China GPU Makers' H1 Results: Moore Threads Leads Revenue, MetaX Turns Profitable

Four domestic GPU manufacturers have released their first-half 2026 financial reports. On August 30, MetaX (688802. SH) published its interim results, following earlier disclosures by Moore Threads (688795. SH), Tianshu Zhixin (09903. HK), and Biren Technology (06082. HK). In the first half, all four companies posted year-on-year revenue growth, with Moore Threads recording the largest revenue and Biren Technology achieving the fastest growth. In terms of net profit, MetaX and Tianshu Zhixin returned to profitability, while losses at Moore Threads and Biren narrowed significantly year on year.

Specifically, Moore Threads reported first-half revenue of RMB 1.736 billion, up 147.42% year on year, with a loss of RMB 11.5631 million, narrowing sharply from a loss of RMB 271 million in the same period of 2025. Biren Technology posted revenue of RMB 1.236 billion, up 1,997.6% year on year, with a loss of RMB 377 million, compared with a loss of RMB 1.6 billion in the year-ago period. MetaX recorded revenue of RMB 1.324 billion, up 44.67% year on year, and a net profit of RMB 612 million, swinging from a loss. Tianshu Zhixin reported revenue of RMB 946 million, up 191.6% year on year, and a net profit of RMB 106 million, also turning profitable.

Several companies cited growing AI industry demand for GPUs as a key driver of higher revenue. Moore Threads attributed the increase to accelerated commercialization of its Kuae AI computing clusters; MetaX said its GPU products have achieved commercial deployment in thousand-card scale clusters; and Biren Technology pointed to customer expansion.

Biren Technology said its customer base and scenario coverage expanded in the first half, with clients now including leading internet companies, AI large-model developers, and AI data centers. The company has completed supplier certification for major internet customers and begun batch deliveries.

Despite returning to profitability, MetaX reported negative operating cash flow of RMB -1.297 billion in the first half, citing revenue insufficient to cover costs and expenses, as well as delayed customer payments. The swing to net profit was significantly influenced by a large increase in fair value gains, with first-half fair value gains of RMB 887 million accounting for 105.75% of total profit, arising from changes in the fair value of trading financial assets.

On research and development spending, all four GPU makers increased R&D expenses year on year in the first half. Biren Technology had the highest R&D spending at RMB 804 million, up 40.7%; Moore Threads invested RMB 769 million, up 38.16%; Tianshu Zhixin spent RMB 559 million, up 23.8%, due to higher material consumption, tape-out costs, and expanded R&D teams; and MetaX invested RMB 525 million, up 15.28%.

As of the close on August 28, MetaX had the highest market capitalization among the four at RMB 270 billion, followed by Moore Threads at RMB 250.9 billion, Tianshu Zhixin at HK$106.8 billion, and Biren Technology at HK$101.7 billion.