At a pivotal stage in the formulation of the "16th Five-Year Plan," high-level technological self-reliance and self-strengthening, serving as a strategic pillar for high-quality development, are propelling a cohort of hard-tech enterprises into a rapid growth trajectory. On February 28, the 2025 annual performance report disclosed by Metax Integrated Circuits (Shanghai) Co., Ltd. (688802), a leading domestic company in the high-performance GPU sector, provided a vivid illustration of this progress. The data indicates that the company not only delivered results meeting or exceeding market expectations but also demonstrated robust growth momentum, showcasing the determined stride of the domestic computing infrastructure from "R&D攻坚" towards "value realization."
The core highlights of this performance report lie in the continuous expansion of revenue scale and significant improvement in operational quality. For the full year 2025, Metax Integrated Circuits achieved total operating revenue of 1.644 billion yuan, a substantial increase of 121.26% compared to the same period last year. This leap-forward growth is not coincidental; it stems from the widespread recognition and ongoing procurement of the company's products and services by downstream clients. The significant increase in GPU product shipments directly translated technological strength into market share.
While revenue grew rapidly, the net profit attributable to owners of the parent company narrowed by 44.53% year-on-year. This trend towards reduced losses and improved performance is primarily attributed to the scale effects brought by the substantial revenue growth, alongside positive impacts on profit from factors such as reduced share-based payment expenses. This marks the company's gradual entry into a virtuous development cycle of "revenue expansion – loss narrowing," fully aligning with market expectations for the growth trajectory of companies with high R&D investment.
Viewing this performance against the broader backdrop of the "16th Five-Year Plan" proposal, which emphasizes "achieving decisive breakthroughs in key core technologies across the entire chain in critical areas like integrated circuits," the growth of Metax Integrated Circuits carries heightened strategic significance. Computing power, as a new quality productive force in the digital economy era, is a core element supporting the "East Data, West Computing" project and the national integrated computing power network.
Metax Integrated Circuits adheres to its "1+6+X" development strategy: relying on a unified, self-developed computing power base to empower six key industries—finance, healthcare, energy, education/research, transportation, and major entertainment—while radiating out to thousands of sectors. During the reporting period, the company not only completed its listing on the STAR Market, using capital to bolster its R&D "ammunition," but also achieved frequent successes in products and technology. The company has established a complete product matrix covering AI inference (Xisi N-Series), integrated training and inference (Xiyun C-Series), graphics rendering (Xicai G-Series), and scientific intelligence (Xisuo X-Series), achieving comprehensive coverage of mainstream computing segments.
Notably, the launch of the Xiyun C600 product realized a fully domestic supply chain closed-loop from chip design and manufacturing to packaging and testing, providing solid support for the security and controllability of the digital economy. Over the past three months, Metax's Xiyun C-Series GPUs have successively completed simultaneous first-day adaptations for multiple top-tier large models, including Tongyi Qianwen Qwen3.5, Zhipu ai GLM-5, StepFun Step3.5Flash, and PaddleOCR-VL-1.5. This achievement covers the full spectrum from flagship to medium-sized models and from language to multimodal models, demonstrating极强的适配效率与协同能力.
Looking ahead, with the continued increase in national support for technological innovation during the "16th Five-Year Plan" period and the deepening integration of artificial intelligence across industries, Metax Integrated Circuits, backed by ample orders on hand, a clear product strategy of "selling one generation, developing one generation, and pre-researching one generation," and a continuously optimizing financial structure, is at a critical juncture advancing from a domestic GPU "leader" towards a "game-changer." The 2025 performance data not only represents the reward for a year of persistent independent R&D and market expansion but also serves as a clear signal that the company is on the eve of profitability realization and is poised to occupy a core ecosystem position in the golden era of computing power.
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