寒武纪方面表示，将持续围绕AI芯片和智算基础设施开展技术创新和产品迭代，通过多主体协同完善业务布 局。新设子公司的具体经营进展和业务贡献仍需时间检验，公司整体经营表现也受到行业景气度、下游需求 及技术迭代速度等因素影响。 股权结构方面，新设公司由寒武纪通过旗下主体持股100%，为其全资子公司。根据工商登记信息，寒武纪智 算科技（北京）有限公司的业务类型包括集成电路设计与制造、技术服务和相关产品销售，未来有望与母公 司在AI芯片、算力平台等板块形成协同。 公开资料显示，寒武纪专注于人工智能芯片及基础系统软件研发，主要产品包括终端智能处理器IP、云端训 练与推理芯片、边缘计算芯片等，面向数据中心、边缘计算和智能终端等场景提供算力支持。近年来，公司 围绕"芯片+系统+应用"不断拓展产业链布局，提升在国内AI算力产业中的综合竞争力。 从区域来看，北京近年来加快布局人工智能和算力基础设施，聚集了头部互联网企业、科研机构及大模型创 业公司，对本地及周边算力供给提出更高要求。寒武纪在北京设立智算科技公司，有望更贴近重点客户和应 用场景，提升本地化服务能力和方案交付效率。 （文/罗叶馨梅）12月2日，天眼查信息显示，寒武纪- ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company reported a significant revenue growth of 2386.38% year-on-year for the first three quarters, achieving a revenue of 4.607 billion yuan and a net profit of 1.605 billion yuan, marking a turnaround from a loss of 724 million yuan in the same period last year [1] - The company expects a revenue range of 5 to 7 billion yuan for the year 2025, supported by continuous inventory growth to ensure future deliveries [2] - The successful completion of a private placement raised 3.985 billion yuan, with funds allocated for the development of new platforms, including a chip platform for large models and a software platform [3] - The company is well-positioned to meet the growing demand in the AI industry, with an upward revision of revenue forecasts for 2025-2027 to 6.773 billion, 12.185 billion, and 20.1 billion yuan respectively [4] Summary by Sections Financial Performance - For the first three quarters, the company achieved a revenue of 4.607 billion yuan, with a net profit of 1.605 billion yuan, compared to a loss of 724 million yuan in the previous year [1] - The gross margin for the first three quarters was 55.29%, with a net margin of 34.81% [2] - The company’s inventory reached 3.729 billion yuan by the end of the third quarter, an increase of approximately 1.04 billion yuan from the previous quarter [2] Future Projections - The company forecasts a revenue of 5 to 7 billion yuan for 2025, with a significant increase in revenue expected in the following years [2] - Revenue projections for 2025-2027 have been revised to 6.773 billion, 12.185 billion, and 20.1 billion yuan, reflecting a growth rate of 476.7%, 79.9%, and 65.0% respectively [4][12] Investment and Development - The company completed a private placement, raising 3.985 billion yuan, with 2.054 billion yuan allocated for chip platform projects and 1.452 billion yuan for software platform projects [3] - The company has launched the DeepSeek-V3.2-Exp, achieving Day 0 adaptation and optimizing performance through advanced development techniques [3] Profitability Forecast - The company is expected to achieve a net profit of 2.09 billion yuan in 2025, with significant growth projected in subsequent years [14] - The earnings per share (EPS) is projected to reach 5.00 yuan in 2025, increasing to 20.41 yuan by 2027 [5][16]

Core Viewpoint - The announcement of the largest private placement in A-share history by Cambricon (688256.SH) aims to raise approximately 3.985 billion yuan to enhance its competitive strength in AI chip and software technology for large model applications [1][2]. Group 1: Private Placement Details - Cambricon plans to issue 3.3349 million shares at a price of 1195.02 yuan per share, raising a total of 3.985 billion yuan, with a net amount of 3.953 billion yuan [1]. - The new shares will be tradable on the Shanghai Stock Exchange's Sci-Tech Innovation Board after a six-month lock-up period [1]. - This issuance will not change the company's control, with Dr. Chen Tian Shi remaining the controlling shareholder [1]. Group 2: Institutional Participation - The private placement attracted 13 institutions, including GF Fund, UBS AG, and Xinhua Asset, with GF Fund acquiring 1,010,861 shares for a total of 1.208 billion yuan [2]. - Other notable public funds such as Huatai-PineBridge, E Fund, and Harvest also participated in the offering [2]. Group 3: Business Impact and Financial Performance - The funds raised will significantly enhance Cambricon's capabilities in the large model market, allowing for rapid development of tailored chip and software solutions [2]. - Cambricon's main business involves the research, design, and sales of AI core chips for various applications, including cloud servers and edge computing devices [2]. - In Q3 2025, Cambricon reported a revenue of 1.727 billion yuan, a year-on-year increase of 1332.52%, and a net profit of 567 million yuan, up 391.47% year-on-year [3]. - For the first three quarters, total revenue reached 4.607 billion yuan, a year-on-year increase of 2386.38%, with a net profit of 1.605 billion yuan, up 321.49% [3]. - However, there was a quarter-on-quarter revenue decline of 2.4% and a net profit decrease of 17% in Q3 compared to Q2 [3]. - As of the end of Q3, the company's inventory was 3.729 billion yuan, a 38.62% increase from the previous quarter [3].

Core Viewpoint - The company, Cambricon Technologies, is focused on raising funds for projects related to AI chip innovation and software platforms to enhance its competitiveness in the AI industry [1][15]. Group 1: Company's Main Business - The company specializes in the research, design, and sales of AI core chips used in various applications such as cloud servers, edge computing devices, and terminal devices [1]. - Main products include cloud-based intelligent chips, edge intelligent chips, and terminal intelligent processors, along with supporting system software [1]. Group 2: Fundraising Plan - The company plans to raise up to 3,985.3273 million yuan through a private placement of A-shares, with the funds allocated to projects focused on large model chip platforms, software platforms, and working capital [1][2]. - The total investment for the projects is estimated at 4,980 million yuan, with the raised funds covering 3,985.3273 million yuan after deducting issuance costs [1][2]. Group 3: Project Details and Feasibility - The fundraising projects aim to innovate smart processors for large model technology, including chips for training, inference, and multi-modal tasks [2][3]. - The implementation of these projects is deemed necessary to support the rapid growth of the AI industry and meet the increasing demands for computing power from large models [3][4]. - The projects align with national policies promoting AI and high-end chip development, providing a favorable environment for their execution [4][12]. Group 4: Software Platform Development - The company recognizes the importance of developing a robust software platform to enhance the usability and adaptability of its AI chips, which is crucial for large model applications [8][9]. - The software platform will facilitate the integration of hardware and algorithms, optimizing performance and expanding application areas [10][11]. - The company has established a foundation for an open service capability, supporting developers in utilizing its products effectively [13]. Group 5: Use of Funds for Working Capital - Part of the raised funds, amounting to 478.9702 million yuan, will be used to supplement working capital, addressing the growing operational funding needs as the company expands [14]. - This allocation is expected to enhance the company's financial stability and support ongoing technological innovation [14]. Group 6: Commitment to Technological Innovation - The fundraising initiatives are closely aligned with the company's commitment to technological innovation in the AI chip sector, aiming to enhance design capabilities and software technology reserves [15][16]. - The company plans to continue improving product efficiency and usability through ongoing technological advancements [15].