文 | 时间线Timelines 地缘政治在 AI 算力领域的持续投射，正在中美两个都在努力保持各自技术领先优势的 AI 大国之间， 进一步造成无可逃避的市场分化，甚至是割裂。 这种割裂，已经让 AI 算力巨头英伟达感受到压力。 就在 10 月 6 日，英伟达 CEO 黄仁勋在纽约出席美国城堡证券主板的活动时，明确强调：英伟达在中国 的市场份额已经从 95% 降到了 0%。他表示： 目前，我们 100% 退出了中国市场。无法想象任何决策者会认为这是一个好主意，即我们（美国）实施 的政策导致美国失去了世界上最大的市场之一，降到了 0。 但是，对于中国本土的 AI 算力发展来说，英伟达份额降到 0，反而意味着巨大的市场机遇，以及飞速 增长的空间。 | | | | Personal Production Comparent Comparent Comparent Compares of Contraction Compares of Concession Comparison of Concession Comparent of Concessione of Construction of Construc 11 ...

Core Viewpoint - The article discusses the remarkable rise of Cambricon Technologies, which has become the highest-valued company in the A-share market, surpassing Kweichow Moutai, with a market capitalization of 574 billion yuan as of August 27, 2025. The company's stock price has skyrocketed from a low of 46.59 yuan to over 1,400 yuan, marking a significant recovery from previous losses [2][3][17]. Group 1: Company Overview - Cambricon Technologies, founded in 2016, specializes in AI chips and went public on the STAR Market in 2020. The company faced a three-year downturn, with its stock price plummeting over 84% from its peak [2][3][12]. - The founder, Chen Tian Shi, holds a 28.63% stake in the company, making his net worth exceed 160 billion yuan based on the current market valuation [4]. Group 2: Growth Journey - The company experienced a dramatic turnaround starting in 2023, with its stock price increasing more than 25 times, from under 50 yuan to over 1,400 yuan [3][17]. - In 2024, Cambricon launched the Siyuan 590 chip, which outperformed international competitors in certain applications, leading to a significant increase in stock price and market capitalization [16][17]. Group 3: Financial Performance - In the first half of 2025, Cambricon reported a revenue of 2.881 billion yuan, a staggering increase of 4,347.82% year-on-year, and a net profit of 1.038 billion yuan, marking a turnaround from a loss of 530 million yuan in the same period the previous year [19]. - The company achieved its first quarterly profit in Q4 2024, with Q1 2025 revenue reaching 1.111 billion yuan, up 4,230% year-on-year [19]. Group 4: Market Dynamics and Future Prospects - The demand for AI computing power is driving growth, with expectations that China's intelligent computing scale will grow by over 40% in 2025 [21]. - Multiple favorable factors, including the release of new AI models and increased capital expenditure by cloud service providers, have contributed to the stock's surge [20][22]. Group 5: Challenges Ahead - Despite its current success, Cambricon faces challenges such as supply chain stability, fluctuating profit margins, and intense competition from global giants like NVIDIA [24]. - The company is investing heavily in R&D, with 456 million yuan allocated in the first half of 2025, and aims to maintain its competitive edge in the rapidly evolving AI chip market [25][26].

Core Viewpoint - The article discusses the remarkable resurgence of Cambricon Technologies, which has transformed from a struggling AI chip company to the highest-valued stock in the A-share market, driven by significant advancements in AI technology and strategic partnerships [4][5][23]. Company Overview - Cambricon Technologies, founded in 2016, specializes in AI chips and went public on the STAR Market in 2020. The company faced a severe downturn, with its stock price plummeting over 84% from its peak [4][19]. - The founder, Chen Tian Shi, holds a 28.63% stake in the company, which is now valued at over 160 billion yuan, reflecting his significant wealth accumulation [6][7]. Historical Performance - The company experienced a dramatic stock price increase from under 50 yuan per share in 2023 to over 1400 yuan per share, marking a rise of more than 25 times [5][23]. - From 2020 to 2023, Cambricon reported substantial net losses, with figures of 6.59 billion yuan, 11.11 billion yuan, 15.79 billion yuan, and 10.43 billion yuan respectively [19]. Product Development - A pivotal moment for the company came in 2024 with the launch of the Siyuan 590 chip, which utilizes 7nm technology and supports 512 TOPS of computing power, outperforming international competitors in energy efficiency [20][22]. - The Siyuan 590 chip has been adopted by major companies like ByteDance, Baidu, and Alibaba Cloud for cloud-based model training [22]. Financial Performance - In the first half of 2025, Cambricon reported a revenue of 28.81 billion yuan, a staggering increase of 4347.82% year-on-year, and a net profit of 10.38 billion yuan, marking a turnaround from a loss of 5.3 billion yuan in the previous year [25][26]. - The company achieved its first quarterly profit in Q4 2024, with Q1 2025 revenue reaching 11.11 billion yuan, up 4230% year-on-year [26]. Market Dynamics - The stock price surge in 2024 was attributed to the growing demand for AI computing power and strategic collaborations with leading enterprises in the AI sector [25][30]. - The release of the DeepSeek-V3.1 model and the announcement of the 2025 China Computing Power Conference further fueled investor optimism [28][29]. Challenges Ahead - Despite its current success, Cambricon faces challenges such as supply chain stability, fluctuating profit margins, and intense competition from global giants like NVIDIA [31]. - The company is also under pressure to convert its technological advantages into sustainable profitability, as indicated by its high dynamic P/E ratio of approximately 280 times [32][38]. Research and Development - Cambricon has increased its R&D investment to 4.56 billion yuan in the first half of 2025, with a research team comprising 792 members, 77.95% of whom hold advanced degrees [33][34]. - The company has filed 2774 patents, with 1599 granted, indicating a strong focus on innovation and intellectual property [35].