VeriSilicon(SH:688521) Zhong Zheng Wang·2025-10-28 12:08Core Insights - The company reported a record high revenue of 1.281 billion yuan in Q3 2025, with a significant quarter-on-quarter increase of 119.26% and a year-on-year increase of 78.38% [1] - The net profit attributable to the parent company was a loss of 26.85 million yuan, but the loss narrowed significantly compared to previous periods, with a reduction of 75.82% year-on-year and 73.02% quarter-on-quarter [1] - New orders in Q3 2025 reached 1.593 billion yuan, representing a year-on-year increase of 145.80%, with AI-related orders accounting for approximately 65% [1] Revenue and Business Performance - The company's main business segments showed rapid growth, with chip design revenue at 428 million yuan (up 290.82% quarter-on-quarter), mass production revenue at 609 million yuan (up 132.77%), and IP licensing revenue at 212 million yuan (up 13.43%) [1] - The one-stop chip customization business grew by 53.51% year-on-year in the first three quarters of 2025, driven primarily by chip design revenue of 660 million yuan, which increased by 27.53% year-on-year [1] - The revenue from advanced process nodes (28nm and below) accounted for 94.70%, while 14nm and below accounted for 81.97%, with AI-related chip design revenue making up about 73% [1] Intellectual Property and Market Position - In the semiconductor IP licensing business, the company achieved IP licensing revenue of 493 million yuan in the first three quarters of 2025, a year-on-year increase of 3.13% [2] - Core IP revenues from graphics processors, neural network processors, and video processors accounted for approximately 70% of total IP revenue, with widespread adoption by numerous well-known domestic and international companies [2] - The data processing sector saw a significant revenue increase, reaching 33.14% of total revenue in the first three quarters of 2025, up 10.36 percentage points year-on-year, with Q3 revenue growing over 180% year-on-year [2] R&D Efficiency and Future Growth - The company’s R&D investment for the first three quarters of 2025 was 991 million yuan, with the R&D investment as a percentage of revenue decreasing by 9.41 percentage points year-on-year [3] - The mass production business achieved revenue of 1.016 billion yuan in the first three quarters of 2025, a year-on-year increase of 76.93%, surpassing the total revenue of the previous year [3] - The company has 112 chip models from its own design services in mass production and 47 chip design projects pending mass production, providing ongoing growth potential [3] - The demand for high-performance chips, particularly dedicated AI ASICs, is rapidly increasing, positioning the company to benefit from industry growth due to its technological expertise in processor IP and one-stop chip customization services [3]