Core Viewpoint - Cambrian is adjusting its A-share issuance plan for 2025, aiming to raise up to 3.985 billion yuan to support projects related to large model chip platforms and software platforms, as well as to supplement working capital [1][2] Group 1: Fundraising and Investment Plans - The company plans to issue no more than 20.9175 million shares, with total fundraising not exceeding 3.985 billion yuan [1] - The raised funds will primarily be used for projects focused on large model chip platforms and software platforms, as well as to enhance liquidity [1] Group 2: Market Context and Strategic Importance - The rapid development of large models is driving unprecedented growth in the intelligent computing market, creating significant opportunities [1] - Cambrian aims to address the innovative demands for intelligent chips driven by the evolution of large model technologies, focusing on breakthroughs in intelligent processor technology [1][2] - The company will also establish an advanced packaging technology platform to support differentiated product packaging needs across various scenarios [1] Group 3: Competitive Position and Industry Impact - Cambrian has quickly achieved technological industrialization since its establishment in 2016, creating a comprehensive product matrix covering cloud, edge, and terminal intelligent chips [2] - The company has gained recognition in various vertical industries, including telecommunications, finance, and the internet, through deep collaborations with large model enterprises [2] - With the explosion of large models like ChatGPT, global AI computing power demand is experiencing exponential growth, marking a golden development period for high-end intelligent chips [2] - If the fundraising is successfully implemented, it will significantly enhance Cambrian's core competitiveness in the era of large models and inject strong momentum into the development of the domestic AI chip ecosystem [2]

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]