从年年巨亏到大�.5亿-21.5亿，“寒王”股价为何不涨反跌？

\u003cdiv class=\"rich_media_content\"\u003e\u003c!--NO_AD_ERROR_2--\u003e\u003cp\u003e潮新闻客户端记者王燕平\u003c/p\u003e\u003cp\u003e1�日晚间，被称为“寒王”的“AI芯片第一股”寒武纪发布业绩预告，预�年度实现营�亿元�亿元，同比增�.87%�.02%；实现净�.5亿元�.5亿元，扭亏为盈；扣除非经常性损益后实现净�亿元�亿元。\u003c!--NO_AD_0--\u003e\u003c!--EOP_0--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_0--\u003e\n\u003cp style=\"\"\u003e\u003c!--IMG_0--\u003e\u003c/p\u003e\n\u003cp class=\"imagenote\" style=\"box-sizing: initial; color: rgb(138, 147, 158); font-size: 14px; height: auto; line-height: 1.5em; margin-top: 1px; padding-bottom: 6px; padding-top: 1px\" type=\"imagenote\"\u003e来源：公司公告\u003c/p\u003e\n\u003cp\u003e不过，今天开盘后，寒武纪股价不涨反跌。\u003c/p\u003e\n\u003cp\u003e�年上市以来，寒武纪业绩持续亏损，2020年�年分别亏𾆺.35亿、8.25亿、12.56亿、8.48亿𴵼.52亿。不过，2025年前三季度，公司已实现净�.05亿元。\u003c!--NO_AD_1--\u003e\u003c!--EOP_1--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_1--\u003e\n\u003cp style=\"\"\u003e\u003c!--IMG_1--\u003e\u003c/p\u003e\n\u003cp class=\"imagenote\" style=\"box-sizing: initial; color: rgb(138, 147, 158); font-size: 14px; height: auto; line-height: 1.5em; margin-top: 1px; padding-bottom: 6px; padding-top: 1px\" type=\"imagenote\"\u003e寒武纪上市以来业绩表现\u003c/p\u003e\n\u003cp\u003e实际上，2025年寒武纪虽然实现了首次年度扭亏为盈，�年第四季度业绩增幅有明显放缓的迹象，环比甚至不及第三季度。这或许是寒武纪股价不涨反跌的主要原因。\u003c!--AI_AD_1000--\u003e\u003c!--AI_AD_2000--\u003e\u003c/p\u003e\n\u003cp\u003e根据业绩预告，寒武�年第四季度营收�.93亿元�.93亿元，如果以下限计算，与第三季�.26亿元的营收相比增幅不大；净𳖜.45亿元-5.45亿元，与第三季𻊁.67亿元的净利相比不升反降。\u003c!--NO_AD_2--\u003e\u003c!--EOP_2--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_2--\u003e\n\u003cp\u003e实际上，之前寒武纪股价的暴涨，已反映了对寒武纪业绩的预期。2023年�年，公司股价的年涨幅分别达�.36%、387.55%�.01%。如果�𻂌月份的最低�.59元/股算起，�𻂐月份的最高�.88元/股，股价最大涨幅达�倍！这与公司持续加大研发投入、人工智能算力需求爆发以及产品在多个重点行业规模化落地密切相关。\u003c!--NO_AD_3--\u003e\u003c!--EOP_3--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_3--\u003e\n\u003cp style=\"\"\u003e\u003c!--IMG_2--\u003e\u003c/p\u003e\n\u003cp class=\"imagenote\" style=\"box-sizing: initial; color: rgb(138, 147, 158); font-size: 14px; height: auto; line-height: 1.5em; margin-top: 1px; padding-bottom: 6px; padding-top: 1px\" type=\"imagenote\"\u003e寒武纪股价表现\u003c/p\u003e\n\u003cp\u003e目前，寒武纪�多亿的总市值位居科创板总市值榜第二，仅次于\u003c!--SECURE_LINK_BEGIN_0--\u003e海光信息\u003c!--SECURE_LINK_END_0--\u003e；在所有A股中排名第十八位。\u003c/p\u003e\n\u003cp\u003e分析人士认为，寒武纪未来股价能否能继续大涨，取决于多种因素的综合作用，包�年及以后年度的业绩能否保持高增长；人工智能产业的长期发展、算力需求的持续攀升以及公司在该领域的竞争力。\u003c!--NO_AD_4--\u003e\u003c!--EOP_4--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_4--\u003e\u003cdiv class=\"moreInfo2\"\u003e\u003cp\u003e“转载请注明出处”\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e.rich_media_content{--news-tabel-th-night-color: #444444;--news-font-day-color: #333;--news-font-night-color: #d9d9d9;--news-bottom-distance: 22px}.rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.rich_media_content{color:var(--news-font-day-color);font-size:18px}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]):not(.qn-editor-copy){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content{color:var(--news-font-night-color)}}.data_color_scheme_dark .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.data_color_scheme_dark .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.data_color_scheme_dark .rich_media_content{color:var(--news-font-night-color)}.data_color_scheme_dark .rich_media_content{font-size:18px}.rich_media_content p[data-exeditor-arbitrary-box=image-box]{margin-bottom:11px}.rich_media_content\u003ediv:not(.qnt-video),.rich_media_content\u003esection{margin-bottom:var(--news-bottom-distance)}.rich_media_content hr{margin-bottom:var(--news-bottom-distance)}.rich_media_content .link_list{margin:0;margin-top:20px;min-height:0!important}.rich_media_content blockquote{background:#f9f9f9;border-left:6px solid #ccc;margin:1.5em 10px;padding:.5em 10px}.rich_media_content blockquote p{margin-bottom:0!important}.data_color_scheme_dark .rich_media_content blockquote{background:#323232}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content blockquote{background:#323232}}.rich_media_content ol[data-ex-list]{--ol-start: 1;--ol-list-style-type: decimal;list-style-type:none;counter-reset:olCounter calc(var(--ol-start,1) - 1);position:relative}.rich_media_content ol[data-ex-list]\u003eli\u003e:first-child::before{content:counter(olCounter,var(--ol-list-style-type)) '. 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