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China’s ‘Nvidia alternative’ Moore Threads posts 147.42% growth in H1 revenue amid GPU sector’s expansion_我的网站

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A logo of Moore Threads at the 2025 World Artificial Intelligence Conference in Shanghai on July 28, 2025 Photo: VCG
Chinese chipmaker Moore Threads, often described as "China's Nvidia" or "Nvidia alternative," reported fast revenue growth in the first half of 2026, which exceeded its entire 2025 full-year figure. The growth accompanied other domestic graphics processing unit (GPU) companies' gains, marking a clear shift toward profitability.
Moore Threads, China's GPU leader, reported 1.736 billion yuan ($257 million) in first-half revenue, up 147.42 percent year-on-year. Gross profit reached 989 million yuan, up 103.78 percent, while net losses attributable to shareholders narrowed sharply by 95.73 percent, according to the financial results released on Sunday.
The company attributed the strong growth to booming artificial intelligence (AI) demand for full-function GPUs and the accelerated commercialization of its Kuae intelligent computing clusters.
Moore Threads maintained heavy research and development (R&D) spending of 769 million yuan in the first half, up 38.16 percent year-on-year, bringing cumulative investment since 2022 close to 5.9 billion yuan. As of the end of June, it filed 2,167 patent applications and held 788 authorized patents, which ranked among the top ranks of domestic GPU enterprises, the company said.
As a result of its investment in R&D, Moore Threads' flagship MTT S5000 GPUs have realized large-scale sales, with deployments in Beijing, Wuxi, Hangzhou and other cities. The first batch of intelligent computing clusters passed national security and reliability evaluations and achieved multiple "domestic chip training domestic models" breakthroughs. Its MUSA software stack now supports more than 800,000 developers.
Moore Threads also announced plans for an IPO in the Hong Kong market. It was listed on Shanghai's STAR Market on December 5, 2025.
"Chinese firms are increasingly turning to domestic suppliers, accelerating demand for local AI accelerators. Under the combined forces of surging inference computing needs and continued capital expenditure by major cloud providers, the domestic GPU and AI chip sectors are moving from an investment phase into a commercialization and profit-delivery phase," Yang Delong, chief economist at Shenzhen-based First Seafront Fund, told the Global Times on Sunday.
Biren, Moore Threads, MetaX and Enflame Technology are dubbed China's "four little dragons" in the GPU sector. Apart from Moore Threads, the other companies also showed rapid growth in their recent financial results.
In June, MetaX reported first-quarter revenue of 562 million yuan, up 75.37 percent year-on-year, and said that it had begun volume sales of its next-generation general-purpose GPU C600, representing further breakthroughs in the areas of domestic adaptation and supply chain autonomy control.
Enflame Technology reported 1,474.85 percent year-on-year growth in its revenue in the first quarter. The company estimated that its first-half revenue would grow 258.68-289.13 percent, likely to reach the level of the entire year of 2025.
Domestic GPU company Biren in March released its first financial results after being listed in Hong Kong. It reported 207.2 percent full-year growth in revenue in 2025, with gross profit up 210.8 percent.
Fellow AI chip leader Cambricon also delivered equally robust results on Friday. Its first-half revenue hit 5.996 billion yuan, up 108.13 percent year-on-year, while net profit attributable to shareholders rose 122.61 percent to 2.311 billion yuan.
Growth was driven by deeper partnerships with leading financial and internet firms and scaled commercial deployments. Cambricon said that it completed adaptation support for major Chinese open-source AI models including GLM, DeepSeek, Qwen, Kimi and MiniMax, strengthening its domestic AI computing ecosystem.
Ma Jihua, a veteran industry insider, told the Global Times that multiple Chinese companies are advancing along different technological routes covering high-, mid- and low-end products.
"With rapidly expanding capacity, they are better meeting domestic needs and beginning to reach global markets, thereby promoting more accessible AI," said Ma.
"The AI technology sector's high prosperity is expected to persist, remaining a core investment theme with substantial medium- and long-term opportunities," said Yang.
。北京时间1月15日，在联邦贸易委员会（FTC）指控高通公司滥用其市场支配地位的情况下，高通公司与苹果之间的专利许可费纠纷被曝光。

二 | 高通公司表示，该公司的技术对于iPhone的正常运行至关重要。

三 | 但苹果认为，每部iPhone 7.50美元的许可费远远超过了高通公司本身的价值。

四 | 据证词显示，2006年，时任苹果首席执行官的史蒂夫•乔布斯（Steve Jobs）并不反对向高通公司支付相当于每部iPhone 7.50美元的许可费。

五 | 但苹果首席运营官杰夫•威廉姆斯（Jeff Williams）表示，在2012年协议到期时，许可费可能上涨，威胁到苹果的利润，并导致重新谈判。”“高通公司用枪指着我们的头，”他在联邦贸易委员会和高通反垄断案中对美国地区法官露西·科尔说。这听起来可能不算多，但我们每年销售数亿部手机，并支付数十亿美元的许可费。

六 | ”这一许可费是联邦贸易委员会指控高通滥用其在全球智能手机市场的主导地位的关键。高通公司表示，其专利是所有现代高速移动数据网络的基础。授权费已成为高通公司的主要利润来源，使其能够为技术开发提供资金，并帮助高通公司成为业界领先的芯片制造商。FTC和高通公司的客户认为，高通公司的技术只是智能手机对消费者如此具有吸引力的一部分，但它通过向消费者收取过多的费用来欺负他们。高通公司反驳说，该公司的技术是手机的基础，手机的许可费相对较低。高通公司表示，它的技术决定了手机如何有效地访问高速数据，如果没有高速数据，iPhone只是一个昂贵的iPod。高通公司坚持继续向该行业的其他部门提供技术，其实践符合行业规范。与每部iPhone高达793美元的平均价格相比，7.50美元只是一个软膏。但考虑到iPhone的销量，苹果公司要支付累积的许可费。2015年，高通公司的授权收入达到79亿美元的峰值。在最近的一个财政年度，高通公司的授权部门赚了51.6亿美元，当苹果停止支付许可费时，就赚了。