The explosion of AI computing power orders drives VeriSilicon's revenue to grow by 35.77% year-on-year in 2025, with losses continuing to narrow to 528 million yuan | Financial Report Insights

On February 26, domestic custom chip leader VeriSilicon released its performance report for 2025, showing a rapid revenue growth and a significant narrowing of losses, driven primarily by the strong release of AI computing power demand. The announcement indicated that the company is expected to achieve an annual operating revenue of approximately 3.152 billion yuan in 2025, a year-on-year increase of 35.77%; the net loss attributable to the parent company is expected to narrow to 528 million yuan, a reduction of 73 million yuan compared to the previous year, with a narrowing rate of 12.16%. The total amount of new signed orders for the year reached 5.96 billion yuan, more than doubling year-on-year, with AI computing-related orders accounting for over 73%, and the quarterly order amount has set historical records three times. As of the end of 2025, the company's orders on hand reached 5.075 billion yuan, a significant increase of 54.45% compared to the end of the third quarter, maintaining a high level for nine consecutive quarters. Among them, the orders for mass production business exceeded 3 billion yuan, with an expected conversion rate of over 80% within a year, providing strong visibility for the company's future profitability improvement. This order structure indicates that the continuous release of scale effects is expected to accelerate the company's path to breakeven. Accelerated Revenue Growth in the Second Half of the Year, Data Processing Becomes the Largest Source of Revenue In the second half of 2025, the company is expected to achieve an operating revenue of 2.179 billion yuan, an increase of 123.73% compared to the first half, and a growth of 56.75% compared to the second half of 2024, with a significant acceleration in growth. From the business structure perspective, the revenue growth of the mass production business is the most prominent, reaching 73.98%; revenue from chip design business, licensing fees, and intellectual property licensing fees increased by 20.94%, 7.57%, and 6.07% year-on-year, respectively. In terms of application fields, the operating revenue in the data processing sector grew by over 95% year-on-year, accounting for approximately 34% of total revenue, becoming one of the company's most important sources of income, reflecting the strong pull of cloud computing and AI inference demand for custom chip services. Record-Breaking Orders, AI Computing Power Dominates Demand Structure The explosive growth in orders is the biggest highlight of this performance. The new signed order amounts for the second, third, and fourth quarters of 2025 were 1.182 billion yuan, 1.593 billion yuan, and 2.711 billion yuan, respectively, setting single-quarter historical records for three consecutive quarters, with a quarter-on-quarter growth rate of 70.17% in the fourth quarter. The total new signed orders for 2025 reached 5.96 billion yuan, a year-on-year increase of 103.41%, with AI computing-related orders accounting for over 73%, and orders in the data processing sector accounting for over 50%. By the end of the year, among the orders on hand, orders for mass production business exceeded 3 billion yuan, with nearly 60% being orders from the data processing application field, and orders are continuously converting to large-scale production, with scale effects gradually becoming apparent. Absolute Growth in R&D Investment, Reasonable Decrease in Revenue Proportion The integrated circuit design industry is known for its high R&D investment. The company’s overall R&D investment in 2025 was 1.349 billion yuan, accounting for approximately 43% of operating revenue, a decrease of nearly 11 percentage points year-on-year. The company explained in the announcement that this change is mainly due to the explosive growth of orders, after which R&D resources are gradually invested in customer projects as orders convert, reflected as revenue recognition rather than expenses The research and development efforts have not decreased. For the entire year of 2025, the total operating expenses are approximately 1.636 billion yuan, of which about 80% is R&D expenses, approximately 1.309 billion yuan. The high intensity of R&D investment aims to maintain the company's technological barriers in the semiconductor IP and custom chip fields, supporting its continuous recognition by high-quality global customers. Completion of refinancing drives asset scale expansion In terms of the balance sheet, the company's total assets at the end of 2025 are 7.698 billion yuan, an increase of 66.28% compared to the beginning of the year; the equity attributable to the parent company increased by 61.03% to 3.418 billion yuan, and the net asset per share rose from 4.24 yuan to 6.50 yuan, an increase of 53.30%. The company stated that the significant growth in assets and net assets is mainly due to the completion of refinancing issuance during the reporting period, with the share capital expanding by 5.10% to approximately 5.259 billion shares