寒武纪科技股份有限公司报告称，营收增速慢于预期，反映出其在制造限制和存储芯片短缺方面持续面临挑战。
Technologies Corp. reported a slower-than-expected revenue growth in a reflection of its persistent challenges with manufacturing constraints and memory chip shortages.
截至9月份的季度营收同比增长105%至35.3亿元人民币（约合5.29亿美元），而市场预期约为62.6亿元人民币。公司净利润同比增长148%至14亿元人民币。
Revenue in the quarter ended September jumped 105% to 3.53 billion yuan ($529 million), versus estimates for about 6.26 billion yuan. The company posted a 148% rise in net income to 1.4 billion yuan.
这家总部位于北京的芯片制造商是几家寻求填补英伟达空白的国产企业之一。在华盛顿为遏制中国AI发展而对英伟达最先进芯片实施出口限制后，这些国产企业试图填补市场空白。北京也限制了允许在国内销售的英伟达旧款芯片数量，以推动半导体自给自足。
The Beijing-based chipmaker is one of several homegrown firms seeking to fill a void left by Nvidia Corp. after Washington slapped export restrictions on its most advanced chips to curb China’s AI advances. Beijing has also limited the number of older-generation of Nvidia chips allowed for sale in the country to drive greater semiconductor self-sufficiency.
寒武纪一直在扩大其产品的应用范围，支持包括深度求索和月之暗面在内的本土前沿实验室开发的AI模型运行。它也越来越多地服务于金融、能源和零售领域的企业客户。
Cambricon has been expanding the use of its products, supporting the operation of AI models developed by local frontier labs including DeepSeek and Moonshot. It’s also increasingly serving enterprise clients in financial services, energy and retail.
虽然寒武纪和行业龙头华为技术有限公司受益于AI算力需求上升，但它们也在多个方面面临制约。自6月股价触及历史高点后，随着中国更广泛的AI热潮降温，寒武纪市值已蒸发约一半。
While Cambricon and industry leader Huawei Technologies Co. benefit from rising AI computing demand, they’re also grappling with constraints on multiple fronts. Cambricon has shed about half its market value since shares notched an all-time high in June, after the country’s broader AI rally lost steam.
许多芯片设计商都在应对高带宽存储器供应有限的问题，这种存储器与AI加速器并排封装，由三星电子、SK海力士和美光科技制造。美国主导的制裁限制外国公司向中国客户销售，导致中国客户的HBM国内库存正在耗尽。
Many chip designers are struggling with limited supplies of the high-bandwidth memory packaged side-by-side with AI accelerators and manufactured by Samsung Electronics Co., SK Hynix Inc. and Micron Technology Inc. US-led sanctions restrict foreign companies from selling to Chinese clients, whose domestic stockpiles of HBMs are running down.
寒武纪和华为也依赖中芯国际等本土晶圆厂。而这些晶圆厂又被拒绝获得阿斯麦的高端极紫外光刻设备，台积电和英特尔则利用这些设备制造其最先进的AI芯片。
Cambricon and Huawei also rely on local foundries such as Semiconductor Manufacturing International Corp. They’re in turn denied access to high-end extreme ultraviolet lithography tools from ASML Holding NV, which Taiwan Semiconductor Manufacturing Co. and Intel Corp. use to make their most advanced AI chips.