Shannon Semi's 2025 Operating Profit Up 182.42% YoY, Q1 Net Profit Surges Over 67 Times; Proprietary Brand "Haipu Storage" Achieves First Annual Profitability | Earnings Watch

The wave of AI computing power is driving a surge in enterprise-grade storage demand, accelerating Shannon Semi's performance. Shannon Semi Technology Co., Ltd. simultaneously disclosed its 2025 annual performance express and the first quarter 2026 performance forecast on April 7th. Both announcements indicate a significant leap in the company's profitability. Specifically, net profit attributable to shareholders of the listed company in 2025 more than doubled year-on-year, while the net profit forecast for the first quarter of 2026 shows an even higher year-on-year increase of 6714% to 8747%, indicating a significant acceleration in growth momentum. The company attributes these performance gains to the continuous expansion of demand for Generative Artificial Intelligence (AGI) applications and the accelerated procurement of enterprise-grade storage driven by the construction of Internet Data Centers (IDC). Both its electronic components distribution business and its proprietary brand "Haipu Storage" recorded revenue growth. Notably, the "Haipu Storage" segment achieved its first annual profitability in the 2025 reporting period, marking a new phase for the company's proprietary brand business. Full Year 2025: Net Profit Doubles, Revenue Exceeds 35 Billion Yuan In 2025, Shannon Semi achieved total operating revenue of 35.251 billion yuan, a year-on-year increase of 45.24%; operating profit was 856 million yuan, a year-on-year increase of 182.42%; and net profit attributable to shareholders of the listed company was 544 million yuan, a year-on-year increase of 106.06%. Net profit after deducting non-recurring gains and losses was 519 million yuan, a year-on-year increase of 70.22%; basic earnings per share were 1.18 yuan, an increase of 103.45% from 0.58 yuan in the same period last year; and the weighted average return on net assets increased from 9.65% to 16.90%. On the balance sheet, as of the end of 2025, the company's total assets reached 11.084 billion yuan, an increase of 46.13% from the beginning of the year; owners' equity attributable to shareholders of the listed company was 3.574 billion yuan, an increase of 21.69%; and net assets per share were 7.69 yuan, an increase of 19.78% from the beginning of the year. The company stated that the increase in total assets and net assets was mainly due to the significant improvement in net profit during the reporting period. Proprietary Brand Breakthrough: Haipu Storage Achieves First Annual Profitability The profitability breakthrough of the "Haipu Storage" brand is an important structural change in the 2025 performance. The announcement shows that "Haipu Storage" has launched multiple products in its enterprise-grade SSD and enterprise-grade DRAM product lines. It has also completed certification and adaptation work with major domestic server platforms, officially entering mass production. This signifies that the brand has transitioned from the R&D investment phase to large-scale commercial operation. For Shannon Semi, which started with a distribution business, a substantial breakthrough in profitability from its proprietary brand will help optimize the company's overall business structure, reduce reliance on a single distribution model, and provide greater room for improvement in gross profit margins. First Quarter Forecast: Surging Over 67 Times, Prosperity Continues to Accelerate Entering 2026, the company's performance growth momentum has further accelerated. According to the first quarter 2026 performance forecast, the company expects net profit attributable to shareholders of the listed company in the first quarter to be between 1.140 billion and 1.480 billion yuan, a year-on-year increase of 6714.72% to 8747.18%, with the base in the same period last year being 16.7285 million yuan. Net profit after deducting non-recurring gains and losses is expected to be between 1.118 billion and 1.458 billion yuan, a year-on-year increase of 7424.82% to 9713.23%. The company pointed out that the continuous increase in enterprise-grade storage product prices and the sustained upward trend in industry prosperity are the core drivers of the significant leap in profits in the first quarter. Additionally, the company expects non-recurring gains and losses in the first quarter to be approximately 22 million yuan. It should be noted that the extremely low net profit base in the same period last year (16.7285 million yuan) magnifies the visual effect of the year-on-year growth rate. Investors should consider the absolute profit scale when interpreting the growth figures.