AI芯片龙头寒武纪于7月28日宣布向945名员工授予500万股限制性股票，授予价格为750元/股，总价值56.4亿元，覆盖公司超85%的员工[1]。公告当日收盘股价1128元/股，首次授予的400万股价值45.12亿元[1]。从账面浮盈来看，6名高级管理人员人均浮盈达2268万元，其余939名员工人均浮盈约147万元[1]。
然而，这份"大红包"的兑现条件极为严苛[1]。根据激励计划，寒武纪需在2026年至2028年三年内实现累计营收不低于1000亿元，年度营收需分别达到135亿元、270亿元、595亿元[1]。其中对第三类高管的要求更为苛刻，2027年净利润增长率须不低于300%，2028年不低于500%[1]。相比之下，寒武纪2025年全年营收为64.97亿元[1]，这意味着公司需在三年内实现营收的大幅增长。截至7月30日收盘，寒武纪股价跌至1042.43元/股，较6月末下跌超三成，总市值约6550亿元[1]。
Cambricon Technologies, a leading AI chip manufacturer, announced on July 28 a restricted stock incentive plan targeting 945 employees, representing over 85% of its workforce [1]. The company will grant 5 million restricted shares at an offering price of 750 yuan per share, with a total value of 56.4 billion yuan [1]. Upon announcement, the closing stock price stood at 1,128 yuan per share, valuing the first tranche of 4 million shares at 45.12 billion yuan [1].
The distribution of benefits, however, remains highly uneven. Six senior executives are projected to gain an average paper profit of 22.68 million yuan each, while the remaining 939 employees are expected to average approximately 1.47 million yuan in unrealized gains [1]. Yet realizing these gains requires meeting stringent performance targets over the next three years: the company must achieve cumulative revenue of at least 1,000 billion yuan from 2026 to 2028, with annual targets of 135 billion yuan, 270 billion yuan, and 595 billion yuan respectively [1]. Additionally, a third category of senior management must achieve net profit growth rates of no less than 300% in 2027 and 500% in 2028 to unlock their full incentives [1]. Against this backdrop, Cambricon reported full-year 2025 revenue of 64.97 billion yuan, underscoring the ambitious nature of these targets [1]. As of July 30, the company's stock had declined to 1,042.43 yuan per share—a drop of over 30% since the end of June—valuing the company at approximately 655 billion yuan [1].
