Core Viewpoint - The recent surge in Cambricon's stock price raises concerns about potential disconnection from its current fundamentals, as highlighted by the company itself in its risk warning announcement [2][10]. Group 1: Stock Performance - Cambricon's stock price increased by 15.73% on August 28, closing at 1587.91 CNY per share, surpassing Kweichow Moutai to become the top stock in A-shares [4]. - Since the start of the current market rally on July 11, Cambricon's stock has risen over 170% [4]. - Over the past three years, Cambricon's stock price has skyrocketed by 22 times, reaching a total increase of 2288.75% [4]. Group 2: Financial Performance - The company expects to achieve an annual revenue of 5 billion to 7 billion CNY for the year 2025 [2]. - Cambricon reported a revenue growth of over 43 times year-on-year and turned a profit in its latest half-year report, which has been described as the strongest in its history [3]. Group 3: Market Position and Investor Sentiment - Cambricon is benefiting from the "domestic substitution" trend, focusing on the large model computing power sector and cloud intelligent chips [5]. - The company has been included in several major indices, such as CSI 300 and SSE 50, which has contributed to its rising stock price [5]. - Significant investments from prominent investors, such as "super bull" Zhang Jianping, who holds over 608.63 million shares, indicate strong confidence in the company's fundamentals [5]. Group 4: Risks and Challenges - Cambricon faces high inventory pressure, with a stock balance of 2.69 billion CNY as of the first half of 2025, reflecting a 51.64% increase from the previous year [9]. - The company has a high customer concentration risk, with the top five customers accounting for 85.31% of accounts receivable and contract assets [9]. - Supply chain uncertainties are present due to reliance on foundries like TSMC and being listed on the U.S. "entity list," which may affect access to EDA design tools and advanced process resources [9].

Core Viewpoint - The recent surge in Cambricon's stock price has raised concerns about potential disconnection from its current fundamentals, prompting the company to issue a risk warning to investors [1][10]. Financial Performance - Cambricon expects to achieve an annual revenue of between 5 billion to 7 billion yuan for the year 2025 [2]. - The company reported a significant revenue growth of over 43 times year-on-year and turned a profit in its latest half-year report [3]. Stock Price Movement - On August 28, Cambricon's stock price rose by 15.73%, closing at 1587.91 yuan per share, making it the highest stock in A-shares, surpassing Kweichow Moutai [4]. - Since July 11, 2025, Cambricon's stock has increased by over 170%, and its price has skyrocketed 22 times over the past three years, reaching a total increase of 2288.75% [4]. Market Position and Investor Sentiment - Cambricon is benefiting from the "domestic substitution" trend, focusing on the large model computing power sector and cloud intelligent chips [5]. - The company has been included in several major indices, such as CSI 300 and SSE 50, which has contributed to its rising stock price [6]. - Notable investors, including "super bull" Zhang Jianping, have heavily invested in Cambricon, with his holdings valued at over 8.8 billion yuan [6]. Financing and Investment Trends - There has been a significant influx of financing, with the financing balance for Cambricon reaching a historical high of 8.852 billion yuan as of August 26 [8]. Operational Risks - Cambricon faces high inventory pressure, with inventory balances reaching 2.69 billion yuan, a 51.64% increase from the previous year [9]. - The company has a high customer concentration risk, with the top five customers accounting for 85.31% of accounts receivable and contract assets [9]. - Supply chain uncertainties are present due to reliance on foundries like TSMC and being listed on the U.S. "entity list," which may affect access to EDA design tools and advanced process resources [9]. Valuation Concerns - Cambricon's dynamic price-to-earnings ratio has reached 595 times, significantly higher than the median of 137 times for semiconductor products, indicating potential overvaluation [10]. - Institutional attitudes are mixed, with 269 funds increasing their holdings while 119 funds chose to reduce their positions, leading to a significant decrease in total fund shares held [10].

刚刚，"新股王"寒武纪发布重要风险提示！ 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨雷晨 见习记者刘夏菲 编辑丨张星 叶映橙 刘雪莹 8月28日晚间，寒武纪公告称，公司2025年8月28日收盘价相较于2025年7月28日收盘价上涨133.86%， 公司股价涨幅超过大部分同行业公司股价涨幅且显著高于科创综指、科创50、上证综指等相关指数涨 幅，股票价格存在脱离当前基本面的风险，投资者参与交易可能面临较大风险。敬请广大投资者理性投 资并注意投资风险。 寒武纪称关注到近期市场上存在部分对公司经营情况的预测，公司结合实际情况，预计2025年全年实现 营业收入50亿元至70亿元。 寒武纪还表示，公司未有新产品发布计划，近期网上传播的关于公司新产品情况的信息，均为误导市场 的不实信息。由于集成电路整个行业链是专业化分工且技术门槛较高，加之公司及部分子公司已被列 入"实体清单"，将对公司供应链的稳定造成一定风险，可能对公司经营业绩产生不利影响。 寒武纪股价3年狂飙22倍 一份营收同比增长超43倍、净利润扭亏为盈的"史上最强"半年报，将寒武纪推上A股之巅。 8月28日，寒武纪股价大幅收涨 ...

