Cambrian's Revenue Growth Exceeds 400% Last Year, "Bull Retail Investor" Zhang Jianping Becomes Fifth Largest Shareholder

On the evening of March 12, Cambricon Technologies (688256.SH), an AI chip manufacturer, released its 2025 annual report. In 2025, Cambricon’s revenue reached 6.497 billion yuan, a year-on-year increase of 453.21%, with a net profit of 2.059 billion yuan, turning profitable for the first time since its listing.

“By 2025, the global artificial intelligence industry has entered a fast-growing track, with computing power as the foundational element of AI applications, and demand is rapidly rising. During the reporting period, relying on the company’s advancements in AI chip products, basic software platforms, and cluster software toolchains, our products have been deployed at scale in key industries such as telecommunications, finance, and internet,” said Cambricon.

In terms of R&D, Cambricon invested 1.169 billion yuan in research and development in 2025, a 9.03% increase, with R&D expenses accounting for 17.99% of revenue. However, since revenue growth far exceeded R&D investment growth, the proportion of R&D expenses to revenue decreased by 73.31 percentage points year-on-year.

Although both annual revenue and net profit improved year-on-year, Cambricon’s net profit in the fourth quarter of last year declined quarter-on-quarter. In Q4, revenue was 1.89 billion yuan, up 9.4% quarter-on-quarter, but net profit was 455 million yuan, down 19.8% quarter-on-quarter. This marks the second consecutive quarter of quarter-on-quarter net profit decline, with a 17% decrease in Q3 2025.

The annual report also shows that “bullish investor” Zhang Jianping increased his holdings of Cambricon shares in both the first and second halves of last year. In the first half, Zhang added 747,500 shares, ranking as the seventh-largest shareholder. Over the entire year, he increased his holdings by 1.4761 million shares. This indicates that Zhang further increased his holdings in the second half of last year. As of the end of last year, Zhang held 6.8149 million shares, accounting for 1.62%, making him the fifth-largest shareholder, second only to Chairman Chen Tianshi among individual shareholders.

On August 27 last year, during trading, Cambricon’s stock price briefly rose to 1,462 yuan per share, surpassing Kweichow Moutai to become the highest-priced stock in A-shares. On August 28, the closing price exceeded 1,500 yuan per share, with a market value over 660 billion yuan. As of March 12, Cambricon’s stock price was 1,099 yuan per share, with a market value of 463.4 billion yuan, nearly 2 trillion yuan below its peak.

(Source: Yicai)