Biren Tech (06082.HK), a leading domestic GPU developer, announced a 207% increase in revenue for 2025. Following the market close on March 30, the company released its full-year results, reporting revenue of RMB 1.035 billion, up 207.2% year-over-year. Gross profit reached RMB 557 million, a 210.8% increase, with the gross margin rising to 53.8%, up 63 basis points.
During the reporting period, research and development expenses totaled RMB 1.476 billion, growing 78.5% compared to the previous year. The adjusted annual loss was RMB 874 million, widening by 13.9% year-over-year, reflecting the company's continued investment in new product development to meet future market demands.
Founded in 2019, Biren Tech is a Shanghai-based high-performance general-purpose computing chip company focused on developing general-purpose GPUs and AI acceleration chips. Its solutions target AI training, inference, and high-performance computing applications.
In January, Biren Tech became the first new listing of the year on the Hong Kong Stock Exchange. On March 30, the company's shares closed at HKD 28.36 per share, down 0.77%, with a total market capitalization of HKD 69.2 billion.
According to the financial report, the company held RMB 2.896 billion in cash and cash equivalents, bank deposits, restricted cash, and current financial assets measured at fair value through profit or loss as of the reporting period end. Combined with net proceeds of RMB 5.631 billion from its H-share listing on the Hong Kong Stock Exchange in early 2026, this provides sufficient funding for ongoing technology development, capacity expansion, and commercial deployment.
Additionally, inventory balances reached RMB 949 million by the end of 2025, a 520.4% increase year-over-year, addressing strong downstream demand and ensuring supply chain resilience.
During the reporting period, the company successfully delivered multiple large-scale intelligent computing cluster projects, including a 2048-card optical interconnect GPU super-node cluster and several commercialized thousand-card level intelligent computing clusters. Clients include national computing power platforms, telecommunications operators, commercial AIDC providers, AI/large model companies, and enterprise customers.
Regarding product iteration, the company plans to officially launch its next-generation BR20X chip and full product series in 2026. The new chip maintains leading training capabilities while optimizing for exponential computing power growth in the inference era. It features comprehensive upgrades in computing density, memory capacity and bandwidth, and interconnect capabilities, supporting low-precision computations such as FP8/FP4, achieving breakthroughs in both performance and energy efficiency.
Looking ahead, Biren Tech believes that system efficiency, ecosystem development, and supply chain resilience are fundamental to the global AI industry's growth. The company will continue to focus on four strategic directions: forward-looking R&D, deepening integrated business models, building a robust supply chain, and establishing an AI-driven organization.
Previously, according to the company's prospectus, Biren Tech achieved rapid revenue growth from 2022 to 2024, with figures of RMB 499,000, RMB 62.03 million, and RMB 337 million, respectively. Net losses during the same period were RMB 1.474 billion, RMB 1.744 billion, and RMB 1.538 billion.
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