Domestic GPU manufacturer Moore Threads Technology Co.,Ltd. delivered its most impressive annual results since inception, with its commercialization process accelerating significantly against the backdrop of persistently high demand for AI computing power.
The company's 2025 performance report released on Friday revealed annual total operating revenue of approximately 1.506 billion yuan, representing a substantial year-on-year increase of 243.37%. The net loss attributable to shareholders of the parent company was about 1.024 billion yuan, narrowing by 36.70% compared to the approximately 1.618 billion yuan loss in the same period last year.
The core driver of the rapid revenue growth was the mass production of its flagship all-functional GPU computing card for AI training and inference, the MTTS5000. The company stated that this product's performance has reached market-leading levels, and large-scale clusters built using it have commenced service. These clusters can efficiently support the training of trillion-parameter large language models, with computational efficiency matching that of advanced international GPU clusters of the same generation. Furthermore, the company completed its initial public offering on the STAR Market in December 2025, leading to a substantial expansion of its asset scale.
**Revenue Leaps, Profitability Turning Point Awaits**
The volume increase of the flagship product and robust market demand for AI computing power collectively drove Moore Threads Technology Co.,Ltd.'s 2025 revenue to more than triple compared to the previous year. The simultaneous improvement in gross profit alongside revenue was also a key factor contributing to the significant narrowing of losses.
However, the company has not yet achieved profitability and carries accumulated losses. The company acknowledged in its announcement that it remains in a phase of high research and development investment. Compared to international industry giants, gaps still exist in comprehensive R&D capabilities, core technology accumulation, and product ecosystem. For investors, the timeline for reaching the breakeven point remains a key uncertainty.
**Asset Scale Doubles Following IPO Capital Injection**
Changes on the balance sheet are equally notable. As of the end of 2025, the company's total assets amounted to approximately 15.308 billion yuan, an increase of 116.14% from the start of the year. Equity attributable to owners of the parent company reached about 11.435 billion yuan, surging 154.69% from the beginning of the year. Net assets per share rose from 11.22 yuan to 24.33 yuan, an increase of approximately 116.84%.
This growth primarily stemmed from the company's IPO on the STAR Market completed in December 2025, where the number of shares increased from 40.0028 million to 47.0028 million, leading to a substantial rise in capital reserve. This ample capital base provides financial support for the company's continued high-intensity R&D investment and production capacity expansion.
**Product Competitiveness Rises, but Ecosystem Building Remains a Long-Term Challenge**
From a product perspective, the mass production of the MTTS5000 marks a significant breakthrough for Moore Threads Technology Co.,Ltd. in the high-end computing market. The company stated that clusters built with this product can already efficiently support the training of trillion-parameter models, with computational efficiency comparable to international products of the same generation, indicating that domestic GPUs are narrowing the performance gap with leading competitors.
However, the core barrier in GPU competition lies not only in chip performance but also in the construction of a software ecosystem and developer community. Moore Threads Technology Co.,Ltd. also listed "product ecosystem" as an area of disparity compared to international giants in its announcement, highlighting that ecosystem development remains a mid-to-long-term core challenge for the company.
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