沐曦股份预计2025年营收增长115.32%至128.78%，2025年净亏损同比收窄43.36%至53.86%

Core Viewpoint - The company, Muxi Integrated Circuit (Shanghai) Co., Ltd., forecasts a significant revenue increase for 2025, yet it continues to face substantial losses, highlighting the challenges of achieving profitability in the AI hardware sector [1][4]. Financial Performance - The company expects to achieve revenue between 1.6 billion to 1.7 billion yuan for 2025, representing a year-on-year growth of 115.32% to 128.78% from 743 million yuan in the previous year [1][2]. - Despite the revenue growth, the company anticipates a net loss of between 650 million to 798 million yuan for 2025, which is a reduction of 43.36% to 53.86% compared to the previous year's loss of 1.044 billion yuan [1][2]. - The reduction in share-based payment expenses positively impacted the profit margins, contributing to the narrowing of losses [2][4]. Drivers of Performance - The revenue growth is attributed to enhanced product competitiveness and strategic market expansion, supported by the company's long-term R&D capabilities and technological barriers [3]. - The company has implemented a "1+6+X" development strategy to strengthen its market position in the high-performance GPU sector and promote the integration of AI technology across various industries [3]. - The products have reportedly gained widespread recognition and continuous procurement from downstream customers, indicating potential order breakthroughs in data centers and cloud service providers [3]. Ongoing Challenges - Despite positive growth signals, the company still faces significant challenges, with an expected net loss of at least 650 million yuan in 2025, reflecting the high capital investment and long return cycles inherent in the chip design industry [4]. - The company acknowledges that the reduction in share-based payment expenses is a factor in the narrowing of losses, indicating that improvements in core operational profitability will require more time [4]. - High R&D costs, wafer fabrication expenses, talent expenditures, and intense market competition continue to pressure profit margins [4].