Revenue doubled and profit doubled. Cambrian recently released its 2026 interim report: revenue of 5.996 billion yuan, up 108% year on year; net profit of 2,311 billion yuan, up 122% year on year. Net profit for half a year surpassed the full year of 2025. The data is impressive, but on the first trading day after the Cambrian Interim Report was disclosed, the stock price fell 6.33%. Why didn't everyone buy the good earnings report? Three key points: First, profit increased, but cash flow narrowed. Cambrian net profit rose 122% in the first half of the year, but net operating cash flow fell from 911 million yuan in the same period last year to 311 million yuan, a year-on-year decline of 65.8%. The reason is simple: advance payments surged 291% year over year, and large amounts of capital were locked into the upstream supply chain ahead of time — this is a structural cost caused by Cambrian's own lack of a fab chip design company. To seize the opportunity, you must first pay to prepare materials. Second: The inventory volume is large, and the conversion revenue effect is to be observed. The book value of Cambrian inventory reached 8.248 billion yuan, accounting for 45% of total assets. Taken apart: The total amount of raw materials and commissioned processing materials exceeds 7.6 billion yuan, while the inventory of finished products that can be sold directly is only 85 million yuan. It's not that products can't be sold, but strategic stocking accounts for the absolute majority, indicating that the company's expectations for downstream orders are relatively optimistic. However, AI chip technology is rapidly iterating, and once demand falls short of expectations, there is also a risk of inventory depreciation. Whether this 8.2 billion inventory can be successfully converted into revenue in the second half of the year will be a key test facing the company. Third: Results for the second half of the year are under pressure. According to the company's equity incentive plan, the Cambrian annual revenue target was 13.5 billion yuan. Less than 6 billion yuan was completed in the first half of the year, and the progress was about 44%. This means that in the second half of the year, more than 7.5 billion yuan will have to be recorded, and the pressure is not small. Over the past few years, the domestic computing power chip circuit has undergone important changes: there are more and more participants. In the past, there were basically only Cambrian companies listed on the Science and Technology Innovation Board; now, Moore Thread and Mu Xi Co., Ltd. successively landed on the Science and Technology Innovation Board at the end of 2025. Kunlun Core is in the process of listing. This track is no longer a “one-man battle,” but is moving towards a “team fight.” The number of players has increased, competition has escalated, and the industry's base is getting thicker and thicker.

Revenue doubled and profit doubled. Cambrian recently released its 2026 interim report: revenue of 5.996 billion yuan, up 108% year on year; net profit of 2,311 billion yuan, up 122% year on year. Net profit for half a year surpassed the full year of 2025. The data is impressive, but on the first trading day after the Cambrian Interim Report was disclosed, the stock price fell 6.33%. Why didn't everyone buy the good earnings report? Three key points: First, profit increased, but cash flow narrowed. Cambrian net profit rose 122% in the first half of the year, but net operating cash flow fell from 911 million yuan in the same period last year to 311 million yuan, a year-on-year decline of 65.8%. The reason is simple: advance payments surged 291% year over year, and large amounts of capital were locked into the upstream supply chain ahead of time — this is a structural cost caused by Cambrian's own lack of a fab chip design company. To seize the opportunity, you must first pay to prepare materials. Second: The inventory volume is large, and the conversion revenue effect is to be observed. The book value of Cambrian inventory reached 8.248 billion yuan, accounting for 45% of total assets. Taken apart: The total amount of raw materials and commissioned processing materials exceeds 7.6 billion yuan, while the inventory of finished products that can be sold directly is only 85 million yuan. It's not that products can't be sold, but strategic stocking accounts for the absolute majority, indicating that the company's expectations for downstream orders are relatively optimistic. However, AI chip technology is rapidly iterating, and once demand falls short of expectations, there is also a risk of inventory depreciation. Whether this 8.2 billion inventory can be successfully converted into revenue in the second half of the year will be a key test facing the company. Third: Results for the second half of the year are under pressure. According to the company's equity incentive plan, the Cambrian annual revenue target was 13.5 billion yuan. Less than 6 billion yuan was completed in the first half of the year, and the progress was about 44%. This means that in the second half of the year, more than 7.5 billion yuan will have to be recorded, and the pressure is not small. Over the past few years, the domestic computing power chip circuit has undergone important changes: there are more and more participants. In the past, there were basically only Cambrian companies listed on the Science and Technology Innovation Board; now, Moore Thread and Mu Xi Co., Ltd. successively landed on the Science and Technology Innovation Board at the end of 2025. Kunlun Core is in the process of listing. This track is no longer a “one-man battle,” but is moving towards a “team fight.” The number of players has increased, competition has escalated, and the industry's base is getting thicker and thicker.