长江商报消息 ●长江商报记者 沈右荣 "寒王"寒武纪（688256.SH）经营业绩大爆发。 10月17日晚，寒武纪披露2025年三季度报告。前三季度，公司实现营业收入约46亿元，同比暴增接近24 倍；归母净利润约16亿元，同比增幅超过3倍。 寒武纪表示，公司持续拓展市场，积极助力人工智能应用落地，使得报告期内收入较上年同期大幅增 长，带动公司归母净利润实现了扭亏为盈。 长江商报记者发现，2025年以来，寒武纪似乎进入了收获期，自第一季度开始，公司持续盈利。 专注于人工智能芯片领域，寒武纪曾被市场称为国产英伟达。2025年前三季度，公司研发投入7.15亿 元，继续保持增长。公司刚刚完成一轮定增，募资近40亿元加码研发。 二级市场上，备受资金追捧的寒武纪表现十分出色。2025年8月，公司股价一度超过1500元/股，超过多 年的A股"一哥"贵州茅台。 知名牛散章建平坚定看好寒武纪。2025年第三季度，章建平加仓32.02万股，以1.58%的持股比跻身寒武 纪第四大股东。 营收、净利连续三个季度倍增 超出预期，寒武纪的经营业绩大幅倍增。 根据最新披露的三季度报告，2025年前三季度，寒武纪实现营业收入46.07亿元， ...

Core Viewpoint - Cambricon Technologies reported impressive third-quarter results, achieving significant revenue and profit growth, indicating a strong market position and operational efficiency [1][2][3]. Financial Performance - For the first three quarters of 2025, Cambricon achieved revenue of 4.607 billion yuan, a year-on-year increase of 2386.38% [1][2]. - The net profit attributable to shareholders was 1.605 billion yuan, compared to a loss of 725 million yuan in the same period last year [1][2]. - In the third quarter alone, revenue reached 1.727 billion yuan, up 1332.52% year-on-year, with a net profit of 567 million yuan, marking a turnaround from losses [2][3]. - Basic earnings per share for the reporting period were 1.35 yuan, with a year-to-date figure of 3.85 yuan per share [2]. - The weighted average return on equity reached 25.21%, an increase of 38.69 percentage points compared to the previous year [2]. Market Position and Growth Drivers - The revenue growth is attributed to the company's continuous market expansion and support for the implementation of artificial intelligence applications [2][3]. - Cambricon's AI computing chip technology has gained recognition across various sectors, including telecommunications, finance, and the internet, leading to large-scale deployments [3]. - The company has established a strong connection with mainstream domestic models, enhancing its order potential and market share [3]. Shareholder Activity - Notably, prominent investor Zhang Jianping increased his holdings in Cambricon by 320,000 shares during the third quarter, raising his stake from 1.46% to 1.53% [1][4]. - Zhang Jianping's investment in Cambricon has resulted in significant unrealized gains, with his holdings valued at approximately 8.489 billion yuan as of the end of the third quarter [5]. - Despite Zhang's increased investment, some passive funds have reduced their stakes in the company, indicating mixed market sentiment among different investor types [5].

| | | | 里付: 元 | 市神:人民市 | | --- | --- | --- | --- | --- | | | | 本报告期比 | | 年初至报告期 | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 1,726,780,892.57 | 1,332.52 | 4,607,424,363.66 | 2.386.38 | | 利润息额 | 566,110,844.05 | 不适用 | 1,603,865,411.18 | 不适用 | | 归属于上市公司股东的 | 566,563,175.54 | 不适用 | 1,604,645,744.11 | 不适用 | | 净利润 | | | | | | 归属于上市公司股东的 扣除非经常性损益的净 | 506,321,130.23 | 不适用 | 1,418,887,977.30 | 不适用 | | 利润 | | | | | | 经营活动产生的现金流 | -940.455.133.44 | 不适用 | -29.304.811 ...

