On October 8, 2025, Verisilicon Microelectronics released its third-quarter operating data, achieving a record-high quarterly revenue of 12.84 billion yuan, surging 119.74% quarter-over-quarter and growing 78.77% year-over-year. Key metrics including Q3 new orders of 15.93 billion yuan, AI computing orders accounting for 65%, and total orders on hand reaching 32.86 billion yuan paint a picture of robust growth trajectory for this "AI ASIC leader."
**Order Explosion: AI Computing Demand Creates "Super Order Season"**
The explosive performance of Verisilicon in the third quarter was primarily driven by surging demand in the AI computing market. Data shows the company signed 15.93 billion yuan in new orders during Q3, up 145.8% year-over-year, with AI computing-related orders accounting for as much as 65%. This directly propelled cumulative new orders for the first three quarters to 32.49 billion yuan, exceeding the full-year 2024 order volume.
From a business structure perspective, the one-stop chip customization business has become the growth engine. Q3 chip design business revenue reached 4.29 billion yuan, up 80.67% year-over-year, while volume production business revenue hit 6.09 billion yuan, growing 158.12% year-over-year. Meanwhile, one-stop chip customization business accounts for nearly 90% of orders on hand, with 80% expected to convert to revenue within one year, providing certainty for future performance.
**Strategic Positioning: M&A Chain Completion and Ecosystem Building**
Facing intense competition in the AI computing market, Verisilicon has strengthened its competitive barriers through acquisitions and ecosystem partnerships. In September 2025, the company announced plans to acquire a 97% stake in domestic RISC-V CPU IP leader Core-Driven Technology, addressing CPU IP shortcomings and forming a "GPU/NPU + RISC-V" full-stack heterogeneous computing platform to directly compete with the ARM ecosystem. Additionally, as the inaugural chairman unit of China's RISC-V Industry Alliance, the company is promoting domestic substitution of open-source instruction set ecosystems.
At the customer level, Verisilicon has established deep partnerships with Samsung, Google, Amazon, Microsoft, and major domestic internet giants. This strategy of "binding with leading customers + covering the entire industry chain" has secured first-mover advantages in the AI computing customization market.
**Challenges and Outlook: Profitability Inflection Point Under Scale Effects**
Despite significantly narrowed losses both year-over-year and quarter-over-quarter in Q3, Verisilicon remains unprofitable. This primarily stems from high R&D investment (R&D expenses exceeded 60% of revenue in H1 2025) and relatively low gross margins for one-stop business (only 18%). However, as order scale expands and advanced processes penetrate further, scale effects are gradually emerging.
In the current landscape where AI computing is reshaping the semiconductor industry, Verisilicon's performance explosion is no coincidence. From IP licensing to AI ASIC customization, from technological barriers to ecosystem positioning, this company is writing a new growth chapter in the trillion-yuan market with its "China chip" stance.
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