The Cambrian, which continues to lose money, intends to raise 2.65 billion to continue to increase the chip

Text/Yang Jianyong

The Cambrian released a fixed increase plan, which is intended to raise funds by a fixed increase method of not more than 2.65 billion yuan. This is in less than two years to raise funds through the capital market and continue to increase the chip project. The funds are based on the intelligent chip field of the main business integrated circuit industry, including advanced process platform chip projects, stable process platform chip projects, technical research and development projects for universal smart processors facing emerging application scenarios, and supplementary funds.

In order to enhance market competitiveness, Cambrian ’s raising funds will continue to increase chips

Cambrian pointed out that through the implementation of this fundraising project, it will further improve the chip design capabilities based on advanced craft platforms and stabilization process platforms, and the technical level of universal intelligent processor technology reserves to enhance the technological research and development strength and enhance products. Core competitiveness and promote the continuous improvement of scientific and technological innovation strength. As an emerging intelligent chip company, the core technology of smart chips has the characteristics of high barriers, difficulty in R & D, and wide application. It has important technical, economic and ecological value for the integrated circuit industry and the artificial intelligence industry. Continuous innovation provides important early accumulation and support.

This is also to continue to improve the advanced technology and market competitiveness in the field of smart chips. It still needs to continue to increase investment in advanced craftsmanship and stable process platforms. Various smart chips, to maintain the lead of products, performance, energy efficiency and other indicators, win long -term competitiveness, continue to improve market share, and provide excellent chip products for the development of the smart industry.

From the perspective of the global chip market, Nvidia, Intel, AMD, etc. are the leaders of the pan -artificial intelligence chip market. Of course, in recent years, domestic smart chip companies have continued to develop, and corresponding chip products have gradually become popular in the market, but there is still a gap between international chip giants. Among them, Cambrian is one of the representative manufacturers of domestic smart chips. It has a comprehensive smart chip product layout, which can provide a series of smart chip products and platformization with unified ecosystems with integration of software and hardware, training and reasoning, and integrate training and reasoning. Basic system software.

It should be pointed out that Cambrian, as a unicorns of AI chips, landed in the science and technology board in July 2020, with a issuance price of 64.39 yuan, and the total fundraising amount was 2.582 billion yuan to develop cloud chips. Standing under artificial intelligence air outlets, at the beginning of the listing, it was favored by capital. The market value once reached 119.1 billion yuan. At the same time as the power of capital, it was also a high time of Cambrian. Unfortunately, the current market value is only 25.1 billion yuan, a decrease of 94 billion yuan compared to the high market value, a decrease of 79%compared with the high level, slightly lower than the issuance price.

Five -year loss exceeds 2.8 billion, and the Cambrian scenery that has been profitable is no longer

It is difficult to support the market value of 100 billion yuan in continuous losses. Because the chip is a technology -intensive industry, it needs to invest huge R & D funds. The high R & D expenditure has made the profitability worry, and the Cambrian has a cumulative loss of more than 2.8 billion yuan in the past five years. And losses are increasing. In 2021, the loss was 825 million yuan, compared with 2020, the loss increased by 390 million yuan, and the losses expanded by 89.66%. Continuous losses are the biggest difficulties in the Cambrian, and revenue is also facing the predicament of growth. Light -seeking seems to be strong, mainly dependent on a single customer.

In 2021, revenue was 721 million yuan, an increase of 57%year -on -year, but Jiangsu Kunshan High -tech Industrial Investment Development Co., Ltd. contributed 450 million yuan in revenue, accounting for 62.46%of the total annual sales, and the proportion of the top five customers was 88.66.6 %, For this time, was supervised. In the response to the inquiry letter of the annual report, as of the end of the report, the contract had been fulfilled, and the balance of the account receivable of Jiangsu Kunshan High -tech Industrial Investment Development Co., Ltd. corresponding to the customer Jiangsu Kunshan High -tech Industrial Investment Development Co., Ltd. was 333 million yuan.

The annual report shows that in 2021, the revenue of the intelligent computing cluster system was 456 million yuan, accounting for 63.19%of the operating income, which was mainly the project of winning the Kunshan Intelligent Computing Center. According to the preliminary announcement, Cambrian won the Kunshan Intelligent Computing Center project on November 30, 2021, and completed the contract signing on December 13, with a total contract amount of 509 million yuan (including tax). Software products such as artificial intelligence computing power platform software, the delivery period is within 15 days after the contract is signed.

It can be seen that Cambrian's revenue from the intelligent computing cluster system mainly comes from the Kunshan Intelligent Computing Center project, which contributed 450 million yuan in annual revenue. In other words, a customer supports the Cambrian intelligent computing cluster business sector, which is also the core of the entire revenue, but this customer's account receivable is huge Rising, and according to the principle of caution, the 5%proportion of bad debts have been provided according to the bad ledger policy.

At the same time, revenue cannot cover R & D investment, which is also one of the core factors that lead to continuous losses. Cambrian pointed out that the main reason for the main reason is that the complex computing chip designed needs to continue to invest a lot of R & D investment. In order to ensure the high -quality iteration of smart chip products and basic system software platforms, maintain leading technological advantages in the fierce market, continue to increase research and development investment, actively introduce outstanding talents, and maintain the company's research and development team stability. In 2021, R & D investment reached 1.135 billion yuan, an increase of 47.8%in the same period last year, and R & D investment accounted for 157.5%of operating income.

It can be seen that the Cambrian discipline does not count the cost of research and development, and its R & D personnel's salary is even more amazing. Annual report data shows that in 2021, the average salary of R & D personnel of Cambrian exceeded 600,000 yuan. Certificate of Cambrian: R & D investment and equity incentives to talents are investment based on the long -term development of the enterprise. It is the cornerstone to support the future development of the enterprise. In the long run, it is also indispensable for the company to narrow the loss and achieve profit and loss. Investment. You know, the chip tracks in Cambrian brings together large chip factories such as Intel, Nvidia, and ARM. Compared with these chip giants, there is a large gap in the overall scale, capital strength, and research and development reserves of the Cambrian. In particular, Nvidia is the leader of global artificial intelligence chips. Global technology giants rely on Nvidia's development of AI technology. Global technology giants including Microsoft, Google, Meta, etc. are dependent on their training AI, driving the market's demand for Nvidia AI. Driven by the large -scale and cloud expansion, the revenue of Nvidia Data Center has continued to record and replaced the game to become the largest business sector.

at last

Information technology has developed at an amazing speed and is now entering the AIOT era. In this era, tens of billions of devices can access the network. Massive IoT intelligent devices have strong demand for chips. From clouds to network to edge, it can bring about US dollar market opportunities and release new growth points for chip manufacturers. However, Wu Ji's revenue cannot cover R & D investment, which has led to a huge losses in the Cambrian years, and the increasingly environmental environment of AI chip competition, which has caused concerns about its prospects. After all, players on this track of artificial intelligence finally compete for technology landing ability, which is also an important basis for measuring AI strength.

Yang Jianyong, a Forbes Chinese writer, is committed to in -depth interpretation of cutting -edge technologies such as the Internet of Things, cloud services and artificial intelligence.

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