作为当前市场上炙手可热的科技龙头品种，寒武纪因受益于国内算力需求的持续释放，今年 前三季度业绩大幅增长，但在此之前，该公司的业绩其实是一直处于亏损困境的。由于业绩 的持续亏损，导致其未分配利润出现了负数，截至2024年12月31日，母公司财务报表累计未 分配利润高达-27.78亿元。 2025年12月15日晚，国内AI芯片领域头部厂商寒武纪（688256.SH）发布公告称，《关于使用公积金弥 补亏损的议案》在当天召开的临时股东大会上获审议通过。根据议案，该公司拟使用母公司资本公积 27.78亿元用于弥补母公司累计亏损，本次公积金弥补亏损以该公司2024年末母公司未分配利润负数弥 补至零为限。 经济观察报记者留意到，除了寒武纪，统一股份（600506.SH）、经纬恒润（688326.SH）、中关村 （000931.SZ）、保变电气（600550.SH）、冠捷科技（000727.SZ）、金杯汽车（600609.SH）等公司均 在近期内发布了与"资本公积弥补亏损"相关的公告。 备受上市公司青睐的"资本公积弥补亏损"，究竟是怎么一回事？ 为何要"补亏"？ 作为当前市场上炙手可热的科技龙头品种，寒武纪因受益于国内算力需 ...

Core Viewpoint - The article discusses the recent financial maneuver by Cambricon (寒武纪) to use its capital reserve to offset accumulated losses, which has raised questions about the implications for the company's financial health and investor confidence [2][5][12]. Group 1: Company Performance and Financial Maneuver - Cambricon has experienced significant growth in its performance due to the increasing domestic demand for computing power, but it has faced continuous losses prior to this year [1][4]. - The company's net profits from 2020 to 2024 were -4.35 billion, -8.25 billion, -12.56 billion, -8.48 billion, and -4.52 billion respectively, leading to a cumulative undistributed profit of -27.78 billion by the end of 2024 [4]. - Despite the losses, Cambricon's capital reserve has grown from 73.21 billion at the end of 2020 to 96.25 billion at the end of 2024, prompting the decision to use 27.78 billion from this reserve to offset losses [4][9]. Group 2: Rationale Behind the Loss Offset - The primary reason for using capital reserves to offset losses is to eliminate historical losses from a financial perspective, which can enhance the company's ability to provide returns to investors [5][9]. - If the undistributed profits are negative, the company cannot distribute dividends even if it achieves profitability in the current year. By offsetting losses, Cambricon aims to meet the conditions for potential dividends in the future [5][9]. Group 3: Market Reactions and Concerns - The announcement of using capital reserves to offset losses has led to skepticism among market participants, with some investors expressing concerns about the potential for financial statement distortion and the implications for the company's long-term growth [7][8]. - There is a belief that focusing on dividend preparations at this stage may weaken the company's competitive edge, especially for a tech company like Cambricon that requires substantial investment for growth [8][12]. Group 4: Industry Trends - The practice of using capital reserves to offset losses is becoming more common among listed companies, with many firms following Cambricon's lead in recent announcements [11][12]. - A significant number of companies have issued announcements regarding the use of capital reserves to offset losses, indicating a growing trend in the market [12].