Cambricon Proposes 5-Million-Share Incentive for 945 Employees, Tied to 1000 Billion Yuan Cumulative Revenue Over Three Years
English summary
AI chip leader Cambricon (market cap ~655 billion yuan) announced a restrictive stock incentive plan granting 5 million shares (0.8% of total shares) to 945 employees—over 85% of its workforce—at a grant price of 750 yuan per share. Based on the July 28 closing price of 1,128 yuan/share, the total grant is valued at 56.4 billion yuan, with senior managers potentially seeing a paper gain of 22.68 million yuan each and other employees about 1.47 million yuan each if fully vested. Full vesting requires aggressive revenue milestones: 135 billion yuan in 2026, cumulative 405 billion yuan by 2027, and cumulative 1000 billion yuan over 2026–2028, a steep climb from 2025's full-year revenue of just 64.97 billion yuan. For the eight top-tier recipients, an additional net profit target requires 300% growth (excluding share-based payments) by 2027 and 500% by 2028 relative to 2025. The announcement comes amid a stock price decline of over 30% since a peak in late June.
Chinese summary
AI芯片龙头寒武纪（市值约6550亿元）发布限制性股票激励计划，拟向945名员工授予500万股（占股本0.8%），授予价750元/股，覆盖超85%的员工。按7月28日收盘价1128元/股计算，总价值564亿元，若完全归属，高管人均账面浮盈2268万元，其他员工人均约147万元。完全归属的业绩考核极为严苛：2026年营收不低于135亿元，2026-2027年累计营收不低于405亿元，2026-2028年累计营收不低于1000亿元，而公司2025年全年营收仅64.97亿元。此外，8名顶级激励对象还须在2027、2028年分别实现扣除股份支付后净利润增长300%和500%。公告发布时，寒武纪股价较6月末高点已跌超30%。
Key points
Grant size: 5 million restricted shares (0.8% of total shares) to 945 employees, covering 85.3% of the workforce.
授予规模：向945名员工授予500万股限制性股票（占总股本0.8%），覆盖85.3%的员工。
Grant price of 750 yuan/share vs. July 28 closing price of 1,128 yuan/share, resulting in paper gains of ~22.68 million yuan per senior executive and ~1.47 million yuan per other employee if fully vested.
授予价750元/股，7月28日收盘价1128元/股，若完全归属，高管人均账面浮盈约2268万元，其他员工人均约147万元。
Full vesting tied to steep revenue targets: 2026 revenue ≥135 billion yuan, 2026–2027 cumulative ≥405 billion yuan, 2026–2028 cumulative ≥1000 billion yuan, versus 2025 revenue of only 64.97 billion yuan.
完全归属条件极严：2026年营收≥135亿元，两年累计≥405亿元，三年累计≥1000亿元，而2025年全年营收仅64.97亿元。
Top-tier officers face added profit conditions: net profit (excl. share-based payments) must grow 300% by 2027 and 500% by 2028 relative to 2025.
顶级激励对象还须满足利润要求：2027年、2028年扣除股份支付后的净利润较2025年分别增长300%和500%。