Core Viewpoint - Cambricon plans to raise up to 4.98 billion yuan through a private placement of A-shares to enhance its competitive edge in the AI chip market [1] Group 1: Fundraising Details - The fundraising will be allocated to three main areas: 2.9 billion yuan for a chip platform project, 1.6 billion yuan for a software platform project, and 480 million yuan for working capital [1] - This is Cambricon's second fundraising since its IPO in 2020, with the first round in 2022 initially planned for 2.472 billion yuan but later adjusted to 1.672 billion yuan [1] Group 2: Business Overview - Cambricon specializes in the research, design, and sales of AI core chips, having launched several product lines including the Cambricon 1A, 1H, 1M series processors and various cloud and edge computing chips [1] - The performance of the Cambricon 590 training chip has reached 80% of NVIDIA's A100, although further advancements are needed to overcome the 3nm process technology [1] Group 3: R&D Investment and Financial Performance - Over the past five years, Cambricon has invested over 5.7 billion yuan in R&D, with annual expenditures exceeding revenue from 2020 to 2024 [2] - Revenue figures from 2020 to 2024 were 459 million yuan, 721 million yuan, 729 million yuan, 709 million yuan, and 1.174 billion yuan, respectively [2] - The company has faced continuous losses during this period, with net losses of 435 million yuan, 825 million yuan, 1.257 billion yuan, 848 million yuan, and 452 million yuan [2] - A turnaround occurred in Q4 2024, with revenue of 989 million yuan (up 75.51%) and a net profit of 272 million yuan (up 768.58%) [2] - In Q1 2025, driven by explosive demand for domestic large models, revenue surged by 4230.22% to 1.111 billion yuan, with a net profit of 355 million yuan (up 256.82%) [2]