VeriSilicon Microelectronics (Shanghai) (688521) Q4 2025 earnings summary

Executive summary

• Achieved revenue of RMB 3.15 billion in 2025, up 35.77% year-over-year, driven by strong growth in chip mass production and design services.

• Net loss attributable to shareholders narrowed to RMB -527.81 million, with adjusted net loss (excluding non-recurring items) at RMB -613.60 million.

• Gross margin was 34.19%, down 5.68 percentage points year-over-year due to revenue mix shift.

• R&D investment remained high at RMB 1.35 billion, accounting for 42.78% of revenue.

• No cash dividend or bonus shares proposed due to accumulated losses and negative operating cash flow.

Financial highlights

• Revenue: RMB 3.15 billion, up 35.77% year-over-year.

• Net loss: RMB -527.81 million, improved from RMB -600.88 million last year.

• Gross profit: RMB 1.08 billion, up 16.43% year-over-year.

• Operating cash flow: RMB -221.69 million, improved from RMB -345.99 million last year.

• Total assets: RMB 7.72 billion, up 66.69% year-over-year.

• Net assets: RMB 3.42 billion, up 61.03% year-over-year.

Outlook and guidance

• Focus on expanding AI ASIC, automotive, wearable, data center, and IoT markets.

• Continue high R&D investment and platform/ecosystem development for AI and Chiplet technologies.

• Targeting further growth in cloud and edge AI, with strong order backlog supporting future revenue.