In the global computing power arms race triggered by AIGC, Cambricon Technologies Corporation Limited has delivered a remarkable annual performance report for 2025. This financial report not only signifies Cambricon's complete emergence from a prolonged period of losses but also heralds a new era of scaled profitability for domestic intelligent computing infrastructure.
Financial report data shows that Cambricon achieved operating revenue of 64.97 billion yuan in 2025, a surge of 453.21% year-over-year. Net profit attributable to shareholders of the listed company reached 2.059 billion yuan, a historic turnaround from the 450 million yuan loss in 2024. Even after non-recurring adjustments, the net profit remained strong at 1.770 billion yuan.
According to Cambricon's annual report, Zhang Jianping increased his holdings by 408,400 shares to 6.8149 million shares, representing 1.62% of the float. Cambricon stated that, having achieved profitability for the first time, the special identifier 'U' will be removed from its A-share stock on March 16, 2026, and the stock abbreviation will change from "Cambricon-U" to "Cambricon".
The dramatic surge in performance is driven by the resonance of the AIGC computing power boom and successful commercialization.
Cambricon's revenue leaped from 11.74 billion yuan in 2024 to 64.97 billion yuan in 2025, a span rarely seen in the A-share hard tech sector. Looking at quarterly data, revenue for Q2, Q3, and Q4 remained consistently high, between 17 and 18 billion yuan, indicating that order fulfillment has entered a period of normalized high-speed operation.
The fundamental driver behind this performance explosion is the computing power anxiety of the large model era. The company's core business consists of cloud-based intelligent chips and boards, intelligent complete machines, and intelligent computing cluster systems. As the "Siyuan" product series completed large-scale deployments in key industries such as telecommunications operators, finance, and internet companies, the products' universality and stability have been validated in demanding customer environments. The continuous development of the open-source ecosystem has significantly reduced customer migration costs and accelerated the commercial conversion cycle.
Profitability quality has shifted from "strategic losses" to genuine self-sustaining capability.
A three-year financial comparison reveals a clear evolutionary path: a net loss of 848 million yuan in 2023, narrowing to a loss of 452 million yuan in 2024, and turning to a profit of 2.059 billion yuan in 2025. Total profit jumped directly from -456 million yuan to 2.059 billion yuan, releasing scale effects driven by a quantum leap in business volume rather than mere cost optimization.
The change in the ratio of R&D expenditure to revenue is striking: it plummeted from 91.30% in 2024 to 17.99% in 2025, a drop of over 73 percentage points. This was not due to an absolute reduction in R&D spending but rather the result of the denominator—revenue—expanding rapidly. For a chip design company, once high upfront R&D costs are diluted by scaled revenue, the leverage effect becomes extremely significant. Cambricon is currently in the early-to-mid stage of this "sweet spot."
Zhang Jianping continues to increase his stake, with holdings valued at nearly 7.5 billion yuan.
In terms of corporate governance, founder Chen Tianshi holds 28.35% of shares, firmly retaining the position of largest shareholder. Beijing Zhongke Suanyuan Asset Management Co., Ltd. (a state-owned legal person) is the second-largest shareholder with a 15.57% stake. Together, they control over 43% of the shares, forming a stable "founder-led, state-backed" structure for strategic direction, which aligns with the industrial logic of the "national system" approach for domestic computing power.
Hong Kong Securities Clearing Company Ltd. (representing southbound funds from the Stock Connect program) holds a 3.12% stake, having increased its holdings by over 2.86 million shares during the reporting period, reflecting continued attention and allocation willingness from overseas institutional investors towards the domestic AI chip track.
Notably, well-known individual investor "Meng Zhu" Zhang Jianping increased his holdings by 408,400 shares to 6.8149 million shares, representing 1.62% of the float. Based on today's closing price of 1,099 yuan, the value of Zhang Jianping's holdings is nearly 7.5 billion yuan.
Dividend of 15 yuan per 10 shares and bonus share issue of 4.9 shares per 10 shares.
Amidst the soaring performance, Cambricon has proposed a highly sincere profit distribution plan for capital markets. The company plans to distribute a cash dividend of 15.00 yuan per 10 shares (before tax) to all shareholders and issue 4.9 bonus shares per 10 shares to all shareholders from capital reserve.
Combined with previous share repurchases, Cambricon's total cash dividends and repurchase amount for 2025 exceed 652 million yuan, accounting for a significant 31.69% of net profit attributable to the parent company. For a hard tech company that has just achieved profitability, a dividend of this magnitude signals management's extremely strong confidence in the company's cash flow and future development prospects.
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