AI需求引爆业绩！澜起科技2025年净利22.36亿，扣非净利暴增近90% | 财报见闻

Core Viewpoint - The continuous growth of the global AI industry has significantly benefited the domestic memory interface chip leader, Lanqi Technology, which reported record-high performance for the year 2025, with substantial increases in revenue and profit metrics [1] Financial Performance - In 2025, Lanqi Technology achieved total revenue of 5.456 billion yuan, a year-on-year increase of 49.94% [3] - The net profit attributable to the parent company reached 2.236 billion yuan, up 58.35% year-on-year [3] - Basic earnings per share were 1.97 yuan, with a weighted average return on equity rising by 4.84 percentage points to 18.25% [3] - Excluding share-based payment expenses of 431 million yuan, the actual net profit attributable to the parent company was 2.647 billion yuan, reflecting an 80.98% increase [1][3] Core Business Growth - The core driver of Lanqi Technology's performance in 2025 was the strong demand for computing power driven by the AI industry, leading to a significant increase in the sales volume of interconnect chips [4] - Sales revenue from interconnect chip products reached 5.139 billion yuan, a year-on-year increase of 53.43%, accounting for a substantial portion of total revenue [4] - The gross margin for this product line improved to 65.57%, up 2.91 percentage points from the previous year, indicating enhanced market penetration and pricing power in high-end products [4] Profit Quality Improvement - The overall profitability quality of Lanqi Technology improved significantly, with a comprehensive gross margin of 62.23%, an increase of 4.10 percentage points year-on-year [4] - This improvement directly contributed to a more than 64% growth in both operating profit and total profit [4] Quarterly Performance - In Q4 2025, the company reported revenue of 1.399 billion yuan, a year-on-year increase of 30.95%, and a net profit of 603 million yuan, up 39.10% [5] - The interconnect chip product line achieved sales revenue of 1.306 billion yuan in Q4, with a gross margin rising to 67.76%, reflecting strong profitability capabilities [5] R&D Investment - Lanqi Technology increased its R&D investment to approximately 915 million yuan in 2025, a 20% increase from the previous year, to support the development of new product categories [6] - The share-based payment expenses of 431 million yuan were aimed at binding the core technical team and maintaining long-term competitiveness [6]