AI Application Rollout Drives Explosive H1 2026 Earnings Growth

Cambricon released its 2026 semi-annual report, delivering robust doubled-year growth across core financial indicators amid accelerating domestic AI industrial deployment. In H1 2026, the company achieved operating revenue of RMB 5.996 billion, surging 108.13% year-over-year. Net profit attributable to parent shareholders reached RMB 2.311 billion, representing a 122.61% annual increase, while non-recurring adjusted net profit amounted to RMB 2.166 billion, up 137.30% year-over-year, reflecting substantial profitability improvement and business scale expansion.

The company’s explosive H1 earnings growth is primarily driven by continuous market penetration and large-scale industrial implementation of artificial intelligence applications. During the reporting period, Cambricon deepened strategic cooperation with tier-one enterprises in the financial and internet sectors, achieving large-scale commercial deployment of its AI accelerator products across core vertical industries. In terms of revenue structure, cloud computing product lines contributed RMB 5.994 billion, accounting for 99.98% of total operating revenue and remaining the absolute core revenue pillar.

Cambricon maintains high-intensity R&D investment to consolidate technological barriers and ecological advantages. The company’s H1 2026 R&D expenditure reached RMB 702 million, rising 29.63% year-over-year. As of the end of the reporting period, the company’s R&D headcount stood at 1,007, accounting for 80.62% of total employees. The technical team continues to iterate and optimize mainstream domestic large models including DeepSeek, Qwen and Hunyuan, focusing on core R&D breakthroughs covering large model training, inference acceleration and underlying system software platforms.

The newly released 2026 restricted stock incentive plan further anchors long-term growth confidence and clarifies clear performance targets. The company plans to grant 5 million restricted shares to core incentive objects, including an initial grant of 4 million shares and 1 million reserved shares, at an exercise price of RMB 750 per share. The tiered performance assessment targets set strict revenue growth requirements: full-year 2026 operating revenue of no less than RMB 135 billion; cumulative operating revenue of no less than RMB 405 billion from 2026 to 2027; and cumulative operating revenue of no less than RMB 1 trillion from 2026 to 2028.

Based on H1 operating revenue performance, Cambricon has completed 44.41% of its full-year 2026 revenue target, requiring RMB 7.504 billion in incremental revenue for the second half to meet annual guidance. The achievable incentive targets fully validate the company’s high-growth certainty and scalable commercialization capabilities.

Strong fundamental industrial trends underpin Cambricon’s sustained performance release. Domestic AI chips and self-developed large models have entered a mutual verification and iterative upgrading cycle. As of end-June 2026, China’s intelligent computing scale reached 2.8 times that of the same period last year. Leading domestic AI enterprises including DeepSeek and MiniMax have successively released trillion-parameter open-source foundational models, with cumulative global downloads of domestic large models exceeding 10 billion times. The accelerating adaptation and matching between domestic general-purpose computing chips and local AI models forms a positive industrial cycle, continuously unlocking incremental market space for domestic high-end AI computing infrastructure.