继发布三年股东分红回报规划，明确未来三年现金分红承诺后，中国AI芯片龙头企业寒武纪 （688256.SH）以一项关键财务操作，实质性扫清了兑现承诺的首要障碍。 12月15日晚，公司宣布拟动用高达27.78亿元的资本公积，一举弥补母公司报表上的累计未分配利润亏 损。这一财务操作，在程序上并不复杂。它严格遵循了公司法及财政部相关规定，核心是将股东出资形 成的资本溢价，用于冲抵因长期研发投入形成的累计亏损，使母公司未分配利润归零。 然而，其象征意义远不止于此。这标志着，曾经以巨额研发投入和持续亏损为标志性特征的寒武纪，正 在系统性清理历史财务包袱。公司明确表示，此举旨在"减轻历史亏损负担，提升投资者回报能力，推 动公司实现高质量发展"。 若将此举置于寒武纪2025年"狂飙"的业绩图景中观察，这并非一次简单的会计技术处理，而是寒武纪在 完成了从技术验证、市场破局到规模盈利的惊险一跃后，为迎接新起点所做的一次关键财务调整。 清零历史包袱 寒武纪此次亏损清零，向市场释放出为启动分红铺平道路的积极信号。这或是其在实现盈利逆转后，为 履行股东回报承诺、满足监管要求以及开启公司发展新阶段的系统性工程。 依据新公司法及证监会分红 ...

继发布三年股东分红回报规划，明确未来三年现金分红承诺后，中国AI芯片龙头企业寒武纪(688256.SH)以一项关键财务操作，实质性扫清了 兑现承诺的首要障碍。 12月15日晚，公司宣布拟动用高达27.78亿元的资本公积，一举弥补母公司报表上的累计未分配利润亏损。这一财务操作，在程序上并不复 杂。它严格遵循了《公司法》及财政部相关规定，核心是将股东出资形成的资本溢价，用于冲抵因长期研发投入形成的累计亏损，使母公司未 分配利润归零。 然而，其象征意义远不止于此。这标志着，曾经以巨额研发投入和持续亏损为标志性特征的寒武纪，正在系统性清理历史财务包袱。公司明确 表示，此举旨在"减轻历史亏损负担，提升投资者回报能力，推动公司实现高质量发展"。 若将此举置于寒武纪2025年"狂飙"的业绩图景中观察，这并非一次简单的会计技术处理，而是寒武纪在完成了从技术验证、市场破局到规模盈 利的惊险一跃后，为迎接新起点所做的一次关键财务调整。 当战略投入迎来回报周期，寒武纪于年底对历史包袱"清零"，为旧章节画下句点。 其一，满足监管合规，解除股东限制。根据减持新规，若公司连续三年未分红，其控股股东减持将受到限制。补亏后恢复分红能力，有助 ...

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].