As 2025 annual report forecasts for the electronics industry are gradually disclosed, Luxshare Precision leads with an expected net profit exceeding 16.5 billion yuan. Among the nine companies that have released forecasts, most hard-tech enterprises focusing on AI chips have achieved growth or significantly reduced losses, demonstrating strong resilience in industrial development.
Against the backdrop of rapid artificial intelligence development, the performance of listed companies in the electronics sector remains robust. According to Wind statistics, as of now, a total of nine listed companies in the electronics industry have released their 2025 annual performance forecasts. Among them, manufacturing leaders represented by Luxshare Precision continue their steady growth, with an estimated net profit scale above 16.5 billion yuan. Hard-tech companies focused on GPUs, AI chips, and power semiconductors mostly report performance growth, while loss-making companies show a significant trend of reducing losses, highlighting long-term resilience underpinned by domestic substitution.
Luxshare Precision leads the performance growth, with AI and globalization serving as dual engines.
Among the electronics companies that have announced 2025 annual performance forecasts, Luxshare Precision (002475.SZ) boasts a massive performance scale and steady growth rate (see attached table). The performance forecast released by Luxshare Precision on October 30, 2025, disclosed that the company is expected to achieve a net profit attributable to shareholders of 16.518 billion yuan to 17.186 billion yuan for the full year 2025, a year-on-year increase of 23.59% to 28.59%; it expects a net profit after extraordinary items of 13.842 billion yuan to 14.810 billion yuan, a year-on-year increase of 18.36% to 26.64%.
The artificial intelligence (AI) wave and the company's global layout are significant reasons driving Luxshare Precision's expected performance growth of 23.59% to 28.59%. In its 2025 performance forecast announcement, Luxshare Precision explicitly stated: Looking ahead to the full year of 2025, the company will continue to deepen its global strategy, fully leverage the strategic pivot role of its overseas production bases, flexibly respond to and closely serve the regional market demands of global customers, and provide more resilient and cost-competitive global manufacturing solutions. Driven by the dual engines of "underlying capability innovation" and "smart manufacturing upgrade," the company will comprehensively enhance cost control efficiency across the entire industry chain, promote the deep integration of smart manufacturing and AI technology, and achieve leaps in production yield and efficiency. Simultaneously, the company will continue to drive the expansion of diversified businesses, increasing strategic investments in emerging fields such as AI edge-side hardware, high-speed data center interconnects, thermal management, smart vehicles, and robotics, building a more resilient business matrix to deliver long-term, stable returns to all shareholders.
In an investor relations activity record released on November 26, 2025, Luxshare Precision stated, "We believe that numerous customers choose Luxshare Precision as their preferred partner based on our multifaceted advantages, including our global layout, vertical integration capabilities, and reliable delivery in stability and mass production, which give customers great confidence. Furthermore, our dual-track empowerment model, ranging from OEM to ODM, is unique within the industry. These comprehensive capabilities enable us to provide deeper hardware integration support for these emerging software-driven clients."
Wang Laichun, Chairman and General Manager of Luxshare Precision, explained during institutional research visits, "We focus on balanced development across short, medium, and long terms, combining organic growth with external mergers and acquisitions to precisely seize industrial opportunities. For example, the automotive and AI businesses that are well-known today were actually areas we began investing in and laying out twelve or thirteen years ago. In the automotive business segment, thanks to the leading position of China's smart electric vehicles, we can confidently propose ambitious goals and implement a global layout."
Public information shows that since 2013, Luxshare Precision has initiated multiple global mergers and acquisitions. Among these, the company acquired Germany's SUK in 2013 to enter the automotive plastic parts field; it acquired ZF TRW's Body Control Systems division in 2018; and in 2025, it completed the acquisition of a 50.1% stake in Leoni AG and a 100% stake in Leoni K. Also in 2025, Luxshare Precision initiated a phased acquisition of the consumer electronics ODM business of Wingtech Technology.
It is worth mentioning that Leoni is the largest automotive wiring harness supplier in Europe and the fourth largest globally, with customers covering over 80% of global automotive brands, including BMW, Mercedes-Benz, and Volkswagen. Through this powerful combination, Luxshare Precision successfully revitalized Leoni's performance. Luxshare disclosed in the aforementioned record that Leoni's number of new project awards increased by 30% in 2025, enhancing its market share in Europe and America. "Both parties firmly believe they will join hands to become the world's largest automotive wiring harness manufacturer."
