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Editor’s note: This article is from the micro-channel public number “burning Finance” (ID: rancaijing), Author: Kim Yu Fan, editor: Wei Jia, 36 krypton release authorized.The operating performance of the AI ​​chip Unicorn Cambrian finally lifted the mystery.On the evening of March 26, the official website of the Shanghai Stock Exchange showed that the Cambrian science and technology board listing application was approved.If successfully landed in the capital market, the Cambrian will become the first share of the science and technology board AI chip.Under the epidemic situation, AI has become lively again, but judging from the current market, the commercial implementation of AI chips is a difficult problem for the Cambrian.With the disclosure of the prospectus, the actual Cambrian performance is no longer a mystery.The prospectus shows that in 2017, 2018 and 2019, its revenue was 7,843,300 yuan, 117 million yuan, and 444 million yuan.The increase in revenue was not bad, but the losses were equally serious, with losses of 380 million yuan, 41.04 million yuan and 1.179 billion yuan for three consecutive years, and a total of about 1.6 billion yuan.The huge losses mainly come from two aspects. One is “the company has a large R & D expenditure and the product is still in the market expansion stage”, and the other is “the share payment due to equity incentives during the reporting period is large”.The Cambrian also stated in the prospectus that the company cannot guarantee profitability in the next few years, and the company may also face the risk of delisting after listing.Risk Tips in the Cambrian Prospectus From this Cambrian prospectus, we can also see some difficulties faced by the entire industry, including over-reliance on large customers, large investment in technology research and development, and the test of commercialization.For the Cambrian, the aura faded, and the real test has just begun.01 R & D costs 800 million in 3 years, far exceeding the operating income. According to the prospectus, from the overall revenue perspective, the Cambrian revenue from 2017 to 2019 was 7,843,300 yuan, 117 million yuan, and 444 million yuan, year-on-year.The growth rates were 1392% and 279.4%, respectively.Its main business income includes three aspects: terminal intelligent processor IP, cloud smart chip and accelerator card, and intelligent computing cluster system. The changes in the past year are that the new business sector intelligent computing cluster system has a revenue of 290 million yuan, accounting forThe proportion for the whole year was close to 67%.At the same time, the product composition of the main business income also has a high Cambrian gross margin level.From 2017 to 2019, the company’s comprehensive gross profit margins were 99.96%, 99.90% and 68.19%, respectively.Among them, the gross profit of the terminal intelligent processor IP business was above 99%.According to relevant data statistics, the average gross profit margin of the latest period of listed companies on the science and technology board is 52.29%.In 2019, the Cambrian gross margin declined, and the prospectus stated that this was due to the expansion of new business this year-cloud smart chips and accelerator cards, and intelligent computing cluster system business.At the same time of rapid revenue growth, the Cambrian is also in a continuous state of losses, losing 380 million yuan, 41.04 million yuan, and 1.179 billion yuan for three consecutive years, and a total of about 1.6 billion yuan.This is because its operating costs, sales expenses, management expenses, research and development expenses and other expenses are increasing rapidly.Especially in terms of research and development costs, the Cambrian R & D investment in 2017, 2018, and 2019 was 29.986 million yuan, 240 million yuan, and 543 million yuan, respectively, accounting for 38.73%, 205.118%, and 122.32% of operating income, The cumulative investment of 813 million yuan, equivalent to 1.43 times the cumulative revenue of three years.Among them, a considerable part is spent on research and development personnel.The prospectus shows that as of December 31, 2019, the company had 680 R & D personnel, accounting for nearly 80% of the total number of employees; 546 employees with master’s and doctoral degrees, accounting for more than 60%.The number of employees and the composition are the same, and the R & D returns are relatively considerable.As of February 29, 2020, there were 50 domestic patents and 15 overseas patents granted to the Cambrian, and there were 120 PCT patent applications, with a total of 1,474 patents pending.Strong R & D efforts are also reflected in the company’s selection of listing standards.The Cambrian chose the Shanghai Stock Exchange’s science and technology board stock listing rules. The market value is expected to be no less than 1.5 billion yuan, and the operating income in the most recent year is no less than 200 million yuan.The proportion of accumulated operating income is not less than the standard of 15%.02 The story with Huawei has to tell Although the Cambrian revenue growth is good, the red flag is that it is heavily dependent on large customers.In 2017 and 2018, more than 90% of