Graduation! Cambrian Made Over 2 Billion in 2025, 6 Companies Poised to Obtain "U"

(Source: V View Financial Reports)

Cambricon announced its first annual profit since listing on the evening of the 12th.

For the full year of 2025, the company achieved operating revenue of 6.497 billion yuan, a year-on-year increase of 453.21%; net profit attributable to shareholders of the parent company was 2.059 billion yuan, and net profit after non-recurring gains and losses was 1.77 billion yuan. Cambricon stated that this was mainly due to the sustained increase in demand for computing power in the artificial intelligence industry. The company continues to expand its market with its excellent product competitiveness and actively promotes the implementation of AI application scenarios.

Source: Company announcement, the same below

Cambricon is a globally renowned emerging company in the intelligent chip field, capable of providing a series of integrated cloud-edge-end intelligent chip products and platform-based basic system software with unified ecology, hardware-software collaboration, and training-inference integration.

According to the annual report, as of December 31, 2025, the company had applied for a total of 2,846 patents. These are divided by region into 1,831 domestic patent applications, 705 overseas patent applications, and 310 PCT patent applications. By patent type, there are 2,767 invention patent applications, 42 utility model patent applications, and 37 design patent applications.

During the period, Cambricon invested 1,169.101 million yuan in R&D, an increase of 9.03% compared to the same period last year. R&D expenditure accounted for 17.99% of operating revenue. Cambricon stated that the company maintained a high level of R&D investment; however, since the growth rate of operating revenue far exceeded that of R&D investment, the proportion of R&D expenditure to operating revenue decreased by 73.31 percentage points compared to the previous year.

Notably, the annual report shows that Zhang Jianping increased his holdings of Cambricon during the period, ending with 6.8149 million shares, accounting for 1.62% of the circulating shares, making him the fifth-largest shareholder. Based on the closing price of 1,099 yuan per share on March 12, his holdings are worth nearly 7.5 billion yuan.

On the same day, Cambricon also announced its profit distribution plan and capital reserve transfer plan, proposing to pay a cash dividend of 15.00 yuan (tax included) for every 10 shares to all shareholders, totaling approximately 632 million yuan (tax included), which accounts for 30.71% of the net profit attributable to shareholders of the listed company in 2025; and to transfer 4.9 new shares for every 10 shares held. After this share transfer, the company’s total share capital will be 628,292,969 shares.

In another announcement, Cambricon stated that its net profit attributable to shareholders of the parent company in 2025, both before and after deducting non-recurring gains and losses, was positive. This meets the condition of “a non-profitable company achieving its first profit upon listing.” The company’s A-shares will remove the special marker ‘U’ on March 16, 2026, and the stock abbreviation will change from “Cambricon-U” to “Cambricon,” with the stock code 688256 remaining unchanged.

This also marks Cambricon’s official removal of the non-profit enterprise label, becoming the first “graduated” company in the Sci-Tech Innovation Growth Tier.

As the annual report season unfolds, five companies—BeiGene, OBi Zhongguang, NuoCheng Jianhua, North Chip Life, and Jingjin Electric—are also expected to gradually remove the “U” label.

Recently, Wu Qing, Chair of the China Securities Regulatory Commission, stated that the beneficial experience of the Sci-Tech Innovation Board reform will be replicated and promoted to the ChiNext Board, focusing on launching IPO pre-review for high-quality innovative companies that meet the criteria, especially those with breakthroughs in key core technologies, allowing eligible companies in review to increase capital from old shareholders, and optimizing new stock issuance pricing reforms.

(Note: The views expressed in the article are for reference only and do not constitute investment advice. Investment involves risks; please proceed with caution.)

Cover and lead-in image source: AI-generated graphics