证券研究报告 | 2025年10月21日 寒武纪-U（688256.SH） 优于大市 存货环比持续增长保障交付，定增落地助力新平台研发 前三季度营收同比增长 2386.38%，归母净利润同比增长 321.49%。公司发布 2025 年三季报，前三季度实现营收 46.07 亿元(YoY +2386.38%)，实现归母 净利润 16.05 亿元，2024 年同期为-7.24 亿元，实现扭亏为盈。其中，公司 单三季度实现营收 17.27 亿元(YoY +1332.52%，QoQ -2.40%)，实现归母净 利润 5.67 亿元(同比扭亏为盈，QoQ -17.00%)。收入利润大幅增长，主要因 公司持续拓展市场，积极助力人工智能应用落地。前三季度公司确认的非经 常性损益为 1.86 亿元，主要为政府补助等。 2025 年营收预计 50 至 70 亿元，存货环比持续增长保障未来交付。公司结 合实际情况，预计 2025 年全年实现营业收入 50 至 70 亿元。盈利能力方面， 公司前三季度综合毛利率达到 55.29%，净利率为 34.81%，其中单三季度毛 利率为 54.24%，维持在较高水平。为应对旺盛的下游需求，公司 ...

Core Viewpoint - The recent surge in Cambricon's stock price and market valuation reflects a broader market reassessment of domestic chip companies amid geopolitical tensions and national policies supporting AI and semiconductor industries [2][3]. Company Summary - Cambricon's stock price reached a peak of 1438 yuan per share, with a market capitalization exceeding 600 billion yuan, surpassing Kweichow Moutai to become the new "king of stocks" [2]. - The company reported a revenue of 2.881 billion yuan for the first half of 2025, a staggering increase of 4347.82% compared to 64.76 million yuan in the same period last year [3]. - Despite the impressive financial report, Cambricon has faced significant losses in previous years and relies heavily on a few large government and enterprise clients, raising concerns about its business model's resilience [5]. Industry Summary - The current valuation of domestic chip companies like Cambricon is influenced by national strategies aimed at reducing reliance on foreign technology and enhancing strategic security [3]. - The AI chip market is characterized by high capital requirements and significant challenges in commercializing technology, making it a "burning money" game [6]. - The industry faces a substantial gap in advanced manufacturing capabilities, particularly in critical equipment like photolithography machines, compounded by U.S. export controls that limit performance improvements [7]. - Building a robust software ecosystem is crucial for hardware success, as exemplified by NVIDIA's CUDA ecosystem, which presents a formidable barrier for new entrants [7]. - The Chinese AI chip industry, represented by companies like Cambricon, is at a critical juncture filled with uncertainties and challenges, necessitating a focus on sustainable growth rather than merely optimistic projections [6][7].

Core Viewpoint - The recent surge in Cambricon's stock price and market valuation reflects a broader market reassessment of domestic chip companies amid geopolitical tensions and national policies promoting AI and semiconductor industries [1][2]. Group 1: Company Performance - Cambricon reported a significant revenue increase of 4347.82%, reaching 2.881 billion yuan in the first half of 2025, compared to 64.76 million yuan in the same period last year [1]. - Despite the impressive financial report, Cambricon has faced substantial losses in previous years, indicating a volatile financial history [2][3]. - The company's business model heavily relies on a few major government and enterprise clients, raising concerns about its risk management capabilities [2]. Group 2: Industry Context - The global competition in the semiconductor industry has intensified, with the U.S. implementing the CHIPS and Science Act and China responding with various AI industry promotion policies [1]. - The domestic chip industry, including Cambricon, faces significant challenges in commercializing technology, particularly in achieving scale and building ecological barriers against established players like NVIDIA [3]. - The development of AI chips is characterized as a "money-burning" game, requiring continuous investment to catch up with international technology leaders, compounded by export controls from the U.S. that limit performance improvements [3][4]. Group 3: Future Outlook - The Chinese AI chip industry, represented by companies like Cambricon, is at a critical juncture filled with uncertainties and challenges, emphasizing the need for sustainable business models over grand narratives of explosive growth [4]. - Building a robust software ecosystem is essential for hardware success, as seen with NVIDIA's CUDA ecosystem, which presents a significant barrier for new entrants [3].

