Domestic computing power demand continues to surge, Sugon’s non-GAAP net profit in 2025 expected to increase by 30% year-on-year | Financial report insights

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Sugon disclosed its 2025 annual performance report on February 24. During the reporting period, the company's revenue increased by 13.86% year-on-year; the growth rate of net profit excluding non-recurring items was significantly higher than that of overall net profit, indicating that the internal growth momentum of the company’s main business is continuously strengthening.

Highlights of the performance report are as follows:

Total revenue was 14.97 billion yuan, up 13.86% year-on-year.Net profit attributable to shareholders was 2.113 billion yuan, up 10.54% year-on-year.Net profit excluding non-recurring items reached 1.785 billion yuan, a significant increase of 30.17% year-on-year.

The company attributes its performance growth to three driving factors: continuous optimization of product structure, provision of diversified high-quality solutions, and ongoing improvements in operational efficiency. Against the backdrop of surging demand for domestic computing power, Sugon, as a leading enterprise in the domestic high-performance computing and server industry, is accelerating its capture of market dividends.

From the balance sheet perspective, the company's total assets increased by 12.47% from the beginning of the year to 41.183 billion yuan, attributable shareholder equity rose to 22.161 billion yuan, net asset per share increased to 15.15 yuan, the financial foundation was further strengthened, and the overall business situation remains stable and positive.

Net Profit Excluding Non-Recurring Items Increases by 30%, Demonstrating Main Business Resilience

In 2025, Sugon achieved total revenue of 14.97 billion yuan, up 13.86% year-on-year, a net increase of 1.822 billion yuan compared to the previous year. This growth rate verifies that the company’s competitive advantage in servers, high-performance computing, and cloud computing infrastructure continues to strengthen.

Benefiting from the rapid expansion of demand for domestic AI model training and inference, coupled with accelerated digital transformation in government and enterprises, the demand for high-performance servers and computing power infrastructure remains strong. The company effectively leveraged its first-mover advantage in domestic technology, capturing the current cyclical boom in the industry.

The profit end shows higher-quality growth. During the reporting period, net profit attributable to shareholders was 2.113 billion yuan, up 10.54% year-on-year; net profit excluding non-recurring items reached 1.785 billion yuan, up 30.17% year-on-year, which is significantly higher than overall net profit growth. The gap between the two growth rates narrowed, indicating less reliance on non-recurring gains, continuous improvement in main business profitability, and profit growth increasingly dependent on genuine business expansion and efficiency improvement.

Operating profit and total profit were 2.451 billion yuan and 2.448 billion yuan, respectively, with year-on-year increases of about 7%, maintaining a healthy profit chain overall.

Steady Expansion of Asset Scale

During the reporting period, basic earnings per share rose from 1.31 yuan last year to 1.45 yuan, up 10.69%, basically matching the net profit growth rate. Equity slightly decreased by 0.01% to 1.463 billion shares. Net asset per share attributable to shareholders increased from 13.94 yuan to 15.15 yuan, up 8.68%, with net assets continually strengthened. The weighted average return on net assets was 9.96%, up 0.15 percentage points from 9.81% last year, indicating stable improvement in earnings efficiency.

By the end of 2025, the company’s total assets reached 41.183 billion yuan, up 12.47% from the beginning of the year; attributable shareholder equity was 22.161 billion yuan, up 8.62% year-on-year, with net asset accumulation and earnings pace aligned. The stable expansion of asset scale not only reflects sustained capital investment in business expansion, but also provides solid support for undertaking larger orders and exploring new business areas in the future.

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