--- title: "【Zhenzhuo Observation】Domestic GPU Prospects Bright, Iluvatar CoreX's Surge Imminent" description: "Hong Kong-listed AI application stocks have surged recently, with $KNOWLEDGE ATLAS(02513.HK) once soaring over 30% in a single day, and $MINIMAX-WP(00100.HK) also posting significant gains. One of the" type: "topic" locale: "en" url: "https://longbridge.com/en/topics/38679407.md" published_at: "2026-02-12T02:57:12.000Z" author: "[真灼财经](https://longbridge.com/en/profiles/1067948)" --- # 【Zhenzhuo Observation】Domestic GPU Prospects Bright, Iluvatar CoreX's Surge Imminent Hong Kong-listed AI application stocks have surged recently, with $KNOWLEDGE ATLAS(02513.HK) soaring over 30% in a single day, and $MINIMAX-WP(00100.HK) also posting significant gains. One of the triggers was President Xi Jinping's inspection of technological innovation work in Beijing, where companies received included Xiaomi (01810.HK), Zhipu AI, and Kingsoft Office (688111.SS). China's AI application development is reaching new heights, with the prerequisite being solving chip supply and computing power issues. Domestic GPUs will be a key focus, and this sector still has significant upside potential. Iluvatar Corex (09903.HK) is the most promising stock among them. Iluvatar Corex is China's first general-purpose GPU enterprise, providing general-purpose GPU products and full-stack AI computing power solutions to various industries. Its product line mainly includes general-purpose GPU chips, accelerator cards, and customized AI computing power solutions that integrate self-developed hardware and proprietary software stacks (including general-purpose GPU servers and clusters), capable of providing complete technical support for customers' specific needs in AI training and inference scenarios. According to Frost & Sullivan's industry report, Iluvatar Corex has achieved multiple breakthroughs among Chinese chip design companies: it is not only the first domestic enterprise to achieve mass production of inference general-purpose GPU chips but also the first to achieve mass production of training general-purpose GPU chips. Furthermore, it is the first Chinese general-purpose GPU design company to reach the above mass production milestone using advanced 7nm process technology. As of the end of June last year, Iluvatar Corex had delivered over 52,000 general-purpose GPUs, with shipment volume leading the industry. Its product ecosystem compatibility is outstanding, achieving zero-cost migration. Over the past three years, the company's revenue was 189 million yuan (RMB, same below), 289 million yuan, and 540 million yuan respectively. Based on 2024 revenue, Iluvatar Corex ranks third in the domestic general-purpose GPU track with a 9.8% market share. The group possesses full-stack self-research capabilities from system architecture and instruction sets to core operands and software, with complete independent intellectual property rights and the technical confidence for independent evolution and development. The company is also the first domestic company to achieve mass production of 7nm GPGPU (Tiangai 100 series), with its products widely used in fields such as the internet, finance, healthcare, and autonomous driving. As U.S. export restrictions on high-performance chips (such as NVIDIA H100/B200) continue, demand from domestic data centers in China for domestic chips like Iluvatar Corex, which possess both training and inference capabilities, has surged. Its products are compatible with mainstream AI ecosystems (such as CUDA compatibility), lowering the barrier for enterprises to migrate from foreign chips to domestic ones. This means that large enterprises like Tencent, which previously used NVIDIA chips for large model training, can switch to Iluvatar Corex chips at any time when computing power is insufficient, without needing further system conversion. The group's revenue for the first half of 2025 reached 324 million yuan, a year-on-year increase of 64.2%, continuing high growth. However, due to extremely high R&D investment (R&D expense ratio consistently exceeding 100%), the company is not yet profitable. Net loss in 2024 was approximately 892 million yuan; net loss in the first half of 2025 was approximately 609 million yuan. Currently, the market valuation of domestic GPU chip stocks mainly uses the Price-to-Sales (P/S) Ratio. The reference P/S at the time of listing was around 50x, which, although far higher than general software companies, still has some catch-up potential compared to peers like Hygon Information in the domestic chip track. Analysts expect that with the launch of the Tiangai 200/300 series and the deployment of large-scale computing power clusters, if revenue can maintain a compound growth rate of over 60%, the company is expected to achieve breakeven in 2028-2029. Gross margin is projected to remain at a healthy level of around 50%, but this still depends on the stability of the supply chain (such as wafer foundry capacity). Iluvatar Corex is currently the most mass-produced and commercialized enterprise in the domestic GPU field. Its listing this year has supplemented a large amount of R&D funding (fundraising amount approximately 3.5 billion yuan). Its stock price has been relatively strong since listing and, after adjusting from the January high, is beginning a new upward wave. Watch for entry opportunities at any time. ### Related Stocks - [688111.CN - Kingsoft Office](https://longbridge.com/en/quote/688111.CN.md) - [02513.HK - KNOWLEDGE ATLAS](https://longbridge.com/en/quote/02513.HK.md) - [688041.CN - Hygon Information Technology](https://longbridge.com/en/quote/688041.CN.md) - [09903.HK - ILUVATAR COREX](https://longbridge.com/en/quote/09903.HK.md) - [00100.HK - MINIMAX-WP](https://longbridge.com/en/quote/00100.HK.md) --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.