本文来自微信公众号：芯东西（ID：aichip001）
在接受问询27天后，国内AIdujiaoshouhanwujiyu5yue7riwanjianpiluleshoulunshenhewenxunhanyuxiangguanhuifu。
上交所的问题相当犀利，共提出了6大类20个“灵魂拷问”，shejigongsiguquanjiegou、zhuyingyewu、hexinjishu、yanfaxiangmu、yingyeshouru、mutouxiangmu、yingshouzhangkuandeng，xindongxijiuqizhongdezhongyaowentijihuifujinxingshulihetilian。
ciqianipozhaogushugongbuhou，bufenmeititichuyingshouguoduyilaiqianwudakehu、shichangzhanyoulvbugao、chanpinhuachengdudi、zhinengjisuanjiqunbuzhangqiwendingdengzhiyi，hanwujijibaojianjigouyeduizheixiewentiyiyiyuyihuiying。
genjupiluxinxi，hanwujixinyidai7nmyunduanzhinengxinpiansiyuan290yuji2021nianjiangxingchengguimohuashouru，bianyuanzhinengxinpiansiyuan220jixiangguanjiasukayujizai2020nianneishixianguimohuachuhuo。
baogaoqinei，hanwujijirudangqishouyidezhengfubuzhujinefenbiewei823.69wanyuan、6914.01wanyuanhe3386.41wanyuan。
yi、weilaisanniannitouruyu30yiyanfaxinpianchanpin
genjushenbaocailiao，hanwujibaogaoqimohuobizijin、yinxinglicaichanpingongjiyue43yiyuan，bencifaxingnimujizijin28yiyuan，19yiyuanyongyuxinyidaiyunduanxunlianxinpian、tuilixinpian、bianyuanrengongzhinengxinpianjixitongxiangmu，9yiyuanyongyubuchongliudongzijin。
qizhongyongyubuchongliudongzijinde9yiyuanjutianpairuxia：
duici，shangjiaosuoyaoqiuhanwujishuomingbencifaxingmujizijindebiyaoxing、duixianyouzijindeyusuanguihua。
寒武纪表示，除募投项目所涉及三款芯片产品外，预计未来3年内，仍有其他5~6款芯片产品需进行研发投入。
参照募投项目的研发投入，单款智能芯片及系统的研发投入约在6亿元左右，因此初步估计未来3年内，除募集资金以外，仍需30~36亿元资金投入该等研发项目。
lingwai，weilaisannianhanwujijihuatouru3-4yiyuanjiaqiangicgongyi、xinpian、yingjianxiangguandegonggongzujianjishuhemokuaijianshe，touru3-4yiyuanjiaqiangkuaxinpiandejichuxitongruanjiangonggongpingtaijianshe。
chuyanfatouruwai，yanfarenyuanguimozengjiadailaidexinchoudengzhichutisheng，yijizhuyaojingzhengduishouyongyougengqiangdezijinshili，junweihanwujimuzidebiyaoyinsu。
er、qianwudakehuzhanbiguogao，yingshoushifoukechixu？
hanwujidijiaozhaogushuhou，bufenmeitiyinqibaogaoqineiqianwudakehuxiaoshoushouruzhanzongshourujunchaoguo95%，qizhong2017-2018nianduidanyidakehuxiaoshouzhanbichaoguo95%，duiyingyeshourudekechixuxingcunyi。
duici，hanwujihuiyingcheng，2017-2018nian，gongsichuyuchuchuangqi，zhuyaoshourulaizijiangzhongduanzhinengchuliqiipchanpinshouquanjigongsia，yincidiyidakehugongsiaxiaoshouzhanbijiaogao。
2019年，寒武纪拓展云端业务及相应客户，公司第一大客户销售占比下降，实现了客户多元化，报告期末，已不存在向单个客户销售比例超过公司销售总额50%的情况。
hanwujibiaoshi，zai“xinjijian”debeijingxia，jiangmianxiangzhongdianchengshishujuzhongxin、keyanyuansuohexingyekehutuiguangyijingjianchengdezhinengjisuanjiqunxitongshifanxiangmu。
san、ipshouquanyewudafuxiahua，shouhuaweiyingxiangda
2019hanwujinianipshouquanyewuxiaoshoushourudafuxiahua，duicihanwujihuiyingcheng，zhuyaoyuanyinshihanwujishouquanjigongsiadeipdaduoyu2018nianjizhiqianwanchengjiaofubingshixianguimohuachuhuo。
gongsiazai2017-2019nianqijianweihanwujiipshouquanyewugongxianlechaoguo90%deshouru，bunantuicechugongsiajiushihuawei。
