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 5 AI consumers· 3 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 · 2026-09-04'21-48.7%'22-21.2%'23+77.1%'24+420%'25+120.1%YTD+27%

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	+27
SMIC	benef1	-29.6	-7.4	-18.3	+169.9	+98.4	-10.9
ACM Research	benef2	+4.9	-72.9	+153.4	-22.7	+161.3	+88.7
Lam Research	benef2	+53.7	-40.7	+88.6	-6.8	+139.2	+80.1
Applied Materials	benef2	+83.6	-37.5	+68	+1.1	+59.6	+77.6
AMEC	benef2	-22.7	-11.6	+8.9	+58.3	+93.5	+43.8
Naura Technology	benef2	+41.3	-17.2	-2.6	+65.9	+70.6	+34.4
Tokyo Electron (TEL)	benef2	+40.4	-14.5	+89.8	-4.4	+61.6	+30.3
Cadence Design Systems	benef2	+36.6	-13.8	+69.6	+10.3	+4	-6.4
Synopsys	benef2	+42.1	-13.4	+61.3	-5.7	-3.2	-16.2

YTD as of 2026-09-04 · source: Yahoo Finance

Cambricon operates across China AI accelerator. After a spike of +420% in 2024, gains cooled to +120.1% in 2025 and +27% in 2026. The stock (+27%) and its supply side (avg -10.9%) are moving in step. It is made on SMIC 7nm, targeting 500k shipments in 2026 (SMIC yield is the variable).

Analysis generated from returns as of 2026-09-04

Analyst ratings

Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ¥1,903 · Price ¥1,072 (09-04) · Upside +78%

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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