寒武纪: Announces 2026 Equity Incentive, 2026-2028 Revenue Aggregate of No Less Than RMB 100 Billion

English summary

Event: The company announced its 2026 stock incentive plan, intending to grant 5 million second-class restricted shares, representing 0.80% of the company's total share capital, at a grant price of RMB 750 per share, covering 945 incentive recipients, accounting for 85.37% of total employees, achieving relatively comprehensive coverage of company employees. Assessment targets: 2026 revenue of no less than RMB 13.5 billion, cumulative revenue of no less than RMB 40.5 billion in 2026-2027, and cumulative revenue of no less than RMB 100 billion in 2026-2028. We believe the equity incentive demonstrates the company's strong operational confidence, reflecting robust confidence in rapid business growth against the backdrop of strong AI computing power demand, and helps align the company's pace across all levels. Combined with earlier positive earnings preannouncements and order backlog disclosures from companies such as 摩尔线程, 海光信息, and ASIC companies, we firmly hold a positive view on the domestic computing power industry trend, and recommend paying attention to leading manufacturers such as 寒武纪, 壁仞科技, and 天数智芯.