Cambricon Technologies Corporation Limited disclosed its 2025 annual report on the evening of March 12, revealing a full-year net profit of 2.059 billion yuan. This achievement signifies the company's official removal of the unprofitable enterprise identifier, marking it as the first company to "graduate" from the Sci-Tech Innovation Board Growth Tier. The special identifier "U" will be canceled on March 16, and the stock's abbreviated name will change from "Cambricon-U" to "Cambricon".
As a benchmark for domestic AI chips, Cambricon's growth trajectory is representative. From 2020 to 2024, the company's cumulative R&D investment exceeded 5.6 billion yuan, leading to iterations of multiple chip products and a crucial transformation within five years of listing. With the explosion of AI computing power demand in 2025, the company has become a key player. The annual report indicates a significant shift in the company's 2025 revenue structure, moving from being primarily reliant on intelligent computing cluster business at the time of its IPO to being dominated by commercial cloud chip product lines. The historic breakthrough of its annual net profit surpassing the 20 billion yuan threshold suggests the potential entry into a "self-sustaining" phase, also signaling a transition for AI companies from a period of technological investment to one of commercial returns.
Dongxing Securities believes the AI industry is currently in a phase of resonance across policy, technology, and demand dimensions. The gradual validation of performance by domestic chip and cloud computing leaders, coupled with sustained capital expenditure investments from major players, is increasing the certainty of industry development, suggesting further room for growth in sector prosperity.
In market performance, the HUABAO SHANGHAI SCIENCE AND TECHNOLOGY INNOVATION BOARD ARTIFICIAL INTELLIGENCE TRADING OPEN ENDED INDEX SEC (589520), which focuses on the domestic AI industry chain, experienced volatile trading below the previous close on Friday (March 13), with its intraday price currently down 1.57%. However, capital inflows appeared undeterred by market fluctuations, showing a "buy-the-dip" trend. Data from the Shanghai Stock Exchange shows the ETF accumulated net inflows of 40.53 million yuan over the previous five days, reflecting investor optimism about the future performance of the domestic AI sector and positioning ahead of potential gains.
Among its constituents, Haitong Ruisheng and Lingyun Guang led gains, rising over 3%, while Jingcheng Shares and Daotong Technology increased more than 1%. Yushi Network and Kingsoft Office also traded in positive territory. On the other hand, Yunshan Lifeifei-U and Youketede-W fell more than 9%, ranking among the top decliners and weighing on the index performance.
The HUABAO SHANGHAI SCIENCE AND TECHNOLOGY INNOVATION BOARD ARTIFICIAL INTELLIGENCE TRADING OPEN ENDED INDEX SEC (589520) and its feeder funds (Feeder A: 024560, Feeder C: 024561) primarily target the domestic AI industry chain. Its constituent stocks include leading domestic GPU companies (such as Cambricon), leading domestic ASIC companies, and top AI application firms (such as Kingsoft Office). The semiconductor sector carries a weight of nearly half, providing strong offensive potential, while the software sector accounts for over thirty percent, positioning it to potentially benefit from catch-up rallies in AI applications. Furthermore, this ETF is a margin trading security, offering an efficient tool for a one-stop allocation to domestic computing power.
A MACD golden cross signal has formed, indicating positive momentum for some stocks.
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