半导体巨头业绩快报释放"芯"动能 国产算力步入价值兑现阶段 有业内人士认为，算力芯片行业具有行业壁垒高、重研发投入、研发周期长等特征，企业成长普遍遵 循"研发攻坚—营收放量—亏损收窄—盈利兑现"的发展路径。最新的业绩快报显示，国产算力在AI需求 的爆发下正走向价值兑现阶段 ◎记者 郑维汉 2月27日晚，寒武纪、摩尔线程、沐曦股份三家半导体"巨头"发布2025年度业绩快报，在人工智能及算 力需求的强劲拉动下，三家公司业绩均表现亮眼。 寒武纪在营收同比大幅增长超4倍的背景下，2025年净利润达到20.59亿元，同比实现扭亏为盈。去年12 月先后登陆科创板的摩尔线程、沐曦股份，交出上市后首份年度业绩快报，在营收实现倍增的同时，两 家公司净亏损均同比明显收窄。 算力需求持续攀升 寒武纪收入同比大幅增长 2月27日晚，国产ASIC龙头寒武纪发布2025年度业绩快报。报告期内，公司实现营业总收入64.97亿 元，同比增长453.21%；归属于母公司所有者的净利润20.59亿元，上年同期净利润亏损4.52亿元，2025 年度实现同比扭亏为盈。 寒武纪表示，受益于人工智能行业算力需求的持续攀升，公司凭借产品的优异竞争力持续拓 ...

作为我国经济中心、科技创新高地与对外开放前沿，近年来，上海聚力打造全国领先的智能算力高地， 推动智算资源加速集聚、产业生态持续迭代提质。上海市算力网络协会数据显示，上海智算规模在全国 占比约达8%，已成为引领全国智算产业高质量发展、带动生态协同升级的重要增长极。 中国证券报记者调研发现，从智算规模的跨越式突破到优质企业的集群式崛起，从技术架构的根源性创 新到产业发展共识的深度凝聚，从生态要素的零散分布到全链条协同发力，上海正稳步突破传统规模扩 张、资本驱动的发展瓶颈，引领智算产业实现从"规模增速"向"质量引领、效率优先、可持续发展"的高 阶转型，同步推动智算生态开放共享、协同共生，以标杆性的"上海实践"赋能国家智算产业能级跃升。 天数智芯AI与加速计算技术负责人单天逸把未来的高质量算力定义为"高效率、可预期、可持续"。"所 谓高效率，是指能为客户创造最优的TCO(总体拥有成本)，实实在在帮客户节省使用成本。而可预期是 能够通过精准的仿真模拟，让客户在拿到芯片、部署算力之前，就能清晰预判最终的性能表现，做到所 见即所得。至于可持续，则是从现在主流的算法再到未来还未诞生的全新算法，算力始终能无缝适配， 今天能用， ...

Core Viewpoint - The domestic AI chip unicorn, Hanbo Semiconductor, has completed its guidance for the Sci-Tech Innovation Board IPO, alongside Suiyuan Technology, marking a significant moment for the AI chip sector in China as it gathers six notable companies in the capital market, showcasing the rapid development of artificial intelligence [1] Group 1: Company Developments - Hanbo Semiconductor is advancing its IPO process and is recognized for its commercial success in both general AI and rendering applications, leading in the domestic data center AI and edge computing sectors [3][5] - Suiyuan Technology has developed four generations of cloud AI chips and aims to raise 6 billion yuan for the R&D and industrialization of its fifth and sixth-generation products [5] - The "Six Little Dragons" of AI chips, including companies like Moer Thread and Muxi, are focusing on technological advancements and product updates, with Muxi launching a new GPU product line [2][3][4] Group 2: Market Trends - The domestic general GPU market share is expected to rise from 8.3% in 2022 to 17.4% in 2024, with projections indicating it could exceed 50% by 2029 [13] - The AI chip market is experiencing structural changes, with companies transitioning from relying on external support to achieving self-sustained growth [13] - The upcoming IPOs of these companies are anticipated to strengthen the trend of domestic AI chip localization, providing a stable financial foundation and increasing market recognition [12] Group 3: Government Support and Investment - Shanghai has positioned itself as a leader in the integrated circuit industry, ranking first in China and fourth globally, and is actively supporting local AI chip companies through funding and policy initiatives [7][8][10] - Significant investments have been made by Shanghai's state-owned enterprises in companies like Wallen Technology and Suiyuan Technology, facilitating their growth and technological advancements [9][10]

