2025年8月27日，A 股市场迎来历史性一刻。 国产AI芯片龙头寒武纪股价持续走强，拉升涨近10%，股价（1464元）一度超越贵州茅台，成为"新股王"。 这意味着，中国科技企业，站在了A股之巅！ 这家专注于AI芯片的公司成立于2016年，2020年登陆科创板，曾经历长达三年的低谷期，股价一度跌破50元/股。 2022年末，美国将36家中国科技公司列入出口管制"实体清单"，以限制中国芯片和人工智能技术的发展。 人们注意到，这36家公司中，竟有将近三分之一都是寒武纪及其下属系列公司。 "美国的制裁榜，就是中国企业的光荣榜"——这句话用在寒武纪身上再适合不过了。 面对美国的严厉封锁，寒武纪不仅扛了下来，更让人惊讶的是，"寒王"开启了惊人的逆袭之路。 不仅技术持续突破，在业内有着"中国英伟达"的称号，股价也上演了逆袭神话。 2023年开始，寒武纪股价从不足50元/股飙升至超过1400元/股，最大涨幅超过25倍。 寒武纪掌门人陈天石身价也水涨船高，以1600亿身家断层登顶江西首富。 ● 陈天石 这个文质彬彬的80后小伙，与他的哥哥陈云霁，被央视盛赞："他们打破了中国芯片长期跟随的被动局面。" 美国《科学》杂志也对两兄 ...

Core Viewpoint - Cambrian is adjusting its A-share issuance plan for 2025, aiming to raise up to 3.985 billion yuan to support projects related to large model chip platforms and software platforms, as well as to supplement working capital [1][2] Group 1: Fundraising and Investment Plans - The company plans to issue no more than 20.9175 million shares, with total fundraising not exceeding 3.985 billion yuan [1] - The raised funds will primarily be used for projects focused on large model chip platforms and software platforms, as well as to enhance liquidity [1] Group 2: Market Context and Strategic Importance - The rapid development of large models is driving unprecedented growth in the intelligent computing market, creating significant opportunities [1] - Cambrian aims to address the innovative demands for intelligent chips driven by the evolution of large model technologies, focusing on breakthroughs in intelligent processor technology [1][2] - The company will also establish an advanced packaging technology platform to support differentiated product packaging needs across various scenarios [1] Group 3: Competitive Position and Industry Impact - Cambrian has quickly achieved technological industrialization since its establishment in 2016, creating a comprehensive product matrix covering cloud, edge, and terminal intelligent chips [2] - The company has gained recognition in various vertical industries, including telecommunications, finance, and the internet, through deep collaborations with large model enterprises [2] - With the explosion of large models like ChatGPT, global AI computing power demand is experiencing exponential growth, marking a golden development period for high-end intelligent chips [2] - If the fundraising is successfully implemented, it will significantly enhance Cambrian's core competitiveness in the era of large models and inject strong momentum into the development of the domestic AI chip ecosystem [2]

Core Viewpoint - Cambricon, known as the "first AI chip stock," has reported consecutive profitable quarters, with significant increases in inventory and prepayments, raising concerns about future sales performance and cash flow management [2][3][5]. Group 1: Financial Performance - Cambricon achieved a net profit of 2.72 billion yuan in Q4 2024, marking its first quarterly profit, followed by a profit of 3.55 billion yuan in Q1 2025 [3]. - From 2020 to 2024, Cambricon's cumulative revenue was 2.618 billion yuan, with cumulative losses reaching 3.816 billion yuan [3]. Group 2: Inventory and Prepayments - By Q1 2025, Cambricon's inventory surged to 2.755 billion yuan, the highest level in its history, up from 235 million yuan in the first half of 2024 and 1.015 billion yuan by Q3 2024 [3][4]. - Prepayments also reached a record high of 973 million yuan by the end of Q1 2025, attributed to increased advance payments to suppliers [4][5]. Group 3: Research and Development - Cambricon has consistently invested over 1 billion yuan annually in R&D from 2020 to 2024, totaling 5.617 billion yuan, significantly exceeding its revenue during the same period [7]. - The company plans to continue enhancing R&D investments to extend its chip products into large models and vertical industry applications [8]. Group 4: Financing and Cash Flow - Cambricon announced a refinancing plan to raise up to 4.98 billion yuan, with 4.8 billion yuan allocated for working capital and 29 billion yuan for large model chip platform projects [8][9]. - The company's operating cash flow was negative, with a net cash flow of -1.618 billion yuan for the entire year of 2024 and -1.399 billion yuan in Q1 2025 [6].

Core Viewpoint - Cambricon plans to raise up to 4.98 billion yuan through a private placement of A-shares to enhance its competitive edge in the AI chip market [1] Group 1: Fundraising Details - The fundraising will be allocated to three main areas: 2.9 billion yuan for a chip platform project, 1.6 billion yuan for a software platform project, and 480 million yuan for working capital [1] - This is Cambricon's second fundraising since its IPO in 2020, with the first round in 2022 initially planned for 2.472 billion yuan but later adjusted to 1.672 billion yuan [1] Group 2: Business Overview - Cambricon specializes in the research, design, and sales of AI core chips, having launched several product lines including the Cambricon 1A, 1H, 1M series processors and various cloud and edge computing chips [1] - The performance of the Cambricon 590 training chip has reached 80% of NVIDIA's A100, although further advancements are needed to overcome the 3nm process technology [1] Group 3: R&D Investment and Financial Performance - Over the past five years, Cambricon has invested over 5.7 billion yuan in R&D, with annual expenditures exceeding revenue from 2020 to 2024 [2] - Revenue figures from 2020 to 2024 were 459 million yuan, 721 million yuan, 729 million yuan, 709 million yuan, and 1.174 billion yuan, respectively [2] - The company has faced continuous losses during this period, with net losses of 435 million yuan, 825 million yuan, 1.257 billion yuan, 848 million yuan, and 452 million yuan [2] - A turnaround occurred in Q4 2024, with revenue of 989 million yuan (up 75.51%) and a net profit of 272 million yuan (up 768.58%) [2] - In Q1 2025, driven by explosive demand for domestic large models, revenue surged by 4230.22% to 1.111 billion yuan, with a net profit of 355 million yuan (up 256.82%) [2]