Recently, domestic listed AI chip companies have successively released their performance reports, showing improvements in their main business operations, yet their stock price performance has been less than satisfactory. On February 3rd, Cambricon Technologies Corporation Limited's stock price plummeted during the trading session, at one point falling over 14%. By the midday close, it was down 12.88%, while Moore Threads Technology Co.,Ltd. fell 4.70%, and Metax Integrated Circuits (Shanghai) Co., Ltd. closed down 5.11%. Market rumors are abundant. Taking Cambricon as an example, one theory points to concerns over anticipated competition from T-Head. Another claim suggests that Cambricon recently held a small-scale briefing, setting this year's revenue guidance at 20 billion yuan, which falls short of the market's expectation of 300 to 500 billion yuan. When contacted by media posing as investors, Cambricon's board secretary's office responded, "There are many rumors in the market, all of which are false. The company has not held any internal communication meetings. Fluctuations in secondary market capital and sentiment are frequent; everyone should approach this rationally." On January 30th, Cambricon announced that it expects to turn a profit for the 2025 fiscal year compared to the same period last year, with an estimated net profit attributable to the parent company's owners ranging from 1.85 billion yuan to 2.15 billion yuan. Explaining the reason for the performance change, Cambricon stated, "During the reporting period, benefiting from the continuous surge in computing power demand within the AI industry, the company actively expanded its market presence leveraging its products' excellent competitiveness and promoted the implementation of AI application scenarios. This led to a significant year-on-year increase in operating revenue, thereby driving an improvement in the company's overall operating performance and achieving a turnaround from loss to profit." On January 21st, Moore Threads also released a performance forecast, anticipating a net loss attributable to the parent company's owners for the 2025 fiscal year. The estimated net loss is projected to be between 950 million yuan and 1.06 billion yuan, representing a narrowing of the loss by 34.50% to 41.30% compared to the same period last year. Moore Threads indicated, "Benefiting from the vigorous development of the artificial intelligence industry and strong market demand for high-performance GPUs, the company's product competitive advantages have further expanded, and market attention and recognition have continuously increased, driving revenue and gross profit growth and narrowing the overall loss margin year-on-year. Simultaneously, the company continues to maintain high R&D investment, is currently still in a period of sustained R&D investment, has not yet achieved profitability, and has accumulated unrecovered losses." On January 27th, Metax Integrated Circuits (Shanghai) Co., Ltd.'s performance forecast indicated an anticipated net loss attributable to the parent company's owners for the last fiscal year. The estimated net loss is projected to be between 650 million yuan and 798 million yuan, representing a narrowing of the loss by 43.36% to 53.86% compared to the same period last year. Regarding the reason for the performance change, Metax stated, "The company's products and services have gained widespread recognition and continuous procurement from downstream customers, leading to a significant year-on-year growth in revenue scale during the reporting period. Furthermore, the company's share-based payment expenses decreased compared to the same period last year, which positively impacted the company's profit and reduced the extent of the loss."
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