YICAI | Cambricon's Stock Soars to Record High After Chinese AI Chip Giant Nearly Triples First-Quarter Profit
(Yicai) April 30 -- Shares of Cambricon Technologies surged to an all-time high close after the Chinese maker of artificial intelligence chips said profit almost tripled in the first quarter, underscoring the strength of China's domestic AI chip boom.
The shares [SHA: 688256] jumped by their 20 percent daily trading limit to end at CNY1,699.96 (USD248.70) apiece in Shanghai today, surpassing the previous high of CNY1,595.88 set on Aug. 27 last year. Cambricon now has a market capitalization of CNY716.8 billion (USD104.9 billion).
Net profit surged 185 percent to CNY1 billion (USD146.2 million) in the three months ended March 31 from a year earlier, the Beijing-based company said in a financial report released yesterday. Revenue climbed 160 percent to CNY2.9 billion.
Dubbed "China's little Nvidia," Cambricon cited rising demand for computing power in the AI industry, superior product competitiveness, and faster rollout of AI application scenarios for the earnings growth. As China pushes harder for self-sufficiency in high-end chips, the firm has benefited from the pivot toward local alternatives, posting its first annual profit last year.
Net cash inflow from operating activities topped CNY834 million (USD121.9 million) last quarter, reversing a net outflow of CNY1.4 billion a year earlier, thanks to faster payment collection from customers, it said.
First-quarter earnings at other Chinese AI chipmakers also improved. Moore Threads Technology, which went public on Shanghai's Nasdaq-like Star Market at the end of last year, reported a CNY29.4 million (USD4.3 million) profit, compared with a loss of CNY112 million a year ago, on a 155 percent surge in revenue to CNY738 million.
Metax Integrated Circuits, which also listed on the Star Market at the close of 2025, narrowed its net loss 57 percent to CNY98.8 million (USD14.4 million). Revenue jumped 75 percent to CNY562 million.