芯原股份2025年亏损持续收窄 AI算力订单占比超七成

Core Viewpoint - The company, Xinyuan Co., Ltd. (688521), has reported significant revenue growth and a notable reduction in losses for the year 2025, driven by a strong order backlog and a focus on AI computing-related orders, which account for over 73% of total orders [1][2] Financial Performance - The company expects to achieve an operating revenue of 3.153 billion yuan in 2025, representing a year-on-year increase of 35.81% [1] - Although the company remains in a loss position, the net loss attributable to shareholders is projected to be 449 million yuan, a reduction of 25.29% compared to the previous year [1] - The net loss after excluding non-recurring gains and losses is expected to decrease by 2.49% year-on-year [1] Business Segments - All business segments have shown varying degrees of growth, with the volume production business expected to see a revenue increase of 73.98% year-on-year [1] - The chip design business is projected to grow by 20.94% year-on-year, while revenue from licensing and intellectual property usage fees has also increased [1] - The data processing sector is identified as a core growth engine, with expected revenue growth exceeding 95%, accounting for approximately 34% of total revenue [1] Order Growth - The company has experienced explosive growth in new orders for 2025, with total new orders reaching 5.96 billion yuan, a year-on-year increase of 103.41% [2] - AI computing-related orders make up over 73% of the new orders, while orders in the data processing sector account for over 50% [2] - By the end of 2025, the company’s order backlog is expected to reach 5.075 billion yuan, a 54.45% increase from the end of the third quarter, maintaining a high level for nine consecutive quarters [2] Research and Development Investment - The company plans to invest a total of 1.639 billion yuan in expenses for 2025, with 80% allocated to research and development [2] - The overall R&D investment is projected to be 1.351 billion yuan, representing approximately 43% of operating revenue [2] - Due to the explosive growth in orders, the proportion of R&D investment is expected to decrease by nearly 11 percentage points year-on-year [2]