寒武纪-U（688256.SH）2025 年业绩预告点评 国产算力龙头迎来重要业绩拐点 glmszqdatemark 2026 年 02 月 01 日 分析师：吕伟 分析师：方竞 执业证书：S0590525110033 执业证书：S0590525120003 推荐 维持评级 当前价格： 1,258.89 元 相对走势 -10% 57% 123% 190% 2025/2 2025/8 2026/1 寒武纪-U 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 [Table_Author] 分析师：郭新宇 执业证书：S0590525110034 邮箱：guoxinyu@glms.com.cn 邮箱：lvwei_yj@glms.com.cn 邮箱：fangjing@glms.com.cn 事件概述：2026 年 1 月 30 日，公司发布 2025 年度业绩预告，预计营收 60 亿 元-70 亿元，同比增 410.87%-496.02%；归母净利润 18.5 亿元-21.5 亿元，实 现扭亏为盈；扣非归母净利润 16 亿元-19 亿元。 业绩大幅增长，收入有望达到预 ...

寒武纪-U（688256.SH）2025 年业绩预告点评 国产算力龙头迎来重要业绩拐点 glmszqdatemark 2026 年 02 月 01 日 分析师：吕伟 分析师：方竞 执业证书：S0590525110033 执业证书：S0590525120003 推荐 维持评级 当前价格： 1,258.89 元 相对走势 -10% 57% 123% 190% 2025/2 2025/8 2026/1 寒武纪-U 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 [Table_Author] 分析师：郭新宇 执业证书：S0590525110034 邮箱：guoxinyu@glms.com.cn 邮箱：lvwei_yj@glms.com.cn 邮箱：fangjing@glms.com.cn 事件概述：2026 年 1 月 30 日，公司发布 2025 年度业绩预告，预计营收 60 亿 元-70 亿元，同比增 410.87%-496.02%；归母净利润 18.5 亿元-21.5 亿元，实 现扭亏为盈；扣非归母净利润 16 亿元-19 亿元。 业绩大幅增长，收入有望达到预 ...

Core Insights - SenseTime and Cambricon have signed a strategic cooperation agreement to enhance software and hardware optimization and build an open and win-win industrial ecosystem [1][2] - Following the announcement, SenseTime's stock rose by 5.44% to HKD 2.52, with a market capitalization of approximately HKD 97.5 billion, while Cambricon's stock increased by 3.85% to CNY 1242 [1] Company Overview - Cambricon, a leading AI chip company in China, focuses on AI chip product development and has established a complete product system that integrates cloud, edge, and terminal solutions [3] - SenseTime is an AI software company that aims to create a more inclusive AI software platform, with its business covering generative AI, visual AI, and innovative sectors [3] Strategic Cooperation Details - The collaboration will leverage both companies' technological and industrial resource advantages, focusing on domestic AI infrastructure, vertical business development, and technology export [2][4] - The partnership aims to explore a tiered product innovation system based on intelligent computing power and AI model technology, promoting industrial intelligence transformation [4] Financial Performance - Cambricon reported a revenue of CNY 2.881 billion in the first half of the year, a year-on-year increase of 4347.82%, and a net profit of CNY 1.038 billion, compared to a loss of over CNY 500 million in the same period last year [4] - SenseTime's revenue from generative AI reached approximately CNY 1.816 billion in the first half of the year, a year-on-year growth of 72.7%, with its share of total revenue increasing from 60.4% to 77% [5]

Group 1: Industry Overview - The rapid development of large models is pushing artificial intelligence (AI) technology to a new stage, transitioning from weak AI focused on specific tasks to strong AI capable of handling complex tasks [1] - According to IDC, the market size for large model development platforms in China is expected to reach 1.69 billion RMB in 2024 [1] - The AI computing power market in China is projected to be approximately 19 billion USD in 2024, growing to 25.9 billion USD in 2025, representing a year-on-year growth of 36.32%, and reaching 55.2 billion USD by 2028 [1] Group 2: Company Profile - Cambrian - Cambrian is a globally recognized emerging company in the smart chip field, focusing on the research and development of AI chip products and technological innovation [2] - The company has developed several leading smart processors and chip products, including the Cambrian 1A, 1H, and 1M series for terminal scenarios, as well as cloud-based intelligent acceleration cards based on various chips [2] - Cambrian's smart chips and processors efficiently support large model training and inference, visual processing, speech processing, natural language processing, and recommendation systems, compatible with mainstream open-source large models [2] Group 3: Smart Computing Cluster System - Cambrian's smart computing cluster system integrates self-developed boards or intelligent complete products with partner-provided server, network, and storage devices, along with the company's cluster management software [3] - The smart computing cluster focuses on the application of AI technology in data centers, providing comprehensive hardware and software solutions for clients with relatively weak technical capabilities in AI application deployment [3]

Core Points - The 21st Public Science Day of the Chinese Academy of Sciences (CAS) was launched with the theme "Inspiring the Future with Scientific Questions," featuring nearly 400 science popularization activities across 135 affiliated units and involving over 6,000 researchers and volunteers [1][2]. Group 1: Physics Institute Activities - The Physics Institute's Public Science Day, themed "The Wonderful Adventure of the Physics Institute," opened its facilities in multiple locations, integrating scientific spirit into popular culture and creating a bridge between the public and cutting-edge research [2][4]. - Activities included a science show featuring a lecture by CAS academician Jin Kuijuan on the intersection of optics and artificial intelligence, as well as interactive experiments and exhibitions showcasing clean energy batteries and superconductivity [4][5]. Group 2: Computing Institute Activities - The Computing Institute's Public Science Day, themed "Science Fiction Ignites Scientific Dreams," aimed to cultivate scientific interest among the public and youth through engaging science fiction themes [5][6]. - The institute showcased advanced research achievements, including various innovative chip designs and interactive science games, aiming to inspire youth by blending scientific rigor with imaginative concepts [6]. Group 3: Chemical Physics Institute Activities - The Chemical Physics Institute's Public Science Day featured the theme "Meet Nezha, Explore Chemical Physics," offering immersive interactive experiments and showcasing cutting-edge technology [7][9]. - The event included a series of large-scale science experiments and interactive exhibits that highlighted the application of advanced research in everyday life [9][10]. Group 4: Mechanics Institute Activities - The Mechanics Institute's Public Science Day, themed "Everything Has Force," included diverse activities such as interactive experiences and science reports that aimed to engage the public with the principles of mechanics [10][11]. - The event featured discussions on the application of mechanics in various fields, including sports and daily life, and showcased intelligent robotic products [11][12]. Group 5: Process Engineering Institute Activities - The Process Engineering Institute's Public Science Day emphasized the theme "Processes Create Infinite Changes for the Future," showcasing award-winning achievements in lithium resource utilization and opening key laboratories to the public [12][14]. - The institute aimed to promote scientific understanding and innovation in the chemical industry through interactive exhibits and educational experiences [14][15]. Group 6: Modern Physics Institute Activities - The Modern Physics Institute hosted a "Nuclear Universe Science Carnival" with diverse activities including accelerator tours, science reports, and interactive games aimed at engaging youth and promoting scientific literacy [16]. - The event focused on making science accessible and inspiring young people to explore scientific applications and develop critical thinking skills [16].