Core business grew 149.6%, inference business surged 238.2%. Iluvatar CoreX delivered an impressive report card for 2025.
Core Business Grows 149.6%, Inference Business Surges 238.2% - Iluvatar Corex Delivers Impressive Report Card for 2025
On March 30th, Iluvatar Corex (9903.HK), a leading Chinese provider of general-purpose GPU products and AI computing power solutions, officially released its 2025 annual performance report. In 2025, the company continued to deepen its focus on the core field of general-purpose GPUs, concentrating efforts on both technological innovation and commercialization. It achieved breakthroughs in core technologies and steadily improved operational quality and efficiency. Amidst the wave of domestic substitution and AI, the company delivered a high-quality development report card to the market.
Data shows that in 2025, Iluvatar Corex achieved revenue of RMB 1.034 billion, a significant year-on-year increase of 91.6%. The revenue scale achieved leapfrog growth, fully reflecting the market competitiveness and explosive demand for its core products. Gross profit reached RMB 558 million, a substantial year-on-year increase of 110.5%. The growth rate of gross profit significantly outpaced revenue growth, highlighting the efficient conversion of the company's technological value into commercial value. Adjusted net loss was RMB 438 million, narrowing by 32.1% year-on-year, exceeding expectations, indicating a continuously improving operational status.
Technology Iteration Strengthens Barriers, Full-Stack Layout Drives High Growth of Core Business
The general-purpose GPU product business is the engine of Iluvatar Corex's performance growth and the core of its competitiveness. In 2025, the company consistently followed the product strategy of "Training and Inference Driven," continuously iterating and upgrading its core products in the TianGai and ZhiKai series. Simultaneously, it actively laid out new tracks in edge-side computing power, comprehensively strengthening its technological barriers.
Data shows that in 2025, revenue generated from the company's general-purpose GPU products reached RMB 923 million, a year-on-year increase of 149.6%, accounting for 89.3% of total revenue for the same year. The endogenous growth of the core business was prominent, becoming the absolute pillar of the company's revenue growth.
Among these, the TianGai series, as Iluvatar Corex's flagship product line focused on training, achieved revenue of RMB 584 million in 2025, a year-on-year increase of 116.7%, becoming a core force in domestic AI training computing power. The ZhiKai series, designed specifically for cloud and edge inference applications, achieved revenue of RMB 339 million in 2025, a substantial year-on-year increase of 238.2%, with a very impressive growth performance.
In 2025, Iluvatar Corex actively promoted software-hardware co-design, continuously improved its full-stack technology layout. During the reporting period, the company released a new-generation software development platform, natively compatible with mainstream industry GPU programming models, providing full-stack software support for the computing power release and large-scale commercial use of its self-developed GPGPU chips.
It is understood that after deep optimization, this platform achieved over 80% improvement in code migration efficiency, supports "minute-level" smooth migration of operators, and its compiled code performance is industry-leading, creating a difficult-to-replicate full-stack technology moat for the company.
In the field of edge-side computing power, in 2025, Iluvatar Corex continued to deepen edge AI development, closely followed cutting-edge and device-side AI development trends. Leveraging its existing general-purpose GPU technology foundation, it introduced the advanced computing product series, TongYang, for applications such as robots and smart terminals, successfully expanding its business boundaries into emerging fields like embodied intelligence.
This product series extends the multi-computing integration and high-concurrency inference capabilities of cloud infrastructure to cutting-edge application scenarios, integrating the computing resources of CPUs and GPUs through different high-speed interfaces. Its core indicators for computing power, latency, and bandwidth have reached international mainstream standards. It has already been deployed in a large number of application scenarios, fully demonstrating the company's technical strength and market competitiveness in the field of edge-side computing power.
Ecosystem Construction Solidifies Foundation, Commercialization Fully Implemented
In terms of developer relations and software ecosystem construction, in 2025, with the DeepSpark open-source community as its core vehicle and based on the solid foundation of having adapted over 610 mainstream algorithm models, Iluvatar Corex continued to increase investment in building a full-dimensional open-source ecosystem and developer system. It strengthened its forward-looking adaptation capability to natively support new model structures and new operators from Day 0 of their release, seamlessly matching the rapid iteration pace of large model technology. This demonstrates the company's profound technical accumulation and ecosystem leadership capabilities in underlying software-hardware co-optimization.
Benefiting from high-quality product strength, robust technical support, and a comprehensive ecosystem layout, Iluvatar Corex achieved significant results in commercialization in 2025, successfully making the key leap from single-point verification to large-scale commercial use.
In 2025, Iluvatar Corex's customer base continued to expand, and industry coverage deepened continuously. It cumulatively served over 340 customers, covering multiple key fields such as the internet, AI large models, scientific research, financial services, healthcare, education, and transportation. Related products and solutions have completed over 1,000 scenario-based deployments and application implementations, steadily realizing commercialization achievements.
Overall, in 2025, relying on its full-stack self-developed technology barriers, integrated training-inference product layout, and deeply cultivated ecosystem construction, Iluvatar Corex achieved high-speed growth in both revenue and gross profit. It stood out in the domestic general-purpose GPU track, achieving multiple impressive results.
Looking ahead, the company will continue to adhere to its independent R&D philosophy, steadily advance the architectural iteration and performance upgrades of its three major product lines—TianGai, ZhiKai, and TongYang, continuously improve the developer ecosystem and software system, and deepen synergistic collaboration with upstream and downstream partners. As a core enterprise in the domestic computing power field, it has broad growth space and possesses outstanding long-term investment value.
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