the Cambrian revenue came from Company A.The prospectus explained that, “In the company’s initial stage, Company A was authorized by the company to integrate the Cambrian terminal intelligent processor IP into its flagship smartphone chip and realize batch shipment.”According to the company’s past experience, industry insiders have inferred that Company A is Huawei.The Cambrian story of the sales of the top five customers began in March 2016. When it was founded, the company launched the first Cambrian 1A processor and applied it to the Huawei Kirin 970 chip, becoming the world’s first AI mobile phone.Chip, applied to Huawei Mate10 mobile phone.At that time, industry insiders commented that with the Cambrian assist, Huawei established the status of a top chip manufacturer.In the following years, Cambrian was one of the important suppliers of Huawei Kirin processors.In September 2018, Huawei launched the Kirin 980 chip, which also integrates the Cambrian dual-core NPU, and is equipped in the Huawei Mate20.By binding with Huawei, the Cambrian stepped onto the road to industrialization and became famous.This big customer directly brought high revenue growth to the Cambrian. It can be said that the revenue of the first two years of the Cambrian relied heavily on Huawei.But Huawei, a major customer, also sees AI as part of its future core competitiveness.As of June 2019, Huawei released its self-developed AI mobile phone chip-Kirin 810.Huawei’s artificial intelligence IP architecture is called “Da Vinci”. Two AI chips have been released before, including the Shengteng 910 for the cloud, the Shengteng 310 for the edge, and the Kirin 810 for the terminal.In October of this year, Huawei announced its AI strategy, which is a full-stack full-scenario AI solution, including cloud, terminal, and edge. This is in line with the Cambrian AI chip layout.At the top of Huawei ’s self-reliance, the Cambrian team ’s entire industry ’s pressure on the industry ’s public opinion has also increased. Chen Tianshi, a low-key founder, was interviewed by the media in the month. The information disclosed to the public was that “the AI ​​processor market is huge, and Cambrian friendsThe world. “The Cambrian supplier role naturally changed, and the impact on shipments was also obvious.The Cambrian revenue from Huawei shrank by half year-on-year, falling from 116 million yuan in the previous year to 63.658 million yuan.One detail is that Cambrian CTO Liang Jun came from Huawei and has worked at Huawei Beijing Research Institute and Huawei Hisilicon Semiconductors. He changed jobs to Cambrian in 2017.At present, the CTO is the highest paid of all executives, holding a 3.2% stake.The remuneration of the company’s directors, supervisors, senior executives and core technical personnel is based on business talks. One side needs technology, and the other side needs visibility. A win-win cooperation relationship ends here.Fortunately, Cambrian launched the Siyuan series acceleration card products in time. In 2019, Huawei ranked fourth among the top five customers.The Cambrian reliance on large customers has improved slightly, but it is still not ideal.In this year, nearly half of the Cambrian’s revenue came from the Zhuhai Hengqin Management Committee, while another company B, which contributed more than 14% of the revenue, was disclosed as a related party of the Cambrian according to the prospectus.This means that the Cambrian is facing business development pressure for new customer expansion.It is worth noting that cloud-based smart chips and acceleration cards have been applied to the products of major domestic server makers such as Lenovo and Inspur, and have achieved mass production and shipment.Lenovo Ventures is one of the Cambrian investors.Industry insider Zhang Han told Ran Finance that recently, the Cambrian has been hiring a large number of sales staff, or in response to business development pressure.Ran Cai’s search found that on the day of March 25, the Cambrian Company released at least 11 sales positions in Beijing, Shanghai, Shenzhen, Hangzhou and other places.Cambrian has recently released a large number of sources of demand for sales posts / network 03 Born in giants and born in troubled times Cambrian emerged from the Chinese Academy of Sciences. The company’s predecessor was the “Exploration of the Cross-Fields of Processor Architecture and AI” established by the Institute of Computing Technology of the Chinese Academy of Sciences in 2008.The team, the average age is only 25 years old, but most of them have been in the field of chip design and development and AI for many years.As the founder, Chen Tianshi’s personal experience is also quite legendary.Born in 1985, he was admitted to the Chinese University of Science and Technology Junior Class at the age of 16 and became a computer doctor of the University of Science and Technology at the age of 25. He founded the Cambrian after 6 years of graduation and developed the first AI chip at the age of 31.The Cambrian Period at the beginning has a very strong shareholder background.From the angel round to the round C financing process, investors include not only well-known Internet technology companies such as Alibaba, Lenovo, HKUST Xunfei, and the Chinese Academy of Sciences, but