近日，据媒体报道，截至2025年6月底，我国在用算力中心标准机架达1085万架，智能算力规模达 788EFLOPS(每秒百亿亿次浮点运算)，干线400G端口数量大幅增加至14060个，存力总规模超1680EB， 全国算力中心平均电能利用效率(PUE)降至1.42，算力基础设施规模和水平不断提升。不难看出，我国 算力产业正呈现量质齐升的良好态势。 在这样的行业大背景下，智能芯片领域的发展尤为引人注目。智能芯片是针对人工智能领域设计的芯 片，为人工智能应用提供所需的基础算力，是支撑智能产业发展的核心物质载体。智能芯片面向人工智 能领域而专门设计，其架构和指令集针对人工智能领域中的各类算法和应用作了专门优化，可高效支持 视觉、语音、自然语言处理和传统机器学习等智能处理任务。随着人工智能应用及算法的逐步普及，智 能芯片受到了多家集成电路龙头企业的重视，该领域也成为多家初创集成电路设计公司发力的重点。集 成电路设计行业处于产业链上游，作为典型的技术和资金密集型产业，具有技术门槛高、产品附加值高 的特点，而智能芯片作为其中的重要分支，正引领着行业的创新变革。 寒武纪，作为智能芯片领域全球知名的新兴公司，在行业中表现亮眼。 ...

值得注意的是，随着大模型技术不断演进，市场对AI芯片的需求呈现爆发式增长，国内芯片设计厂商 也在逐步提升国内市场份额。东海证券也在研报中指出，寒武纪思元系列芯片产品受益于国内各产业算 力需求的提升以及国产替代的趋势，有望带动公司整体营收高增以及归母净利润的持续盈利。 事实上，自2020年上市以来，寒武纪已进行过二次募资。寒武纪曾于2023年向特定对象发行1380.6万 股，每股发行价格为121.1元，募资总额达16.72亿元。 两次募资的用途均围绕公司的主营业务展开，其中，本次主要用于面向大模型的芯片平台项目，以及面 向大模型的软件平台项目。寒武纪表示，此举将进一步强化较同行业可比公司的技术竞争力。 大手笔投入之下，寒武纪已先后推出寒武纪1A、寒武纪1H、寒武纪1M 系列智能处理器；基于思元 100、思元270、思元290和思元370芯片的云端智能加速卡系列产品；基于思元220芯片的边缘智能加速 卡。此外，寒武纪还通过了DeepSeek大模型适配测试。 9月9日晚，寒武纪发布公告称，公司已于近日收到证监会的批复，同意公司向特定对象发行股票的注册 申请，有效期为12个月。 具体看，寒武纪7月份更新的定增预案显示 ...

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].