By the close of 2025, Corelink Integrated had recorded losses for seven consecutive years. However, over this same period, the company's revenue grew thirtyfold, and its gross profit margin shifted from negative to a positive 5.51%, indicating a profound transformation in its financial fundamentals.

The year 2024 marked a pivotal turning point for the company's performance. During that year, its gross margin turned positive for the first time, reaching 1.03%. Concurrently, its EBIDA surged by 131.86% year-on-year. This demonstrates that, driven by ongoing optimization of product profitability, Corelink Integrated has developed a relatively robust cash-generating capability, although its profit performance continues to be weighed down by substantial depreciation, amortization, asset impairments, and R&D expenditures.

In 2025, the company reported revenue of 8.18 billion yuan, a year-on-year increase of 25.67%. Its net profit attributable to shareholders was -595 million yuan, representing a narrowing of losses by 38.17%. The annual report reveals that non-recurring gains and losses for 2025 totaled 524 million yuan, with government subsidies, gains/losses from disposal of non-current assets, fair value changes, and disposal of financial assets constituting a significant portion. This indicates that the company's earning capacity continues to improve, yet it has not fully shed its reliance on non-recurring items.

Two months after the annual report's release, a capacity expansion announcement from the company captured market attention. On the evening of June 11th, Corelink Integrated announced plans to collaborate with the Shaoxing Area Management Committee of the Hangzhou-Shaoxing Integrated Development Demonstration Zone for Adjacent Airport Economy. The joint venture, named Corelink Advanced Integrated Circuit Manufacturing (Shaoxing) Co., Ltd., will serve as the entity for implementing the Phase IV project.

The project aims to establish a 50,000 wafers-per-month 12-inch mixed-signal chip production line, with a total investment of approximately 20 billion yuan. This includes 12 billion yuan in capital and 8 billion yuan in bank loans. Corelink Integrated will contribute 3.012 billion yuan, holding a 25.1% stake.

To ensure the project's smooth progression, Corelink Integrated also plans to transfer supporting patents and non-patented proprietary technology to the project company, with the expected transfer and licensing fee amounting to 1.211 billion yuan.

Furthermore, the cooperation includes a forward transaction arrangement. Within seven years after the project company's capital is fully paid up, or within one year after the project company reaches breakeven, Corelink Integrated will acquire all equity held by the cooperative partner. The acquisition price will be no less than the sum of the invested principal and capital occupation fees.

In terms of product focus, the Phase IV project will concentrate on five major process platforms. These include 55nm to 28nm automotive-grade MCU and AI edge-side DSP chips, 90nm mixed-signal BCD process, 55nm AI server high-frequency power management chips, 55nm silicon photonics chips, and a platform for SiGe transimpedance amplifiers and laser driver chips targeting optical engines.

It is noteworthy that Corelink Integrated is the semiconductor-listed company of its scale in China with the highest weighting in automotive electronics. According to the 2025 annual report, its automotive segment accounted for 45.43% of revenue, and its automotive-grade products have penetrated over 90% of domestic new energy vehicle manufacturers.

Among the new project's platforms, the first two aim to solidify the company's established strengths in the automotive and industrial control sectors. The latter three categories are focused on pioneering new growth avenues in AI data center power management and optical interconnect.

As of 2025, revenue from the company's AI-related business accounted for only 8.02%, remaining a relatively small segment. Whether this can successfully evolve into a second growth curve and provide substantial support for future performance remains to be seen over time.