Cambricon Technologies (688256) Q2 2025 earnings summary

Executive summary

• Achieved revenue of RMB 2.88 billion in H1 2025, up 4,347.82% year-over-year, driven by AI chip market expansion and large-scale deployments in key industries.

• Net profit attributable to shareholders reached RMB 1.04 billion, reversing losses from the prior year.

• Maintained high R&D intensity, with 77.95% of staff in R&D and 15.85% of revenue invested in R&D.

• Significant technical progress in AI chip microarchitecture, software platforms, and ecosystem development.

Financial highlights

• Revenue: RMB 2,880,643,471.09, up 4,347.82% year-over-year.

• Net profit attributable to shareholders: RMB 1,038,082,568.57, compared to a loss of RMB 530,109,567.26 last year.

• Operating cash flow: RMB 911,150,321.73, up from negative RMB 631,220,260.23.

• Basic EPS: RMB 2.50, up from -1.27; diluted EPS: RMB 2.48.

• Gross margin and profitability improved significantly due to scale and product mix.

Outlook and guidance

• Continued focus on AI chip R&D and ecosystem expansion.

• Ongoing investments in large model chip and software platforms, with planned fundraising of up to RMB 3.99 billion.

• Market demand for AI computing expected to remain strong, with further industry penetration.