On January 19, the Hurun Research Institute unveiled the "2025 Hurun China Top 50 Artificial Intelligence Companies" list, marking the second edition of this ranking which focuses on Chinese enterprises whose primary business is AI computing power or algorithms. AI chip firm Cambricon claimed the top position with a valuation of 630 billion yuan, a staggering 165% increase from the previous year; Moore Threads, often referred to as the first domestic GPU stock, ranked second with a value of 310 billion yuan; and MetaX, one of China's first companies to achieve full-process domestic production of high-end GPUs, secured the third spot with a valuation of 250 billion yuan. The list featured 21 non-listed companies, with the entry threshold rising to 9.5 billion yuan, up 3.5 billion yuan from last year. The threshold for the top ten companies soared to 73 billion yuan, more than triple the previous year's 22 billion yuan. The average value of the ranked enterprises reached 54 billion yuan, 2.4 times higher than the prior year, with five companies surpassing the 100-billion-yuan valuation mark.
Rupert Hoogewerf, Chairman and Chief Researcher of the Hurun Group, commented, "This year saw a notable increase in the number of AI chip companies on the list, reaching 14, which is 9 more than last year. The top three positions are all occupied by AI chip-related enterprises. The core reason is the continued tightening of U.S. export controls on high-end AI chips, which is compelling an acceleration in domestic computing autonomy. Over the past two months, we have witnessed the successive listings of Moore Threads, MetaX, Biren Technology, and Iluvatar CoreX. A total of 18 new companies joined the list, accounting for over one-third of the rankings, with 10 of these being AI chip-related firms, exemplified by the 'Shanghai GPU Four Dragons'."
The newly listed companies fall into two categories: one comprises firms whose enterprise value has grown sufficiently to meet the ranking threshold, such as StepFun, founded in April 2023, which possesses the Step series of general large model matrices and recently secured hundreds of millions of US dollars in its Series B funding round. The other category consists of companies that have transformed from 'non-AI enterprises' into 'AI enterprises,' such as VeriSilicon Microelectronics, which ranks in the top ten; in the first three quarters of 2025, its core IPs for GPU, NPU, and VPU collectively accounted for 70% of its IP business revenue—all three types are considered AI chips—and within its chip design business, revenue related to AI computing power represented approximately 73% in the first three quarters.
Among the ranked enterprises, Beijing leads with 19 companies, followed by Shanghai with 14, Shenzhen with 6, and Guangzhou with 4. Overall, companies from first-tier cities constitute over 80% of the total list, highlighting the significant role and agglomeration effect these cities hold in the AI sector.
This year's list specifically focuses on companies dedicated to the AI field. AI chip companies are the most numerous, although AI computing infrastructure also encompasses AI servers and AI data centers. However, no companies whose primary business is AI servers or AI data centers, and whose enterprise value meets the threshold, were included at this time. For instance, while Inspur Information is a leader in domestic AI servers, there is no evidence that its AI server business proportion has surpassed that of traditional servers. Similarly, although GDS Holdings is a leading domestic intelligent computing center enterprise, its AIDC business is only about half the size of its ordinary IDC business, thus it is not considered a primarily AI-focused company. Concurrently, DeepSeek was excluded from the evaluation scope for this list because it explicitly prioritizes fundamental research and open-source development, not yet making commercialization a core objective, despite its mobile monthly active users reaching 145 million by September 2025. Furthermore, many other companies with substantial comprehensive strength, such as Huawei with its Pangu model, ByteDance with its Doubao model, and Tencent with its Hunyuan model, possess more solid foundations in resource investment, talent, technology, and algorithmic capabilities; their development potential and influence in the AI field are equally noteworthy.
Cambricon ranked first on the list with its 630 billion yuan valuation. Since its founding in 2016, Cambricon has consistently focused on the research and development of core AI processor chips, successfully establishing itself as China's premier AI chip stock. In the first half of 2025, Cambricon achieved revenue of 2.88 billion yuan, a dramatic 43-fold increase year-over-year. The company has also deepened its collaborations with leading large model enterprises domestically and internationally, leading or participating in the formulation of 45 international and domestic technical standards.
Moore Threads ranked second with a valuation of 310 billion yuan. Founded in 2020 and focusing on full-featured GPU R&D, the company attracted widespread attention in 2025 by setting the record for the fastest IPO approval on the STAR Market—just 88 days. In the first three quarters of 2025, Moore Threads realized revenue of 780 million yuan, a substantial 182% year-over-year increase.
MetaX ranked third with a value of 250 billion yuan. Since its establishment in 2020, it has specialized in full-stack GPU development and is one of China's first companies to achieve full-process domestic production of high-end GPUs. iFlytek secured the fourth position with a valuation of 130 billion yuan, firmly maintaining its status as a benchmark in the intelligent voice track. Founded in 1999, the company has dedicated itself to R&D in core technologies like intelligent speech, natural language processing, and cognitive intelligence. Additionally, its Spark large model rivals the performance of top-tier international models on domestic computing platforms and has expanded its multilingual capabilities to over 130 languages.
Horizon Robotics ranked fifth with a value of 120 billion yuan, solidifying its leadership position in automotive AI chips and intelligent driving solutions. Its revenue in the first half of 2025 grew 67.6% year-over-year, and shipments of its Journey series automotive-grade processing hardware reached 1.98 million units, doubling compared to the previous year.
Segmentation Distribution within the "2025 Hurun China Top 50 Artificial Intelligence Companies"
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