本文转载自每日经济新闻 值班编辑 | 宝珠 视觉 | 顾芗 今日，寒武纪正式登上"股王"宝座。 受益于Blackwell架构产品放量，数据中心收入环比增长5%，其中Blackwell数据中心收入环比上涨17%。 此外，英伟达在本财季未向中国客户销售H20产品，但向中国以外的非受限客户出售约6.5亿美元H20， 并释放了1.8亿美元此前预留的库存。 英伟达的财季营收虽然高于分析师预测的460.6亿美元，但营收和利润的超预期幅度创数个季度新低，且 业绩指引整体不温不火，其股价在盘后交易中一度跳水逾5%，不过跌幅此后有所收窄。 8月28日，寒武纪股价高开高走，收盘为1587.91元，全天涨幅达15.73%，收盘价超越了贵州茅台的 1446.10元。 寒武纪大涨与美股英伟达 早盘的大跌 形成鲜明反差。前者的大涨和后者的大跌，恰恰又均是财报发布 之后。 昨日晚间，英伟达公布Q2财报。数据显示，截至2025年7月27日的上一财季，英伟达营收达467亿美元， 同比增长56%，环比增长6%。 反观A股市场，芯片龙头寒武纪交出了一份超出预期的半年报。 8月27日晚间，寒武纪发布2025年中期报告。数据显示，公司2025年上半年 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 受益于Blackwell架构产品放量，数据中心收入环比增长5%，其中Blackwell数据中心收入环比上涨17%。此外，英伟达在本财季未向中国客户销售H20产 品，但向中国以外的非受限客户出售约6.5亿美元H20，并释放了1.8亿美元此前预留的库存。 英伟达的财季营收虽然高于分析师预测的460.6亿美元，但营收和利润的超预期幅度创数个季度新低，且业绩指引整体不温不火，其股价在盘后交易中一 度跳水逾5%，不过跌幅此后有所收窄。 反观A股市场，芯片龙头寒武纪交出了一份超出预期的半年报。 8月27日晚间，寒武纪发布2025年中期报告。数据显示，公司2025年上半年实现营业收入28.81亿元，同比增长高达4347.82%；净利润由去年同期的巨额 亏损（亏损金额约为5.3亿元）逆转为正收益，达到10.38亿元。 寒武纪表示，已掌握7nm等先进工艺下开展复杂芯片物理设计的一系列关键技术，并已将其成功应用于思元100、思元220、思元270、思元290、思元370 等多款芯片的物理设计中。 业绩发布之后，寒武纪连续两个交易日大涨，同时带动了板块其它个 ...

智通财经记者 | 李彪 智通财经编辑 | 文姝琪 8月27日，"科创板AI芯片第一股"寒武纪盘中股价一度超越茅台，市值突破6000亿，晋升为各大股吧、 论坛热议的"寒王"。 近一周来，寒武纪股价飙升，已经接连突破1000元、1100元、1200元、1300元四个关口后。昨日晚间， 公司披露了半年报。2025年上半年，公司营业收入28.81亿元，同比暴增4347.82%；归属于上市公司股 东的净利润10.38亿元，去年上半年同期亏损5.3亿元，大幅扭亏为盈，毛利率高达55.93%。 营收大幅增长并且大幅扭亏，半年报再度为寒武纪的飞涨注入"燃料"，27日开盘继续飞涨，盘中直接突 破1400元，最高价格每股1464.98元，一度超越茅台（实时股价约为每股1456元）。 Wind平台显示，在下午3点左右，出现主力撤买，公司股价开始回落，至收盘，寒武纪股价涨3.2%，为 1372.1亿元，总股本为4.18亿股，市值（公司市值等于股价乘总股本）为5740亿元。茅台股价为1448亿 元，总股本为12.56亿股，市值为1.82万亿元。 今年以来，寒武纪股价已经上涨108%，近一年内上涨已经超过468%。 高盛本周也发布了研报 ...

寒武纪2025年上半年的财务数据堪称"炸裂"，营业收入28.81亿元，同比暴涨4,347.82%，这个增幅在A 股市场都属罕见。更重要的是，公司实现了从巨亏到巨盈的华丽转身——归母净利润10.38亿元，去年 同期还在亏损5.30亿元。 周二，寒武纪发布上半年业绩报告，具体来看：营业收入28.81亿元，同比增长4347.82%，实现历史性 突破；归母净利润10.38亿元，去年同期亏损5.30亿元，成功扭亏为盈；扣非净利润9.13亿元，实现从亏 损转盈利的重大转折；经营活动现金流净额9.11亿元，去年同期为-6.31亿元；毛利率55.93%，保持较高 水平； | 单位: JLi | | --- | | 人民 | | 币种: 市 | | | 本报告期末 | 上年度末 | 本报告期末比上年度末 | | --- | --- | --- | --- | | | | | 增减(%) | | 总资产 | 8, 420, 117, 458. 26 | 6, 717, 812, 509. 70 | 25. 34 | | 归属于上市公司股 | 6, 755, 397, 722. 83 | 5. 422. 658. 659. 68 ...

Core Viewpoint - The company is responding to the Shanghai Stock Exchange's inquiry regarding its fundraising project, emphasizing the necessity and urgency of the project in light of the rapid growth in the AI computing market and the evolving demands for intelligent chips and software platforms [1][2][3]. Group 1: Market Demand and Trends - The AI computing market in China is projected to grow from approximately $19 billion in 2024 to $25.9 billion in 2025, representing a year-on-year growth of 36.2%, and reaching $55.2 billion by 2028, indicating strong growth momentum [3][19]. - The rapid development of large model technology is transforming AI applications from task-specific tools to comprehensive assistants, driving the demand for new technologies and applications in the intelligent chip sector [3][4]. Group 2: Company Strategy and R&D Focus - The company plans to develop a range of chips and software platforms tailored to large model requirements, including training chips, inference chips, and advanced packaging technologies, to enhance its competitive edge in the market [11][12][14]. - The fundraising project aims to strengthen the company's technological capabilities and expand its product ecosystem, ensuring alignment with market needs and technological advancements [11][12][22]. Group 3: Competitive Landscape - The global intelligent chip market is dominated by foreign giants like NVIDIA and AMD, while domestic companies are gradually increasing their market share, with the company positioned as a strong competitor in the AI chip sector [9][10]. - The company has developed a strong design capability for intelligent chips, although its software application ecosystem is still being improved compared to leading competitors like NVIDIA [9][10]. Group 4: Product Development and Market Application - The company has established a solid foundation for the commercialization of its products, which are already being applied in various sectors, including cloud computing, finance, and healthcare, supporting diverse AI tasks [20][21]. - The planned R&D projects are expected to meet the growing demands for high-performance training and inference capabilities in large model applications, filling the market gap for training chips in China [17][19].

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]