证券代码：688802 证券简称：沐曦股份公告编号：2026-006 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 经公司财务部门初步测算： （1）预计公司2025年度实现营业收入160,000.00万元至170,000.00万元，与上年同期相比，将增加 85,692.84万元至95,692.84万元，增长115.32%至128.78%。 （2）预计公司2025年度归属于母公司所有者的净利润将出现亏损，归属于母公司所有者的净利润预计 亏损65,000.00万元至79,800.00万元，与上年同期相比，将减少亏损61,087.94万元至75,887.94万元，亏损 收窄43.36%至53.86%。 （3）预计公司2025年度归属于母公司所有者扣除非经常性损益后的净利润亏损70,000.00万元到 83,500.00万元，与上年同期相比，将减少亏损20,887.20 万元至34,387.20万元，亏损收窄20.01%至 32.94%。 ● 沐曦集成电路（上海）股份有限公司（以下简称"公司"或"本公司"）预计202 ...

沐曦股份(688802.SH)发布2025年年度业绩预告，公司2025年度归属于母公司所有者的净利润预计将出 现亏损，归属于母公司所有者的净利润预计亏损6.5亿元至7.98亿元，与上年同期相比，亏损收窄 43.36%至53.86%。 预计2025年度实现营业收入16亿元至17亿元，与上年同期相比，增长115.32%至128.78%。 本期业绩变化的主要原因：自成立以来，公司始终聚焦GPU产品的核心技术突破、迭代升级与产业化落 地，依托长期深耕积累的研发实力与技术壁垒，成功构建起覆盖通用计算、人工智能推理训练等多场景 的独具竞争优势的GPU产品体系，并打造了兼容主流生态、自主可控且开放共享的软件生态，持续为云 端计算提供高能效、高通用性的算力支撑。 报告期内，公司坚持"1+6+X"发展战略，加大市场开拓力度，不断提升公司在高性能GPU行业的市场地 位和影响力，推动人工智能技术与千行百业深度融合。凭借优越的产品性能及完善的软件生态，公司产 品及服务获得下游客户的广泛认可与持续采购，报告期内收入规模较上年同期实现显著增长。 报告期内，公司股份支付费用较上年同期有所减少，该项因素对公司利润产生正向影响，降低公司亏损 ...

报告期内，公司坚持"1+6+X"发展战略，加大市场开拓力度，不断提升公司在高性能GPU行业的市场地 位和影响力，推动人工智能技术与千行百业深度融合。凭借优越的产品性能及完善的软件生态，公司产 品及服务获得下游客户的广泛认可与持续采购，报告期内收入规模较上年同期实现显著增长。 报告期内，公司股份支付费用较上年同期有所减少，该项因素对公司利润产生正向影响，降低公司亏损 幅度，使得公司经营业绩呈现减亏向好的发展态势。 预计2025年度实现营业收入16亿元至17亿元，与上年同期相比，增长115.32%至128.78%。 本期业绩变化的主要原因：自成立以来，公司始终聚焦GPU产品的核心技术突破、迭代升级与产业化落 地，依托长期深耕积累的研发实力与技术壁垒，成功构建起覆盖通用计算、人工智能推理训练等多场景 的独具竞争优势的GPU产品体系，并打造了兼容主流生态、自主可控且开放共享的软件生态，持续为云 端计算提供高能效、高通用性的算力支撑。 沐曦股份(688802.SH)发布2025年年度业绩预告，公司2025年度归属于母公司所有者的净利润预计将出 现亏损，归属于母公司所有者的净利润预计亏损6.5亿元至7.98亿元，与上年同 ...