Core Viewpoint - The stock price of Cambricon, a leading domestic AI chip company, experienced a significant drop of 9.18% on February 3, closing at 1128 yuan per share, largely due to market rumors regarding its revenue projections for 2026 being significantly lower than expectations [1][3]. Group 1: Stock Performance and Market Reaction - Cambricon's stock price fell sharply, with an intraday decline of up to 14%, resulting in a market capitalization loss of over 48 billion yuan in one day [1][3]. - The company issued a statement denying the rumors about its revenue guidance and emphasized that it has not organized any small-scale communications recently [1][3]. - Despite a slight recovery in stock price after the statement, negative market sentiment persisted [1]. Group 2: Revenue Projections and Financial Outlook - Cambricon projected its 2025 annual revenue to be between 6 billion to 7 billion yuan, representing a year-on-year growth of 410.87% to 496.02%, with a net profit forecast of 1.85 billion to 2.15 billion yuan [3]. - The expected net profit for Q4 2025 is estimated to be between 245 million to 545 million yuan, indicating a significant decline compared to analyst expectations of 613 million yuan [3]. Group 3: Industry Context and Competitive Landscape - The adjustment in the AI chip sector reflects both domestic and international market pressures, with concerns about the saturation of AI infrastructure driven by large language models [2]. - The domestic market is seeing an influx of new AI chip companies, which may dilute Cambricon's market position and raise questions about its valuation and future performance [2]. - Other companies in the sector, such as Tenstorrent and Mozi Technology, are actively launching new products and providing detailed updates on their technological advancements, contrasting with Cambricon's limited communication [4].

Core Viewpoint - Muxi Co., Ltd. is expected to achieve significant revenue growth in 2025, with projected revenues between 1.6 billion to 1.7 billion yuan, representing an increase of 857 million to 957 million yuan, or a growth rate of 115.32% to 128.78% compared to the previous year [1] Group 1: Company Performance - The company anticipates a substantial reduction in losses, with expected net profit losses between 650 million to 798 million yuan, narrowing by 43.36% to 53.86% year-on-year [1] - The revenue growth is attributed to reduced share-based payment expenses and increased recognition and continuous procurement of its products and services by downstream customers [1] - As of mid-2025, the cumulative sales of Muxi's GPU chips exceeded 25,000 units, with a backlog of orders amounting to 1.43 billion yuan, nearly double the total revenue for 2024 [1] Group 2: Industry Context - The company's performance is closely linked to the high demand in the AI computing and storage sectors, with a notable increase in price elasticity for related enterprises due to inflation [2] - A new wave of price increases in the chip industry has emerged due to tight product supply, with major companies like Samsung and SK Hynix announcing price hikes, some reaching up to 80% [2] - Muxi, as a leading domestic GPU manufacturer, is positioned to benefit significantly from the strong demand and rising product prices in the market [2] Group 3: Market Confidence - The capital market shows strong confidence in Muxi's development, with the company's stock price soaring by 692.95% on its first trading day [3] - As of the latest closing, Muxi's stock price stands at 577.20 yuan per share, maintaining a market capitalization of 230.9 billion yuan [3] - On the same day as the earnings forecast announcement, Muxi launched a new GPU brand and product line, the Xisuo X series, aimed at optimizing computing power for advanced scientific research [3]