Currently, approximately two-thirds of Luxshare Precision's production capacity remains in China. It achieves rapid and efficient responses to domestic and international customer demands through the rational allocation of global production capacity. Luxshare Precision stated during investor research that the company has formed a new development pattern of "four carriages": major overseas customers, non-major overseas customers, automotive business, and AI computing power. "Few companies in the current market possess as comprehensive a product portfolio as we do."
Driven by artificial intelligence, chip design companies like Moore Thread and MetaX are reporting positive forecasts.
Among the five electronics companies that successfully listed and began trading in December 2025, four are chip design enterprises: Moore Thread-U, OnMicro-UW, U-Synergy, and MetaX-U.
Moore Thread-U (688795.SH) forecasts full-year 2025 revenue to be between 1.218 billion yuan and 1.498 billion yuan, a year-on-year increase of 177.79% to 241.65%; net profit attributable to shareholders is expected to be between -1.168 billion yuan and -730 million yuan, an improvement (reduction in loss) of 27.82% to 54.89% year-on-year; net profit after extraordinary items is forecast between -1.238 billion yuan and -878 million yuan, an improvement of 24.20% to 46.24%.
In fact, judging from Moore Thread-U's performance in the first three quarters of 2025, the company is actively reducing its losses. According to its disclosure, for the first three quarters of 2025, the company achieved revenue of 784.5992 million yuan, a year-on-year increase of 181.99%; it reported a net profit attributable to shareholders of -723.5286 million yuan, an improvement of 18.71% year-on-year.
Regarding this, Moore Thread-U stated, "For the overall period of January-September 2025, influenced by the vigorous development of artificial intelligence and the acceleration of domestic substitution, the company's performance showed an upward trend, with revenue increasing rapidly and the scale of losses narrowing."
Simultaneously, the net cash flow from operating activities for Moore Thread-U in the first three quarters of 2025 was -1.4995399 billion yuan, compared to -1.4147578 billion yuan in the same period last year, representing an increase in outflow of 5.99%; net cash flow from investing activities was -2.7365142 billion yuan, with outflow increasing by 806.83%. The company pointed out, "The net cash flows from operating and financing activities remained basically stable compared to the same period in 2024. The increase in net cash outflow from investing activities was mainly due to the company's completion of Pre-IPO financing at the end of 2024, leading to the appropriate purchase of bank wealth management products in 2025 to enhance the efficiency of idle fund management."
Similarly, MetaX-U (688802.SH), considering factors such as the persistently strong downstream market demand in the AI computing industry, the substantial growth in shipments of its core products, ample orders on hand, and cost and expense budget planning, forecasts full-year 2025 revenue of 1.5 billion yuan to 1.98 billion yuan, a year-on-year increase of 101.86% to 166.46%, and a net profit attributable to shareholders of -763 million yuan to -527 million yuan, representing a reduction in loss of 45.84% to 62.59% year-on-year.
MetaX-U disclosed that in the first three quarters of 2025, the commercialization process of its core integrated training and inference product series continued to advance, with shipment volume increasing significantly, driving a substantial year-on-year increase in revenue. As the company's revenue grew rapidly, the scale of its losses narrowed significantly. In the first three quarters of 2025, MetaX-U achieved revenue of 1.2360856 billion yuan, a surge of 453.52% year-on-year; it reported a net profit attributable to shareholders of -345.5021 million yuan, reducing its loss by 55.79% year-on-year.
Looking at quarterly performance, in April-June 2025, MetaX-U achieved revenue of 594.5157 million yuan, up 237.87% year-on-year, and a net profit attributable to shareholders of 46.6189 million yuan, achieving profitability for the single quarter; in July-September 2025, the company's revenue was 321.1546 million yuan, up 665.32% year-on-year, with a net profit attributable to shareholders of -159.6088 million yuan, reducing the loss by 40.64% year-on-year.
In contrast to the significant loss reductions, U-Synergy (688807.SH) has a performance forecast type of "slight increase," meaning its performance is positive and maintains some growth.
U-Synergy forecasts that in 2025, its revenue will be 475 million yuan to 495 million yuan, a year-on-year increase of 15.70% to 20.57%; net profit attributable to shareholders will be 92 million yuan to 98 million yuan, up 18.15% to 25.86%; net profit after extraordinary items will be 80 million yuan to 86 million yuan, up 16.67% to 25.42%; net profit after extraordinary items (excluding share-based payment effects) will be 98 million yuan to 104 million yuan, up 16.22% to 23.33%. The company stated that the growth in revenue and profit is primarily due to increased sales revenue.
