{"slug":"cambricon","name":"Cambricon","name_en":"Cambricon","ticker":"688256.SS","updated_at":"2026-07-12T05:40:53.361068+00:00","canonical":"https://valuechain.wiki/cambricon","same_as":["https://finance.yahoo.com/quote/688256.SS"],"citable":"밸류체인 그래프 기준 Cambricon의 직접 연결 기업은 1곳(관계 기준 공급 1·매출 0)이고, 사슬을 2차까지 넓히면 10곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Cambricon is directly linked to 1 companies (1 supply, 0 revenue relationships) and reaches 10 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"중국 AI 가속기(엔비디아 대안)","kicker_en":"China AI accelerator","lead":"중국의 대표 AI 반도체 기업(Siyuan/MLU 시리즈). 미국 수출통제로 엔비디아 대안 수요가 몰리며 FY2025 매출 ¥65억(첫 흑자). 화웨이와 함께 중국 정부 승인 AI 하드웨어 목록에 오른 둘 중 하나. SMIC 7nm로 생산하며 2026년 50만개 출하 목표(SMIC 수율이 변수).","lead_en":"China’s leading AI-chip firm (Siyuan/MLU lines). US export controls funnel NVIDIA-alternative demand to it, lifting FY2025 revenue to RMB 6.5B (first profit). One of only two on China’s approved AI-hardware list (with Huawei). It is made on SMIC 7nm, targeting 500k shipments in 2026 (SMIC yield is the variable).","segments":{"fy":2025,"parts":[{"desc":"엔비디아 대안 수요가 몰리는 성장 축 — 정부 승인 목록에 올라 첫 흑자, SMIC 7nm 수율이 출하 상한","name":"AI 가속기(MLU)"},{"desc":"가속기를 클러스터 시스템·SW로 묶는 부가 축","name":"IP·클러스터 SW"}],"total":"FY2025 매출 64.97억위안(+453%), 순이익 20.59억위안(상장 후 첫 흑자, 전년 -4.52억)","concentration":"수출통제가 곧 수요 — 云端 가속기가 매출의 99%+, 상위 5개 고객 88.66% 집중(단일 최대 ~26%). 최대 공급사(익명, 매체=SMIC 7nm)가 매입의 55%로 출하 상한. 국내 데이터센터 가속기 점유 ~12~15%(2026 1Q 8%, 화웨이 어센드 37% 대비)."},"segments_en":{"fy":2025,"parts":[{"desc":"The growth axis drawing NVIDIA-alternative demand — on the approved list with a first profit, with SMIC 7nm yield capping shipments","name":"AI accelerators (MLU)"},{"desc":"The add-on axis bundling accelerators into cluster systems and software","name":"IP/cluster SW"}],"total":"FY2025 revenue RMB 6.497bn (+453%), net income RMB 2.059bn (first profit since listing; prior year -RMB 452m)","concentration":"Export controls are demand — cloud accelerators are 99%+ of revenue, top-5 customers 88.66% (largest ~26%). The top supplier (anonymized; media identify SMIC 7nm) is 55% of purchases and caps shipments. ~12-15% of the domestic data-center accelerator market (Q1 2026 8% vs Huawei Ascend 37%)."},"returns_yearly":{"2021":-48.7,"2022":-21.2,"2023":77.1,"2024":420,"2025":120.1,"2026":65.9},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"smic","name":"SMIC","name_en":"SMIC","tier":1,"returns_yearly":{"2021":-29.6,"2022":-7.4,"2023":-18.3,"2024":169.9,"2025":98.4,"2026":5.6}},{"slug":"acm-research","name":"ACM Research","name_en":"ACM Research","tier":2,"returns_yearly":{"2021":4.9,"2022":-72.9,"2023":153.4,"2024":-22.7,"2025":161.3,"2026":161.1}},{"slug":"applied-materials","name":"어플라이드 머티어리얼즈","name_en":"Applied