AI chip demand continues to be released; Cambricon Q3 net profit 1.4 billion yuan, up 148% year-on-year

Cambricon's third-quarter revenue and net profit continued to maintain high-speed growth, with the implementation of artificial intelligence applications driving further expansion of business scale. On October 23, Cambricon disclosed its 2026 third-quarter report, achieving operating revenue of 3.531 billion yuan in the third quarter, a year-on-year increase of 104.47%; net profit attributable to shareholders of the listed company was 1.404 billion yuan, a year-on-year increase of 147.74%.

In the first three quarters, the company cumulatively achieved operating revenue of 9.526 billion yuan, a year-on-year increase of 106.76%; net profit attributable to the parent company was 3.715 billion yuan, a year-on-year increase of 131.49%. Both revenue and profit growth rates exceeded 100%, with net profit growth higher than revenue growth, further expanding the scale of profitability.

At the same time, the company's balance sheet also showed significant changes. As of the end of the third quarter, total assets reached 22.364 billion yuan, an increase of 66.43% from the beginning of the year; inventory, prepayments, and notes payable all increased substantially, reflecting business expansion accompanied by rising procurement stockpiling and supply chain settlement scale.

Revenue and profit maintain high growth, core business profitability improves

In the first three quarters of 2026, Cambricon achieved operating revenue of 9.526 billion yuan, an increase of 106.76% from 4.607 billion yuan in the same period last year. The company attributed revenue growth to continuous market expansion and active support for the implementation of artificial intelligence applications.

In terms of profitability, net profit attributable to the parent company in the first three quarters was 3.715 billion yuan, a year-on-year increase of 131.49%; net profit after deducting non-recurring gains and losses was 3.523 billion yuan, a year-on-year increase of 148.30%, a growth rate higher than net profit attributable to the parent company. In the third quarter, net profit attributable to the parent company and net profit after deduction increased by 147.74% and 168.13% year-on-year, respectively.

In the first three quarters, the company's total non-recurring gains and losses were approximately 191 million yuan, including government subsidies of approximately 123 million yuan and fair value changes and disposal gains on financial assets of approximately 55.52 million yuan. The growth rate of net profit after deduction was higher than net profit attributable to the parent company, indicating that profit growth after excluding non-recurring gains and losses was faster.

In addition, net profit in the first three quarters after deducting the impact of share-based payment was 3.905 billion yuan, a year-on-year increase of 120.32%. This indicator reflects the impact of share-based payment expenses on current profit and differs from net profit attributable to the parent company under accounting standards.

R&D investment continues to increase, operating cash flow still fluctuates

In terms of R&D, Cambricon's third-quarter R&D investment was 523 million yuan, a year-on-year increase of 73.66%; cumulative investment in the first three quarters was 1.225 billion yuan, a year-on-year increase of 45.35%. Because revenue growth was higher than R&D investment growth, R&D investment as a proportion of revenue in the first three quarters fell to 12.86%, down 5.43 percentage points year-on-year. Total R&D investment is still growing, and the company continues to increase technological R&D efforts.

In terms of cash flow, net cash flow from operating activities in the first three quarters was 228 million yuan, compared with a net outflow of 29.3 million yuan in the same period last year, achieving an overall turn from negative to positive. However, net cash flow from operating activities in the third quarter alone was -83.68 million yuan, indicating fluctuations in cash flow between quarters.

As of the end of the third quarter, the company's prepayments were 3.044 billion yuan, a substantial increase from 745 million yuan at the beginning of the year; inventory was 11.665 billion yuan, also significantly higher than approximately 4.943 billion yuan at the beginning of the year. The simultaneous growth of prepayments and inventory may be related to procurement stockpiling and supply chain arrangements, but the specific impact still needs to be judged in conjunction with order delivery, inventory turnover, and sales collections.

Inventory and notes payable increase substantially, supply chain funding scale rises

As of the end of the third quarter, Cambricon's total assets were 22.364 billion yuan, an increase of 66.43% from the beginning of the year; net assets attributable to shareholders of the listed company were 15.124 billion yuan. Amid the expansion of asset scale, the company's working capital-related items also showed significant changes.

On the asset side, inventory increased from approximately 4.943 billion yuan at the beginning of the year to 11.665 billion yuan, and prepayments increased from 745 million yuan to 3.044 billion yuan. On the liability side, notes payable increased from 351 million yuan to 4.966 billion yuan, accounts payable increased from 765 million yuan to 1.827 billion yuan, and contract liabilities increased from approximately 610,000 yuan to 141 million yuan.

The above changes indicate that the company's procurement stockpiling and supply chain settlement scale have expanded significantly. The increase in inventory helps provide resource guarantees for subsequent production and delivery, but it also means more funds are tied up in inventory. Whether inventory can be smoothly converted into revenue and cash flow in the future will become an important indicator for observing the company's operating quality.

At the same time, the company's asset-liability ratio rose from 11.87% at the beginning of the year to 32.36%. Although net assets attributable to shareholders of the listed company still reached 15.124 billion yuan, with the increase in inventory, prepayments, and notes payable, subsequent attention still needs to be paid to inventory digestion, supplier settlement, and changes in operating cash flow. Risk disclosure and disclaimer

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