芯原股份(688521.SH)：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 from 2024 [1] Group 1: Revenue Projections - For the second half of 2025, the company anticipates revenues of 2.179 billion yuan, which is a 123.73% increase compared to the first half of 2025 and a 56.75% increase compared to the second half of 2024 [1] - The company expects its volume business revenue to grow by 73.98% year-on-year, while chip design revenue is projected to increase by 20.94% [1] - Revenue from data processing is expected to grow by over 95%, accounting for approximately 34% of total revenue in 2025 [1] Group 2: Order Growth and Backlog - By the end of 2025, the company’s order backlog is projected to reach 5.075 billion yuan, a significant increase of 54.45% from 3.286 billion yuan at the end of the third quarter [2] - The company has maintained a high order backlog for nine consecutive quarters, with over 3 billion yuan in volume business orders, indicating strong scale effects [2] - It is expected that over 80% of the backlog will be converted within a year, with nearly 60% of these orders coming from the data processing application sector [2] Group 3: Profitability Outlook - The company anticipates a net loss attributable to shareholders of approximately 528 million yuan for 2025, which is a reduction of 73 million yuan compared to the previous year, representing a 12.16% decrease in losses [2] - For the second half of 2025, the expected net loss 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]