Physix FrontierPhysix Frontier · News Briefing Card (TMTPost · Oct 24, 2026)
Cambricon Q3 net profit up 147.7%, market cap falls from 1T to 586.2B
KEY FACTS
- Cambricon's revenue for the first three quarters was 9.53 billion yuan, with net profit attributable to shareholders of 3.72 billion yuan.
- Q3 single-quarter revenue was 3.53 billion yuan, doubling year-over-year, and net profit was 1.4 billion yuan, up 147.7% year-over-year.
- Equity incentive plan requires 2026 revenue of 13.5 billion yuan, with 70.6% completed in the first three quarters.
- Q4 needs to complete nearly 4 billion yuan in revenue, a quarter-over-quarter increase of 12.54%.
- Market cap has retreated over 40% from a peak of over 1 trillion yuan to 586.2 billion yuan.
KEY DATA
9.53 billion yuanFirst three quarters revenue
3.72 billion yuanFirst three quarters net profit attributable to shareholders
3.53 billion yuanQ3 single-quarter revenue
147.7%Q3 single-quarter net profit year-over-year growth rate
PHYSIX OBSERVATION
Profits doubled but market cap halved, the market is no longer buying into long-term stories. Cambricon's test has shifted from whether it can be profitable to whether delivery, collections, and repeat purchases can keep up. Competition in domestic chips is intensifying, the scarcity premium is being diluted, and the valuation logic faces reassessment.
Source: TMTPost report