中国GPU芯片设计初创公司沐曦集成电路（上海）股份有限公司公布其2025年度业绩预告。数据显示，尽管营收实现同比翻倍以上的惊人增长， 但公司仍深陷巨额亏损之中，凸显出在人工智能硬件赛道上实现盈利的艰巨挑战。 1月27日，沐曦股份发布初步测算数据，预计2025年度实现营业收入16亿元至17亿元，较上年的7.43亿元大幅增长115.32%至128.78%。这一增长 表明其GPU产品在市场上获得了显著的需求。 在盈利能力方面，情况则远为复杂。公司预计2025年归属于母公司所有者的净利润仍为亏损，亏损额介于6.5亿元至7.98亿元之间。不过，这一亏 损额相比上年同期的巨额亏损已大幅收窄43.36%至53.86%。 这一财务快照立刻引发了市场对中国本土AI芯片公司商业化进程的关注。在高研发投入和激烈竞争的市场环境下，营收高速增长与持续亏损并 存，成为许多硬科技初创公司的共同特征。 核心财务数据：营收飙升，亏损收窄 业绩背后的驱动因素：产品认可与市场开拓 对于营收的显著增长，公司在公告中将其归因于产品竞争力的提升和市场战略的推进。公告指出，公司依托长期积累的研发实力与技术壁垒，成 功构建了覆盖通用计算和人工智能推理训练等 ...

每经AI快讯，沐曦股份1月27日晚间发布业绩预告，预计公司2025年度归属于母公司所有者的净利润将 出现亏损，归属于母公司所有者的净利润预计亏损6.5亿元~7.98亿元，与上年同期相比，将减少亏损约 6.11亿元~7.59亿元，亏损收窄43.36%~53.86%。业绩变动主要原因是，自成立以来，公司始终聚焦GPU 产品的核心技术突破、迭代升级与产业化落地，依托长期深耕积累的研发实力与技术壁垒，成功构建起 覆盖通用计算、人工智能推理训练等多场景的独具竞争优势的GPU产品体系，并打造了兼容主流生态、 自主可控且开放共享的软件生态，持续为云端计算提供高能效、高通用性的算力支撑。 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1280） 根據該協議，上海繪流的年度採購業績指標為當年向沐曦股份採購2,000顆GPU產 品。依據當前市場價值估算，此年度採購框架對應的潛在業務規模約為人民幣 2億 元。該業績目標的達成情況將是評估雙方合作持續性的重要依據。 本公司認為，訂立該協議標誌著本集團業務發展的重要里程碑。通過此次合作，本 集團正式進軍國產AI算力硬件市場，實現向「軟硬一體」綜合解決方案提供商的戰略 轉型。本次合作將整合沐曦股份的高性能國產GPU芯片技術與本集團的市場開拓能 力，形成「繪流牌」國產AI服務器整體解決方案，為互聯網大型企業、智算中心、科 研機構及高算力需求商業企業提供訓練與推理一體化的國產化替代選擇。此外，該 協議賦予的「領先渠道經銷商」身份及項目報備保護機制，為本集團在競爭激烈的市 場中建立了獨特的先發優勢和渠道壁壘。進軍國產高端硬件領域，有望為本集團開 闢新的、可 ...

Industry Overview - The GPU product market has significant growth potential, particularly in the rapidly developing artificial intelligence (AI) computing sector [2] - The company is projected to capture approximately 1% of the domestic AI chip market share in 2024, benefiting from the accelerating trend of domestic substitution [2] Company Performance - The company has demonstrated strong technical advantages and product competitiveness, leading to widespread application of its products across major downstream industries in AI [2] - There is a continuous repurchase from existing customers and ongoing acquisition of new clients, contributing to rapid revenue growth [2] - The company has a robust order backlog and ample potential business opportunities, indicating a healthy growth trajectory [2] Business Strategy - The company is focusing on various types of computing power base customers while actively expanding into internet and telecommunications sectors, which has started to yield positive results [2] - The internet and telecommunications sectors are expected to become significant growth drivers for the company's future business [2]

