国产定制芯片龙头芯原股份：预计全年亏损同比收窄25%，营收同增36%，AI算力推动订单翻番｜财报见闻

Core Insights - The company is expected to achieve a revenue of 3.153 billion yuan in 2025, representing a significant year-on-year growth of 35.81%, while the net loss is projected to be 449 million yuan, narrowing by 25.29% compared to the previous year [1][4] - The overall profitability is gradually improving alongside rapid revenue expansion [1] Revenue and Orders - The total new orders signed in 2025 reached 5.960 billion yuan, more than doubling from the previous year with a year-on-year growth of 103.41% [2][4] - The new orders for the second, third, and fourth quarters of 2025 were 1.182 billion yuan, 1.593 billion yuan, and 2.711 billion yuan respectively, with the fourth quarter showing a remarkable quarter-on-quarter increase of 70.17% [2] - The backlog of orders at the end of 2025 amounted to 5.075 billion yuan, maintaining a high level for nine consecutive quarters, and increased by 54.45% compared to the end of the third quarter [2][4] Business Structure - The revenue from mass production business grew by 74%, becoming the largest highlight of the company's performance [4] - AI computing power-related orders accounted for over 73% of total new orders, while data processing orders made up over 50% [2][4] Research and Development - The company maintained a high level of R&D investment at 1.351 billion yuan, which constituted 43% of its revenue, despite the significant revenue growth leading to a year-on-year decrease of approximately 11 percentage points in the proportion of R&D expenses to revenue [2][4] - Total operating expenses for the period are estimated to be around 1.639 billion yuan, with R&D expenses accounting for about 80% of this total [2][4]