Shanghai Iluvatar CoreX Semiconductor (9903) H2 2025 earnings summary

Executive summary

• Revenue surged 91.6% year-over-year to RMB1,033.6 million, driven by strong GPGPU product sales and expanded customer base.

• Gross profit rose 110.5% to RMB558.0 million, with gross margin improving to 54.0%.

• Adjusted net loss narrowed by 32.1% to RMB437.7 million, reflecting improved operational efficiency.

• Over 340 customers served and 1,000+ projects deployed across key industries.

Financial highlights

• GPGPU product revenue grew 149.6% to RMB922.6 million, accounting for 89.3% of total revenue.

• TG series (training) revenue up 116.7% to RMB583.7 million; ZK series (inference) up 238.2% to RMB338.9 million.

• AI computing solutions revenue declined 42.2% to RMB96.1 million due to strategic focus shift.

• Gross profit margin increased to 54.0% from 49.1% year-over-year.

• Loss for the year increased 12.5% to RMB1,003.7 million, mainly due to higher R&D and administrative expenses.

Outlook and guidance

• Focus on advancing TG and ZK product lines, targeting both training and inference markets.

• Continued investment in software ecosystem, open-source community, and developer support.

• Expansion into new verticals such as intelligent driving, industrial manufacturing, and smart agriculture.

• Emphasis on edge AI development with TY series for robotics and intelligent terminals.