The three major leading chip companies in A-shares are expected to see improved performance by 2025.

Securities Times Reporter Wu Zhi

On February 27, the three leading A-share chip companies Cambrian, Moore Threads, and Muoxi Co., Ltd. each announced their 2025 earnings forecasts. All three companies showed year-over-year improvement in their performance.

Cambrian achieved operating revenue of 6.497 billion yuan in 2025, a significant increase of 453.21% year-over-year; net profit attributable to shareholders was 2.059 billion yuan, turning from loss to profit, compared to a loss of 452 million yuan in the previous year. The company’s net profit after deducting non-recurring gains and losses was 1.77 billion yuan, compared to a loss of 865 million yuan last year.

Cambrian stated that in 2025, benefiting from the continuous rise in demand for computing power in the artificial intelligence industry, the company continued to expand its market with its excellent product competitiveness, actively promoted the implementation of AI application scenarios, resulting in a substantial increase in revenue. The growth in revenue drove the company to turn losses into profits.

Since its establishment, Cambrian has focused on the research and development of AI chip products and technological innovation, aiming to create core processor chips in the AI field. The company’s main business involves the research, design, and sales of AI chips used in various cloud servers, edge computing devices, and terminal devices. The net profit attributable to shareholders disclosed this time is close to the upper limit of previous earnings forecasts. As of February 27, Cambrian’s market value was approximately 496.7 billion yuan.

Moore Threads announced its 2025 earnings forecast on the evening of February 27. In 2025, the company achieved operating revenue of 1.506 billion yuan, a year-over-year increase of 243.37%; net profit attributable to shareholders was -1.024 billion yuan, with the loss narrowing by 36.70% year-over-year.

Moore Threads stated that benefiting from the development of the AI industry and the strong demand for high-performance GPUs, the company’s product competitiveness and market recognition continued to improve, driving revenue and gross profit growth, and the loss narrowed compared to last year. The company also mentioned that it still maintains high R&D investment and is in a period of continuous R&D expenditure. As of February 27, Moore Threads’ market value was approximately 285.9 billion yuan.

Another domestic GPU company, Muoxi Co., Ltd., also disclosed its earnings forecast. In 2025, Muoxi’s revenue was 1.644 billion yuan, a year-over-year increase of 121.26%; net profit attributable to shareholders was -781 million yuan, and net profit after deducting non-recurring gains and losses was -822 million yuan, with both losses narrowing compared to the previous year.

Muoxi stated that during the reporting period, the company adhered to the “1+6+X” development strategy, increased market expansion efforts, continuously enhanced its market position and influence in the high-performance GPU industry, and promoted the 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 by downstream customers and have maintained ongoing procurement, resulting in significant growth in business scale compared to the same period last year. Muoxi mentioned that in 2025, the company’s GPU product shipments saw a notable increase.

Regarding the narrowing of losses, Muoxi explained that it was mainly due to a significant increase in operating revenue compared to the same period last year, and a reduction in share-based payment expenses, which positively impacted the company’s profits and reduced the loss margin, showing a trend of improved operational performance. As of February 27, Muoxi’s latest market value was 214.3 billion yuan.