43倍增长剑指何方？寒武纪撕开国产AI 芯片“加速度”大幕

Note: The English version is provided below.

摘要

国内AI芯片龙头寒武纪2025.8.27发布公告，2025 年上半年，实现营业收入28.8亿元，较上年同期增加28.16亿元，同比增长 4,347.82%。实现净利润为10.39亿元，归属上市公司股东的扣除非经常性损益的净利润为9.14亿元，均实现了扭亏为盈。公司毛利率达到55.88%，净利率达到35.98%新高。2025.8.29日，公司公告预计2025年全年实现营业收入50亿元至70亿元。

此前，寒武纪拟向特定对象发行股票募集总额不超过39.85亿元，将投资于面向大模型的芯片平台项目29亿元，面向大模型的软件平台项目16亿元。

寒武纪持续推动智能处理器微架构及指令集的迭代优化工作。新一代智能处理器微架构及指令集将对自然语言处理大模型、视频图像生成大模型以及垂直类大模型的训练推理等场景进行重点优化，将在编程灵活性、易用性、性能、功耗、面积等方面提升产品竞争力。

同时，寒武纪对基础系统软件平台也进行了优化和迭代。其中，在训练软件平台方面，规划新功能和通用性支持，大力推进大模型预训练和强化学习训练等业务的支持和优化；在推理软件平台方面，公司持续推进推理软件平台的优化和迭代，在技术创新、产品能力和开源生态建设都取得重要成果。

点评

寒武纪的盈利快速增长，说明了国产AI芯片已经取得了市场的广泛认可，国内在AI芯片设计和制造环节具备了一定与国际大厂相抗衡的竞争优势。整体国内人工智能芯片技术仍处于发展阶段，技术迭代速度较快，尚未形成具有绝对优势的架构和系统生态。

随着更多像寒武纪的国产 AI 芯片厂商产品走向成熟，将有可能改变目前单一芯片企业主导的市场格局，形成更加多元化的市场竞争态势。

Abstract

Cambricon, a leading domestic AI chip company, announced on August 27, 2025, that it achieved operating revenue of 2.88 billion yuan in the first half of 2025, a year-on-year increase of 2.816 billion yuan and growth of 4,347.82%. It realized a net profit of 1.039 billion yuan, and the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 914 million yuan, both achieving a turnaround from losses to profits. The company's gross profit margin reached 55.88%, and the net profit margin hit a new high of 35.98%. On August 29, 2025, the company announced that it expected to achieve an annual operating income of 5 billion yuan to 7 billion yuan in 2025.

Previously, Cambricon planned to issue shares to specific targets to raise a total amount of no more than 3.985 billion yuan, which will be invested in chip platform projects for large models and 1.6 billion yuan in software platform projects for large models.
Cambricon continues to iterate and optimize its intelligent processor microarchitecture and instruction set.The next-generation intelligent processor microarchitecture and instruction set will be optimized for scenarios such as training and inference of large natural language processing models, video and image generation models, and vertically oriented large models. This will enhance product competitiveness in terms of programming flexibility, ease of use, performance, power consumption, and area.

At the same time, Cambricon has also optimized and iterated its basic system software platform. The next-generation intelligent processor microarchitecture and instruction set will be optimized for scenarios such as training and inference of large natural language processing models, video and image generation models, and vertically oriented large models. This will enhance product competitiveness in terms of programming flexibility, ease of use, performance, power consumption, and area.

Comments

Cambricon's rapid profit growth demonstrates that domestic AI chips have gained widespread market recognition and that China has a competitive advantage in AI chip design and manufacturing compared to international giants. Overall, domestic AI chip technology is still in its developmental stages, with rapid technological iterations, and a definitive architecture and system ecosystem has yet to emerge.

As more domestic AI chip manufacturers like Cambrian mature their products, it is possible to change the current market structure dominated by a single chip company and form a more diversified market competition situation.