Core Viewpoint - The financial performance of Cambrian (688256.SH) shows significant growth in revenue and profit for the first three quarters of 2025, driven by the increasing demand for AI computing power and the company's strategic market expansion efforts [2][3][12]. Financial Performance - In Q3 2025, Cambrian achieved revenue of 1.727 billion yuan, a year-on-year increase of 1332.52%, and a net profit of 566 million yuan, up 390.23% year-on-year [2]. - For the first three quarters of 2025, the company reported revenue of 4.607 billion yuan, a year-on-year increase of 2386.38%, and a net profit of 1.604 billion yuan, up 320.19% year-on-year [2]. - However, Q3 revenue decreased by 2.4% quarter-on-quarter, and net profit fell by 17% [2][8]. Market Dynamics - Cambrian's growth is closely linked to the rising global demand for AI computing power, with the company enhancing its partnerships with leading firms in AI and internet sectors [3][11]. - The company has benefited from the shift towards domestic chip suppliers due to U.S. export controls on AI chips, significantly increasing its market share [9][10]. Product Development - Cambrian's cloud product line generated 2.87 billion yuan in revenue, becoming the main revenue driver in the first half of the year [4]. - The company continues to optimize its software platforms, supporting various AI models and enhancing performance through significant breakthroughs [7]. Cash Flow and Investment - Cambrian's operating cash flow improved significantly, with a net cash flow of -29 million yuan for the first three quarters, a year-on-year increase of 98.38% [8]. - The company recently raised 3.985 billion yuan to invest in projects related to AI chip platforms and software platforms, aiming to strengthen its competitive edge in the AI computing market [13].

Core Viewpoint - The demand for AI computing power remains strong, with Cambricon's revenue in the first three quarters of this year increasing by over 23 times year-on-year, although there are signs of a slowdown in quarterly growth rates [1][4]. Financial Performance - In Q3 2025, Cambricon reported revenue of 1.727 billion yuan, a year-on-year increase of 1332.52%, and a net profit of 566 million yuan, up 390.23% [1]. - For the first three quarters, the company achieved revenue of 4.607 billion yuan, a year-on-year increase of 2386.38%, and a net profit of 1.604 billion yuan, up 320.19% [1]. - However, Q3 revenue decreased by 2.4% quarter-on-quarter, net profit fell by 17%, and the net profit after deducting non-recurring items dropped by 20.47% [1][8]. Market Dynamics - The growth in Cambricon's performance is attributed to the continuous expansion of the market and the increasing demand for AI applications [4]. - The company has benefited from the rising demand for AI computing power globally, establishing partnerships with leading companies in various sectors [4][10]. - The domestic AI server market is expected to see local chip suppliers' market share rise to 40% by 2025, indicating a favorable environment for Cambricon [11]. Product Development - Cambricon's cloud product line generated 2.87 billion yuan in revenue, becoming the main revenue driver in the first half of the year [4]. - The company is continuously optimizing its software platforms to support various AI models, enhancing its competitive edge in the market [6]. Cash Flow and Investment - The operating cash flow improved significantly, with a net cash flow of -29 million yuan for the first three quarters, a year-on-year increase of 98.38% [7]. - Cambricon recently raised 3.985 billion yuan to invest in projects related to AI models and to supplement working capital, indicating a strategic focus on enhancing its capabilities in the AI chip sector [12][13].

Core Insights - The company reported a significant revenue increase of 2386.38% year-on-year for the first three quarters, reaching 4.607 billion yuan [1] - Net profit attributable to shareholders was 1.605 billion yuan, with a net profit excluding non-recurring gains and losses of 1.419 billion yuan [1] - Basic earnings per share stood at 3.85 yuan, indicating strong financial performance [1] Revenue Growth - The company's revenue for the first three quarters was 4.607 billion yuan, marking a substantial growth compared to the previous year [1] - The growth is attributed to the company's efforts in expanding its market presence and supporting the implementation of artificial intelligence applications [1] Profitability - The net profit attributable to shareholders reached 1.605 billion yuan, showcasing the company's profitability during the reporting period [1] - The adjusted net profit, excluding non-recurring items, was 1.419 billion yuan, reflecting the company's operational efficiency [1] Earnings Per Share - The basic earnings per share for the company was reported at 3.85 yuan, indicating a strong return for shareholders [1]

智通财经APP讯，寒武纪(688256.SH)发布2025年三季度报告，前三季度，公司实现营业收入46.07亿 元，同比增长2386.38%。归属于上市公司股东的净利润16.05亿元，归属于上市公司股东的扣除非经常 性损益的净利润14.19亿元。 ...

