Cambricon Achieves First Annual Profit! Net profit of 2.06 billion in 2025, revenue surges 4.5 times | Financial Report Highlights

Since listing on the STAR Market in 2020, “Hanwang” has achieved its first annual overall profit.

China’s leading AI chip company Cambricon announced its 2025 performance forecast on February 28. Data shows that the company achieved an operating revenue of 6.497 billion yuan for the year, a year-on-year increase of 453.21%; net profit attributable to shareholders was 2.059 billion yuan, turning from a loss of 452 million yuan in the same period last year.

Key data are as follows:

• Total operating revenue of 6.497 billion yuan, up 453.21% from 1.174 billion yuan last year, an increase of 5.323 billion yuan.
• Achieved a historic breakthrough in profitability, with net profit attributable to shareholders of 2.059 billion yuan, compared to a loss of 452 million yuan last year; net profit after deducting non-recurring gains and losses was 1.770 billion yuan, compared to a loss of 865 million yuan last year; net profit margin is approximately 31.7%.
• Significant improvement in per-share indicators, with basic earnings per share of 4.93 yuan, compared to -1.09 yuan last year; net asset per share increased from 12.99 yuan at the beginning of the period to 28.07 yuan, a 116.09% increase.
• In terms of profitability metrics, the weighted average return on net assets reached 26.96%, compared to -8.18% last year, an increase of 35.14 percentage points.
• Asset and liability scale expanded simultaneously, with total assets of 13.445 billion yuan, a 100.14% increase from 6.718 billion yuan at the beginning of the period; owners’ equity attributable to parent company was 11.836 billion yuan, a 118.27% increase from 5.423 billion yuan at the start.

The performance growth is mainly driven by the continuous release of computing power demand in the AI industry. As the demand for high-performance computing chips for training and inference of large models increases, Cambricon expands its market through product competitiveness, promoting the implementation of AI application scenarios. The company’s revenue for the year increased by approximately 5.32 billion yuan compared to last year.

Revenue up 453%, surpassing 6 billion yuan for the first time, net profit of 2.06 billion yuan achieves historic turnaround

The full-year operating revenue reached 6.497 billion yuan, about 4.5 times higher than 1.174 billion yuan in 2024. The company attributes this to the sustained release of AI industry computing power demand and market expansion supported by product competitiveness. Previously, Cambricon’s revenue was highly dependent on a few major clients and recognized mainly at year-end. Whether this structural characteristic has improved remains to be further verified after quarterly disclosures in the annual report.

In terms of profitability, the company achieved a historic breakthrough, with net profit attributable to shareholders of 2.059 billion yuan, compared to a loss of 452 million yuan last year; net profit after deducting non-recurring gains and losses was 1.77 billion yuan, compared to a loss of 865 million yuan last year. The difference of about 289 million yuan indicates limited contribution from non-recurring gains and losses, with performance growth mainly driven by core business. Basic earnings per share rose from -1.09 yuan to 4.93 yuan, and the weighted average return on net assets increased from -8.18% to 26.96%, an increase of 35.14 percentage points from last year.

The asset scale also expanded significantly. By the end of 2025, total assets reached 13.445 billion yuan, a 100.14% increase from the beginning of the year; owners’ equity attributable to the parent was 11.836 billion yuan, a 118.27% increase. Besides retained earnings, the company’s strategic capital reserves were further strengthened through targeted additional issuance during the year, providing important support for the balance sheet. Net asset per share increased from 12.99 yuan at the start to 28.07 yuan, a 116.09% growth. The company’s debt ratio remains at a relatively low level, maintaining a stable financial structure.

After the official release of the annual report, indicators such as R&D expense ratio, gross profit margin structure, and period expense control will be key to further assessing the quality and sustainability of its profitability.

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