hanwuji2018nianconggongsiahuodedeshourubaokuogudingfeiyongshouruhetichengfeiyongshouru，youyuipyijingwanchengjiaofu，2019nianyilaiconggongsiahuodedeshouruzhuyaolaizitichengfeiyongshouru，gudingfeiyongshouruxiangjiao2018nianxiahuajiaoda。
chugongsiawai，hanwujiqitazhongduanzhinengchuliqiipyewukehuzhuyaoyouboyahongtu、xingchenkeji、zhanxuntongxindeng，geniandupingjuncaigoueyuezai100wanyuan~200wanyuan，duiqiipshouquanyewushouruqingkuanggongxianjiaoxiao。
houxuyouyugongsiaxuanzezizhuyanfazhinengchuliqi，weijixucaigouhanwujiipchanpin。
gongsiaweixiangxipiluqiziyan5gqijianshoujisocxinpianzhongzhinengchuliqidelilunfengzhixingnengyugonghaodengshuju，juhanwujijinsituice，qizongtililunfengzhixingneng（int8）kenengyuewei8-16tops，yuhanwuji1mchuliqiipchanpindejishushuipingzaitongyidaiji。
寒武纪表示，短期内难以拓展一家在采购规模上足以替代公司A的客户。
寒武纪预计，2020年终端智能处理器IP授权业务收入短期内将继续下滑，但未来不会长期下滑，weilaichulegeleizhinengchuliqiipchanpinwai，hanwujiyishenqingdezhuanliyekeyiduiwaijinxingshouquan，xingchengshouquanshouru。
jiezhi5yue7ri，hanwujigaoduantongyongxingzhongduanzhinengchuliqiipchanpin1mxiliedezaishoudingdanweiyuzhixinweiqianshude672wanyuan（hanshui）xiaoshouhetong。
hanwuji1mxiliechanpinzhisuoyiweishixiandaguimoxiaoshou，zhuyaoyuanyinyoushouquanfeiyonggaoyutongqigongsilaokuanchanpindeshouquanjiage、gesocxinpianchangshangdui8topssuanlichuliqiipshangweiyoudaguimoxuqiu。
终端智能处理器IP授权未来仍是寒武纪业务布局重要组成部分，bencimutouxiangmuweishejizhongduandanzhinengchuliqiip，xiayidaiipchanpinhanwuji1vquanbuyihanwujiziyouzijinjinxingtouru。
si、7nmyunduanxinyihuipian，bianyuanchanpinjinnianguimohuachuhuo
hanwujiyunduanzhinengxinpianjijiasukayitongguoduojiafuwuqichangshang、oemchangshangdeyangerenzheng。
siyuan100tongguolianxiang、langchao、xinhuasan、shuguang、baode、jijia、zhangchengfeitengderenzheng；siyuan270tongguolianxiang、langchao、shuguangderenzheng，xinhuasanhebaodezhengzairenzhengzhong。
zaiyunduanzhinengxinpianjijiasukayewuzhong，siyuan100jiasukazhanbiyueda97.97%。
zaizhinengjisuanjiqunyewuzhong，siyuan270jiasukazhanbiyueda99.24%。
liangzhangbiaogezhonggechanpinxinghaodexiaoshouzhanbiyousuochayi，zhuyaoyuanyinshihanwujishishizhinengjisuanjiqunyewuzhuyaojizhongzai2019niansijidu，siyuan270xinpianjijiasukayiliangchan，suanlibisiyuan100gao，nenggenghaozhichenggaixiangmudeshishi。
hanwujixinyidai7nmyunduanzhinengxinpiansiyuan290yihuipian，lilunfengzhixingnengyuhuaweishengteng910xiangdang，chaoguoyingweidav100hegugedisandaitpu，yuji2021nianxingchengguimohuashouru，zuizhongtuichushijianweiding。
hanwujiyujisiyuan290kechengweishangyekehuchuyingweidazhiwaidekeyongxuanze，zaidangqianxinjijianzhongkeyizhanjugengyoulideshichangdiwei，bucunzaishichangshouxianfengxian。
genjuhanwujipiluxinxi，qibianyuanzhinengxinpiansiyuan220jixiangguanjiasukayu2019nian11yuezhengshifabu，shangweixingchengguimohuaxiaoshou，yizaiduojiaqianzaiyonghujinxingceshi，yuji2020niandierjidukaishikezhubuxingchengxiaoshou，2020nianneishixianguimohuachuhuo。
