Moore Threads' semi-annual report shows revenue of 1.736 billion yuan, a year-on-year increase of 147%, while planning for a listing on the Hong Kong Stock Exchange
The domestic GPU manufacturer Moore Threads released its semi-annual report for 2026, with revenue of 1.736 billion yuan, a year-on-year increase of 147.42%. The net profit attributable to the parent company was a loss of 11.56 million yuan, narrowing by about 259 million yuan compared to the same period last year; the net profit attributable to the parent company after deducting non-recurring gains and losses was a loss of 151 million yuan, narrowing by 52% year-on-year. Revenue in the second quarter was approximately 999 million yuan, a quarter-on-quarter increase of 35.4%. Research and development expenses were 769 million yuan, accounting for 44.3% of revenue. The company stated that the improvement in performance was driven by the demand for AI computing power and the accelerated commercialization of the Kuage Intelligent Computing Cluster.As of the end of the quarter, the book value of inventory was 3.55 billion yuan, an increase of 166.5% compared to the end of last year, reaching a four-year high. The company stated that this was due to proactively increasing stock to meet market demand. On the same day, Moore Threads announced plans to issue H shares and list on the main board of the Hong Kong Stock Exchange, just about 8 months away from its listing on the Sci-Tech Innovation Board in December 2025. If successful, it will achieve an "A+H" layout. The announcement stated that this issuance still requires approval from the shareholders' meeting and regulatory approval, which carries uncertainty. Another domestic GPU manufacturer, Muxi Co., has already launched its H share plan in June, with a shorter interval. Moore Threads is accelerating the development of the new generation "Huagang" architecture and the Huashan and Lushan chips. In the first half of the year, the net cash outflow from operating activities was 2.169 billion yuan, an increase of about 86% year-on-year.