Comparing with the performance in the first three quarters of 2025, U-Synergy's full-year 2025 performance is consistent. In the first three quarters of 2025, the company achieved revenue of 357.3809 million yuan, a year-on-year increase of 18.33%; it realized a net profit attributable to shareholders of 72.9409 million yuan, up 17.11% year-on-year.
Among the aforementioned four chip design companies, OnMicro-UW (688790.SH) is the only one with uncertainty regarding the scale of its losses. OnMicro-UW forecasts that its 2025 annual revenue will be approximately 1.9054112 billion yuan to 2.2749068 billion yuan, representing a year-on-year change of about -9.32% to 8.26%; net profit attributable to shareholders is expected to be approximately -112.86 million yuan to -41.7088 million yuan, with a year-on-year change of about -74.41% to 35.54%.
In the first three quarters of 2025, OnMicro-UW's revenue was 1.3348053 billion yuan, a decrease of 20.69% year-on-year; it reported a net profit attributable to shareholders of -62.7719 million yuan, a decrease of 426.66% year-on-year; its net profit after extraordinary items was -89.5827 million yuan, a decrease of 121.67% year-on-year. The company attributed the decrease in revenue mainly to reduced procurement by end customer A, which also led to a certain degree of decline in net profit.
However, looking specifically at the third quarter of 2025, OnMicro-UW's revenue and performance showed signs of improvement. According to OnMicro-UW's disclosure, in Q3 2025, the company achieved revenue of 491.2141 million yuan, an increase of 11.84% year-on-year; it reported a net profit attributable to shareholders of -22.4725 million yuan, an improvement (reduction in loss) of 24.03% year-on-year; and a net profit after extraordinary items of -28.5163 million yuan, an improvement of 42.77% year-on-year. This improvement was due to a significant year-on-year increase in procurement amounts from brand customers like Samsung and vivo.
From an institutional perspective, U-Synergy is viewed favorably by institutions. HuaJin Securities' new stock coverage research indicates that U-Synergy specializes in the R&D, design, and sales of optical communication front-end transceiver chips, with application scenarios covering access networks, 4G/5G/5G-A wireless networks, data centers, metropolitan area networks, and backbone networks. HuaJin Securities believes that U-Synergy is one of the major suppliers in the global optical communication electrical chip field, holding a leading position in the 10Gbps and below rate market, while products at 25G rates and above have entered a stage of rapid volume growth. Simultaneously, the company continues to iterate products around high-speed optical communication direction and has achieved substantial breakthroughs. For instance, the company was the first to achieve mass shipment of 25G PON symmetric burst transceiver integrated chips and has completed the return of key electrical chips for the 50G PON solution, entering the R&D verification stage, with mass production expected in 2026.
QiangYi shares forecast growth; SMIC and Cambricon expect to achieve revenue targets.
C QiangYi (stock abbreviation "QiangYi Shares"), a semiconductor equipment company listed in December 2025 under the Shenwan industry classification, began trading on December 30, 2025.
QiangYi Shares (688809.SH) forecasts that for the full year 2025, the company will achieve revenue of approximately 950 million yuan to 1.05 billion yuan, a year-on-year increase of about 48.12% to 63.71%; net profit attributable to shareholders is expected to be 355 million yuan to 420 million yuan, an increase of approximately 52.30% to 80.18%. The reasons for this performance are consistent with those for the changes in the January-September 2025 period.
According to QiangYi Shares' disclosure, for the first three quarters of 2025, the company achieved revenue of 647.0797 million yuan, a year-on-year increase of 65.88%, with revenue in July-September 2025 reaching 272.6775 million yuan, up 41.61% year-on-year; it realized a net profit attributable to shareholders of 249.7799 million yuan, a surge of 90.55% year-on-year. This performance is attributed to the strong business development momentum of its major customers, the company's continuous efforts to meet customer demands, sustained rapid growth in operating scale, and maintaining a high gross margin level, which further enhanced profitability.
The high growth of QiangYi Shares in the first three quarters of 2025 is also reflected in its cash flow. The company disclosed that for January-September 2025, the net cash flow from operating activities was 226.4214 million yuan, an increase of 91.07% year-on-year.
