Every reporter: Ke Yang Every editor: Wei Wenyi
Cambricon (SH688256, stock price 1099.00 yuan, market value 463.432 billion yuan; hereinafter referred to as &#34;Cambricon&#34;) delivered a historic performance in 2025.
On the evening of March 12, Cambricon released its 2025 annual report, showing that the company achieved an operating income of approximately 6.497 billion yuan for the year, a year-on-year increase of 453.21%; the net profit attributable to shareholders was approximately 2.059 billion yuan, compared to a loss of approximately 452 million yuan in the same period last year. This is also the first time Cambricon has achieved annual profitability since its listing.
However, reporters from the Daily Economic News (hereinafter referred to as &#34;reporters&#34;) noted that behind the impressive performance, risks such as the significant increase in inventory scale and high customer concentration still deserve attention.
<h2>Revenue increased by more than 4.5 times, net profit attributable to shareholders turned from loss to profit</h2>
According to the annual report data, in 2025, Cambricon achieved an operating income of approximately 6.497 billion yuan, an increase of 453.21% compared to approximately 1.174 billion yuan in the same period of 2024.
The substantial increase in revenue directly drove a significant improvement in profits. In 2025, Cambricon achieved a net profit attributable to shareholders of 2.059 billion yuan, while in 2024 and 2023, it recorded losses of 452 million yuan and 848 million yuan, respectively. Cambricon also achieved its first annual profit turnaround.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OKbVYeHWFv--DG5woWlZjS7LsfJYtpTXtZfkRANzqzfFUAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OKbVYeHWFv--DG5woWlZjS7LsfJYtpTXtZfkRANzqzfFUAA/641"/>
Image source: Cambricon 2025 Annual Report
Reporters found that from a quarterly performance perspective, Cambricon's revenue maintained a relatively balanced growth pace throughout the year, with revenues for the four quarters of 2025 being approximately 1.111 billion yuan, 1.769 billion yuan, 1.727 billion yuan, and 1.890 billion yuan, with the fourth quarter reaching the highest level of the year. In terms of net profit attributable to shareholders, Cambricon reached a peak in the second quarter, approximately 683 million yuan.
Regarding the reasons for the significant growth in performance, Cambricon stated in the annual report that during the reporting period, the company continuously expanded its market with outstanding product capabilities, actively supporting the implementation of artificial intelligence (AI) applications. Relying on the significant progress made in artificial intelligence chip products, basic software platforms, and cluster software toolchains, the company's products were deployed at scale in key industries such as telecommunications, finance, and the internet, passing rigorous environmental validations from customers, with the universality, stability, and usability of the products widely recognized by clients.
In terms of business structure, Cambricon currently mainly provides cloud-based intelligent chips, edge computing chips, as well as related IP (intellectual property) licensing and software platforms, while also offering intelligent complete machines and computing cluster solutions based on self-developed chips.
From a product perspective, the cloud product line is Cambricon's absolute revenue pillar, achieving revenue of approximately 6.476 billion yuan in 2025, a year-on-year increase of 455.34%, accounting for over 99% of total revenue;
The revenue from the edge product line reached approximately 3.3939 million yuan; the revenue from IP licensing and software business reached approximately 2.2887 million yuan.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OL03pISVi-NzAipXDqyewV_AuA7PLXeIz0VISIT6qSLWgAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OL03pISVi-NzAipXDqyewV_AuA7PLXeIz0VISIT6qSLWgAA/641"/>
Image source: Cambricon 2025 Annual Report
As artificial intelligence applications gradually transition from the experimental stage to large-scale deployment, the demand for computing power infrastructure on the data center side has significantly increased, bringing new market opportunities for AI chip companies. Cambricon mentioned in its annual report that as models become increasingly complex, the corresponding demand for computing power has also risen sharply, and the intelligent chip market is expected to welcome new incremental demand. According to IDC's calculations, from 2022 to 2027, the compound annual growth rate of China's intelligent computing power scale is expected to reach 33.9%.
<h2>Inventory Surged Nearly 1.8 Times, High Customer Concentration Risk Remains</h2>
While achieving profitability, Cambricon maintained a high level of R&amp;D investment.
In 2025, Cambricon's R&amp;D investment was approximately 1.169 billion yuan, a year-on-year increase of 9.03%; the proportion of R&amp;D investment to operating revenue was 17.99%, significantly down from 91.30% in 2024, mainly due to the substantial expansion of the revenue base, leading to a year-on-year decline in the R&amp;D proportion.
However, alongside high revenue growth, Cambricon's inventory scale has also been rapidly increasing.
The annual report shows that as of the end of 2025, Cambricon's inventory book value was approximately 4.944 billion yuan, a staggering increase of 178.67% compared to 1.774 billion yuan at the end of 2024, with the proportion of total assets rising from 26.41% to 36.79%.
In response, Cambricon stated in the annual report that the increase in inventory was mainly due to the increase in raw material stock for this period. &#34;If the market environment changes in the future, it may lead to an increased risk of inventory impairment, adversely affecting the company's profitability.&#34;
Additionally, in 2025, the total sales revenue from Cambricon's top five customers was 5.760 billion yuan, accounting for 88.66% of the annual total sales, with the largest customer accounting for over 26% of sales. Although the proportion of sales from the top five customers has decreased compared to 94.63% in 2024, it remains at a high level.
In the past three years (2023 to 2025), the total sales amount from Cambricon's top five customers accounted for 92.36%, 94.63%, and 88.66% of operating revenue, respectively.
Regarding the supply chain, Cambricon stated that due to the specialized division of labor and high technical barriers in the entire integrated circuit industry chain, coupled with the fact that the company and some subsidiaries have been placed on the &#34;entity list,&#34; there will be certain risks to the stability of the company's supply chain. Switching to new suppliers will incur certain costs, which may adversely affect the company's operating performance. However, the company's core technology comes from Cambricon's independent research and development, possessing independent intellectual property rights. To address the aforementioned risks, the company will maintain good communication with all relevant parties at all stages of product development based on long-term, extensive, and good cooperation with upstream and downstream of the industry chain, actively explore, and ensure all response work to promote the continuous development of the company's business
In addition, Cambricon also disclosed its profit distribution plan for the year 2025, planning to distribute a cash dividend of 15 yuan (including tax) for every 10 shares, while also increasing capital reserves by converting 4.9 shares for every 10 shares. Based on the current share capital, the total cash dividend amounts to approximately 632 million yuan, accounting for 30.71% of the net profit attributable to the parent company for the period.
Daily Economic News

589520

589190

688256

Cambricon (SH688256) is expected to achieve an operating revenue of approximately 6.497 billion yuan in 2025, a year-on-year increase of 453.21%, with a net profit attributable to the parent company of approximately 2.059 billion yuan, marking its first annual profit. However, risks such as a surge in inventory and high customer concentration still need attention. The company stated that the growth in performance is attributed to its market expansion and product recognition in the field of artificial intelligence chips and related software

First annual profit! Cambricon's revenue surged by 453% in 2025, with inventory skyrocketing and customer concentration posing hidden concerns