Materials","tier":2,"returns_yearly":{"2021":83.6,"2022":-37.5,"2023":68,"2024":1.1,"2025":59.6,"2026":135}},{"slug":"lam-research","name":"램리서치","name_en":"Lam Research","tier":2,"returns_yearly":{"2021":53.7,"2022":-40.7,"2023":88.6,"2024":-6.8,"2025":139.2,"2026":105}},{"slug":"amec","name":"AMEC","name_en":"AMEC","tier":2,"returns_yearly":{"2021":-22.7,"2022":-11.6,"2023":8.9,"2024":58.3,"2025":93.5,"2026":86.3}},{"slug":"tokyo-electron","name":"도쿄일렉트론","name_en":"Tokyo Electron (TEL)","tier":2,"returns_yearly":{"2021":40.4,"2022":-14.5,"2023":89.8,"2024":-4.4,"2025":61.6,"2026":78.2}},{"slug":"naura","name":"Naura","name_en":"Naura Technology","tier":2,"returns_yearly":{"2021":41.3,"2022":-17.2,"2023":-2.6,"2024":65.9,"2025":70.6,"2026":68.7}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":2,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":2,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":2,"returns_yearly":null},{"slug":"ichor-holdings","name":"이코르","name_en":"Ichor Holdings","tier":3,"returns_yearly":{"2021":52.7,"2022":-41.7,"2023":25.4,"2024":-4.2,"2025":-42.8,"2026":444.2}},{"slug":"mks-instruments","name":"MKS Instruments","name_en":"MKS Instruments","tier":3,"returns_yearly":{"2021":16.4,"2022":-51,"2023":22.6,"2024":2.2,"2025":54.4,"2026":131}},{"slug":"advanced-energy","name":"어드밴스드에너지","name_en":"Advanced Energy Industries","tier":3,"returns_yearly":{"2021":-5.7,"2022":-5.4,"2023":27.5,"2024":6.6,"2025":81.6,"2026":47.2}},{"slug":"smc","name":"SMC Corporation","name_en":"SMC Corporation","tier":3,"returns_yearly":{"2021":0.9,"2022":4.5,"2023":28.6,"2024":-28,"2025":4.2,"2026":26.6}},{"slug":"wonik-qnc","name":"원익QnC","name_en":"Wonik QnC","tier":3,"returns_yearly":{"2021":26.2,"2022":2,"2023":11.9,"2024":-33.7,"2025":53.4,"2026":9.3}},{"slug":"siemens-ag","name":"지멘스","name_en":"Siemens AG","tier":3,"returns_yearly":{"2021":12.2,"2022":5.1,"2023":20.1,"2024":28,"2025":26.4,"2026":8.7}},{"slug":"tck","name":"티씨케이","name_en":"TCK (Tokai Carbon Korea)","tier":3,"returns_yearly":{"2021":-10.1,"2022":-16.9,"2023":2.8,"2024":-28.7,"2025":225.7,"2026":-2.5}},{"slug":"hana-materials","name":"하나머티리얼즈","name_en":"Hana Materials","tier":3,"returns_yearly":{"2021":106,"2022":-30.5,"2023":26.1,"2024":-47.4,"2025":173.9,"2026":-15.7}}],"analysis":"미국 수출통제가 엔비디아 대안 수요를 몰아준 중국 대표 AI 반도체 기업으로, 정책이 곧 수요를 만드는 구조다. 성장 논지는 국산 대체 — 화웨이와 함께 중국 정부 승인 AI 하드웨어 목록에 오른 둘 중 하나로, FY2025 첫 흑자(매출 ¥65억)를 냈고 중국 CSP·인터넷기업이 수요처다. 최대 병목이자 리스크는 SMIC 7nm 수율로, 2026년 50만개 출하 목표의 실현이 여기에 달렸다. 