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

In recent times, the frequent release of 2025 annual reports and performance forecasts by listed companies shows that AI is moving from aspiration to reality as a catalyst for the performance of listed companies. From the compute infrastructure that supports large-model training, to application solution sets that empower industries across the board, and then to cost-reduction and efficiency-improvement tools that enhance internal operational efficiency—AI technology is permeating layer by layer along the industrial chain, becoming the core engine driving revenue growth and profitability improvement for enterprises.

Performance surges in the compute industry’s upstream segment

The surge in AI compute has driven a spike in storage prices, delivering a very strong catalyst to the performance of storage-focused listed companies. As Xiaomi Group’s President Lu Weibing said at Xiaomi’s March 24 earnings call, “I used to already be somewhat of a bold camp when it came to predicting memory price increases, but based on the actual outcome, my judgment was even bolder than the one I originally had that was already aggressive.”

Judging by the performance of listed companies, BizLink Storage achieved revenue of RMB 11.302 billion in 2025, up 68.82%, and net profit of RMB 853 million, up 429.07%. The company stated that, with the rapid growth of the emerging AI on-device market, related products in relevant fields ramped up quickly, and in 2025 revenue from emerging AI on-device storage products was about RMB 1.751 billion. Jiangbo Long expects that in 2025 it will achieve net profit of RMB 1.25 billion to RMB 1.55 billion, up 150.66% to 210.82%, and revenue of RMB 22.5 billion to RMB 23.0 billion, representing a significant year-over-year increase.

Training and inference of AI large models have set unprecedented requirements for the supply of compute infrastructure, which directly translates into strong procurement demand for key hardware such as chips, servers, and optical modules.

Domestic AI chip companies are accelerating their layout. Zheng Shan, Chairman of Guoxin Technology, told reporters that the company adheres to the technological route of “RISC-V CPU + AI NPU.” Its on-device AI chip CCR4001S has already achieved large-scale commercial deployment in the smart commercial air-conditioning sector, with shipments exceeding 100,000 units. “In the next 3 to 5 years, we will use four major business units such as the Cloud AI Chip business division as engines, combining AI and quantum-safe technology to enhance competitiveness.”

The 2025 annual report disclosed by Foxconn Industrial Internet shows that AI is the core driver of performance. Benefiting from an expansion in compute spending by global cloud service providers, its cloud computing business revenue reached RMB 602.679 billion, up 88.70%. AI server revenue increased by more than three times year over year. Revenue from high-speed switches above 800G surged 13-fold, becoming a new growth engine. Full-year company revenue was RMB 902.887 billion, up 48.22% year over year, and net profit increased 51.99% year over year.

With a key position in the compute industry chain, Jitih Xinchuang also confirms strong demand for compute in its 2025 performance. During the reporting period, the company’s shipment volume grew rapidly. The share of high-speed optical modules continued to rise. The company achieved revenue of RMB 38.240 billion, up 60.25% year over year; net profit was RMB 10.799 billion, with a year-over-year increase of 108.81%.

In the upstream base materials segment, Shengyi Technology benefited from growth in demand for high-performance copper-clad laminates. In 2025, both volume and pricing of copper-clad laminates rose, and product mix optimization improved gross margins. Xinzheng New Materials achieved net profit of RMB 277 million in 2025, turning losses into profit. The company built three production bases in Hangzhou and Zhuhai, enabling iterative upgrades to its copper-clad laminate manufacturing capabilities.

Downstream tech companies drive commercialization of AI applications

At the level of technological innovation and product deployment, AI’s performance-catalyzing effect is also evident. Among them, internet giants—leveraging technical and scenario advantages—have become the primary drivers of monetization.

On March 19, Alibaba Group released its third-quarter earnings report for fiscal year 2026. AI and cloud computing businesses became the most notable growth engines in Alibaba’s latest report. Data shows that in that quarter, revenue of Alibaba Cloud Intelligent Group was RMB 43.284 billion, up 36% year over year. On the consumer side, Alibaba’s “Qianwen APP” surpassed 300 million monthly active users in February this year, promoting widespread adoption of AI applications. Alibaba Group CEO Eddie Wu announced that over the next five years, annual revenues from Alibaba Cloud and AI commercialization will exceed USD 100 billion, with an approximate compound annual growth rate of about 47%.

Tencent’s 2025 revenue reached RMB 751.77 billion, up 14%. Profit attributable to equity holders was RMB 224.842 billion, up 16%. Among them, Tencent Cloud achieved scaled profitability, with core benefits coming from the continued increase in enterprise AI demand and contributions from leading-market PaaS and SaaS products. To consolidate its advantage, Tencent continued to increase AI investment. In 2025, full-year capital expenditures totaled RMB 79.2 billion, and R&D investment was RMB 85.75 billion.

In 2025, SenseTime Group positioned AI as the core driver for performance improvement and business breakthroughs. Revenue from its generative AI business grew 51.0% year over year to RMB 36.295 billion, accounting for as much as 72.4% of total revenue. This drove the group’s total revenue up 32.9% year over year to RMB 50.146 billion. At the same time, the company’s net loss narrowed significantly by 58.6% year over year. In terms of commercial deployment, SenseTime’s AI applications have penetrated both the C-end and B-end, building an AI ecosystem matrix.

Listed companies of large models have also announced their latest performance. Minimax founder and CEO Yan Junjie said that in February 2026, the company’s annual recurring revenue had already exceeded USD 150 million. Its open-platform products aimed at enterprise customers and individual developers saw the number of newly registered users in that month reach more than four times the figure in December 2025. Yuan Guohua, Chairman of Shanghai Guotou, said that China has abundant application scenarios, a large number of on-device devices, and rapidly growing high-quality data, which can provide unique soil for AI development.

AI helps improve operations by enhancing quality and efficiency

With AI technology’s innovative exploration and practical applications, listed companies have integrated it into their products and day-to-day operations, improving operational efficiency, achieving significant performance improvements, and driving changes in business models.

AI became the key for Tiger Media to turn a loss into a profit in fiscal year 2025. The company relied on its self-developed AI multi-agent system and full-domain ad delivery framework to steadily increase business scale, achieving revenue growth of more than 10%. At the same time, the company used AI to empower content production and operational management, which drove administrative expenses down by more than 10% year over year, while improving the quality of profitability.

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

The cybersecurity industry also integrates AI into everyday operations. Based on annual report data, Qihoo 360 expects that in fiscal year 2025 it will achieve net profit attributable to shareholders of about RMB 213 million to RMB 318 million, and will turn a loss into a profit. Qianxin’s earnings express report shows that the company expects full-year 2025 sales collections of about RMB 5.141 billion, up about 8.04% year over year.