Public information shows that QiangYi Shares focuses on serving high-tech enterprises in semiconductor design and manufacturing, specializing in the R&D, design, production, and sales of probe cards, a core hardware component for wafer testing. From 2022 to 2024, the company achieved net profits attributable to shareholders of 15.6224 million yuan, 18.6577 million yuan, and 233.097 million yuan, representing year-on-year growth rates of 216.95%, 19.43%, and 1149.33%, respectively.
Data cited in QiangYi Shares' prospectus indicates that with the relatively rapid development of the semiconductor industry, the global probe card market size is expected to increase from $2.651 billion in 2024 to $3.972 billion by 2029. Simultaneously, domestic probe card manufacturers hold less than 5% of the global market share, indicating vast space for domestic substitution.
HuaJin Securities released a research report pointing out that against the backdrop of relatively fast development in the semiconductor industry and the accelerating trend of domestic substitution, the domestic probe card market is expected to embrace broader development space. QiangYi Shares is a leading manufacturer with independent R&D and mass production capabilities for MEMS probes and probe cards, and has developed into the only domestic company among the top ten global semiconductor probe card manufacturers. Meanwhile, QiangYi Shares is increasing its layout in the memory sector, having completed the verification and small-batch delivery of some 2.5D MEMS probe cards for the memory field in 2024. Driven by AI demand, the market share of probe cards applied in the memory field is showing an overall growing trend.
Unlike newly listed companies that simultaneously release 2025 performance forecasts, SMEC (Shengmei Shanghai) in the semiconductor equipment sector and Cambricon-U in the digital chip design sector released their 2025 performance predictions relatively earlier.
Shengmei Shanghai (688082.SH), in a "Voluntary Disclosure of 2024 Operating Performance and 2025 Operating Performance Forecast" announcement released on January 15, 2025, disclosed that it expects full-year 2025 revenue to be between 6.5 billion yuan and 7.1 billion yuan. Cambricon-U, in a "Stock Trading Risk提示 Announcement" on August 29, 2025, stated that it expects to achieve full-year 2025 revenue of 5 billion yuan to 7 billion yuan.
Shengmei Shanghai achieved revenue of 5.146 billion yuan in the first three quarters of 2025, a year-on-year increase of 29.42%; net profit attributable to shareholders was 1.266 billion yuan, up 66.99% year-on-year. By quarter, from Q1 to Q3 2025, the company achieved revenues of 1.306 billion yuan, 1.959 billion yuan, and 1.881 billion yuan, respectively. Based on the performance in Q4 2023 and 2024, where revenue was flat with or slightly higher than Q3, its 2025 revenue "target" is expected to be perfectly met, potentially reaching 7 billion yuan.
Cambricon-U (688256.SH) achieved explosive growth in performance for the first three quarters of 2025. The company disclosed that it achieved revenue of 4.607 billion yuan in the first three quarters of 2025, a staggering increase of 2386.38% year-on-year; it realized a net profit attributable to shareholders of 1.605 billion yuan, turning a profit compared to a loss of 724 million yuan in the same period last year. By quarter, in Q1, Q2, and Q3 2025, the company achieved revenues of 1.111 billion yuan, 1.769 billion yuan, and 1.727 billion yuan, respectively. Following the "convention" from 2023 and 2024 where Q4 revenue far exceeded Q3, its full-year revenue is expected to exceed 6 billion yuan.
Simultaneously, both Shengmei Shanghai and Cambricon-U have relatively ample orders on hand, and their prospects for sustained profitability are viewed optimistically. AJ Securities, in a recent report initiating coverage on Shengmei Shanghai, pointed out that Shengmei Shanghai had orders on hand totaling 9.072 billion yuan (as of September 29, 2025), with the structure clearly pointing to the main theme of memory wafer fab capacity expansion. Against the backdrop of strong certainty for capacity expansion by Chinese memory manufacturers, the company is expected to fully benefit and accelerate performance realization.
For Cambricon-U, First Shanghai Securities, in a recent report, is optimistic about its leading role in the AI wave and the domestic substitution process. For instance, with the accelerated implementation of AI applications, demand outlook from Cambricon-U's major customers is positive. Cambricon-U's products have demonstrated excellent performance in specific customer scenarios for large model training and inference, intelligent vision, speech processing, recommendation systems, and other typical AI scenarios, and are expected to achieve continuous breakthroughs in orders.
(Mentioned stocks are for illustrative analysis only and do not constitute investment advice.)
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