Core Viewpoint - The company, Muxi Co., has demonstrated its industry-leading capabilities in high bandwidth and multi-card interconnection, positioning itself as a key player in the AI computing sector [2] Group 1: Technology and Innovation - The company has developed the MetaXLink high-speed interconnection technology, which overcomes traditional PCIe bus limitations in bandwidth and latency, achieving interconnection bandwidth performance comparable to H200 [2] - The GPU products of the company can support various interconnection topologies and supernode architectures, catering to diverse needs from small to large-scale training [2] - The company has effectively balanced computing power, interconnection communication, and software ecosystem, enabling its GPU products to perform robustly in actual intelligent computing cluster operations [2] Group 2: Market Position and Applications - The company's GPU products are capable of executing massive parameter model distributed training tasks stably and without interruption, providing critical technical support for complex AI tasks [2] - The products support the construction of heterogeneous fusion computing clusters, allowing for elastic expansion and helping downstream customers optimize existing resources during the domestic substitution process [2] - The solutions provided by the company enhance the overall computing power efficiency and offer optimization plans for expanding existing intelligent computing clusters [2]

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][44]. Core Insights - The commercial aerospace sector is showing significant momentum both domestically and internationally, shifting focus from mere technological breakthroughs to the integration of technology, ecosystem development, and market applications. Leading companies are enhancing their commercialization capabilities [3][39]. - The report anticipates that the communication industry will experience a period of technological iteration and policy dividends in 2025, with new growth drivers emerging from AI, quantum communication, and low-altitude economy sectors. The recovery of cellular IoT modules and ongoing construction of communication facilities are expected to create new demands for devices, equipment, and service operations [3][39]. Summary by Sections 1. Communication Industry Market Review - The communication sector index fell by 1.18% over the two weeks from December 26, 2025, to January 8, 2026, underperforming the CSI 300 index by 3.22 percentage points, ranking last among 31 sectors [11][12]. - In January 2026, the communication sector index increased by 0.85%, again underperforming the CSI 300 index by 1.48 percentage points [11][12]. 2. Industry News - The Ministry of Industry and Information Technology and seven other departments jointly issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'" [15]. - The first offshore reusable rocket recovery base in China has commenced construction with a total investment of 5.2 billion yuan [21]. - SpaceX's Starlink has connected over 9 million active users across 155 countries, showcasing significant growth from 14.5 million users in December 2021 [22]. 3. Company Announcements - Feiling Kesi plans to indirectly invest in Nanfei Microelectronics, focusing on high-speed network communication interconnect chips, with a total investment of 40.8 million yuan [23][24]. - Guangku Technology expects a net profit growth of 152%-172% for 2025, driven by revenue growth and cost control measures [26]. 4. Industry Data Updates - As of November 2025, the mobile phone user base reached approximately 1.828 billion, a year-on-year increase of 2.20% [27]. - The total number of 5G base stations reached 4.83 million, with a net increase of 579,000 compared to the end of the previous year [36].

Core Viewpoint - Biran Technology has officially listed on the Hong Kong Stock Exchange, becoming the first domestic GPU company to go public in Hong Kong and marking the first listing in 2026 [1][5] Group 1: Company Overview - Biran Technology is a leading provider of general intelligent computing solutions in China, focusing on self-developed GPU products to provide robust, secure, and efficient computing infrastructure across various industries [11] - Since its establishment in 2019, Biran Technology has adhered to an original core architecture and built a technology system that promotes soft and hard collaborative innovation, aiming to create a domestic intelligent computing industry ecosystem [11] - The company has gathered nearly a thousand high-caliber talents globally, accumulating strong proprietary technology and engineering capabilities [11] Group 2: Market Position and Applications - Biran Technology's products and solutions have been applied in key industries such as AI data centers, telecommunications, and energy, effectively supporting core application scenarios like AI training, inference services, and scientific research innovation [11] - The company has achieved large-scale deployments across multiple intelligent computing clusters nationwide [11] Group 3: Academic and Industry Collaboration - The founding team of Biran Technology consists of alumni from Shanghai Jiao Tong University, showcasing the entrepreneurial vitality and development potential of the "Jiao Tong system" [5][12] - Biran Technology has established various collaborations with Shanghai Jiao Tong University, including the creation of the "Intelligent Chip and Ecosystem Joint Laboratory" and a strategic cooperation agreement with the university's Artificial Intelligence School [21]