Semiconductors

Moore Threads

Mortorel Thread Completes Full Process Adaptation and Verification for the Jiutian 35B Model

Step launches new generation of automatic speech recognition model StepAudio 2.5 ASR

Moore Threads released FY2026 Q1 earnings on April 26 During-Market (BJT), actual revenue CNY 737.6 M, actual EPS CNY 0.06

Moore Threads to Release FY2025 Earnings Report on April 27 During-Market (BJT)

Moore Threads to Release FY2026 Q1 Earnings on April 27 During-Market BJT

Mortore Thread et al. Release OISA High-Density Super Node Technical Specification

Moore Threads released FY2024 Q4 earnings on February 27, 2026 (BJT), with actual revenue of CNY 160.23 M and EPS of CNY -2.0941

Moore Threads released FY2025 Q4 earnings on February 27 During-Market (BJT), actual revenue CNY 720.93 M, actual EPS CNY -0.6591

Moore Threads released FY2025 earnings on February 27 During-Market (BJT), actual revenue CNY 1.506 B, actual EPS CNY -2.53

MoorThread's Flagship GPU Completes Adaptation for Alibaba's Large Model

Moore Threads released FY2025 Q3 earnings on November 13 (BJT), actual revenue CNY 82.84 M, actual EPS CNY -1.1313

Moore Threads released FY2025 9 Months Earnings on November 13, Post-Market (BJT), with actual revenue of CNY 784.6 M and EPS of CNY -1.8113

Moore Threads released FY2025 Semi-Annual Earnings on October 30, 2025 (BJT), with actual revenue of CNY 701.76 M and EPS of CNY -0.68

Moore Threads released FY2025 Q2 earnings on October 30, 2025 (BJT), with actual revenue of CNY 350.88 M and EPS of CNY -0.34

Moore Threads released FY2025 Q1 earnings on October 30, 2025 (BJT), with actual revenue of CNY 288.86 M and EPS of CNY -0.28

Moore Threads released FY2022 Annual Earnings on June 30, 2025 (BJT) with actual revenue of CNY 46.09 M and EPS of CNY 0

Moore Threads released FY2024 Annual Earnings on June 30 (BJT), actual revenue CNY 438.46 M, actual EPS CNY -4.6

Moore Threads released FY2023 Annual Earnings on June 30 (BJT), actual revenue CNY 123.98 M, actual EPS CNY 0

688256

688795

China's chipmakers are investing a larger share of their revenue into R&D compared to their US counterparts, as highlighted by first-quarter earnings. Moore Threads allocated 50% and MetaX 45% of their revenue to R&D, while US firms like AMD and Intel typically spend 20-30%. Despite higher ratios, Chinese firms lag in absolute spending, with Nvidia leading at $18.5 billion. R&D spending among Chinese firms is increasing, with Moore Threads and MetaX showing significant year-on-year growth. Cambricon, another player, reported a revenue surge of 160% but a decline in R&D ratio to 11.2%.

SCMP

Cambricon

Intel

NVIDIA

NVIDIA Corporation

China’s chipmakers pour revenue into R&D, outpacing US ratios

DeepSeek's launch of its V4 AI model is expected to significantly impact the tech industry, particularly benefiting Chinese chipmakers like Cambricon and Moore Threads. The model, described as a powerful open-source platform, aims to enhance demand for high-performance chips and lower AI integration costs for businesses. Analysts predict that the Chinese AI chip market could grow substantially by 2029. The launch coincides with a rally in US tech stocks, and DeepSeek's collaboration with domestic chipmakers is seen as crucial for advancing AI capabilities in China.

Who could gain from DeepSeek’s V4 with China chips poised for stronger demand?

688107

688709

512760

512480

588170

159516

588780

Computing power chip stocks fluctuated upward, with MetaX surging over 10%, Cambricon rising more than 6%, while Anlogic, Moore Threads, CSMT, and Hygon Information Technology followed the rally

Wallstreetcn

Anlogic

CSMT

Hygon Information Technology

MetaX

Guotai CSI All Share Integrated Circuit ETF

Guotai CES Semiconductor Chip Industry ETF

Harvest SSE STAR Chip ETF

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

E Fund CSI Semiconductor Material & Equipment Thematic ETF

GF Fund CSI Semiconductor Material Equipment Theme ETF

ChinaAMC Guozheng Semiconductor Chip ETF

Huaan SSE STAR Chip ETF

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

Guotai SSE STAR Chip ETF

Guotai CSI Semiconductor Material Equipment Theme ETF

China Merchants CSI Semiconductor Industry ETF

Harvest CSI All Share Integrated Circuit ETF

ChinaAMC CSI Semiconductor Material & Equipment Thematic ETF

E Fund SSE STAR Chip Design Thematic ETF

GTJA Allianz SSE STAR Chip Design Thematic ETF

Moore Threads has announced that its MTT S5000 GPU has successfully completed Day-0 rapid adaptation to the MiniMax M2.7 large-scale model. This achievement highlights the rapid response and stable support capabilities of domestic full-featured GPUs for advanced AI models.

CoinLive

Moore Threads completes MiniMax M2.7 large model adaptation

00100

Chinese AI new stocks are experiencing extreme volatility: Moore Threads surged 700% in five days before nearly halving, while MiniMax has gained over 500% in the six months since its listing. Retail investors are flocking to the AI narrative amid low institutional ownership, with sentiment dominating pricing. Professionals point out that these companies are not yet profitable, making valuations difficult to quantify; they offer high potential but low certainty, and volatility is expected to persist

- Chinese AI stocks have become one of the most volatile sectors in Asia, significantly influenced by retail investors rather than institutional holdings.  
- Recent data indicates that among Asia's ten most volatile stocks exceeding $10 billion in market cap, five are Chinese AI companies, with institutions holding an average of only 13%.  
- Despite impressive revenue growth predictions linked to 'token' demand, concerns remain over the unverified business models of these companies, leading to substantial investor risks.

MINIMAX-W

Narrative Drives Everything: China's AI Newcomers Enter Era of Extreme Volatility as Retail Investors Flock In!

600150

CSSC Holdings signed contracts with well-known shipowners for 10 Very Large Crude Carriers (VLCCs) valued between 8 and 9 billion yuan; Moore Threads signed a 660 million yuan sales agreement for intelligent computing clusters. In the first quarter of this year, A-share listed companies saw frequent orders, with new energy, computing power, innovative drugs, and high-end manufacturing becoming hubs for large deals. Overseas orders and long-cycle contracts have significantly increased

CSSC Holdings

Q1 Order Scan for Listed Companies: Multi-billion Yuan Mega-orders Emerge, Featuring Overseas Expansion and Long-term Contracts

02026

PONY

Pony AI has reported its first profitable quarter with a net income of $75.5 million, primarily due to a one-off investment gain from its stake in Moore Threads, which surged 425%. The company's full-year loss narrowed by 72% to $76.8 million, and revenue increased by 20% to $90 million. Despite this, Pony AI continues to invest heavily in its robotaxi operations, aiming to expand services globally and has reached breakeven in some Chinese cities. The company plans to deploy services in over 20 cities this year, with a fleet expansion to 3,000 vehicles.

GuruFocus

PONY-W

Pony AI

Pony AI Posts First Profit as Moore Threads Stake Surges 425%

Moore Threads(688795.SH)