Performance | Biren's revenue surged by 207% last year, with the QianKa cluster delivery

Domestic image processing processor (GPU) company Biren Technology (06082) announced its full-year results. For the year ending December 31, 2025, operating revenue surged 207% year-on-year to RMB 1.035 billion (Renminbi, same below); on a non-IFRS basis, an adjusted loss of RMB 874 million was recorded, representing an increase of approximately 14% compared to the same period last year.

During the period, gross profit reached RMB 557 million, an increase of 210.8% year-on-year, with a gross margin of 53.8%, up 63 basis points from the previous year. R&D expenses amounted to RMB 1.476 billion, a rise of 78.5% year-on-year. R&D investment significantly increased alongside product technological iteration. The company continued to focus on mass production of its next-generation product BR20X and the ongoing development of system-level capabilities, with plans to launch these within this year.

From “selling cards” to “delivering systems”

In 2025, nearly all operating revenue was derived from sales of intelligent computing solution products. The company attributed its growth to the BR10X series flagship. With the general-purpose GPU achieving full-form factor mass production and large-scale delivery, it also completed delivery of multiple thousand-card-level intelligent computing clusters. Customers include national-level computing power platforms, telecom operators, commercial AIDC, AI/foundation model companies, and enterprise clients. The models or platforms mentioned include DeepSeek, MiniMax (00100), Zhipu (02513) GLM, Alibaba (09988) Qwen large model (“Qwen”), Jieyue Xingchen Step, Tencent (00700) Hunyuan, among others.

The group emphasized that it has established end-to-end capabilities of “chips + systems + vertical scenarios.” These scenarios cover AIGC, AI Agents/AI Coding, fintech, intelligent manufacturing, government affairs, and education, among others. This indicates that the company’s current commercialization path is more aligned with providing computing power system solutions rather than merely supplying individual chips.