会议时间： 2025 年 2 月 26 日（北京时间） 注：以下材料仅为公开资料整理，不涉及分析师的研究观点和投资建议，记录和翻译可能产 生误差，仅供参考，如有异议，请联系删除。 FY4Q25（截至 2025/1/26）： - blackwell 专门为 AI 推理设计 blackwelll superchargers 推理模型，与 H100 相比，token 吞吐 量提升 25 倍，成本下降 20 倍 | | | Revenue by Market Platform | | | | | --- | --- | --- | --- | --- | --- | | ($ in millions) | Q4 FY25 | Q3 FY25 | Q4 FY24 | Q/Q | Y/Y | | Data Center | $35,580 | $30,771 | $18.404 | Up 16% | Up 93% | | Compute | 32,556 | 27,644 | 15.073 | Up 18% | Up 116% | | Networking | 3,024 | 3,127 | 3.331 | Down 3 ...

Core Viewpoint - The company reported strong financial results for Q4 2025, with revenue reaching $39.3 billion, a 12% quarter-over-quarter increase and a 78% year-over-year increase, leading to an annual revenue of $130.5 billion, up 114% [1] Group 1: Financial Performance - Q4 data center revenue was $35.6 billion, marking a record high with a 16% quarter-over-quarter increase and a 93% year-over-year increase, driven by the release of the Blackwell architecture and expansion of Hopper 200 [2] - Q4 gaming revenue was $2.5 billion, down 22% quarter-over-quarter and 11% year-over-year, but annual revenue reached $11.4 billion, up 9% [2] - Professional visualization revenue for Q4 was $511 million, with a 5% quarter-over-quarter increase and a 10% year-over-year increase, totaling $1.9 billion for the year, up 21% [2] - Automotive revenue reached a record $570 million in Q4, with a 27% quarter-over-quarter increase and a 103% year-over-year increase, totaling $1.7 billion for the year, up 55% [2] Group 2: Product and Technology Developments - The Blackwell architecture contributed $11 billion in revenue for the quarter, emphasizing its impact on performance and cost efficiency in AI inference workloads [3] - The company launched a cluster of 100,000 GPU instances for inference and model customization, catering to the growing demand for AI applications across various industries [3] - The AI inference platform supports large-scale datasets, particularly in finance, healthcare, and retail, addressing the need for efficient processing [3] Group 3: Future Outlook - The company expects Q1 2026 total revenue to reach $43 billion, with a 2% quarter-over-quarter increase, and gross margin projected between 70.6% and 71% [3] - Operating expenses are anticipated to rise to a median of $3 billion for the year, with a Q1 expected tax rate of 17% [4] - Shareholder returns will include stock buybacks and cash dividends totaling $8.1 billion for the fiscal year [4]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The TMT sector outperformed the CSI 300 index, with significant gains driven by the release of DeepSeek's models, particularly in the computer and media sub-sectors [3][4] - DeepSeek's V3 and R1 models are reshaping the competitive landscape of AI large models, potentially leading to breakthroughs in vertical application scenarios such as AI healthcare, education, and finance [3][4] - The rapid user growth of DeepSeek, reaching 22.15 million daily active users within 20 days of launch, indicates a surge in demand for inference capabilities, which is expected to drive growth in computing power requirements [3][4] Market Weekly Review - The TMT sector saw significant weekly gains, with the computer industry leading at 22.29%, followed by media at 17.43% and electronics at 6.43% [3][4] - Notable stock performances included Qingyun Technology with a 208.19% increase and Light Media with a 264.43% increase [3][4] Industry News and Key Company Announcements Important Industry Events - The report highlights several key events in the AI sector, including the launch of new models by major companies and significant user growth for DeepSeek [15][17] - The AI technology exhibition in Dubai and the AI action summit in Paris are noted as important gatherings for industry leaders [16][17] Industry News - DeepSeek's rapid user growth and the introduction of new models are expected to enhance the competitive dynamics in the AI market [17][21] - The report mentions various companies, including JD Cloud and Huawei, integrating DeepSeek's models into their services, indicating a trend towards broader adoption of AI technologies [17][21] Company Announcements - Several companies, including Kingsoft and Cloud Tianyi, are reported to be integrating DeepSeek's models into their products, showcasing the growing influence of DeepSeek in the industry [34][36] - The report also notes that DeepSeek's API services are being adopted by various cloud service providers, further expanding its market reach [34][36]