯片上市公司辅导过程中需重点解决的问题。 摩尔线程的上市辅导工作完成报告中都提到，"由于公司历经多轮融资，引入了较多外部机构投资者，获 取股东穿透核查资料的工作量较大。"沐曦集成电路的报告中提到，"辅导初期，辅导对象初步确定募集资 金主要投向和投资金额，拟根据实际情况和研发计划进一步明确具体募集资金使用安排。" 不过，两家公司都按计划完成了上市辅导工作。沐曦集成电路此前给投资人的信息是，预计2025年第二季 度提交上市申请。 但上市的定价将充满博弈。国内AI芯片公司最好的参照是在2020年成功上市的寒武纪，最近一年多寒武纪 股价持续上涨，今年1月8日，寒武纪市值首次突破3000亿元，2月份，寒武纪股价最高达到818.87元/每 股，市值超过3400亿创下纪录。不过近期寒武纪股价有所回落，6月23日收盘，其市值为2371.15亿。 过去一周，摩尔线 ...

两家AI芯片公司距离上市又近了一步。证监会网站显示，近日国产GPU厂商沐曦集成电路（上海）股 份有限公司（下称"沐曦"）的辅导工作已完成。不久前，另一家GPU厂商摩尔线程智能科技（北京）股 份有限公司（下称"摩尔线程"）的辅导状态也变更为辅导验收。 沐曦和摩尔线程分别于今年1月、去年11月启动上市辅导。还有两家AI芯片厂商去年启动了上市辅导， 分别是上海燧原科技股份有限公司（下称"燧原科技"）和上海壁仞科技股份有限公司（下称"壁仞科 技"），两家目前的辅导状态仍是"辅导备案"。 全球算力路径将逐渐演变为两条并行路线，海内外路径有所不同，今年开始业内会逐渐看到国产芯片在 推理场景的机会。 市场需求则在今年发生了明显变化。今年年初DeepSeek-R1模型走红，沐曦、壁仞科技、摩尔线程、燧 原科技等多家国产芯片公司都积极适配DeepSeek。IDC中国副总裁周震刚告诉记者，去年国内互联网公 司、电信运营商采购了大量国产算力卡，但去年国产算力资源还不是很好出售，随着今年上半年 DeepSeek应用推开，尤其是国产算力适配DeepSeek后，此前它们采购的国产算力都在今年第一季度被 DeepSeek占有了。今年需求火 ...

Core Viewpoint - 嘉楠科技 is terminating its non-core AI semiconductor business to focus on its core operations, which include Bitcoin mining machine sales, self-mining, and consumer mining products. This strategic shift is expected to significantly reduce operational costs in the coming months [1][2]. Group 1: Business Strategy - The decision to end the AI semiconductor business is primarily due to its low revenue of approximately $900,000 for FY 2024, which accounts for 15% of the company's total operational expenses, thus dragging down overall efficiency [2]. - Post-strategic adjustment, resources will be concentrated on mining equipment sales, self-mining, and consumer-grade mining machines, where the company has established a clear competitive advantage [2]. Group 2: Mining Operations - 嘉楠科技's mining business is set to launch the Avalon Q mining machine in 2025, which will be compatible with global voltage standards, and the next-generation A16 series is expected to achieve an energy efficiency ratio of 15J/TH, nearing industry-leading levels [2]. - The company has a global hash rate of 8.15 EH/s in North America, with a low average electricity cost of $0.044 per kWh, and overseas projects in Ethiopia are operating with over 95% uptime [2]. Group 3: Financial Performance - In Q4 FY 2024, 嘉楠科技 reported a 33.2% reduction in net losses and achieved positive EBITDA, indicating improved financial health [2]. - The Avalon miner series, particularly the A14 product line, saw significant revenue growth following the Bitcoin halving event in April 2024, with demand for the A15 and upcoming A16 series continuing to rise [3]. Group 4: Company Milestones - 嘉楠科技 was founded in 2013 and released the world's first blockchain computing device based on ASIC chips, marking the beginning of the ASIC era in the industry [4]. - The company underwent a name change in 2015 and achieved significant milestones in chip production, including the mass production of 28nm and 16nm chips [5][6].