wu、hanwujiaixinpiandejingzhengyoushiyulieshi
hanwujiyijubeicongzhongduan、bianyuanduandaoyunduandewanzhengzhinengxinpianchanpinxian。
目前，业内可实现从终端、边缘端到云端完整智能芯片产品线的企业还包括英伟达和。
寒武纪认为，与英伟达相比，寒武纪的优势主要体现在：
（1）zhenduirengongzhinengyingyongjigeleisuanfajinxingleyouhua，youxiaotishengnengxiaobihexingjiabi；
（2）kezhenduiguoneikehudeshengtaihexuqiujinxingyouhua，tigongkuaisuxiangying、linghuodejishuzhichifuwu。
与海思相比，寒武纪的优势主要体现在：
（1）jinrurengongzhinengxinpianlingyuzao，youxianfayoushi，jileiyipihexinjishujizhuanli，jishuchuangxinnenglidedaoyejierenke；
（2）dingweiyuduli、zhonglidexinpiangongsi，bukaizhanrengongzhinengyingyongjiejuefangandeyewu，bimianyuzishendexinpiankehufashengjingzheng。
与前述公司相比，寒武纪的主要竞争劣势有：
（1）zijinshilijiyanfatourushangyoujiaodachaju；
（2）ruanjianshengtaiwanshanchengduyuyingweidarengyouyidingchaju；
（3）hanwujixiaoshouwangluoshangweiquanmianpukai。yingweida、huaweihaisijunyouchengshuwanshandexiaoshouwangluo，kehuduichanpinderenzhichengdu、shichangzhimingdudengfangmianjunyouyuhanwuji。
liu、duiguanlianfangzhongkeshuguangbucunzaizhongdayilai
zhaogushuomingshupilu，2019nian，hanwujiyunduanzhinengxinpianjijiasukaxiaoshoushouru7888.24wanyuan，qizhongxiang2019nianqianwudakehuguanliangongsib（zhongkeshuguang）xiaoshoujiasuka6384.43wanyuan。
shangjiaosuoxiwanghanwujishuomingxiangguanlianfangbgongsixiaoshouyunduanzhinengxinpianjijiasukadebiyaoxing、helixingjijiageshifougongyun。
hanwujihuiyingcheng，yuzhongkeshuguanghezuoshuyuxuyaojingchangfashengdeyewuwanglai，xiaoshoujizhongkeshuguangyuxiaoshoujijinshanyundesiyuan100jiasukachanpinpingjunjiagejiaoweijiejin，guanlianjiaoyidingjiajuyougongyunxing。
chuxiangguanlianfangzhongkeshuguangxiaoshouyunduanzhinengxinpianjijiasukachanpinzhiwai，qifeiguanlianfangzhuyaokehubaokuohengruitong、langchaodianzi、jinshanyundeng，xiaoshoujinehejiwei1503.81wanyuan。
hanwujiyunduanzhinengxinpianjijiasukachanpinbingfeiweizhongkeshuguangjinxingzhuanmenkaifadechanpin，yitongguoduojiazhuliufuwuqideshipeirenzheng，haixianglangchao、lianxiang、baidu、jinshanyundengkehushixianlexiaoshou，qieyongyoudulidexiaoshouqudaojikehuqunti，xiangzhongkeshuguangxiaoshoudechanpinjiagejungenjugongsixiaoshouzhengcejueding。
yinci，hanwujiyunduanxinpianxiangguanyewuduizhongkeshuguangbucunzaizhongdayilai，jubeizhijiemianxiangshichangdulijingyingdenengli。
qi、duizhongkeyuanbucunzaijishuhuorenyuanshangdeyilai
genjushenbaocailiao，zhongkeyuanjisuansuojiangqi“zhinengchuliqiyuxiangguanruanyingjianxitong”dengxiangguanjishudezhishichanquandesuoyouquanheshiyongquan，yiduzhanxukedefangshishouyuhanwujiyouxianshiyong，xukeqixianweiyongjiu。
ciwaizai2018nian，hanwujiweituozhongkeyuanjisuansuocanyuyanfabangyuyan，shuangfangyuedingweituokaifajinewei100wanyuan。