Core Viewpoint - Cambricon Technologies Corporation Limited reported significant growth in revenue and profitability for the first half of 2025, driven by the expansion of its artificial intelligence chip products and market applications [4][5][6]. Financial Performance - The company's operating revenue for the first half of 2025 reached approximately 2.88 billion yuan, representing a staggering increase of 4,347.82% compared to the same period in 2024 [4]. - The total profit for the period was approximately 1.04 billion yuan, marking a turnaround from a loss in the previous year [4]. - The net profit attributable to shareholders was approximately 1.04 billion yuan, also reflecting a significant improvement from the previous year's loss [4]. - The net cash flow from operating activities was approximately 911 million yuan, an increase from the previous year [4]. Business Overview - The company specializes in the research, design, and sales of artificial intelligence core chips used in various applications, including cloud servers, edge computing devices, and terminal devices [6][7]. - The main product lines include cloud products, edge products, IP licensing, and software [5][6]. Market Position and Strategy - The company has established itself as a leader in the intelligent chip sector, focusing on continuous innovation and high R&D investment to maintain competitive advantages [8][9]. - The company has a strong R&D team, with 77.95% of employees engaged in research and development, and 80.18% of R&D personnel holding master's degrees or higher [8][14]. - The company is actively collaborating with leading enterprises in various sectors, including telecommunications and finance, to enhance its product offerings and market reach [7][8]. Product Development and Innovation - The company is advancing its next-generation intelligent processor microarchitecture and instruction set, which are expected to optimize performance for various AI applications [9][10]. - The training software platform has been continuously improved to support large model training and reinforcement learning, achieving significant performance enhancements [9][10]. - The inference software platform has also seen optimizations, leading to improved performance metrics and customer satisfaction [10][11]. Intellectual Property and Competitive Edge - The company has applied for a total of 2,774 patents, with 1,599 patents granted, showcasing its commitment to protecting its core technologies [13][14]. - The company has established a comprehensive knowledge property layout to safeguard its innovations in intelligent chip technology [13]. Future Outlook - The company plans to raise up to approximately 398.53 million yuan through a targeted stock issuance to enhance its chip technology and product capabilities, further solidifying its position in the intelligent chip industry [12][15].

具身智能机器人核心部件专场活动 03 组织架构 主办单位： 中国科协企业创新服务中心 承办单位： 中关村融智特种机器人产业联盟 《机器人技术与应用》杂志社 北京理工大学 北京数字科普协会 支持媒体： 机器人大讲堂 公共安全装备网 04 时间地点 （拟） 时间： 2025年8月10日 下午 14:00-17:30 地点： 北京亦创国际会展中心C馆二层 C 会议室 05 论坛日程 近年来，人工智能与机器人的深度融合，推动具身智能体向更高层级的自主化、智能化发展。智能体通过感知、 决策、与规划在物理环境中实现行为的能力，成为提升机器人自主性与适应性的关键技术方向。当前，具身智能 体零部件作为支撑机器人感知、决策、执行的核心基础，涵盖了高精度传感器、仿生执行器、边缘计算芯片、柔 性材料等多个关键领域，其技术水平直接影响整机性能与应用场景拓展。 本次论坛 聚焦具身智能零部件的技术前沿 （如仿生触觉传感器、柔性驱动机构、边缘智能芯片等）、 共性挑战 （可靠性、成本控制、标准化）及 应用生态 （人形机器人、工业自动化、医疗康复等场景），邀请行业家及产业 链代表展开研讨。 论坛主题： 聚焦核心部件 赋能具身智能 02 论坛名 ...

Core Insights - The integration of artificial intelligence and robotics is driving the development of embodied intelligent agents towards higher levels of autonomy and intelligence [1] - Key components of embodied intelligent agents include high-precision sensors, bionic actuators, edge computing chips, and flexible materials, which are crucial for enhancing robot performance and application scenarios [1] - The upcoming forum will focus on the technological frontiers of core components, common challenges, and application ecosystems in various fields such as humanoid robots, industrial automation, and medical rehabilitation [1] Forum Details - The forum is themed "Focusing on Core Components to Empower Embodied Intelligence" and will take place on August 10, 2025, at the Beijing Yichuang International Exhibition Center [2] - The World Robot Conference will be held from August 8 to 12, 2025, featuring over 200 leading domestic and international companies, showcasing industrial robots, humanoid robots, service robots, and special robots [2] - The forum aims to gather reports from industry experts and representatives to discuss technological breakthroughs and industry collaboration in the field of embodied intelligent components [3] Technical Focus - The forum will address core component technologies such as bionic tactile sensors and flexible drive mechanisms, as well as common challenges like reliability, cost control, and standardization [3] - Topics for reports may include the current status and bottlenecks of core technologies related to perception, execution, and intelligent emergence, as well as key technical difficulties in sensors and actuators [3] Participation Invitation - The forum invites industry experts and representatives to participate and share insights, with opportunities to present new technologies, products, and sign cooperation agreements [3]