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), is expected to see significant revenue growth and a notable reduction in losses for the year 2025, driven primarily by AI computing orders which account for over 73% of its total orders [1] Group 1: Financial Performance - The company anticipates a revenue of 3.153 billion yuan for 2025, representing a year-on-year increase of 35.81% [1] - Although the company is still 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] Group 2: Business Segments - All business segments are expected to show growth, with the volume business projected to grow by 73.98% year-on-year [1] - The chip design business is forecasted to increase by 20.94% year-on-year, while revenue from licensing and intellectual property usage fees is also expected to rise [1] - The data processing sector is anticipated to be a core growth driver, with expected revenue growth exceeding 95%, accounting for approximately 34% of total revenue [1] Group 3: Order Growth - The company is experiencing explosive growth in new orders, with total new orders for 2025 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 from the data processing sector account for over 50% [2] - By the end of 2025, the company expects to have an order backlog of 5.075 billion yuan, a 54.45% increase from the previous quarter, maintaining a high level for nine consecutive quarters [2] Group 4: 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 expected to reach 1.351 billion yuan, constituting approximately 43% of total revenue [2] - Due to the surge in orders, the proportion of R&D investment is projected to decrease by nearly 11 percentage points year-on-year [2]