Semiconductor giant’s quick earnings report releases "core" momentum; domestic computing power enters the value realization stage

◎ Reporter Zheng Weihan

On the evening of February 27, Cambrian, Moore Threads, and MuXi Co., Ltd., three semiconductor “giants,” released their 2025 performance briefings. Driven by strong demand for artificial intelligence and computing power, all three companies delivered impressive results.

Cambrian achieved a significant year-over-year revenue increase of over 4 times, with a net profit of 2.059 billion yuan in 2025, turning from a loss into profit compared to the previous year. Moore Threads and MuXi Co., Ltd., which both listed on the STAR Market in December last year, released their first annual performance reports after going public. While their revenues doubled, their net losses significantly narrowed year-over-year.

Continued Rise in Computing Power Demand Leads to Significant Revenue Growth for Cambrian

On the evening of February 27, domestic ASIC leader Cambrian announced its 2025 performance briefing. During the reporting period, the company achieved a total operating revenue of 6.497 billion yuan, up 453.21% year-over-year; net profit attributable to parent company owners was 2.059 billion yuan, compared to a net loss of 452 million yuan in the same period last year, marking a turnaround from loss to profit in 2025.

Cambrian stated that benefiting from the continuous increase in demand for computing power in the AI industry, the company has maintained market expansion through its excellent product competitiveness and actively promoted the application of AI scenarios, resulting in substantial revenue growth compared to the same period last year.

As a globally renowned emerging company in the smart chip field, Cambrian’s product system covers cloud, edge, and end-side intelligent chips and boards, smart complete machines, processor IP, and software, capable of meeting various scales of AI computing needs across cloud, edge, and end scenarios.

Strong Demand for High-Performance GPUs Drives Moore Threads’ Revenue Leap

Moore Threads’ performance report shows that in 2025, the company’s revenue reached 1.505 billion yuan, a 243.37% increase from 2024; net profit attributable to parent company owners was -1.024 billion yuan, with a 36.70% reduction in loss compared to the previous year.

Moore Threads indicated that thanks to the booming AI industry and strong market demand for high-performance GPUs, the company’s product advantages, exemplified by the AI training and inference integrated smart computing card MTT S5000, have further expanded. Market attention and recognition continue to grow, driving revenue and gross profit increases, with overall losses narrowing year-over-year.

Specifically, Moore Threads achieved a leap in revenue. From 2022 to 2025, revenue grew from 46 million yuan to 1.505 billion yuan, with a compound annual growth rate exceeding 200%. Meanwhile, the company has consistently invested heavily in R&D, with cumulative R&D expenditure exceeding 4.3 billion yuan from 2022 to the first half of 2025, adhering to the strategy of “driving technological breakthroughs through R&D.” Additionally, losses have continued to narrow, with initial signs of scale effects and ongoing improvement in core operational indicators.

Industry insiders note that in five years, Moore Threads has successfully mass-produced five self-developed chips, building a full-stack computing acceleration product matrix covering AI training, inference, scientific computing, and graphics rendering, and has fully integrated “cloud—edge—end” scene deployment capabilities. Currently, Moore Threads is at a critical transition from “R&D focus” to “scaling profitability.” As technological barriers are reinforced, product maturity increases, and the MUSA ecosystem continues to expand, Moore Threads is expected to follow its successful industry path and accelerate into profitability.

Product Coverage of Mainstream Computing Tracks, MuXi Co., Ltd. Significantly Expands Business Scale

On the same day, MuXi Co., Ltd. also released its performance briefing. In 2025, the company achieved a total operating revenue of 1.644 billion yuan, a 121.26% increase from the previous year; net loss attributable to parent company owners was -781 million yuan, narrowing losses by 44.53%; net loss excluding non-recurring gains and losses was -822 million yuan, narrowing by 21.28% compared to the same period last year.

Regarding this performance, MuXi Co., Ltd. stated that during the reporting period, the company adhered to the “1+6+X” development strategy, increased market expansion efforts, and continuously enhanced its market position and influence in the high-performance GPU industry, promoting deep integration of AI technology across various industries. With excellent product performance and a comprehensive software ecosystem, the company’s products and services have been widely recognized and continuously purchased by downstream clients, resulting in significant business scale growth compared to the same period last year.

The reporter noted that MuXi Co., Ltd. recently launched a new GPU brand and product line—the Xisuo X series. In addition, the company previously introduced high-efficiency GPU products, the Xisi N series, for inference scenarios; launched the Xiyun C series, a high-computing-power integrated training and inference GPU for training scenarios; and released the Xicai G series for graphics rendering, completing a product matrix covering AI inference, AI training, graphics rendering, and scientific intelligence across the four main computing tracks.

Analysts believe that global tech giants are currently in a high-intensity, high-growth capital expenditure cycle, and this wave of investment in core technologies like AI is expected to continue for several years.

The surge in capital expenditure will inevitably lead to an expansion of computing power scale. IDC predicts that by 2028, China’s intelligent computing power will reach 2781.9 EFLOPS. From 2023 to 2028, China’s compound annual growth rate for intelligent computing power is expected to be 46.2%.

Industry insiders suggest that the chip industry for computing power features high barriers to entry, heavy R&D investment, and long development cycles. Companies generally follow a growth path of “R&D breakthroughs—revenue expansion—loss narrowing—profit realization.” The latest performance reports indicate that domestic computing power is entering a stage of value realization amid exploding AI demand.