Cambricon Technologies
ConvictionContext
Fabless designer of cloud/edge AI training & inference accelerators (Siyuan/MLU 3xx-6xx cards, IP cores); revenue from accelerator card + system sales to Chinese cloud/internet/state buyers, outsourcing fabrication to SMIC.
Revenue
CNY 8.27B TTM~$1.16B); FY2025 CNY 6.497B (~$0.91BRev growth
TTM +266% YoYQ1 2026 revenue CNY 2.89B, +160% YoYGross margin
~55%9M 2025 55.3%); down from ~69% in 2023 on higher-volume, lower-IP mixOp margin
Positive for the first timein FY2025; not separately disclosed hereCapex intensity
not disclosedfabless; wafer prepayments to SMIC + inventory build are the real cash drawsMarket cap
~$120B USDCNY 860.53B, SSE STAR 688256, Jul 7 2026The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Cambricon Technologies
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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