Chinese language AI chipmaker Cambricon Applied sciences reported its first full-year revenue since going public, pushed by a pointy rise in AI computing demand.
After releasing an earnings forecast earlier, Cambricon printed a efficiency bulletin after market shut on February 27. The corporate reported 2025 income of RMB 6.497 billion (roughly USD 910 million), up 453.21% year-on-year. Web revenue reached RMB 2.059 billion (roughly USD 288 million), reversing a loss from the earlier 12 months.
Cambricon stated the turnaround was fueled by sustained development in demand for AI computing energy and the corporate’s efforts to speed up the deployment of AI utility eventualities. It added that no uncertainties have been recognized that might have an effect on the accuracy of the disclosed figures.
The reported income was roughly on the midpoint of the corporate’s earlier steerage vary, whereas web revenue barely exceeded the midpoint of prior forecasts.
The corporate achieved its first worthwhile quarter since itemizing within the fourth quarter of 2024. Based mostly on the most recent outcomes, 2025 marks its first worthwhile full fiscal 12 months. With sustained profitability, Cambricon could also be eligible to take away the “U” designation from its inventory ticker, which signifies unprofitability beneath China’s STAR Market guidelines.
Nevertheless, quarterly efficiency confirmed indicators of moderation. Within the fourth quarter of 2025, Cambricon generated income of RMB 1.89 billion (roughly USD 265 million), up 9.4% quarter-on-quarter, whereas web revenue got here in at RMB 455 million (roughly USD 64 million), down 19.8% sequentially. This marked the second consecutive quarter of quarter-on-quarter web revenue decline, following a 17% drop within the third quarter, suggesting potential operational fluctuations after a interval of speedy development.
Cambricon’s shares rose 0.79% intraday, giving the corporate a market capitalization of RMB 496.7 billion (roughly USD 69.5 billion). Yr so far, the inventory is down 13.1%. On August 27 final 12 months, the corporate’s share worth surged to RMB 1,462 at one level, briefly surpassing Kweichow Moutai because the highest-priced A-share inventory. It closed above RMB 1,500 the next day, with market capitalization exceeding RMB 660 billion (roughly USD 92.4 billion). Since that peak, its market worth has fallen by greater than RMB 150 billion (roughly USD 21 billion).
Since mid-January, the inventory has skilled volatility, with market capitalization at one level dipping under RMB 460 billion (roughly USD 64.4 billion). In early February, market rumors prompt that Cambricon had privately indicated 2026 income of RMB 20 billion (roughly USD 2.8 billion), effectively under market expectations of RMB 30–50 billion (roughly USD 4.2–7.0 billion). The corporate denied the claims, stating that it had not organized any personal briefings or issued annual or quarterly income steerage.
Different home GPU startups additionally launched earnings updates. Moore Threads reported 2024 income of RMB 1.506 billion (roughly USD 211 million), up 243.37% year-on-year, with a web lack of RMB 1.024 billion (roughly USD 143 million), narrowing from the earlier 12 months. In the meantime, Metax beforehand forecast 2025 income of RMB 1.6–1.7 billion (roughly USD 224–238 million), up 115.32%–128.78% year-on-year, with a web lack of RMB 650–798 million (roughly USD 91–112 million), additionally narrowing. Based mostly on earlier prospectus projections, Metax’s fourth-quarter losses might have approached and even exceeded the mixed losses of the primary three quarters.
Cambricon’s first annual revenue highlights the speedy growth of China’s AI chip sector, whilst aggressive pressures and earnings volatility stay.
Supply：Yicai
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