The three major A-share chip giants' results for last year are revealed: Cambrian turns profitable, Mooresoft and Muxi Holdings narrow losses

On February 27, Cambrian, Moore Threads, and Mu Xi Co., Ltd. each disclosed their 2025 performance brief.

Cambrian achieved operating revenue of 6.497 billion yuan in 2025, a significant increase of 453.21% year-on-year; net profit attributable to shareholders was 2.059 billion yuan, turning from loss to profit. Cambrian’s non-recurring net profit 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 computing power demand in the AI industry, the company continued to expand its market with excellent product competitiveness, actively promoted the implementation of AI application scenarios, resulting in a substantial increase in revenue compared to the same period last year. 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, committed to creating core processor chips in the AI field. The company’s main business involves the research, design, and sales of AI core chips used in various cloud servers, edge computing devices, and terminal devices.

Cambrian previously disclosed a performance forecast estimating a net profit attributable to shareholders of 1.85 billion to 2.15 billion yuan in 2025. The disclosed net profit of 2.059 billion yuan is close to the upper limit of the forecast. As of February 27, Cambrian’s market value was approximately 496.7 billion yuan.

Moore Threads disclosed its 2025 performance brief on the evening of February 27, showing that in 2025, the company achieved operating revenue of 1.506 billion yuan, a year-on-year increase of 243.37%; net profit attributable to shareholders was -1.024 billion yuan, with a narrowed loss compared to the previous year.

Moore Threads stated that benefiting from the development of the AI industry and the strong demand in the high-performance GPU market, the company’s product competitiveness and market recognition continued to improve, driving revenue and gross profit growth, with the loss narrowing year-on-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, Mu Xi Co., Ltd., also disclosed its performance brief. In 2025, Mu Xi’s operating revenue was 1.644 billion yuan, a year-on-year increase of 121.26%; net profit attributable to shareholders was -781 million yuan, and non-recurring net profit was -822 million yuan, with both losses narrowing compared to the previous year.

Mu Xi 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 received widespread recognition and ongoing procurement from downstream customers, resulting in significant growth in business scale compared to the same period last year. Mu Xi mentioned that in 2025, the company’s GPU shipment volume saw a notable increase.

Regarding the narrowed losses, Mu Xi stated 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, Mu Xi’s latest market value was 214.3 billion yuan.

(Source: Securities Times)