Who are Cambricon's customers? Who does Cambricon earn revenue from?

Revenue comes from counterparties including China cloud · internet (AI accelerators), Smart computing clusters (systems). Full sourced list: valuechain.wiki/cambricon/customers.md

Who does Cambricon pay? Who are its key suppliers?

Costs flow to SMIC, EDA · IP · R&D (undisclosed) among others. Full sourced list: valuechain.wiki/cambricon/suppliers.md

How does the street rate Cambricon? What are the price targets?

Broker consensus on file: Buy 2 / Hold 0. Details: valuechain.wiki/cambricon/consensus.md

China AI accelerator

Cambricon

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).

688256.SS Updated Jul 12, 2026 3 AI consumers· 1 recurring

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).

Annual return · 2026-07-10'21-48.7%'22-21.2%'23+77.1%'24+420%'25+120.1%YTD+65.9%

Money in ▸China cloud · internet (AI accelerators)●Amount ¥6.5BSmart computing clusters (systems)◐

CambriconFY2025 revenue RMB 6.497bn

▸ Money outSMIC◐Amount ¥4.2BEDA · IP · R&D (undisclosed)○

Financials & Segments

Total revenue · FY2025 revenue RMB 6.497bn (+453%), net income RMB 2.059bn (first profit since listing; prior year -RMB 452m)
Customer 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%).
Segments · AI accelerators (MLU) · IP/cluster SW

Revenue from

China cloud · internet (AI accelerators) High confidence· Amount ¥6.5B · FY2025 云端 매출
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.
Confirms ZH SSE filing (cninfo) Published Mar 12, 2026: Cambricon 2025 annual report (SSE STAR 688256)
Confirms KO Global Economic Published Mar 10, 2026: China AI-chip ETF: Innolight, Cambricon, Naura, Hua Hong
Confirms EN Cambricon/SSE Published Mar 1, 2026: Cambricon company/IR (SSE)
Confirms KO Seoul Economic Daily Published Jan 20, 2026: Sanctioned Cambricon turns its first profit in 9 years
Mentions ZH Goldman Sachs (via EET China) Published Sep 1, 2025: Goldman Sachs raises Cambricon target to RMB 2,104, maintains Buy
Smart computing clusters (systems) Medium confidence
Sells accelerators bundled into cluster systems and software — a value-added axis extending from chips to datacenter-scale solutions.
Confirms EN Cambricon/SSE Published Mar 1, 2026: Cambricon company/IR (SSE)

Pays to

SMIC Medium confidence· Amount ¥4.2B · FY2025 최대 공급사 매입(익명, 매체=SMIC)
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.
Confirms ZH SSE filing (cninfo) Published Mar 12, 2026: Cambricon 2025 annual report (SSE STAR 688256)
Confirms EN Cambricon/SSE Published Mar 1, 2026: Cambricon company/IR (SSE)
Confirms EN TrendForce Published Dec 15, 2025: TrendForce — Cambricon Siyuan 590/690 on SMIC N+2 (7nm), yield limits
EDA · IP · R&D (undisclosed) Low confidence
Design EDA, IP and R&D.
Confirms EN Cambricon/SSE Published Mar 1, 2026: Cambricon company/IR (SSE)

Investors

Founder & CAS-affiliated ownership (control & state support) Medium confidence
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).
Confirms ZH SSE filing (cninfo) Published Mar 12, 2026: Cambricon 2025 annual report (SSE STAR 688256)
Mentions KO Seoul Economic Daily Published Jan 20, 2026: Sanctioned Cambricon turns its first profit in 9 years

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

Company	Chain	'21	'22	'23	'24	'25	YTD
Cambricon	node	-48.7	-21.2	+77.1	+420	+120.1	+65.9
SMIC	benef1	-29.6	-7.4	-18.3	+169.9	+98.4	+5.6
ACM Research	benef2	+4.9	-72.9	+153.4	-22.7	+161.3	+161.1
Applied Materials	benef2	+83.6	-37.5	+68	+1.1	+59.6	+135
Lam Research	benef2	+53.7	-40.7	+88.6	-6.8	+139.2	+105
AMEC	benef2	-22.7	-11.6	+8.9	+58.3	+93.5	+86.3
Tokyo Electron (TEL)	benef2	+40.4	-14.5	+89.8	-4.4	+61.6	+78.2
Naura Technology	benef2	+41.3	-17.2	-2.6	+65.9	+70.6	+68.7
Cadence Design Systems	benef2	+36.6	-13.8	+69.6	+10.3	+4	+22.9
Synopsys	benef2	+42.1	-13.4	+61.3	-5.7	-3.2	-5.2

YTD as of 2026-07-10 · source: Yahoo Finance

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 generated from returns as of 2026-07-10

Analyst ratings

Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ¥1,903 · Price ¥1,400 (07-10) · Upside +36%

Broker	Rating	Target	Published
First Shanghai Securities · Huang Chen	买入 (Buy)	¥1,903	Apr 28, 2026	Report ↗
Donghai Securities	增持 (Overweight)	—	Mar 19, 2026	Report ↗

Greater-China brokers back the domestic AI-chip leader with buy/overweight calls and targets up to the CNY 1,900 level after its swing to profit.

Key Q&A

Who are Cambricon's customers? Who does Cambricon earn revenue from?: Revenue comes from counterparties including China cloud · internet (AI accelerators), Smart computing clusters (systems). Full sourced list: valuechain.wiki/cambricon/customers.md
Who does Cambricon pay? Who are its key suppliers?: Costs flow to SMIC, EDA · IP · R&D (undisclosed) among others. Full sourced list: valuechain.wiki/cambricon/suppliers.md
If Cambricon moves, who benefits? How far does the value-chain ripple reach?: 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).
How does the street rate Cambricon? What are the price targets?: Broker consensus on file: Buy 2 / Hold 0. Details: valuechain.wiki/cambricon/consensus.md

Analyses covering this node

Export controls wind China's chain clock: the makers rise, not the buyers Jul 10, 2026
China replicates the chain in parallel: the second map that sanctions drew Jun 23, 2026
The chain splits along borders: where policy makes new slots Jun 23, 2026

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