Cambricon’s AI Chip Inventory Buildup Raises Supply-Chain Questions
Cambricon reported third-quarter revenue of RMB 3.531 billion and net profit of RMB 1.404 billion, up 104.5% and 147.7% year over year. Inventory reached RMB 11.665 billion and prepayments RMB 3.044 billion, while chairman Chen Tianshi did not disclose the latest inventory breakdown and attributed higher impairment provisions to aging raw materials. He also denied that the company had discussed a market report of more than one million chip shipments next year.
The large increase in inventory and prepayments shows how Cambricon is using its balance sheet to secure foundry, memory and packaging capacity, but makes delivery timing and liquidity management central to assessing its AI-chip expansion.
（本文作者为 数读社，钛媒体经授权发布）
文 | 寒武纪
寒武纪第三季度业绩说明会上，董事长陈天石被反复追问同一个问题：116亿存货里，原材料、在产品、成品各占多少。
他没有给出答案，只是重复了三季报里那句话：“前期对原材料进行了战略备货，随着原材料库龄增长，计提的存货跌价准备相应增加”。
有人问起市场流传的“明年出货超100万颗”，他的回答更短：“公司从未进行过相关沟通。”
这个场景浓缩了三季报的张力：利润在翻倍，管理层却在为存货和传闻解释。
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