baogaoqinei，shangyou27mingzhongkeyuanjisuansuozhinengchuliqizhongxinyuangongzaifaxingrenchujianzhi，zhuyaocongshiyanfaxiangguangongzuo。hanwujishijikongzhirenchentianshijihexinjishurenyuanliushaoli2018nian4yuezaizhongkeyuanjisuansuobanlileligangchuangyeshouxu，2019niancongzhongkeyuanjisuansuolizhi。
shangjiaosuoxiwanghanwujishuomingyuzhongkeyuandejishushouquan、weituokaifaxieyijirenyuanjianzhiqingkuang。duicihanwujihuiyingzhongdianruxia：
1、不存在技术依赖
（1）hanwujidehexinjishujunxizizhuyanfa，jiezhi2020nian2yue29ri，yihuoshouquandezhuanliyou65xiang；
（2）zhongkeyuanjisuansuoxukehanwujishiyongdezhuanlibushejihanwujidehexinjishu，shiyongdaodexiangguanzhuanlijishuyoushuangfangxieshangdingjia。
（3）hanwujiduibangyuyanweituoyanfagongzuobucunzaiyilaixing，weituozhongkeyuanjisuansuocanjiabangyuyandekaifa，shiweilejieshengqirenyuantouru、jiasubangyuyankaifajinduxuyao；
2、不存在人员依赖
（1）cengdanrenhanwuji“shouxikexuejia”dechenyunji，zi2016nian11yueqibuzaidanrenhanwujirenhezhiwu，lizhihouweicanyuhanwujichanpinjishudeyanfahuozhidaogongzuo；
（2）zaihanwujijianzhidezhongkeyuanjisuansuozaizhiyuangong，chuguoqiweichujizhichengwai，qitarenyuanzaizhongkeyuanjisuansuojunshuchujiyixiahuowujutizhicheng，zaihanwujizhuyaocongshiyanfagongzuo，weidanrenguanjiangangwei；
（3）jiezhi2019nianmo，zaigongsijianzhidezhongkeyuanjisuansuozaizhirenyuanzhangongsiquanbuyanfarenyuandebiliyue3.97%，zhanbijiaoxiao。
ba、zhinengjisuanjiqunjiangshixinjijiandezhongyaoneirong
bufenmeitizhiyizhinengjisuanjiqundeshichangkongjian，renweicongshigaiyewubushizhangqiwendingdeshangyexingwei。
duici，hanwujirenwei，yunjisuanshujuzhongxinyix86 cpuweizhudetongyongjisuanjiqunzhengzhubuxiangyirengongzhinengxinpianweizhudezhinengjisuanjiqunyanjin。
zairengongzhinengchanyeduijisuanxuqiuriyizengjiadedabeijingxia，zhinengjisuanjiqunxitongjiangzuoweixinjijiandezhongyaoneirong，dafuqianyinzhinengchanyedefazhan。
从核心技术先进性来看，寒武纪是目前国际上少数几家全面系统掌握了通用型智能芯片及其基础系统 软件研发和产品化核心技术的企业之一，能提供云边端一体、软硬件协同、训练推理融合、具备统一生态的系列化智能芯片产品和平台化基础系统软件。
baogaoqinei，hanwujiyiziyoudesiyuan270hesiyuan100xinpianjiasukachanpinweihexin，jiyucambricon neuwarejichuxitongruanjianpingtai，weikehutigongzhinengjisuanjiqunxitongfangansheji、xitongjichengjixiangguanjishufuwu。
tongguokaizhanzhinengjisuanjiqunyewu，keyiweirengongzhinengyanjiuyuyingyongtigongjisuannenglijichu，tuiguanghanwujizhinengxinpiandekaifazheshengtai，tongshishulibiaogananli，daidonghanwujideyunduanzhinengxinpianjijiasukachanpindexiaoshou。
hanwujibiaoshi，muqianqiyijianchengdezhuhaihengqinjixianfengdongzhinengjisuanjiqun，shizhinengjisuanjiqunxitongdeshifanxiangmu，yeshixinjijianzhongde“suanlijichusheshi”dedianxingxiangmu。
zai“xinjijian”dezhengcetuidongxia，hanwujijiangmianxiangzhongdianchengshishujuzhongxin、keyanyuansuohexingyekehu，tuiguangyijingjianchengdezhinengjisuanjiqunxitongshifanxiangmu。
寒武纪回复报告全文：
//static.sse.com.cn/stock/information/c/202005/974c91285f304e0a86eb75e66a8af521.pdf
本文来自微信公众号：芯东西（ID：aichip001）