Entity — Cambricon (688256.SH)

Status: active Owner: Finance / Charlie AGT-002 Entity ID: ENTITY-AI-CAMBRICON Visibility: PUBLIC Last verified: 2026-07-10

Snapshot

Cambricon is China's listed merchant AI-accelerator designer (STAR Market, 688256.SH; CAS Institute of Computing Technology spinout). Its value to this board is filings-visible revenue: unlike Huawei, its China-stack traction is auditable quarterly. Current flagship is the Siyuan MLU590 (SMIC 7nm-class); a next-gen MLU690 is press-reported for 2026 mass production. Q1 2026 results (filed late April 2026) showed revenue up ~160% YoY and net profit of RMB 1.01B — the chip-spec opacity is high, but the revenue series is A3.

Chip Table

Chip	Status	Key spec highlights	As-of	Source	Grade
Siyuan MLU590	shipping (volume since 2023)	SMIC 7nm-class N+2 (secondary); HBM-equipped training/inference accelerator; vendor publishes no detailed public spec sheet — FLOPs/memory n/a	2026-07-10	https://www.tomshardware.com/tech-industry/semiconductors/cambricon-targets-500000-ai-chips-in-2026-as-china-accelerates-domestic-hardware-push	🟡
Siyuan MLU690	rumored (2026 mass production target per press)	no vendor disclosure; press reports it as part of a ~500K-unit 2026 shipment target (~300K of 590+690 combined)	2026-07-10	https://www.tomshardware.com/tech-industry/semiconductors/cambricon-targets-500000-ai-chips-in-2026-as-china-accelerates-domestic-hardware-push	🟠

Financial Series (filings-visible; feeds china-ai-stack board)

Period	Metric	Value	Source	Grade
Q1 2026 (ended 2026-03-31; filed ~2026-04-29)	Net profit	RMB 1.01B (vs RMB 355.5M Q1 2025; +185% YoY)	https://www.marketscreener.com/news/cambricon-s-profit-soars-185-in-q1-revenue-jumps-160-on-ai-boom-ce7f58d8d080f020	🟡 (financial press of filing; pull exact revenue from cninfo)
Q1 2026	Revenue growth	+160% YoY (exact CNY figure not captured this pass — see Watch Items)	same as above	🟡
TTM (as of 2026-07)	Revenue	~RMB 8.27B (+266% YoY)	https://stockanalysis.com/quote/sha/688256/	🟡 (aggregator; reconcile with cninfo filings)

Technical Trajectory

Node: pinned to SMIC 7nm-class (N+2) like the rest of the China stack; same export-control constraint as Huawei (secondary, 🟡).
Product opacity: Cambricon does not publish Western-style spec sheets; treat all per-chip FLOPs claims in media as unverified. Its investability signal is the revenue/backlog series, not specs.
Scale ambition: press-reported ~500K accelerator target for 2026 — aspiration (A1/A2), not shipments; only quarterly filings convert this to A3.
Supply risk: low yields and constrained HBM supply flagged by press as the main threat to 2026 volume targets (🟡).

Watch Items

Exact Q1 2026 revenue figure and H1 2026 report from cninfo (http://www.cninfo.com.cn, stock code 688256) — replace 🟡 press numbers with 🟢 filing numbers.
Any first-ever official MLU690 disclosure (specs, launch).
Inventory and prepayment lines in filings — leading indicators of the press-reported volume ramp.
Customer concentration disclosures (which hyperscalers/state buyers).

Claims

CLAIM-AI-SILICON-002 — Cambricon's filings-visible revenue is the auditable (A3) leg of the China domestic-stack claim; complements non-auditable Huawei narrative.

Sources

🟡 MarketScreener, Cambricon Q1 2026 results — https://www.marketscreener.com/news/cambricon-s-profit-soars-185-in-q1-revenue-jumps-160-on-ai-boom-ce7f58d8d080f020 (accessed 2026-07-10)
🟡 StockAnalysis, 688256 overview (TTM revenue) — https://stockanalysis.com/quote/sha/688256/ (accessed 2026-07-10)
🟡 Tom's Hardware, 500K-chip 2026 target (via Bloomberg) — https://www.tomshardware.com/tech-industry/semiconductors/cambricon-targets-500000-ai-chips-in-2026-as-china-accelerates-domestic-hardware-push (accessed 2026-07-10)
🟢 (to pull) cninfo filings, 688256.SH quarterly reports — http://www.cninfo.com.cn (not fetched this pass)

Changelog

2026-07-10: Created; first verification pass. Exact Q1 2026 revenue CNY figure still owed from cninfo filing.