Author：Wall Street CN

The AI computing power wave has driven a surge in demand for enterprise-grade storage, leading to a comprehensive acceleration in Shannon's performance.

On April 7, Shannon Core Technology Co., Ltd. simultaneously released its 2025 annual performance report and 2026 first quarter performance forecast. Both announcements showed a significant increase in the company's profits.

Among them, the net profit attributable to shareholders of listed companies in 2025 increased by more than 100% year-on-year, and the net profit forecast for the first quarter of 2026 is even higher, with an increase of 6714% to 8747%, showing a significant acceleration in growth momentum.

The company attributed the aforementioned performance growth to the continued expansion of demand for generative artificial intelligence (AGI) applications, the accelerated procurement of enterprise-level storage driven by the construction of Internet Data Centers (IDC), and the revenue growth of its electronic component distribution business and its own brand "Haipu Storage".

It is worth noting that the "Haipu Storage" segment achieved its first annual profit in the 2025 reporting period, marking a new stage for the company's own-brand business.

Full year 2025: Net profit doubles, revenue exceeds 35 billion yuan.

In 2025, Shannon Innovation achieved total operating revenue of RMB 35.251 billion, a year-on-year increase of 45.24%; operating profit of RMB 856 million, a year-on-year increase of 182.42%; and net profit attributable to shareholders of the listed company of RMB 544 million, a year-on-year increase of 106.06%.

Net profit excluding non-recurring gains and losses was RMB 519 million, up 70.22% year-on-year; basic earnings per share were RMB 1.18, up 103.45% from RMB 0.58 in the same period of the previous year; and the weighted average return on net assets increased from 9.65% to 16.90%.

Regarding the balance sheet, as of the end of 2025, the company's total assets reached RMB 11.084 billion, an increase of 46.13% compared to the beginning of the year; shareholders' equity attributable to the listed company was RMB 3.574 billion, an increase of 21.69%; and net assets per share were RMB 7.69, an increase of 19.78% compared to the beginning of the year.

The company stated that the increase in total assets and net assets was mainly due to the significant increase in net profit during the reporting period.

Breakthrough for Independent Brands: HiPhi Storage Achieves Annual Profit for the First Time

The profitability breakthrough of the "Haipu Storage" brand is an important structural change in the 2025 performance.

The announcement shows that "Haipu Storage" has successively launched multiple products in two major product lines: enterprise-grade SSDs and enterprise-grade DRAMs, and has completed the certification and adaptation work for major domestic server platforms, officially entering the mass production stage.

This means that the brand has shifted from the R&D investment phase to large-scale commercial operation.

For Shannon Semiconductor, which started by relying on distribution business, the substantial breakthrough in profitability of its own brand will help optimize the company's overall business structure, reduce its dependence on a single distribution model, and provide greater room for improvement in gross profit margin.

First Quarter Forecast: Over 67-fold Increase, Continued Accelerated Growth

Entering 2026, the company's performance growth momentum accelerated further.

According to the first quarter 2026 earnings forecast, the company expects net profit attributable to shareholders of the listed company to be between RMB 1.14 billion and RMB 1.48 billion, representing a year-on-year increase of 6714.72% to 8747.18%, with a base of RMB 0.17 billion in the same period last year.

Net profit excluding non-recurring gains and losses is expected to be between RMB 1.118 billion and RMB 1.458 billion, representing a year-on-year increase of 7424.82% to 9713.23%.

The company stated that the continued rise in enterprise-level storage product prices and the sustained upward trend in the industry were the core drivers of the significant profit surge in the first quarter. In addition, the company expects non-recurring gains and losses of approximately RMB 22 million in the first quarter.

It should be noted that the net profit base in the same period last year was extremely low (RMB 16.7285 million), which amplified the visual effect of the year-on-year increase. Investors should make a comprehensive judgment in conjunction with the absolute profit scale when interpreting the growth rate figures.