Semiconductor giants report fast performance, releasing the potential of "core" energy. Domestic computing power enters the stage of value realization.

On the evening of February 27th, three semiconductor "giants" including Cambricon Technologies, Moore Threads, and Muxi Stock released their 2025 annual performance reports. With strong demand for artificial intelligence and computing power, all three companies showed impressive performances. Cambricon Technologies achieved a significant year-on-year increase in revenue, with a net profit of 2.059 billion yuan in 2025, turning losses into profits compared to the previous year. Moore Threads and Muxi Stock, which both went public on the Science and Technology Innovation Board in December last year, also reported their first annual performance reports after listing. While their revenues doubled, the net losses of both companies significantly narrowed year-on-year. Industry insiders believe that the chip industry for computing power has high barriers to entry, requires heavy research and development investment, and has a long development cycle. The growth of companies in this industry generally follows a path of "research and development breakthroughs - revenue growth - narrowing losses - profit realization." The latest performances of the aforementioned companies show that domestic computing power, driven by the explosive demand for AI, is moving towards a phase of value realization.