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on september 5, the share price of cambrian (688256.sh), the "first ai chip stock", collapsed during trading, with a drop of more than 14% at one point. the transaction amount also rose rapidly, indicating that a large amount of funds fled in a short period of time.

as of the close, cambrian's stock price fell 13.48% to 206.9 yuan, with a total market value of 86.372 billion yuan. just two days ago, cambrian's market value was still over 100 billion yuan.

what happened? market sources said that the bidding for intelligent computing was postponed, and there were rumors of product price cuts. the fact that cambrian could only achieve 1.1 billion yuan in equity incentive income this year may have been the trigger for the sharp drop in its share price. later, in response to the stock price plunge, cambrian said that the company was operating normally, and there was a lot of information in the market, but the source was uncertain.

cambrian issued a statement denouncing "fake experts"

on the evening of september 5, cambrian issued a statement saying that the company noticed that today, at a brokerage strategy meeting, someone communicated with institutional investors in the name of "cambrian expert" about the company and industry situation. the relevant false information was subsequently widely disseminated and has caused serious negative impacts.

upon investigation, it was found that the "expert" was impersonating a company-related person to participate in the communication with unclear motives. the company reserves the right to pursue his legal responsibility.

at the same time, before this, the company also noticed that there were many people claiming to be "cambrian experts" in the market who frequently participated in institutional interviews and exchanges, and spread a large amount of false information about the company. the company has formulated strict rules and regulations, which explicitly prohibit employees from accepting external interviews and participating in investor exchanges; the "cambrian experts" who appeared in various institutional interviews and exchanges for investors in the market were all fake personnel.

the company is currently operating normally and its r&d work is progressing in an orderly manner. all matters related to the company are subject to publicly disclosed information.

net loss of 530 million yuan in the first half of the year

the founder is a genius from the chinese academy of sciences

the financial report shows that in the first half of this year, cambrian's revenue was 64.7653 million yuan, a year-on-year decrease of 43.42%; the net profit attributable to the parent was -530 million yuan, compared with a loss of 544 million yuan in the same period last year; the non-net profit was -609 million yuan, compared with a loss of 641 million yuan in the same period last year, and the losses have been continuing.

from 2019 to 2023, cambrian's net losses attributable to its parent company reached 1.179 billion yuan, 435 million yuan, 825 million yuan, 1.257 billion yuan, and 848 million yuan, respectively. including the first half of this year, cambrian's net profit has accumulated a loss of 4.544 billion yuan since 2019.

in the first half of this year, cambrian's financial report stated that due to adverse supply chain factors such as the "entity list", revenue decreased year-on-year. in addition, the financial report also reminded that the company has not yet achieved profitability and has accumulated unrecovered losses. the main reason is that the company continues to invest heavily in research and development to ensure high-quality iterations of smart chip products and basic system software platforms and maintain technological advantages in the fiercely competitive market.

from 2020 to the first half of this year, cambrian's r&d expenses totaled 4.992 billion yuan. in the first half of this year, cambrian's r&d expenses were 447 million yuan, a year-on-year decrease of 7.27%, accounting for 690.92% of operating income.

cambrian is very popular among institutions. as of the semi-annual report, there were 739 institutions holding cambrian, significantly higher than the 163 in the first quarter report, and the number of institutional holdings also increased significantly by more than 34 million shares. this means that today's market may be triggered by institutions.

despite the losses, many sell-side institutions still gave positive ratings after the financial report was disclosed. for example, minsheng securities maintained its "recommended" rating for cambrian. they believe that the company is the leader in domestic ai chips and is actively developing a new generation of intelligent processor microarchitectures and instruction sets. it is expected that the company's operating income in 2024-2026 will be 1.536 billion/3.544 billion/5.015 billion yuan.

gf securities and huafu securities also gave a "buy" rating. huafu securities believes that as of the end of 24q2, cambrian's inventory reached 235 million yuan, an increase of 83% month-on-month, and prepayments reached 550 million yuan, an increase of 169% month-on-month. it is expected that the company will have sufficient supply and is expected to achieve a large performance release in 24h2. the company's revenue is predicted to be 1.482 billion/2.280 billion/3.497 billion yuan in 2024-2026.

according to the official website, cambrian was founded in 2016 and focuses on the research and development of artificial intelligence chip products and technological innovation. it is committed to creating core processor chips in the field of artificial intelligence to enable machines to better understand and serve humans. the company's founder and actual controller is chen tianshi.

public information shows that chen tianshi, male, was born in 1985 and is an absolute genius. he graduated from the junior class of the university of science and technology of china, and later obtained a doctorate in computer software and theory from the university of science and technology of china. chinese nationality, no permanent residence abroad. from july 2010 to september 2019, he worked at the institute of computing technology of the chinese academy of sciences (left his job to start a business in april 2018), and served as an assistant researcher, associate researcher and master's supervisor, researcher and doctoral supervisor. in march 2016, he founded cambrian technologies co., ltd., and is currently the chairman and general manager of cambrian technologies co., ltd. the "2024 hurun global rich list" shows thatchen tianshi's net worth has reached 16 billion yuan。

it is worth noting that chen tianshi’s brother, dr. chen yunji, also graduated from the junior class of the university of science and technology of china. he is currently the deputy director of the institute of computing technology of the chinese academy of sciences and director of the national key laboratory of processor chips.