Computing Power Breakthrough Sparks Application Explosion: Public Companies Enter AI Dividend Realization Period

Recently, the annual reports and performance forecasts for 2025 released by publicly listed companies show that the catalysis of artificial intelligence on the performance of listed companies is moving from dream to reality. From the computing infrastructure supporting large model training to application solutions empowering various industries, and tools for cost reduction and efficiency enhancement improving internal operational efficiency, AI technology is penetrating the industrial chain layer by layer, becoming the core engine driving corporate revenue growth and profit improvement.

Upstream Performance Surge in the Computing Industry

The explosive growth of AI computing power has driven a surge in storage prices, strongly catalyzing the performance of storage publicly listed companies. As Xiaomi President Lu Weibing said during the Xiaomi earnings call on March 24, “I used to consider myself an aggressive predictor of memory price increases, but the actual results have turned out to be even more aggressive than my original predictions.”

From the performance of publicly listed companies, Baiwei Storage achieved revenue of 11.302 billion yuan in 2025, a year-on-year increase of 68.82%, with a net profit of 853 million yuan, a year-on-year increase of 429.07%. The company stated that with the rapid growth of the emerging AI edge market, the company’s related products are quickly ramping up, with revenue from AI emerging edge storage products expected to be around 1.751 billion yuan in 2025. Jiangbolong expects to achieve a net profit of 1.25 billion to 1.55 billion yuan in 2025, a year-on-year increase of 150.66% to 210.82%, with revenue expected to reach 22.5 billion to 23 billion yuan, a substantial year-on-year increase.

The training and inference of large AI models have created unprecedented demand for computing infrastructure, which directly translates into strong procurement demand for core hardware such as chips, servers, and optical modules.

Domestic AI chip companies are accelerating their layout. Zheng Zha, chairman of Guoxin Technology, introduced to reporters that the company adheres to the technical route of “RISC-V CPU + AI NPU,” and its edge AI chip CCR4001S has achieved large-scale application in the smart commercial air conditioning field, with shipments exceeding 100,000 units. “In the next 3 to 5 years, the company will use four major divisions, including the cloud AI chip division, as engines to integrate AI with quantum security technology to enhance competitiveness.”

The annual report disclosed by Industrial Fulian shows that AI is the core driving force of its performance. Benefiting from the expansion of computing power investment by global cloud service providers, its cloud computing business generated revenue of 602.679 billion yuan, a year-on-year increase of 88.70%, with AI server revenue more than tripling year-on-year; revenue from high-speed switches above 800G surged 13 times, becoming a new growth engine. The company’s total revenue reached 902.887 billion yuan, a year-on-year increase of 48.22%, and net profit increased by 51.99% year-on-year.

Zhongji Xuchuang, located at the core of the computing industry chain, also confirms strong demand for computing power in its 2025 performance. During the reporting period, the company experienced rapid growth in shipments, with a continued increase in the proportion of high-speed optical modules, achieving revenue of 38.240 billion yuan, a year-on-year increase of 60.25%; net profit reached 10.799 billion yuan, with a year-on-year growth rate of 108.81%.

In the upstream substrate sector, Shengyi Technology benefited from the growing demand for high-performance copper-clad laminates, with both volume and price increases in copper-clad laminates in 2025, and product structure optimization leading to improved gross margins. Huazheng New Materials achieved a net profit of 277 million yuan in 2025, turning losses into profits. The company has built three production bases in Hangzhou and Zhuhai, achieving iterative upgrades in copper-clad laminate manufacturing capacity.

Downstream Tech Companies Driving AI Application Commercialization

In terms of technological innovation and product implementation, the catalytic effect of AI on performance is also evident. Among them, major internet companies, leveraging their technological and scenario advantages, have become the main drivers of commercial monetization.

On March 19, Alibaba Group released its third-quarter financial report for the 2026 fiscal year, with AI and cloud computing business becoming the most prominent growth engines in this report. Data shows that the revenue of Alibaba Cloud Intelligence Group for the quarter was 43.284 billion yuan, a year-on-year increase of 36%. On the consumer side, the monthly active users of Alibaba’s “Qianwen APP” exceeded 300 million in February this year, promoting the proliferation of AI applications. Alibaba Group CEO Wu Yongming announced that in the next five years, Alibaba Cloud and AI commercialization annual revenue will exceed $100 billion, with a compound annual growth rate of about 47%.

Tencent’s revenue in 2025 reached 751.77 billion yuan, a year-on-year increase of 14%, with profit attributable to equity holders reaching 224.842 billion yuan, a year-on-year increase of 16%. Among them, Tencent Cloud achieved scaled profitability, benefiting from the continuous rise in enterprise AI demand and contributions from leading market PaaS and SaaS products. To consolidate its advantage, Tencent continues to increase its investment in AI, with total capital expenditure reaching 79.2 billion yuan and R&D investment of 85.75 billion yuan in 2025.

SenseTime Group has positioned AI as the core driving force for performance improvement and business breakthroughs in 2025, with its generative AI business revenue increasing by 51.0% year-on-year to 36.295 billion yuan, accounting for as much as 72.4% of total revenue, driving the group’s total revenue to increase by 32.9% year-on-year to 50.146 billion yuan. At the same time, the company’s net loss narrowed significantly by 58.6% year-on-year. In terms of commercial implementation, SenseTime’s AI applications have penetrated both consumer and business ends, building an AI ecological matrix.

Publicly listed companies with large models have also announced their latest performances. MiniMax founder and CEO Yan Junjie stated that by February 2026, the company’s annual recurring revenue had exceeded $150 million; its open platform products for enterprise clients and individual developers saw new registered users in that month reach more than four times that of December 2025. Yuan Guohua, chairman of Shanghai Guotou, stated that China has rich application scenarios, a large number of edge devices, and rapidly growing high-quality data, which can provide a unique soil for AI development.

AI Enhancing Operations and Efficiency

With the innovative exploration and practical application of AI technology, publicly listed companies are integrating it into their products and daily operations, achieving improvements in operational efficiency and significant performance enhancements, driving changes in business models.

AI has become the key to Hushi Media achieving profitability in the 2025 fiscal year. The company relies on its self-developed AI multi-agent and all-domain delivery system to steadily drive business growth, achieving over 10% revenue growth; at the same time, the company empowers material production and operational management with AI, leading to a year-on-year decrease of over 10% in administrative expenses and continuous improvement in profit quality.

Qiniu Intelligent’s annual report further reflects the impact of AI on revenue structure and R&D efficiency. In 2025, the company’s AI-related revenue reached 437 million yuan, accounting for 24.7% of total revenue, becoming a core growth driver. Meanwhile, the company significantly improved R&D efficiency using AI tools, leading to a year-on-year reduction in R&D costs by 9.8%. Under the combined effect of effective cost control and revenue growth, the adjusted net loss decreased by 60.9% year-on-year.

The cybersecurity industry has also integrated AI into its daily operations. According to annual report data, Sanliu Ling expects to achieve a net profit attributable to the parent company of approximately 213 million to 318 million yuan in the 2025 fiscal year, turning losses into profits. Qi Anxin’s performance report shows that the company expects total sales receipts for the entire year of 2025 to be approximately 5.141 billion yuan, a year-on-year increase of about 8.04%.