Core Viewpoint - The article highlights the significant growth in revenue and profitability of Cambrian Technology in Q3 2025, driven by the expansion of AI applications and market presence, despite a slight decline in revenue compared to the previous quarter [3][5][7]. Financial Performance - Cambrian Technology reported Q3 revenue of 1.727 billion yuan, a year-on-year increase of 1332.52%, but a quarter-on-quarter decrease of 2.4%. For the first three quarters of the year, revenue reached 4.607 billion yuan, up 2386.38% year-on-year [3][4]. - The company achieved a net profit attributable to shareholders of 567 million yuan in Q3, marking a turnaround from losses, although it decreased by 17% compared to Q2. The net profit for the first three quarters totaled 1.605 billion yuan [5]. Market Expansion and Product Development - Cambrian Technology attributed its revenue growth to continuous market expansion and support for AI application implementation, leading to substantial year-on-year revenue increases [7]. - The company maintained a high level of R&D investment in Q3, amounting to 258 million yuan, which represents a 22.05% increase compared to the same period last year [8]. Contract Liabilities and Inventory Management - As of the end of Q3, Cambrian's contract liabilities decreased to 79.6 million yuan, down approximately 460 million yuan from the end of Q2 [9]. - The company's prepayments also declined to 690 million yuan from 830 million yuan at the end of Q2 [10]. - Inventory at the end of Q3 was reported at 3.729 billion yuan, an increase of approximately 1.039 billion yuan from Q2 [11]. Strategic Partnerships and Product Adaptation - Cambrian Technology's chip products continued to adapt to domestic AI models, with significant developments in September, including the deployment of the GLM-4.6 model on Cambrian's chips, which reduced inference costs while maintaining accuracy [12]. - A strategic cooperation agreement was signed with SenseTime to optimize hardware and software jointly, focusing on creating service solutions for the computing power market [12]. Industry Context - The Chinese government's initiative to promote AI applications in various sectors, including smart vehicles and intelligent devices, is expected to drive domestic demand for computing power, benefiting companies like Cambrian Technology [13]. - Analysts suggest that Cambrian's training platform is well-positioned to meet the growing demand for computing power, potentially leading to increased orders and market share [13].

记者丨黎雨桐 编辑丨曾静娇 10月17日晚间，寒武纪公告， 2025年前三季度公司实现营业收入46.07亿元，同比增长2386.38%；归属于上市公司股东的净利润16.05亿元。 基本每股收益3.85元。 连续四个季度实现盈利。 值得注意的是， 三季度"牛散"章建平继续加仓，由半年报披露的608.63万股，增至640.65万股，增持了32.02万股。2024年四季度，章建平进 入寒武纪前十大股东之列，彼时持股数量为533.88万股。2025年一季度，章建平增持了74.75万股。 | | | | | | | BH 转融 | 八件、休 记或冻 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 通借 | 结情况 | | | | | | | 持有有限 | | | | | | 股东名称 | 股东性质 | 持股数量 | 持股比 | 售条件股 | | 用服 份的 | 股 | | | | | | 例(%) | 份数量 | | | 份 | 数 | | | | | | | | 限售 | 状 | 量 | | | | | | | | 股 ...

格隆汇10月17日｜寒武纪公告，第三季度营收为17.27亿元，同比增长1,332.52%；净利润为5.67亿元。 前三季度营收为46.07亿元，同比增长2,386.38%；净利润为16.05亿元。 ...