记者丨雷晨 见习记者刘夏菲 8月28日晚间，寒武纪公告称，公司2025年8月28日收盘价相较于2025年7月28日收盘价上涨 133.86%，公司股价涨幅超过大部分同行业公司股价涨幅且显著高于科创综指、科创50、上证 综指等相关指数涨幅， 股票价格存在脱离当前基本面的风险 ，投资者参与交易可能面临较大 风险。 敬请广大投资者理性投资并注意投资风险。 寒武纪称关注到近期市场上存在部分对公司经营情况的预测，公司结合实际情况， 预计2025 年全年实现营业收入50亿元至70亿元。 寒武纪还表示， 公司未有新产品发布计划 ，近期网上传播的关于公司新产品情况的信息，均 为误导市场的不实信息。由于集成电路整个行业链是专业化分工且技术门槛较高，加之公司及 部分子公司已被列入"实体清单"，将对公司供应链的稳定造成一定风险，可能对公司经营业绩 产生不利影响。 寒武纪股价3年狂飙2 2倍 一份营收同比增长超43倍、净利润扭亏为盈的"史上最强"半年报，将寒武纪推上A股之巅。 8月28日，寒武纪股价大幅收涨15.73%，收于1587.91元/股，超越贵州茅台，位居A股第一。8 月27日，寒武纪股价也曾一度超过茅台。（ 寒武纪股价一度 ...

记者丨 雷晨 编辑丨张星 一份营收同比增长超43倍、净利润扭亏为盈的"史上最强"半年报，将寒武纪推上A股之巅。 寒武纪，这家长期处于亏损状态的中国AI芯片企业，正在大模型浪潮中迎来属于自己的"觉醒时刻"。 8月26日晚间， 寒武纪发布史上最好半年度"成绩单"：实现营业收入28.81亿元，较上年同期的6476.53万元大幅增长4347.82%。 8月27日，寒武纪股价盘中冲高至1464.98元/股，一度超越贵州茅台，成为新任"股王"，市值突破5700亿元。 同期，公司归属于上市公司股东的净利润10.38亿元，归属于上市公司股东的扣除非经常性损益的净利润9.13亿元，较上年同期的-5.3亿 元、-6.09亿元均实现扭亏为盈。 得益于销售回款的显著增加，寒武纪经营活动产生的现金流量净额为9.11亿元，较上年同期的-6.31亿元大幅改善。 踩中"国产替代"风口、被纳入多个重要指数、融资客疯狂涌入、牛散重仓押注——多重资本推力将其股价三年推涨超22倍。 然而，记者注意到， 高库存、客户集中、供应链风险与514倍动态市盈率的估值泡沫已悄然浮现。 与此同时，基金重仓降至两年新低，似乎预示着这场盛宴背后暗藏隐忧。 寒武纪的狂 ...

Core Viewpoint - Cambricon has achieved a record-breaking half-year report, leading to its rise as the "king of A-shares" with a market capitalization exceeding 570 billion yuan, but concerns over high inventory, customer concentration, and supply chain risks are emerging, indicating increasing risks behind the high stock price [1][3][15]. Financial Performance - Cambricon reported a revenue of 2.881 billion yuan for the first half of the year, a staggering increase of 4347.82% compared to 64.76 million yuan in the same period last year [4]. - The net profit attributable to shareholders reached 1.038 billion yuan, marking a turnaround from a loss of 530 million yuan in the previous year [4]. - The company's cash flow from operating activities improved significantly to 911 million yuan, compared to a negative 631 million yuan in the same period last year [4]. Asset and R&D Expansion - As of June 30, the total assets of Cambricon reached 8.42 billion yuan, a growth of 25.34% from the end of the previous year [5]. - R&D investment for the first half of the year was 456 million yuan, a 2.01% increase year-on-year, with R&D expenses accounting for 15.85% of revenue [5]. - The R&D team consists of 792 members, with 80.18% holding a master's degree or higher [5]. Market Position and Stock Performance - Cambricon's stock price has surged by 2288.75% over the past three years, with a year-to-date increase of 108.53% [8]. - The company has been included in several important indices, enhancing its market visibility and attracting significant investment [10]. - As of August 26, the financing balance for Cambricon reached a historical high of 8.852 billion yuan, indicating strong interest from investors [11][12]. Risks and Concerns - High inventory levels reached 2.69 billion yuan, accounting for over 30% of total assets, with a significant portion attributed to commissioned processing materials [15]. - Customer concentration is a concern, with the top five customers contributing 85.31% of accounts receivable and contract assets, leading to a high bad debt provision of 50.71% [15]. - Supply chain uncertainties exist due to reliance on foundries like TSMC and potential restrictions from being on the U.S. Entity List [15]. Valuation and Market Sentiment - Cambricon's dynamic price-to-earnings ratio stands at 514.42, significantly higher than the median of 137.25 for semiconductor products, raising concerns about overvaluation [16]. - Fund holdings have shown a mixed sentiment, with a notable decrease in total shares held by funds, indicating some institutions are beginning to take profits [16].