Xinyuan Co., Ltd. 25 Half-Year Report Review: A Leader in AI ASIC/SOC with Equal Focus on Cloud and Edge
Event: The company released its 2025 half-year report, in which the company achieved a revenue of 974 million yuan in 1H2025, a year-on-year increase of 4.49%; the net profit attributable to the parent company was -320 million yuan, a year-on-year decrease of -12.30%. The revenue for a single quarter was 584 million yuan, a year-on-year decrease of -4.84%, but a quarter-on-quarter increase of +49.90%; the net profit attributable to the parent company was -100 million yuan, significantly reducing losses quarter-on-quarter.
IP licensing& volume business maintains rapid growth: In 2Q2025, the company is expected to achieve revenue from intellectual property licensing fees of 187 million yuan, a quarter-on-quarter increase of 99.63% and a year-on-year increase of 16.97%; the revenue from volume business in a single quarter was 261 million yuan, a quarter-on-quarter increase of 79.01% and a year-on-year increase of 11.65%.
ASIC business orders saw a significant quarter-on-quarter increase: As of 2Q2025, the company had an order amount of 3.025 billion yuan, setting a historical high for the order amount, with new orders in Q2 reaching 1.182 billion yuan, a quarter-on-quarter increase of 150%, among which the custom chip design ASIC business orders exceeded 700 million, with a quarter-on-quarter increase of over 700% and a year-on-year increase of over 350%.
Cloud and edge AI ASIC/SOC develop simultaneously: We see that the company, in addition to the cloud-based VPU and potential AI ASIC products widely used by internet companies and cloud service providers, also has a long-term and deep layout in the edge AI field. The NPU IP has been adopted in over 140 chips from 91 customers, with multi-core expansion NPU computing power reserves reaching 400 TOPS. The company has formed a core competitive advantage on both the edge and cloud sides.
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