Loading…
Chinese AI-chip designer selling processors for machine-learning training and inference in data centers and edge devices.
Chinese AI-chip designer selling processors for machine-learning training and inference in data centers and edge devices.
Designs AI processors but does not manufacture them, selling accelerator cards and server modules to a small group of Chinese cloud and server customers, so a few large orders can swing a year. It grew out of the Chinese Academy of Sciences and listed on Shanghai's STAR market in 2020.
In one line: China's Nvidia (AI accelerator side).
Moat: narrow (IP / patents, process know-how). One of few Chinese firms with in-house AI accelerator architecture, benefiting from Nvidia export limits to China.
Headquarters: Beijing, China · Founded: 2016 · Employees: 1,107
Size Cambricon Technologies (688256.SS) is a China Information Technology company (Semiconductors) with a market value of $75.7B, the 24th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥802.90 on 6 Nov 2026.
Performance Over six months the shares fell 29.6%, against -16.2% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 104.0% over the last twelve months (peer median +21.6%); the operating margin is 32.9% (peer median 21.1%).
Valuation It trades at 87.3× forward earnings against a peer median of 19.8× (most expensive of 21).
Capital Return on invested capital runs 3.5 points above its cost of capital (15.6% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥11.4B | CN¥6.48B | CN¥1.17B | CN¥706M | CN¥727M |
| Revenue growth | — | +452% | +66% | -3% | — |
| Gross profit | CN¥6.45B | CN¥3.33B | CN¥503M | CN¥247M | CN¥203M |
| EBITDA | n/a | CN¥2.08B | -CN¥510M | -CN¥809M | -CN¥1.37B |
| Net income | CN¥4.17B | CN¥2.06B | -CN¥452M | -CN¥848M | -CN¥1.26B |
| Free cash flow | -CN¥1.20B | -CN¥1.04B | -CN¥1.95B | -CN¥616M | -CN¥1.54B |
| Capital expenditure | CN¥1.03B | CN¥569M | CN¥366M | CN¥100M | CN¥284M |
| Total debt | CN¥4.99B | CN¥368M | CN¥114M | CN¥40.3M | CN¥105M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cambricon Technologies 688256.SS | $75.7B | -30% | +104% | 33% | 87.3× | n/a |
| Nvidia NVDA | $4.50T | -13% | +83% | 65% | 15.5× | 26.3% |
| Moore Threads Technology 688795.SS | $25.1B | -53% | +226% | -9% | n/a | n/a |
| MetaX Integrated Circuits (Shanghai) 688802.SS | $29.5B | -35% | +84% | n/a | 469.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 688256.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.1% | -27.1% | 7th highest of 21 |
| 6-month return | -29.6% | -16.2% | 7th lowest of 21 |
| Distance from 52-week high | -50.4% | -47.7% | 9th lowest of 21 |
| Revenue growth (TTM) | +104.0% | +21.6% | 5th highest of 21 |
| Operating margin | 32.9% | 21.1% | 6th highest of 21 |
| Forward P/E | 87.3× | 19.8× | most expensive of 21 |
| ROIC minus cost of capital | +3.5 pp | +1.4 pp | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cambricon Technologies 688256.SS | China | $75.7B | -30% | +104% | 33% | 87.3× | n/a | n/a |
| SMIC 0981.HK | Hong Kong | $76.7B | -41% | +20% | 9% | 32.9× | n/a | n/a |
| Zhongji Innolight 300308.SZ | China | $79.4B | -48% | +162% | 41% | 15.4× | 23.2% | +40.3% |
| Ase Technology 3711.TW | Taiwan | $70.4B | +2% | +25% | 11% | 17.3× | n/a | n/a |
| Infineon Technologies IFX.DE | Germany | $66.8B | -33% | +6% | 13% | 26.0× | 30.2% | +11.3% |
| Kioxia 285A.T | Japan | $88.9B | +139% | +265% | 70% | 2.5× | -3.0% | +18.8% |
| NXP Semiconductors NXPI | United States | $62.6B | -15% | +15% | 30% | 14.1× | 16.3% | +7.3% |
| TE Connectivity TEL | United States | $59.5B | +1% | +15% | 22% | 15.1× | 8.2% | +5.9% |
| Monolithic Power Systems MPWR | United States | $58.1B | -26% | +40% | 30% | 28.3× | 39.6% | +27.0% |
| SamsungElecMech 009150.KS | South Korea | $47.2B | +5% | +22% | 12% | 38.7× | 42.8% | +7.9% |
| Marvell Technology MRVL | United States | $124B | -17% | +31% | 17% | 25.0× | 54.4% | +22.5% |
| Coherent COHR | United States | $38.0B | -42% | +23% | 14% | 16.6× | n/a | n/a |
| STMicroelectronics STMPA.PA | France | $37.7B | -32% | +10% | 7% | 31.4× | 34.0% | +3.1% |
| Nanya Technology 2408.TW | Taiwan | $35.8B | +34% | +586% | 71% | 2.9× | 0.6% | +1.8% |
| Mediatek 2454.TW | Taiwan | $164B | +7% | +6% | 15% | 24.7× | 40.7% | +13.1% |
| United Micro Electronics 2303.TW | Taiwan | $34.9B | +11% | +13% | 21% | 13.7× | 14.2% | +6.1% |
| Astera Labs ALAB | United States | $33.1B | -5% | +115% | 26% | 28.0× | n/a | n/a |
| Analog Devices ADI | United States | $176B | -13% | +34% | 36% | 22.4× | 27.8% | +14.5% |
| Qualcomm QCOM | United States | $177B | -24% | +2% | 24% | 17.0× | 15.9% | +5.1% |
| KLA KLAC | United States | $180B | -26% | +16% | 43% | 22.3× | 23.5% | +14.4% |
| Microchip Technology MCHP | United States | $31.7B | -41% | +21% | 16% | 14.5× | 34.2% | -2.8% |