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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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一 | 《日报》全媒体记者张宝程 1月2日上午，趁着天气晴好，李涛与员工来到设施现代化的大棚里。

二 | 看到蓝莓长势挺拔，他长舒了一口气。

三 | “经过大家共同努力，蓝莓的管理、生长终于走上了正轨。现在已经部分开花结果了，估计3月初能大面积下果。

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.
。看这势头，收成一定错不了。” 去年年初，家住绥中县前卫镇的李涛放弃服装行业，他来到大王庙镇，承包了几亩地，投资100余万元建了15座大棚，专门种植蓝莓。“我不是脑袋一热随意转行，而是对这一行业多少了解一些，加上朋友种植技术了得，可以随时向他请教，我才下定决心。” 员工正在大棚里通过净水系统给蓝莓浇水。李涛种植蓝莓的方法，从核心上有别于传统种植方法。

四 | 经过多方考察并听取朋友的建议，他敏锐地捕捉到市场的风向标，让蓝莓“喝上纯净水”，不仅保证了营养成分不遗失，还提高了果品品质，在市场上有较强的竞争力。李涛从南方花了30余万元购买了一套净水系统，以大棚附近的地下水为水源，通过员工按规程操作，使地下水净化成纯净水，达到人饮用标准。“在作物里，蓝莓是个‘稀罕物’，比较‘娇气’，用这样的水灌溉，能促进它们生长。” 另外，这里种植蓝莓，不是直接在土壤里，而是每株蓝莓都有自己的“小家”。以塑质花盆为容器，里面装入符合标准的基质土，然后将蓝莓苗栽进去。去年7月下旬，李涛与员工将一万余株蓝莓苗栽入15座大棚里，每座大棚600多株。 “棚间管理时，大家在除草、温控、潮湿度、施肥、浇水等方面格外卖力，将蓝莓侍弄得生机勃勃。”李涛说，“难过的是，洪灾对大棚及蓝莓造成了一定影响。我们没有放弃，而是团结奋进、迎难而上。

五 | 这不，终于扭转颓势，迎来满眼翠绿的景象。” 从2024年12月下旬开始，15座大棚里的蓝莓渐次开花、结果，至今年3月初，将全部成熟。一年生的蓝莓株苗，大约结一斤多的果实。李涛说，以后将逐年增多，最多的一株蓝莓能结5斤左右果。 “虽然第一次尝试，但只要用了心、费了力，即便遇到些困难，也会努力克服的，没有干不成的事业。尤其是在生产经营过程中赋予科技的力量，蓝莓一定会开鲜花、结佳果。”李涛信心百倍地说。该种植团队共有10余人，都是附近的村民，经过学习、培训，种植经验丰富，技术了得。