Core Viewpoint - The company, Muxi Co., Ltd., anticipates significant revenue growth for 2025, driven by strong customer recognition and ongoing procurement of its products and services, despite expecting a net loss for the year [2][3]. Group 1: Financial Performance - Muxi Co., Ltd. projects a revenue of 1.6 billion to 1.7 billion yuan for 2025, representing a year-on-year increase of 115.32% to 128.78% [2] - The company expects a net loss attributable to shareholders of 650 million to 798 million yuan for 2025, which is a reduction in losses by 43.36% to 53.86% compared to the previous year [2] - The reduction in share-based payment expenses compared to the previous year positively impacts the company's profits, contributing to a decrease in loss margins [2] Group 2: Strategic Development - Muxi Co., Ltd. adheres to its "1+6+X" development strategy, focusing on market expansion and enhancing its position in the high-performance GPU industry [2] - The company aims to integrate artificial intelligence technology with various industries, leveraging superior product performance and a comprehensive software ecosystem [2] - Muxi Co., Ltd. has launched the new Xisuo X series GPU brand and product line, optimized for scientific intelligence scenarios, enhancing its competitive advantage in multiple computing scenarios [3] Group 3: Market Position - As of January 27, Muxi Co., Ltd.'s stock price was 572.18 yuan per share, with a total market capitalization of 228.9 billion yuan [4]

Core Viewpoint - The company, Muxi Co., Ltd., anticipates significant revenue growth for 2025, driven by strong customer recognition and ongoing procurement of its products and services, despite expecting a net loss for the year [1][2]. Group 1: Financial Performance - Muxi Co., Ltd. projects a revenue of 1.6 billion to 1.7 billion yuan for 2025, representing a year-on-year increase of 115.32% to 128.78% [1] - The company expects a net loss attributable to shareholders of 650 million to 798 million yuan for 2025, which is a reduction in losses by 43.36% to 53.86% compared to the previous year [1] - The reduction in share-based payment expenses compared to the previous year positively impacts the company's profits, contributing to a decrease in loss margins [1] Group 2: Strategic Development - Muxi Co., Ltd. adheres to a "1+6+X" development strategy, focusing on market expansion and enhancing its market position in the high-performance GPU industry [1] - The company aims to integrate artificial intelligence technology with various industries, leveraging superior product performance and a comprehensive software ecosystem [1][2] - The launch of the new Xisuo X series GPU brand and product line is aimed at optimizing scientific intelligence scenarios, enhancing computational capabilities in cutting-edge research fields [2] Group 3: Product Offerings - Muxi Co., Ltd. has developed a competitive GPU product system covering general computing, AI inference training, and other scenarios, supported by its R&D capabilities and technological barriers [2] - The company has previously introduced the Xisi N series for inference scenarios, the Xiyun C series for training scenarios, and the Xicai G series for graphic rendering, achieving full coverage in four major computational power tracks with the introduction of the Xisuo X series [2] Group 4: Market Position - As of January 27, the stock price of Muxi Co., Ltd. was 572.18 yuan per share, with a total market capitalization of 228.9 billion yuan [3]

Core Viewpoint - Muxi Co., Ltd. anticipates significant revenue growth for the fiscal year 2025, projecting revenues between 1.6 billion to 1.7 billion yuan, representing an increase of 115.32% to 128.78% compared to the previous year [2][6]. Group 1: Financial Performance - The company expects to achieve revenues of 1.6 billion to 1.7 billion yuan in 2025, an increase of 857 million to 957 million yuan from the previous year [6]. - The projected net loss for 2025 is estimated to be between 650 million to 798 million yuan, which reflects a reduction in losses by 611 million to 759 million yuan compared to the previous year, indicating a narrowing of losses by 43.36% to 53.86% [6]. Group 2: Product Development - Muxi Co., Ltd. launched a new GPU brand and product line, the Xisuo X series, designed to optimize scientific intelligence scenarios and enhance computational capabilities in cutting-edge research fields [5][8]. - The Xisuo X series completes the company's product matrix across four major computational power tracks: AI inference, AI training, graphics rendering, and scientific intelligence [6][8]. Group 3: Strategic Focus - The company adheres to a "1+6+X" development strategy, emphasizing market expansion and enhancing its market position in the high-performance GPU industry [6]. - Muxi Co., Ltd. aims to integrate artificial intelligence technology deeply across various industries, leveraging its strong product performance and comprehensive software ecosystem [6][7]. Group 4: Technical Advancements - The first product of the Xisuo X series, the Xisuo X206, features full-precision mixed computing capabilities and large memory capacity, addressing the memory bottleneck in large-scale model training and complex simulations [9]. - The Xisuo X206 is equipped with the self-developed MXMACA software stack, ensuring compatibility with mainstream GPU programming models and scientific computing frameworks, thus facilitating smooth code migration for users [9].