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内 容来自上海证券报，作者：刘怡鹤，谢谢 。 又一家国产GPU企业顺利完成IPO辅导！日前，中国证监会网上办事服务平台信息显示，沐曦集成 电路（上海）股份有限公司（简称"沐曦股份"）IPO辅导状态已变更为"辅导工作完成"。 | | | 全国一体化在线政务服务平台 | | | 「巨容以力加力下」「《松母丁酉州Ⅲ云工人 | | --- | --- | --- | --- | --- | --- | | | | 中国证券监督管理委员会网上办事服务平台（试运行） | | | | | 公开发行辅导公示 | | 辅导对象 | 辅导机构 辅导状态 派出机构 报告类型 报告标题 | 备案时间 | | | 北京 | 天津 | 安徽拒芯半导体科技股份有 脂√■ | 安徽证监局 辅导工作完成报告 关于安徽拒芯半导... | 国泰海通证券股份有限公司 2023-11-28 辅导验收 | | | 河北 - | II | | | | | | 内蒙古 | 辽宁 | 锐牛股份有限公司 | 光大证券股份有限公司 江苏证监局 辅导管震报告 关于锐牛股份有限 ... | 2025-06-20 辅导留 ...

每经编辑｜吴永久 周一，A股大盘低开高走，市场走出普涨行情。截至收盘，沪指涨0.65%，收报3381.58点。沪深两市成交额达到11226亿元，较上周五放量549亿元。 盘面上，创新药板块活跃，神州细胞大涨16.66%，君实生物上涨5.15%；覆铜板产业链股拉升，华正新材上涨6.17%；钴金属板块大涨，腾远钴业大涨 15.42%；跨境支付概念股大涨；银行、保险板块稳步上涨。 在每日经济新闻App举办的掘金大赛第64期比赛中，今日是开赛第一天，多位选手跑步入场，一些选手抓住了跨境支付概念股拉卡拉、四方精创的行情。 大赛为模拟炒股，模拟资金50万元。第64期比赛的报名时间为6月21日到6月30日，比赛时间为6月23日到6月30日。正收益就获奖，报名就拿福利！周周发 奖金，月月有大奖！ 在今日的"火线快评"中，提到了跨境支付概念，相关个股四方精创、拉卡拉大涨。 目前A股处于结构性行情中，为便于参赛选手提高投资胜率，只要报名参加掘金大赛，报名成功就能获得每日经济新闻App私人订制的"火线快评"5天（自 然日）的免费阅读权限。此外，每期比赛结束（指周赛）收益率前10名选手将获赠"火线快评"10天使用权限，两个参赛福利可 ...

Core Viewpoint - The article discusses the recent performance and challenges faced by Cambrian (寒武纪), highlighting its significant market value drop despite achieving profitability for the first time. The increasing competition in the AI chip sector and the diminishing uniqueness of Cambrian's offerings are key factors contributing to its stock price decline. Group 1: Company Performance - Cambrian's market value peaked at over 340 billion yuan in February but has since fallen to around 230 billion yuan [1] - The company reported its first-ever profits, with net profits of 272 million yuan and 355 million yuan expected in Q4 2024 and Q1 2025, respectively [1] Group 2: Competitive Landscape - The competitive pressure on Cambrian has intensified, particularly from Huawei and Haiguang Information, which are becoming stronger in the AI chip market [3] - Cambrian's latest chip, the Shiyuan 590, has performance close to 80% of NVIDIA's A100, but it is still outperformed by Huawei's Ascend series [5][6] Group 3: Financial Challenges - Despite achieving profitability, Cambrian's financial situation remains precarious, with negative operating cash flows of -1.618 billion yuan and -1.399 billion yuan for Q4 2024 and Q1 2025, respectively [8] - The company's cash reserves have halved to 1.972 billion yuan in 2024 and are expected to drop further to 638 million yuan in Q1 2025 [8] - Cambrian's R&D expenses are significantly high, exceeding its revenue, with Q1 2025 R&D spending reaching 235 million yuan [8] Group 4: Market Valuation - Cambrian's current market capitalization is approximately 239.6 billion yuan, which implies a required annual profit of 4.717 billion yuan to justify its valuation, necessitating a more than threefold increase in quarterly net profit [9] - The potential for a price drop in AI chips due to increased domestic competition raises questions about Cambrian's high valuation sustainability [9]

