BIREN TECH (06082.HK), recognized as the first domestic GPU stock listed in Hong Kong, has released its inaugural annual report. After market close on March 30, the leading domestic provider of general-purpose intelligent computing solutions announced its full-year 2025 results. During the reporting period, BIREN TECH achieved annual revenue of 1.035 billion yuan, representing a substantial increase of 207.2% year-over-year. Gross profit showed continuous improvement, reaching 557 million yuan, with the gross margin rising by 63 basis points to 53.8%. Concurrently, the company's research and development expenditure grew by 78.5% year-over-year to 1.476 billion yuan. The adjusted annual loss was approximately 874 million yuan.
As one of the highly anticipated "Four Domestic GPU Dragons," questions surround the true caliber of BIREN TECH's technology and its market prospects. This annual report may provide investors with some answers.
Heavy investment in R&D underpins growth, with next-generation BR20X chip slated for release this year. Founded in 2019, BIREN TECH's six-year history encapsulates the typical journey of a domestic high-end GPU company: from inception and financing, to technological breakthroughs, navigating external pressures, and finally accessing capital markets.
Since its establishment, BIREN TECH has launched three chips—BR106, BR110, and BR116—alongside a series of hardware products based on GPGPU. To address challenges developers face in migration, the company independently developed the integrated software-hardware platform BIRENSUPA. Its solutions can cover various AI model training and inference scenarios from cloud to edge.
The annual report indicates that in 2025, BIREN TECH achieved full-form mass production and scaled delivery of its flagship general-purpose GPU products, BR106 and BR166. Specifically, the BR166 series began mass production in August 2025 and was rapidly deployed in less than six months, contributing significantly to the company's leap in performance. BIREN TECH successfully delivered several thousand-card intelligent computing clusters during the year, further expanding its base of high-quality customers.
At the system level, the company has successfully delivered multiple large-scale intelligent computing cluster projects, including a 2048-card optical interconnect and optical switching GPU super-node cluster, along with several commercially deployed thousand-card clusters. In 2025, BIREN TECH focused on key industries with high computing power demands, deepening relationships with high-value clients. It successfully secured coverage across national computing power platforms, telecommunications operators, commercial AIDCs, AI/large model companies, and enterprise customers.
The report also revealed that BIREN TECH plans to officially launch its next-generation BR20X chip and a full product series in 2026. While maintaining a leading edge in training capabilities, the new products are optimized to precisely address the exponential growth in computing power demand anticipated in the inference era. They feature comprehensive upgrades in computing density, memory capacity and bandwidth, and interconnect capabilities, supporting low-precision computations like FP8/FP4, achieving dual breakthroughs in both performance and energy efficiency.
Behind this "hard power" is BIREN TECH's emphasis on intensive technological investment. Upholding its mission of "Domestic Core, Domestic Design, Domestic Manufacture, Domestic Use," the company continues to accelerate the R&D iteration of its fully self-sufficient, full-stack software and hardware products, building a robust domestic computing power technology system. Over the past three years, BIREN TECH has invested a total of 3.189 billion yuan in R&D, with the 2025 investment of 1.476 billion yuan primarily laying the groundwork for the mass production of next-generation products.
Despite the significant increase in R&D spending, BIREN TECH demonstrated exceptional improvement in operational efficiency. The company's adjusted annual loss for 2025 was approximately 874 million yuan, indicating that revenue growth has begun to effectively dilute the R&D investment as products reach scaled delivery, with operating leverage effects starting to materialize.
Further enhancing supply chain capabilities, anchoring four strategic directions. From the current industry landscape, competition in the global high-end GPU and AI accelerator chip market is becoming increasingly segmented. NVIDIA's dominance in data centers and AI training continues to strengthen, with its advantages extending beyond chips themselves to encompass software frameworks, development tools, system solutions, and even ecosystem lock-in.
BIREN TECH stated that regarding software ecosystem development, it is continuously optimizing support for open-source frameworks like PyTorch, vLLM, and SGLang, as well as open-source ecosystems like Triton and TileLang, to reduce customer migration costs. Simultaneously, it is persistently advancing its open-source software strategy to build a broader ecosystem around its proprietary software stack, BIRENSUPA™.
As of February 28, 2026, BIREN TECH's global publicly disclosed patents exceeded 1,630, ranking first among Chinese general-purpose GPU companies. Its globally granted patents surpassed 730, also topping the list for Chinese general-purpose GPU firms. The invention patent grant rate reached 100%, placing it at the forefront among domestic chip companies.
Furthermore, through strategic collaborations, diversified layouts, and technological synergies, BIREN TECH has further strengthened its supply chain capabilities, solidifying the certainty of long-term delivery. By the end of last year, the company's inventory balance reached 949 million yuan, a 520.4% year-over-year increase, aimed at meeting robust downstream demand and ensuring supply chain resilience.
Simultaneously, BIREN TECH maintains ample capital reserves. As of the end of 2025, the company's total capital resources, including cash and financial assets, amounted to 2.896 billion yuan. Combined with the net proceeds of approximately 5.631 billion yuan from its Hong Kong IPO in early 2026, the total exceeds 8.5 billion yuan, providing sufficient assurance for ongoing technological R&D, capacity expansion, and commercial deployment.
Looking ahead to 2026, BIREN TECH pointed out that the global AI industry is transitioning from computing infrastructure construction to a period of commercial realization. System efficiency, ecosystem vitality, and supply chain resilience have become the three core foundational pillars. To build enduring competitiveness, the company will continue to focus on four strategic directions: forward-looking R&D, deepening its integrated business model, constructing a robust supply chain, and establishing an AI-driven organization.
The global AI computing power track where BIREN TECH operates is currently in a phase of rapid development. According to data from CIC, the global intelligent computing chip market, calculated by revenue, grew rapidly from 6.6 billion USD in 2020 to 119 billion USD in 2024, achieving a compound annual growth rate (CAGR) of 106.0%. The market is projected to maintain rapid growth over the next five years, reaching 585.7 billion USD by 2029.
Concurrently, domestic market demand is experiencing synchronous, if not faster, growth. Influenced by both changes in the external environment and the rapid increase in computing power demand, the localization of high-end GPUs has been assigned greater strategic significance. Against the backdrop of deepening Sino-US AI competition and computing power becoming a core factor of production, companies that can establish a firm footing at the infrastructure layer are more likely to endure cycles and gradually amplify their own value.
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