以下文章来源于每日商业必读 ，作者余生 每日商业必读 . 商业世界的前沿阵地 导语：国产AI芯片龙头寒武纪，正陷入一场备受关注的天价诉讼案。 近日，寒武纪发布公告称，公司收到原副总经理兼首席技术官梁军提起的劳动争议诉讼，索赔金额高达 42.87 亿元。这一数字，甚至 超过了寒武纪今年前三季度的全部净利润。 梁军曾是寒武纪的核心技术骨干，领导开发了公司首颗 7nm 训练芯片。他于 2017 年加入寒武纪， 2022 年因"与公司存在分歧"而离 开。 一笔 5 万多元的投资，如今市值高达 158 亿元，悬殊的价值认定背后，是一场关乎百亿财富归属的激烈博弈。 天价索赔 根据寒武纪发布的公告，梁军提出的诉讼请求主要有两项：一是请求确认他与寒武纪自 2017 年 10 月 18 日至 2022 年 2 月 10 日 期间存在劳动关系；二是请求寒武纪赔偿股权激励损失 42.87 亿元。 这笔天价索赔的依据，是梁军间接持有的 1152.32 万股寒武纪股票。按照起诉时寒武纪股票最高价 372 元 / 股计算，这些股票的价 值达到了 42.87 亿元。 2020 年 7 月 20 日，寒武纪在科创板成功上市，梁军间接持有公司 ...

寒武纪成立于2016年3月15日，于2020年7月20日在上海证券交易所上市，注册地址和办公地址均位于北京 市。公司是国内AI芯片领域的领先企业，专注于人工智能芯片的研发与设计，具备较强的技术壁垒和产品 优势。 寒武纪主营业务为各类云服务器、边缘计算设备、终端设备中人工智能核心芯片的研发、设计和销售，所 属申万行业为电子 - 半导体 - 数字芯片设计，概念板块涵盖Chiplet概念、AI芯片等。 经营业绩：营收行业第十一，净利润第三 2025年三季度，寒武纪实现营业收入46.07亿元，在行业48家公司中排名第11，远高于行业平均数29.12亿 元和中位数11.56亿元，但与行业第一名豪威集团的217.83亿元、第二名江波龙的167.34亿元相比仍有差 距。主营业务构成中，云端产品线收入28.7亿元，占比99.62%。当期净利润为16.04亿元，行业排名第3， 行业第一名豪威集团净利润为31.99亿元，第二名海光信息为28.41亿元，行业平均数为3.48亿元，中位数为 1.07亿元。 资产负债率低于同业平均，毛利率高于同业平均 偿债能力方面，2025年三季度寒武纪资产负债率为10.12%，低于去年同期的15.5 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 1,679.40 [1]. Core Insights - The company reported a significant year-on-year revenue increase of 1,332.5% in Q3 2025, with revenue reaching RMB 1.727 billion, although it experienced a quarter-on-quarter decline of 2.4% [6]. - The net profit attributable to the parent company for Q3 2025 was RMB 567 million, marking a year-on-year increase of 391.5% but a quarter-on-quarter decrease of 17.0% [6]. - The company is expected to benefit from the growing domestic demand for computing power chips, particularly in AI applications, leading to a projected revenue of over RMB 6 billion in 2025 [8][9]. Financial Performance - For the fiscal year 2024, the company is projected to generate revenue of RMB 1.174 billion, with a growth rate of 65.56% [5]. - The forecast for 2025 estimates revenue to reach RMB 6.396 billion, representing a staggering growth of 444.57% [5]. - The net profit for 2025 is expected to be RMB 2.095 billion, with a significant increase of 563.13% compared to the previous year [5]. Market Position and Outlook - The company is positioned as a leading player in the domestic AI chip market, with expectations of achieving its first annual profit in 2025 [9]. - The company has completed a fundraising project totaling RMB 3.985 billion, aimed at enhancing its capabilities in chip and software platform development for large models [8]. - The anticipated growth in the AI sector and the company's strategic positioning are expected to drive substantial increases in chip sales and overall revenue in the coming years [9].

Group 1 - The emergence of DeepSeek has accelerated the global AI industry as of early 2025, highlighting the importance of computing power and large models as core foundations of the industry [1] - The AI computing power and large model sector is becoming increasingly competitive, with many entrants leading to a "hundred models battle" and "thousand chips battle," creating a red ocean market [1][2] - Tsinghua University-affiliated company Zhipu has initiated its IPO with a valuation exceeding 20 billion, marking it as the highest-valued startup in the domestic large model sector [1][4] Group 2 - The new generation of reconfigurable chips is seen as a critical technology for China to achieve "high-level domestic substitution" in the AI field, allowing for a leapfrog development strategy [2][3] - Reconfigurable chips can rapidly adapt to various computing needs, offering high energy efficiency, scalability, and flexibility, which are essential characteristics for modern AI applications [2] - The State Council's 2017 AI development plan emphasizes breakthroughs in high-efficiency, reconfigurable brain-like computing chips as a key technology for the new generation of AI [2] Group 3 - Qingwei Intelligent is the only domestic AI company utilizing a new generation chip architecture for high-level domestic substitution, with its core team originating from Tsinghua University's Integrated Circuit Institute [3][4] - Qingwei Intelligent has achieved significant milestones, including the mass production of the world's first commercially viable reconfigurable chip within a year of its establishment in 2018 [4] - The company has accumulated over 20 million units of reconfigurable chips shipped and nearly 20,000 orders for computing power cards, demonstrating successful commercialization [6] Group 4 - The Chinese government is focusing on strengthening AI development and regulation, emphasizing the need to seize opportunities and enhance foundational research in high-end chips and core technologies [5] - Qingwei Intelligent's commitment to original chip architecture positions it as a leader in the domestic chip industry, aiming to reduce reliance on foreign technologies [6][7] - The value of reconfigurable chips is becoming increasingly significant, not only in commercial terms but also as a strategic asset in national computing power sovereignty [7]