芯原股份：2025年度净亏损5.28亿元

Core Viewpoint - The company, Chip Origin Co., Ltd. (688521.SH), is expected to achieve significant revenue growth in 2025, with projected revenues of approximately 3.152 billion yuan, representing a 35.77% increase compared to 2024 [1] Revenue Growth - The company anticipates a revenue of 2.179 billion yuan in the second half of 2025, which is a 123.73% increase from the first half of 2025 and a 56.75% increase from the second half of 2024 [1] - The revenue from mass production business is expected to grow by 73.98% year-on-year, while chip design business revenue is projected to increase by 20.94% [1] - Royalties are expected to grow by 7.57%, and intellectual property licensing revenue is projected to increase by 6.07% [1] - Revenue from the data processing sector is expected to grow by over 95%, accounting for approximately 34% of total revenue [1] Order Growth - The company achieved record-high new orders in the second, third, and fourth quarters of 2025, with amounts of 1.182 billion yuan, 1.593 billion yuan, and 2.711 billion yuan respectively, with a 70.17% increase in the fourth quarter compared to the third [1] - Total new orders for 2025 are projected to reach 5.960 billion yuan, a year-on-year increase of 103.41%, with over 73% of these orders related to AI computing power and over 50% from the data processing sector [1] Backlog and Profitability - By the end of 2025, the company’s backlog is expected to reach 5.075 billion yuan, a significant increase of 54.45% from the end of the third quarter [2] - The backlog includes over 3 billion yuan in mass production orders, indicating significant scale effects and a solid foundation for future profitability [2] - It is anticipated that over 80% of the backlog will be converted within a year, with nearly 60% of these orders coming from data processing applications [2] - The company expects to report a net loss of 528 million yuan attributable to shareholders, which is a reduction of 73 million yuan year-on-year, representing a 12.16% decrease in losses [2] - In the second half of 2025, the expected net loss attributable to shareholders is projected to be 208 million yuan, a 34.98% reduction compared to the first half of 2025 and a 34.20% reduction compared to the second half of 2024 [2]