VeriSilicon(SH:688521) Zheng Quan Shi Bao Wang·2025-10-27 11:53Core Insights - The company reported a record high revenue of 1.281 billion yuan in Q3 2025, with a quarter-on-quarter increase of 119.26% and a year-on-year increase of 78.38% [1] - The company has maintained a high order backlog for eight consecutive quarters, with an order amount of 3.286 billion yuan at the end of Q3 2025, marking a historical high [2] - The company’s net loss narrowed significantly in Q3 2025, with a loss of 26.8511 million yuan, a reduction of 75.82% year-on-year and 73.02% quarter-on-quarter [2] Revenue Breakdown - In Q3 2025, the company achieved revenue of 428 million yuan from chip design, a quarter-on-quarter increase of 290.82% and a year-on-year increase of 80.23% [1] - The mass production business generated revenue of 609 million yuan in Q3 2025, with a quarter-on-quarter increase of 132.77% and a year-on-year increase of 157.84% [1] - The company’s intellectual property licensing revenue was 212 million yuan in Q3 2025, with a quarter-on-quarter increase of 13.43% [1] Order and Client Insights - In Q3 2025, the company signed new orders worth 1.593 billion yuan, a year-on-year increase of 145.80%, with approximately 65% of these orders related to AI computing power [1] - The order backlog at the end of Q3 2025 included 83.52% from system manufacturers, large internet companies, cloud service providers, and automotive companies [2] - Nearly 90% of the order backlog was from one-stop chip customization services, with an expected conversion rate of about 80% within a year [2] Business Performance - For the first three quarters of 2025, the company achieved a total revenue of 2.255 billion yuan, a year-on-year increase of 36.64% [2] - The semiconductor IP licensing business saw a year-on-year growth of 3.86%, while the one-stop chip customization business grew by 53.51% [2] - Domestic sales accounted for 67.57% of total revenue in the first three quarters of 2025, with significant contributions from the data processing sector, which represented 33.14% of total revenue [3] Segment Analysis - In the first three quarters of 2025, the company generated 660 million yuan from chip design, a year-on-year increase of 27.53%, with 94.70% of this revenue coming from 28nm and below process nodes [4] - The mass production business generated 1.016 billion yuan in revenue, a year-on-year increase of 76.93%, surpassing the total revenue for the previous year [4] - The company’s AI-related chip design business accounted for approximately 73% of the chip design revenue in the first three quarters of 2025 [4]