追溯寒武纪崛起，背后离不开一对江西兄弟陈云霁和陈天石。两兄弟一前一后加入中国科 学院计算所，投身AI芯片的研发，最终为创立寒武纪埋下伏笔。 当然，也离不开一众风投力量的支持。在寒武纪之前，国内创投圈普遍认为投资半导体周 期太长，很难赚到钱。早年面对寒武纪，VC圈也有很多分歧——有人选择错过，有人则 愿意坚守。 崛 起 之 路 。 作者 I 刘博 报道 I 投资界PEdaily 这 也 许 会 是 被 载 入 史 册 的 一 幕 。 刚刚过去的一周，寒武纪股价涨至超12 0 0元，最新收盘市值突破5000亿元，成为A股历 史上第二只站上5 00 0亿元市值的千元股。 细想过去十年，哪些硬科技项目带给人民币基金超级回报？ "一个是宁德时代，另一个现 在是寒武纪。" 江西兄弟，始于中国科学院 曾跌到谷底 这是一对从江西走出的学霸兄弟。 陈云霁，1 9 83年出生于南昌，1 4岁入读中科大少年班，1 9岁转入中国科学院计算所硕博 连读，并参与了"龙芯"团队，成为当中最年轻的一员。24岁时，他博士毕业，后晋升为 研究员。 而比陈云霁小两岁的陈天石，几乎复制哥哥的成长路径，大学所读的也是中科大少年班， 并拿到计算机博士学 ...

Core Viewpoint - The article discusses the significant returns generated by hard technology projects in China, particularly highlighting the success of Cambrian and CATL as exemplary cases of investment opportunities in the sector [4][24]. Group 1: Cambrian's Journey - Cambrian, founded by Chen Yunji and Chen Tian Shi, began its journey in AI chip development at the Chinese Academy of Sciences, proposing the idea of AI chip research as early as 2010 [7][8]. - The company gained prominence after its AI processor was used in Huawei's Mate 10 smartphone in 2017, leading to substantial revenue from IP licensing, primarily from Huawei [11]. - Following a strategic shift in 2019 due to declining revenues, Cambrian expanded its product offerings to include cloud and edge computing solutions [12][15]. Group 2: Financial Performance - Cambrian's stock price experienced a significant decline post-IPO, with a drop of 84.35% from its peak, but began to recover in 2023, eventually reaching a new high of 777.77 yuan per share [16][17]. - The company reported a remarkable revenue increase of 4230.22% year-on-year in Q1 2025, achieving a net profit of 3.55 billion yuan, marking its first consecutive profitable quarters since going public [18][19]. - As of Q1 2024, Cambrian's inventory and advance payments indicated strong market confidence and readiness for increased demand [19]. Group 3: Investment Landscape - Early investors in Cambrian, such as Yuanhe Origin and Lenovo Ventures, recognized the potential of AI technology and made significant investments during its early funding rounds [21][23]. - Despite facing challenges and market fluctuations, investors who remained committed to Cambrian have seen substantial returns, illustrating the long-term nature of hard technology investments [24][25]. - The article emphasizes that Cambrian's success serves as a motivation for more investors to engage in hard technology, showcasing the potential for significant financial rewards in this sector [25].

Core Viewpoint - The article discusses the significant returns generated by hard technology projects in China, particularly highlighting the success of Cambrian, which has seen its stock price surge and market capitalization exceed 320 billion yuan, marking it as a standout case in the hard tech investment landscape [1]. Group 1: Company Background - Cambrian was founded by two brothers, Chen Yunji and Chen Tian Shi, who both had strong academic backgrounds in AI chip research at the Chinese Academy of Sciences [3][6]. - The company was established in 2016 after the team developed the world's first deep learning-specific processor prototype in 2015, marking a significant milestone in AI chip development [3][6]. Group 2: Financial Performance - Cambrian experienced a dramatic rise in stock price, reaching a peak of 777.77 yuan per share in 2024, with a market capitalization increase of over 200 billion yuan within a year [12]. - The company reported a net profit of 2.82 million yuan in Q4 2024 and 3.55 million yuan in Q1 2025, marking its first consecutive profitable quarters since its IPO [12][13]. Group 3: Market Dynamics - Cambrian's revenue growth is attributed to its strategic pivot towards a "cloud-edge-end" layout and the introduction of new products, responding to the increasing demand for AI computing power in China [7][15]. - The company is preparing for increased market demand by maintaining a substantial inventory balance of 2.755 billion yuan and prepayments of 973 million yuan, indicating confidence in future orders [14][15]. Group 4: Investment Landscape - Early investors in Cambrian, such as Yuanhe Origin and Lenovo Capital, recognized the potential of AI technology and made significant investments, which have now yielded substantial returns [17][18]. - The article emphasizes the long investment cycles associated with hard technology, suggesting that patience and perseverance are essential for achieving significant returns in this sector [19].

以下文章来源于侃见财经 ，作者侃见财经 侃见财经 . 看见不一样的财经！ 作者：侃见财经 来源：侃见财经 （ID： kanjiancj ） 两年十倍， 头顶"AI芯片第一股"光环的寒武纪上演了一出绝地反击。 站在AI的风口之上，寒武纪总算是暂时摆脱了危机。 但从长远来看，不管概念如何火爆，业绩才是最终的归宿。且从寒武纪目前的财务表现来看，其丝毫 没有扭亏的迹象。 站在资本市场的角度，如果风口过后，寒武纪依旧没能抓住机会实现扭亏，那么等待寒武纪的，大概 率将会是被资本市场再次"抛弃"。 当然，市场也并非没给过寒武纪机会，只是上一次机会它没能抓住。 众所周知，寒武纪曾是国内芯片行业的一颗耀眼的"新星"，其明星创始人陈天石，也曾让行业寄予了 厚望。作为芯片行业的天才人物，创始人陈天石与哥哥陈云霁创业之初，就被市场密切关注。而陈天 石能快速入行，与其哥哥也有很大关系。 2015年，陈天石与他的团队研发出了世界首款深度学习专用处理器原型芯片，由于当时这个项目比较 超前，所以商业化存在相当大的难度。直至2016年，有了中科院计算所的投资管理平台的加持，陈天 石才与中科院共同成立了北京中科寒武纪科技有限公司。 公司成立之后 ...