also national investment funds such as SDIC Fund and Guoxin Capital.Figure.According to previous public information, after the B round of financing in June 2018, the Cambrian valuation was about 2.5 billion U.S. dollars, and the pre-market valuation after that is unknown.However, according to the shareholding structure, Nanjing CMB invested 800 million yuan and obtained 3.61% of its equity before listing.According to a rough calculation, the Cambrian has a valuation of approximately 22.16 billion yuan (approximately US $ 3.126 billion) after six rounds of financing, which is 25% higher than the previous valuation of US $ 2.5 billion (approximately RMB17.7 billion)..In terms of shareholders, the chairman Chen Tianshi is the company’s controlling shareholder and actual controller. At present, the company controls a total of 34.36% of the company’s shares. Based on the pre-issue valuation, its net worth is 7.628 billion yuan.Shareholdings of some shareholders Prior to this issue, there were 32 individuals and institutional shareholders directly holding shares in the Cambrian.In addition to Chen Tianshi, the companies affiliated to the Chinese Academy of Sciences, China Science and Technology Sources, Cambrian Employee Shareholding Platform Aixi Partners, Paleozoic Venture Capital, and SDIC Fund, etc., rank the second to fifth largest shareholders of the Cambrian, with shareholding ratios of 18.24% and 8.51, respectively.%, 3.93%, 3.92%.In addition, Ali Ventures holds 1.94% and HKUST Newsfei holds 1.19%.According to the prospectus, Cambrian plans to raise 2.8 billion yuan, which is mainly used in four areas: the new generation of cloud training chip and system project is about 700 million yuan, and the investment in the new generation of cloud inference chip and system project is about 600 million yuan.In the new generation of edge-end AI chips and system projects, about 600 million yuan will be used to supplement working capital of about 900 million yuan.The fundraising investment project had a clear first-mover advantage in the era of the Cambrian, but since 2018, a wave of “AI chip” entrepreneurship has emerged worldwide, and giants have begun to drive the direction of the big ships..In addition to Huawei, shareholder Alibaba also acquired Zhongtian Micro, and set up a “flat-headed brother” company with the chip research and development team of Alibaba Institute, and pointed at AI chips.The Shenjian technology acquired by Lingsi should also be alert to many overseas competitors, including old chip giants such as Nvidia, Intel, and Cethlink, as well as head technology companies such as Google, Qualcomm, and Apple.In the field of pan-AI chips, Nvidia and Intel products have a clear market share.Whether active or passive, the Cambrian battlefield has been changing.In the early days of losing Huawei’s powerful endorsement, the Cambrian pressure was naturally not small.Beginning in 2018, the Cambrian broke into the cloud market and released the first-generation cloud AI chip MLU100 and board, and the second-generation cloud AI chip Siyuan 270 and board.In terms of applications, this product is mainly used in intelligent video analysis, speech synthesis, recommendation engine, AI cloud and other fields.However, the cloud market is fiercely competitive, and it is necessary to compete with international giants such as Nvidia, Intel, and AMD on the same track.Former partners, Huawei HiSilicon’s strength should not be underestimated. With its own downstream outlet, Huawei HiSilicon, from various equipment product lines to cloud application services, HiSilicon covers almost all, with obvious advantages.The basic situation of the three types of chip products and application development platforms. Since the end of last year, the Cambrian has joined a new battlefield-the edge, and launched the AI ​​chip Siyuan 220 and M.2 acceleration card products for the edge intelligent computing field.As can be seen from the above fund-raising purposes, this company is expanding from the cloud to the edge, but this battlefield is not so simple.Baidu, which has accumulated in the cloud and terminals, has the ambition to improve the ecology with edge chips. So it joined forces with the three major operators, ZTE, Ericsson, Intel, etc. to launch the Baidu AI edge computing action plan, which aims to use AI reasoning and function computing., Big data processing and industrial model training promote the AI ​​scene’s computing power support and platform support in edge computing.It is also the horizon of the AI ​​unicorn company, with a valuation of 3 billion U.S. dollars. The company announced in August last year that it would mass-produce the first domestic automotive-grade AI chip, “Journey II.”It is undeniable that the momentum of dedicated edge AI chips such as autonomous driving is gradually showing, and the horizon is mainly related to this.Opponents have their own areas of expertise, and for the Cambrian, the capital winter has intensified and the epidemic is at a high risk period. Listing is not the end. The aura has faded. The real test has just begun.* The title picture is from Visual China.At the request of the interviewees, Zhang Han changed his name in the text..

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