MetaX (688802) Q4 2025 earnings summary

Executive summary

• Revenue reached ¥1,644.09 million, up 121.26% year-over-year, driven by strong GPU product shipments and market acceptance.

• Net loss attributable to shareholders narrowed to ¥789.45 million, a 43.97% reduction from the prior year.

• Gross margin improved to 56.51%, up 3.02 percentage points year-over-year.

• R&D investment remained high at ¥1,027.39 million, representing 62.49% of revenue.

• Company listed on the STAR Market in December 2025, raising significant capital.

Financial highlights

• Operating income: ¥1,644.09 million, up 121.26% year-over-year.

• Net loss: ¥789.45 million, loss narrowed by ¥619.43 million year-over-year.

• Operating cash flow: -¥1,260.07 million, improved from -¥2,148.02 million last year.

• Basic and diluted EPS: -2.44 yuan, improved from -7.01 yuan and -6.66 yuan respectively.

• Gross margin: 56.51%, up 3.02 percentage points year-over-year.

Outlook and guidance

• Management expects continued high revenue growth as new products scale and market share expands.

• Losses are expected to continue narrowing as cost controls and product mix improve.

• Next-generation GPU products (C600, X206, C700) are in development and expected to drive future growth.