그래프 파급은 중국 CSP의 AI 캐펙스와 수출규제 강도가 캄브리콘 수요를, SMIC 캐파·수율이 공급을 각각 정하는 경로다.","analysis_en":"China's leading AI-chip firm, to which US export controls funnel NVIDIA-alternative demand, a structure where policy itself creates demand. The thesis is domestic substitution — one of only two on China's approved AI-hardware list (with Huawei), it turned its first profit in FY2025 (revenue RMB 6.5B), with Chinese CSPs and internet firms the demand base. The key bottleneck and risk is SMIC 7nm yield, on which the 2026 target of 500k shipments depends. In graph terms, Chinese CSP AI capex and the intensity of export controls set demand, while SMIC capacity and yield set supply.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"중국 클라우드·인터넷 (AI 가속기)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"CNY","value":6477000000,"period":"FY2025 云端 매출","yoy_pct":455,"top5_customer_pct":88.66},"note":"매출의 사실상 전부를 만드는 축 — FY2025 云端(AI 가속기) 매출 64.77억위안(+455%)으로 전사 매출의 99%+. 수출통제로 엔비디아 대안을 찾는 중국 CSP·인터넷 기업이 몰리며 상위 5개 고객이 매출의 88.66%(단일 최대 고객 17.03억위안=약 26%)를 차지하는 극단적 집중이 특징이자 리스크다. 2025년 국내 데이터센터 가속기 점유 약 12~15%.","note_en":"The axis that makes effectively all revenue — FY2025 cloud (AI-accelerator) revenue was RMB 6.477bn (+455%), 99%+ of the company. Export controls funnel NVIDIA-seeking Chinese CSPs and internet firms to it, so the top-5 customers are 88.66% of revenue (single largest RMB 1.703bn, ~26%) — extreme concentration that is both the story and the risk. ~12-15% of the domestic data-center accelerator market in 2025.","sources":[{"stance":"confirms","publisher":"상하이거래소 공시(cninfo)","publisher_en":"SSE filing (cninfo)","kind":"filing","lang":"zh","published_at":"2026-03-12","url":"https://dataclouds.cninfo.com.cn/shgonggao/hsomarket/2026/20260312/05ca784762a7401b9ed371d917e436dc.PDF","title":"중과한무기(캠브리콘) 2025년 연차보고서 (상하이 STAR 688256)","title_en":"Cambricon 2025 annual report (SSE STAR 688256)","excerpt":"전5대 고객 88.66%(단일 최대 17.03억); 云端 매출 64.77억(+455%)","excerpt_en":"Top-5 customers 88.66% (largest RMB 1.703bn); cloud revenue RMB 6.477bn (+455%)"},{"stance":"confirms","publisher":"글로벌이코노믹","publisher_en":"Global Economic","kind":"news","lang":"ko","published_at":"2026-03-10","url":"https://www.g-enews.com/article/Securities/2026/03/202603100911178711df2f5bc1bc_1","title":"중국 AI 반도체 ETF: 중지이노라이트·캄브리콘·나우라·화홍","title_en":"China AI-chip ETF: Innolight, Cambricon, Naura, Hua Hong","excerpt":"수출통제로 엔비디아 대안 수요 집중.","excerpt_en":"Export controls funnel NVIDIA-alternative demand."},{"stance":"confirms","publisher":"Cambricon/SSE","publisher_en":"Cambricon/SSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.cambricon.com/","title":"Cambricon 회사·IR(상하이거래소)","title_en":"Cambricon company/IR (SSE)","excerpt":"FY2025 매출 ¥65억(첫 흑자), 상반기 +4348%.","excerpt_en":"FY2025 revenue RMB 6.5B (first profit), H1 +4348%."