Cambricon Reports Breakthrough Growth in First Half of 2025
On the evening of August 26, Cambricon Technologies Corporation Limited (688256.SH, referred to as “Cambricon”) released its 2025 semi-annual report.
In the first half of the year, Cambricon entered its most breakthrough growth phase since its establishment: revenue surged 43 times year-on-year, net profit turned from loss to profit significantly, achieving large-scale profitability for the first time.
Driven by the high prosperity of the artificial intelligence chip industry, Cambricon not only achieved a breakthrough in revenue scale but also saw significant optimization in core indicators such as operating cash flow and asset size.
At the same time, the company is actively promoting a private placement project of up to 3.985 billion yuan to strengthen the development of large model chips and software platforms, continuously building a technological moat for the future.
This Chinese AI chip company, which had been in a long-term loss-making state, is experiencing its own “awakening moment” in the wave of large models.
Revenue Soars 43 Times, Net Profit Turns from Loss to Profit
In the first half of 2025, Cambricon achieved operating revenue of 2.881 billion yuan, a significant increase of 4347.82% compared to 64.7653 million yuan in the same period last year, achieving a breakthrough in revenue scale.
Profitability also achieved a qualitative leap. In the first half of the year, Cambricon’s net profit attributable to shareholders of the listed company was 1.038 billion yuan, and the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 913 million yuan, both turning from losses of -530 million yuan and -609 million yuan in the same period last year, marking that the company’s business has entered a stage of large-scale profitability.
In terms of cash flow, the net cash flow from operating activities also performed excellently, achieving 911 million yuan in this period, a significant improvement compared to -631 million yuan in the same period last year, mainly due to a significant increase in sales collections, reflecting a significant improvement in the company’s ability to fulfill market orders and customer willingness to pay, and continuous optimization of operating quality.
Asset size also expanded simultaneously. As of June 30, 2025, the company’s total assets reached 8.42 billion yuan, an increase of 25.34% compared to the end of the previous year.
In terms of R&D, as a technology-driven enterprise in the field of artificial intelligence chips, Cambricon’s R&D investment in the first half of the year reached 456 million yuan, an increase of 2.01% year-on-year. Although the proportion of R&D investment in operating revenue decreased to 15.85% due to the significant growth in revenue, the absolute value of investment continued to grow, continuously consolidating the technological barrier.
As of the end of the reporting period, the company’s R&D team size reached 792 people, accounting for 77.95% of the total number of employees, of which 80.18% of R&D personnel have a master’s degree or higher.
As of June 30, 2025, the company had accumulated 2,774 patent applications, including 1,783 domestic patents, 690 overseas patents, and 301 PCT patents; it had accumulated 1,599 authorized patents, including 1,526 invention patents, and also had 65 software copyrights and 6 integrated circuit layout designs, building a comprehensive technological moat.
Private Placement Advances Large Model Projects, Ecological Construction Simultaneously Strengthened
To further strengthen its competitiveness in the field of large model computing power, during the reporting period, Cambricon promoted the 2025 private placement of A-shares to specific objects, intending to raise no more than 3.985 billion yuan for the “Chip Platform Project for Large Models,” “Software Platform Project for Large Models,” and to supplement working capital.
Among them, the chip platform project plans to invest 2.9 billion yuan to enhance the company’s comprehensive strength in chip technology and products for large models; the software platform project plans to invest 1.6 billion yuan to further improve the openness and ease of use of the software ecosystem. The implementation of these two projects will help the company better seize the development opportunities of large models and consolidate its industry position.
Currently, this private placement matter has been reviewed and approved by the Shanghai Stock Exchange and is pending the consent of the China Securities Regulatory Commission for
