Cambricon has completely skyrocketed...

Today (December 19), Cambricon rose more than 5% during trading, with the stock price briefly surpassing 650 yuan, hitting a new historical high, and the total Market Cap exceeding 270 billion yuan. By the end of trading, it closed up 2.99% at 636.02 yuan.

From the beginning of 2023 until now, Cambricon's stock price has increased tenfold, with a rise of 500% compared to the low point in February 2024 (95.85 yuan).

Regarding the frenzy of capital speculation, analysts believe that in addition to being stimulated by the US chip stocks, the recent adjustments of major indices have also contributed to Cambricon's surge to some extent.

On November 29, the China Securities Index Company announced the periodic adjustment plan for the SSE 50 Index samples, in which Cambricon was included in the SSE 50 Index. The new index sample will take effect after the market closes on December 13, 2024. In addition, the China Securities A500 Index also welcomed its first adjustment, replacing 21 samples, which will officially take effect after the market closes on December 13, 2024. Included in the component stocks are Cambricon-U, BEIGENE-U and other leading stocks with a Market Cap of over 100 billion yuan.

Although the stock price has reached a new high, Cambricon's performance seriously diverges from it. Cambricon has incurred losses for several consecutive years since its listing in 2020.

On one side are the continuously rising stock prices, while on the other side are years of losses in performance, which has led to controversy surrounding "the first AI Chip stock" Cambricon.

Accumulated losses over seven years total nearly 5 billion.

In terms of performance, based on the annual report data from the last three years, the revenue for 2022 was 0.729 billion, while for 2023 it was 0.709 billion, showing a slight downward trend, and the revenue for the first three quarters of 2024 was 0.185 billion.

Regarding Net income, from the period of 2020 to 2023, Cambricon's net income attributable to shareholders has been in a state of loss, and the amount of losses has been significant.

Looking at a longer time frame, since Cambricon publicly disclosed its financial data in 2017, it has been mired in losses. From 2017 to 2023, Cambricon's losses were 0.3807 billion, 0.041 billion, 1.179 billion, 0.435 billion, 0.825 billion, 1.166 billion, and 0.848 billion, with a cumulative loss nearing 5 billion over seven years. As of the end of the third quarter of 2024, Cambricon showed a net loss attributable to shareholders of 0.724 billion.

Several Venture Capital Shareholders have undertaken large-scale Shareholding reductions.

It is worth noting that in the second half of 2023, as the stock price rebounded, several Venture Capital Shareholders of Cambricon engaged in large-scale Shareholding reductions.

On September 22, 2023, Cambricon announced that its shareholder, the State Investment Venture Capital Fund, completed its Shareholding reduction, totaling 7.3987 million shares, cashing out 1.481 billion yuan. After the reduction, the State Investment Venture Capital Fund only holds 1,176 shares of Cambricon, essentially finishing its liquidation.

Ningbo Hango also completed its liquidation of Cambricon last March, cashing out 0.225 billion yuan.

Paleozoic Venture Capital reduced its holdings from November 15, 2022, to March 14, 2023, totaling 4.2887 million shares, cashing out 0.361 billion yuan. Subsequently, Paleozoic Venture Capital significantly reduced its holdings of Cambricon again from March 23 to August 24, cashing out 1.071 billion yuan.

In addition, Nanjing Zhao Yin and Hubei Zhao Yin also liquidated their holdings of Cambricon in 2023. The announcement shows that from February 9 to June 7, 2023, Nanjing Zhao Yin and Hubei Zhao Yin reduced their holdings by 3.1146 million shares and 1.5395 million shares respectively, cashing out 0.388 billion yuan and 0.191 billion yuan respectively.

The five venture capital shareholders mentioned above have basically completed their liquidation of Cambricon, with a total Shareholding reduction cashing out 4.183 billion yuan.