Core Viewpoint - The article discusses the significant returns generated by hard technology projects in China, particularly highlighting the success of Cambrian and CATL as exemplary cases of investment opportunities in the sector [4][24]. Group 1: Cambrian's Journey - Cambrian, founded by Chen Yunji and Chen Tian Shi, began its journey in AI chip development at the Chinese Academy of Sciences, proposing the idea of AI chip research as early as 2010 [7][8]. - The company gained prominence after its AI processor was used in Huawei's Mate 10 smartphone in 2017, leading to substantial revenue from IP licensing, primarily from Huawei [11]. - Following a strategic shift in 2019 due to declining revenues, Cambrian expanded its product offerings to include cloud and edge computing solutions [12][15]. Group 2: Financial Performance - Cambrian's stock price experienced a significant decline post-IPO, with a drop of 84.35% from its peak, but began to recover in 2023, eventually reaching a new high of 777.77 yuan per share [16][17]. - The company reported a remarkable revenue increase of 4230.22% year-on-year in Q1 2025, achieving a net profit of 3.55 billion yuan, marking its first consecutive profitable quarters since going public [18][19]. - As of Q1 2024, Cambrian's inventory and advance payments indicated strong market confidence and readiness for increased demand [19]. Group 3: Investment Landscape - Early investors in Cambrian, such as Yuanhe Origin and Lenovo Ventures, recognized the potential of AI technology and made significant investments during its early funding rounds [21][23]. - Despite facing challenges and market fluctuations, investors who remained committed to Cambrian have seen substantial returns, illustrating the long-term nature of hard technology investments [24][25]. - The article emphasizes that Cambrian's success serves as a motivation for more investors to engage in hard technology, showcasing the potential for significant financial rewards in this sector [25].

Core Viewpoint - The article discusses the significant returns generated by hard technology projects in China, particularly highlighting the success of Cambrian, which has seen its stock price surge and market capitalization exceed 320 billion yuan, marking it as a standout case in the hard tech investment landscape [1]. Group 1: Company Background - Cambrian was founded by two brothers, Chen Yunji and Chen Tian Shi, who both had strong academic backgrounds in AI chip research at the Chinese Academy of Sciences [3][6]. - The company was established in 2016 after the team developed the world's first deep learning-specific processor prototype in 2015, marking a significant milestone in AI chip development [3][6]. Group 2: Financial Performance - Cambrian experienced a dramatic rise in stock price, reaching a peak of 777.77 yuan per share in 2024, with a market capitalization increase of over 200 billion yuan within a year [12]. - The company reported a net profit of 2.82 million yuan in Q4 2024 and 3.55 million yuan in Q1 2025, marking its first consecutive profitable quarters since its IPO [12][13]. Group 3: Market Dynamics - Cambrian's revenue growth is attributed to its strategic pivot towards a "cloud-edge-end" layout and the introduction of new products, responding to the increasing demand for AI computing power in China [7][15]. - The company is preparing for increased market demand by maintaining a substantial inventory balance of 2.755 billion yuan and prepayments of 973 million yuan, indicating confidence in future orders [14][15]. Group 4: Investment Landscape - Early investors in Cambrian, such as Yuanhe Origin and Lenovo Capital, recognized the potential of AI technology and made significant investments, which have now yielded substantial returns [17][18]. - The article emphasizes the long investment cycles associated with hard technology, suggesting that patience and perseverance are essential for achieving significant returns in this sector [19].