近日，中国证监会网上办事服务平台信息显示，摩尔线程智能科技（北京）股份有限公司（以下简称"摩尔线程"）IPO辅导状态已变更为"辅导验收"，其上 市之路迎来新进展。 每经记者｜杨卉 每经编辑｜董兴生 去年以来，包括摩尔线程在内的国产GPU"四小龙"（摩尔线程、壁仞科技、燧原科技、沐曦）先后开启了IPO（首次公开募股）之路，截至目前进展各不相 同。 国产芯片厂商一直没能绕开两个痛点：能不能自己制造、能不能实现盈利。在业内看来，国产算力芯片起步虽晚，但发展势头很猛。"四小龙"企业创始团队 有的出身于高校，专做科研；有的自带AMD（超威半导体）、英伟达等大厂履历。各家企业也得到了资本支持，每个项目都有几轮融资，降低了芯片"强烧 钱"属性的后顾之忧。 不过，在"打怪升级"以及未来实现自主生产的路上，国产芯片厂商也需要直面盈利问题，备好叩开二级市场大门的"敲门砖"。 GPU"四小龙"更新上市动态 时隔大半年，国产芯片企业上市进程陆续有了最新进展。 中国证监会网上办事服务平台信息显示，摩尔线程IPO辅导状态已变更为"辅导验收"。辅导机构中信证券认为，经辅导，摩尔线程具备成为上市公司应有的 公司治理结构、财务会计工作、内部控 ...

机构简介： 黑翼资产管理有限公司是一家由业内资深对冲基金经理设立的新型对冲基金。公司位于北京繁华的朝阳 区亮马桥商圈。黑翼相信通过结合严谨的投资逻辑、基于海量数据的分析以及先进的技术平台，可以给 投资人带来长期稳定的绝对收益。研发是黑翼资产的核心，不论是策略还是技术平台。黑翼核心团队 50%拥有博士学位，60%毕业于国内外顶尖学校（美国斯坦福大学、清华大学、北京大学）。团队的量 化投资经验总共超过25年。我们通过各种科学的方法在纷繁的金融数据中找到倪端，并通过领先的技术 平台最终把它转化为投资人的收益。 根据市场公开信息及6月19日披露的机构调研信息，知名私募黑翼资产近期对1家上市公司进行了调研， 相关名单如下： 1）北京利尔 （上海黑翼资产管理有限公司参与公司特定对象调研&路演活动） 调研纪要：公司业务稳定，市占率持续提升，营收与净利润水平依然保持行业领先。公司今年上半年耐 火原料新产线已投产，包钢利尔已完成并表，海外业务增长趋势良好，都将对全年收入及利润产生积极 影响，目前公司对实现双增长的目标依然保持信心。公司关注相关政策的出台，也了解到部分客户已开 始逐步落实相关政策要求，未来将在合同中明确付款周期并 ...

2025 年 06 月 19 日 AMD 发布 MI350 系列 GPU 性能升级， 中国科 学院发布「启蒙」芯片设计系统 告 —计算机行业周报 推荐(维持) 投资要点 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | 0.4 | -12.5 | 35.4 | | 沪深 300 | -0.1 | -3.4 | 9.8 | 市场表现 相关研究 1、《计算机行业周报：智源发布 "悟界"系列大模型，高德开放平 台发布智能眼镜解决方案》2025- 06-12 2、《计算机行业点评报告：文远知 行（WRD.O）：Robotaxi 领航出海， 平台化战略加速全球化商业兑现》 2025-06-09 3 、《计算机行业周报： DeepSeekR1-0528 升级，字节扣子空 间上线一键转播客功能》2025-06- 06 ▌算力： AMD 发布 MI350 系列 GPU 性能升级，预 告 MI400 联合 OpenAI 研发 6 月 13 日，AMD 推出 MI ...

Group 1 - The company signed a non-binding letter of intent to acquire a target company focused on developing and selling cost-effective, low-power AI system-on-chip (SoC) solutions [1] - The target company's products include self-developed intellectual property for image signal processors (ISP), neural network processors (NPU), and analog IP, primarily serving the automotive intelligence and edge AI application sectors [1] - The acquisition aims to enhance the company's product offerings in automotive-grade computing chips and expand into broader robotics applications, providing a full range of AI inference chips and solutions [1] Group 2 - The company is a leading supplier of automotive-grade intelligent vehicle computing SoCs and solutions, ranking as the third-largest global supplier by shipment volume of high-performance automotive SoCs in 2022 [2] - The company showcased its Huashan and Wudang series chips at the 2025 Hong Kong Auto Show, including the Huashan A2000 chip designed for next-generation AI models, featuring the largest NPU core in the industry [2] - The Wudang C1200 family is designed for multi-domain integration and cockpit integration scenarios, with the C1236 being the first single-chip platform supporting high-speed assisted driving [3]