},{"stance":"confirms","publisher":"서울경제","publisher_en":"Seoul Economic Daily","kind":"news","lang":"ko","published_at":"2026-01-20","url":"https://www.sedaily.com/article/20019173","title":"美제재 자양분 삼은 캠브리콘, 9년만에 첫 흑자","title_en":"Sanctioned Cambricon turns its first profit in 9 years","excerpt":"매출 64.97억위안 +453%, 상장 후 첫 흑자(순익 20.59억)","excerpt_en":"Revenue RMB 6.497bn +453%, first profit since listing (net income RMB 2.059bn)"},{"stance":"mentions","publisher":"골드만삭스(EET China 인용)","publisher_en":"Goldman Sachs (via EET China)","kind":"research","lang":"zh","published_at":"2025-09-01","url":"https://www.eet-china.com/news/202509013179.html","title":"골드만삭스, 캠브리콘 목표가 ¥2,104로 상향·매수 유지","title_en":"Goldman Sachs raises Cambricon target to RMB 2,104, maintains Buy","excerpt":"골드만삭스 매수·목표가 ¥2,104(중국 CSP AI 캐펙스·정책·출하 개선)","excerpt_en":"Goldman Buy, target RMB 2,104 (Chinese CSP AI capex, policy, shipment improvement)"}]},{"direction":"cost","counterparty":"SMIC","counterparty_slug":"smic","confidence":"mid","metric":{"type":"amount","unit":"CNY","value":4198000000,"period":"FY2025 최대 공급사 매입(익명, 매체=SMIC)","qualifier":"supplier_anonymized_in_filing","share_of_purchases_pct":55.34},"note":"AI 가속기 위탁생산의 최대 원가 — FY2025 연차보고서상 최대 공급사가 구매액의 55.34%(약 41.98억위안, 총 매입의 절반 초과)를 차지하나 회사는 공급사명을 익명 처리한다. 팹리스 특성상 이 최대 공급사는 파운드리이며, 매체는 SMIC 7nm(N+2)로 지목한다. 받는 캐파·수율이 곧 출하 상한이라 성장의 병목이다.","note_en":"The largest cost of AI-accelerator manufacturing — the FY2025 annual report shows a single top supplier at 55.34% of purchases (~RMB 4.198bn, over half of total), but the company anonymizes the supplier's name. As a fabless firm this top supplier is a foundry, which media identify as SMIC 7nm (N+2). The capacity and yield it obtains cap shipments, the growth bottleneck.","sources":[{"stance":"confirms","publisher":"상하이거래소 공시(cninfo)","publisher_en":"SSE filing (cninfo)","kind":"filing","lang":"zh","published_at":"2026-03-12","url":"https://dataclouds.cninfo.com.cn/shgonggao/hsomarket/2026/20260312/05ca784762a7401b9ed371d917e436dc.PDF","title":"중과한무기(캠브리콘) 2025년 연차보고서 (상하이 STAR 688256)","title_en":"Cambricon 2025 annual report (SSE STAR 688256)","excerpt":"최대 공급사 매입 419,815만원, 총매입의 55.34%(공급사명 익명)","excerpt_en":"Top supplier purchases RMB 4,198.2M, 55.34% of total (supplier anonymized)"},{"stance":"confirms","publisher":"Cambricon/SSE","publisher_en":"Cambricon/SSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.cambricon.com/","title":"Cambricon 회사·IR(상하이거래소)","title_en":"Cambricon company/IR (SSE)","excerpt":"캄브리콘은 SMIC 7nm로 생산, 2026년 50만개 목표.","excerpt_en":"Cambricon is made on SMIC 7nm, targeting 500k units in 2026."},{"stance":"confirms","publisher":"TrendForce","publisher_en":"TrendForce","kind":"research","lang":"en","published_at":"2025-12-15","url":"https://www.trendforce.com/news/2025/12/15/insights-cambricon-remains-chinas-top-ai-chip-startup-rumored-2026-triple-output-faces-smic-limits/","title":"트렌드포스 — 캄브리콘 Siyuan 590/690 SMIC N+2(7nm) 위탁, 수율 한계","title_en":"TrendForce — Cambricon Siyuan 590/690 on SMIC N+2 (7nm), yield limits","excerpt":"매체(트렌드포스): 캄브리콘 Siyuan 590/690 SMIC N+2(7nm) 위탁","excerpt_en":"Media (TrendForce): Cambricon Siyuan 590/690 on SMIC N+2 (7nm)"}]},{"direction":"revenue","counterparty":"스마트컴퓨팅 클러스터 (시스템)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"가속기를 클러스터 시스템·SW로 묶어 판매 — 칩 단품을 넘어 데이터센터 단위 솔루션으로 확장하는 부가 매출축.","note_en":"Sells accelerators bundled into cluster systems and software — a value-added axis extending from chips to datacenter-scale solutions.","sources":[{"stance":"confirms","publisher":"Cambricon/SSE","publisher_en":"Cambricon/SSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.cambricon.com/","title":"Cambricon 회사·IR(상하이거래소)","title_en":"Cambricon company/IR (SSE)","excerpt":"클러스터·시스템 SW 사업.","excerpt_en":"Cluster/system-software business."}]},{"direction":"investor","counterparty":"창업자·중국과학원 계열 (지배구조·정부지원)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"cas_spinoff_founder_controlled"},"note":"중과원 계산기술연구소(CAS ICT)에서 스핀오프한 회사로, 창업자 陈天石과 중과원 계열(북경중과산원 등)이 지배한다. 초기 재무투자자였던 알리바바·SDIC·롄샹캐피털은 2023년 지분을 대거 정리해 빠졌고, 현재는 정부 보조금·정책 지원이 국산 대체 육성의 배경이다. 익명 상대(기관·정부)로 보존.","note_en":"Spun out of the CAS Institute of Computing Technology (CAS ICT), it is controlled by founder Chen Tianshi and CAS-affiliated entities. Early financial investors Alibaba, SDIC and Lenovo Capital largely sold out in 2023, and today government subsidies and policy support underpin the domestic-substitution push. Counterparties kept anonymous (institutional/state).","sources":[{"stance":"confirms","publisher":"상하이거래소 공시(cninfo)","publisher_en":"SSE filing (cninfo)","kind":"filing","lang":"zh","published_at":"2026-03-12","url":"https://dataclouds.cninfo.com.cn/shgonggao/hsomarket/2026/20260312/05ca784762a7401b9ed371d917e436dc.PDF","title":"중과한무기(캠브리콘) 2025년 연차보고서 (상하이 STAR 688256)","title_en":"Cambricon 2025 annual report (SSE STAR 688256)","excerpt":"지배주주 陈天石·중과원 계열; 중과원 계산기술연구소 스핀오프","excerpt_en":"Controlling shareholder Chen Tianshi and CAS-affiliated entities; CAS ICT spin-off"},{"stance":"mentions","publisher":"서울경제","publisher_en":"Seoul Economic Daily","kind":"news","lang":"ko","published_at":"2026-01-20","url":"https://www.sedaily.com/article/20019173","title":"美제재 자양분 삼은 캠브리콘, 9년만에 첫 흑자","title_en":"Sanctioned Cambricon turns its first profit in 9 years","excerpt":"美 제재를 자양분 삼아 국산 대체 수요·정부 지원으로 첫 흑자","excerpt_en":"Turned its first profit on domestic-substitution demand and state support amid US sanctions"}]},{"direction":"cost","counterparty":"EDA·IP·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"설계 EDA·IP·R&D.","note_en":"Design EDA, IP and R&D.","sources":[{"stance":"confirms","publisher":"Cambricon/SSE","publisher_en":"Cambricon/SSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.cambricon.com/","title":"Cambricon 회사·IR(상하이거래소)","title_en":"Cambricon company/IR (SSE)","excerpt":"AI 칩 설계 R&D.","excerpt_en":"AI-chip design R&D."}]}]}