Cambrian 2025 Net Profit Surges 555%, Zhang Jianping's Holdings Worth Over 7.5 Billion

On the evening of March 12, Cambrian disclosed its 2025 performance report. In 2025, Cambrian’s revenue reached 6.497 billion yuan, a year-on-year increase of 453.21%; net profit was 2.059 billion yuan, up 555.24% year-on-year, turning profitable compared to losses in previous years; net profit after non-recurring gains and losses was 1.77 billion yuan, up 304.63%.

This is also Cambrian’s first annual profit since its listing in 2020. Previously, due to long-term investment in R&D, Cambrian incurred losses of 435 million yuan, 825 million yuan, 1.256 billion yuan, 848 million yuan, and 452 million yuan from 2020 to 2024.

The company attributes the significant performance growth to the sustained increase in computing power demand in the AI industry, with revenue significantly rising compared to the previous year, driving profit growth.

Although Cambrian’s overall performance exploded, the growth rate slowed in the second half of last year. In Q3, Cambrian’s net profit was 567 million yuan, a 17% decrease quarter-over-quarter; in Q4, revenue reached 1.89 billion yuan, up 9.4% quarter-over-quarter; net profit decreased 19.8% quarter-over-quarter to 455 million yuan.

From a business structure perspective, the cloud product line remains the core pillar of its growth. In 2025, Cambrian’s cloud product sales revenue reached 6.477 billion yuan, a 455.34% increase year-over-year, accounting for over 99% of total revenue; edge product revenue decreased by 48.12% year-over-year; IP licensing and software revenue grew by 455%.

In terms of R&D investment, Cambrian maintained a high level of expenditure. In 2025, R&D spending was 1.169 billion yuan, up 9.03% year-over-year, but since revenue growth far outpaced R&D growth, R&D expenses as a percentage of revenue decreased to 17.99%.

Additionally, Cambrian’s performance in the secondary market was also impressive. In late August last year, Cambrian’s stock price once surged to 1,462 yuan per share, surpassing Kweichow Moutai to become the highest-priced stock in A-shares, with a total annual increase of 106%.

Along with the full-year performance announcement, Cambrian also launched its first-ever annual dividend plan since listing: proposing a cash dividend of 15.00 yuan per 10 shares to all shareholders, and a capital reserve transfer of 4.9 shares for every 10 shares. The total proposed cash dividend amounts to 632 million yuan (tax included), accounting for 30.71% of the 2025 net profit.

It is worth noting that “bullish investor” Zhang Jianping made multiple increases in Cambrian holdings in 2025.

According to financial reports, in Q1 last year, Zhang Jianping increased his holdings by approximately 747,500 shares; in Q3, he added about 320,200 shares; and in Q4, he increased by another 408,400 shares. By the end of the year, his total holdings had risen to 6.8149 million shares, representing a 1.62% stake, making him Cambrian’s fifth-largest shareholder. Based on the latest stock price of 1,121 yuan per share at the time of publication, Zhang Jianping’s holdings are valued at over 7.5 billion yuan.