Cambricon Technologies (688256) Q4 2025 earnings summary

Executive summary

• Achieved first full-year profitability, with net profit attributable to shareholders of RMB 2.06 billion, reversing prior losses year-over-year.

• Annual revenue reached RMB 6.50 billion, up 453.21% compared to the previous year, driven by surging AI computing demand.

• Gross profit totaled RMB 3.58 billion, up 437.99% year-over-year.

• Major business lines include cloud AI chips, edge AI chips, IP licensing, and intelligent computing clusters.

Financial highlights

• Revenue: RMB 6.50 billion, up 453.21% year-over-year.

• Net profit attributable to shareholders: RMB 2.06 billion, compared to a net loss of RMB 452 million last year.

• Net profit excluding non-recurring items: RMB 1.77 billion.

• Basic EPS: RMB 4.93; diluted EPS: RMB 4.88.

• Gross margin: 55.15%, down 1.56 percentage points year-over-year.

• Operating cash flow: -RMB 498 million, improved from -RMB 1.62 billion last year.

• R&D investment: RMB 1.17 billion, up 9.03% year-over-year, accounting for 17.99% of revenue.

• Net assets: RMB 11.84 billion, up 118.27% from last year.

• Total assets: RMB 13.44 billion, up 100.03% year-over-year.

Outlook and guidance

• Will focus on expanding AI chip product lines for large models and vertical industries.

• Plans to deepen industry customer engagement and accelerate product iteration.

• Intends to strengthen ecosystem partnerships and talent development.

• Expects continued high R&D investment to maintain technology leadership.