Shanghai Biren Technology (6082) Q4 2025 earnings summary

Executive summary

• Revenue surged 207.2% year-over-year to RMB1,034.6 million, driven by scaled deployment of GPGPU products and intelligent computing solutions.

• Gross profit rose 210.8% to RMB557.0 million, with gross margin improving to 53.8%.

• Significant R&D investment (RMB1,476.1 million, up 78.5%) supported next-generation product development and ecosystem expansion.

• Adjusted loss for the year (non-IFRS) was RMB873.8 million, reflecting continued investment in innovation.

• Loss for the year ballooned to RMB16,493.0 million, mainly due to non-cash redemption liabilities, which were converted to equity post-listing.

Financial highlights

• Revenue from intelligent computing solutions increased 205.1% to RMB1,027.7 million.

• Cost of sales rose 203.0% to RMB477.6 million, in line with business growth.

• Other income increased 189.6% to RMB289.6 million, mainly from government grants.

• Finance cost-net soared to RMB15,451.2 million due to fair value changes in redemption liabilities.

• Gearing ratio reached 502.9%, driven by redemption liabilities, which were converted to equity after listing.

Outlook and guidance

• Focus on advancing proprietary GPU architectures, system-level innovation, and open-source software ecosystem.

• Next-generation BR20X series to launch in 2026, targeting exponential inference growth and energy efficiency.

• Strategic initiatives include business model evolution, supply chain resilience, and AI-powered organizational transformation.

• Ample liquidity and listing proceeds ensure funding for R&D, capacity expansion, and commercial deployment.