Two leading domestic GPU companies, Metax Integrated Circuits (Shanghai) Co., Ltd. (688802) and Moore Threads Technology Co.,Ltd. (688795), recently released their 2025 annual performance reports on the same day. Both companies reported significant revenue growth and a narrowing of losses. As core players in the domestic GPU sector that have successively listed on the STAR Market, each demonstrates distinct highlights in their operational data and strategic positioning. Their divergent stock performance post-lIPO has become a focal point for capital markets and sparked investor debate regarding their respective growth prospects.
Notably, both stocks attracted significant market attention upon their initial listings and immediately reached peak market capitalizations. Subsequently, however, their share prices entered a phase of deep correction, with declines exceeding 40%.
The core management teams of these companies have backgrounds at leading international firms. Moore Threads' founder, Zhang Jianzhong, previously served as NVIDIA's Global Vice President and General Manager for China. Metax's founder, Chen Weiliang, was a Senior Director at AMD's Shanghai office, where he led and completed the tape-out and mass production of 15 high-performance GPU products. As these two high-profile entities, often labeled "China's NVIDIA" and "China's AMD" respectively, officially disclose their first financial results, the question arises: which holds greater promise?
Section 1: Dual Revenue Growth and Narrowing Losses, with Varied Core Metrics An examination of core operational data reveals that both companies have achieved positive performance improvements, though they show distinct characteristics in revenue scale, growth rate, and the extent of loss reduction.
Regarding revenue, Metax holds a slight lead in scale, reporting total operating revenue of 16.44 billion yuan for 2025, a year-on-year increase of 121.26%. Moore Threads reported a slightly lower revenue of 15.06 billion yuan, but its growth rate reached 243.37%—more than double that of Metax—indicating a more rapid business expansion.
In terms of loss reduction, Metax demonstrated a more pronounced improvement. Its net profit attributable to parent company owners was -7.81 billion yuan for 2025, representing a 44.53% narrowing of the loss compared to the previous year. Moore Threads reported a net profit attributable to parent company owners of -10.24 billion yuan, with a loss-narrowing幅度 of 36.70%. After adjusting for non-recurring gains and losses, Metax's net loss was 8.22 billion yuan, narrowing by 21.28%, while Moore Threads' adjusted net loss was 11.13 billion yuan, narrowing by approximately 32.07%, indicating a stronger performance in core operational loss reduction for the latter.
Financially, both companies expanded their balance sheets following their IPOs, but the magnitude of change differed significantly. Metax's total assets grew by 251.56% from the beginning of the period, owners' equity attributable to parent company shareholders surged by 1018%, and share capital increased by 4560.67%. However, due to factors like the conversion of capital reserve into share capital, net asset value per share attributable to parent company owners decreased by 76.01%. Moore Threads saw its total assets and owners' equity attributable to parent company owners increase by 116.14% and 154.69% respectively, with share capital rising only 17.50%. Its net asset value per share increased by 116.84%, presenting more stable financial metrics.
Regarding profitability indicators, Metax reported a basic earnings per share of -2.42 yuan, slightly better than Moore Threads' -2.53 yuan. Metax's weighted average return on equity (ROE) was -9.51%, an improvement of 90.19 percentage points year-on-year. Moore Threads' weighted average ROE was -22.57%, but it improved by a substantial 610.07 percentage points, indicating greater elasticity in the improvement of its profitability metrics.
Section 2: Differentiated Strategies, Simultaneous Commercialization Acceleration The performance improvements are underpinned by the companies' distinct strategic focuses. The dual tailwinds of domestic GPU substitution and the booming AI industry serve as the common foundation for their growth.
Metax adheres to a "1+6+X" development strategy, concentrating on market penetration for its high-performance GPUs. It has gained broad customer recognition through a robust software ecosystem and superior product performance. Significant growth in GPU product shipments in 2025 was the core driver of its revenue increase. Concurrently, a reduction in share-based payment expenses compared to the previous year positively impacted profits, further contributing to the narrowed losses. The company stated that its financial condition remained sound at the end of 2025.
Moore Threads focuses on R&D innovation for fully-functional GPUs. In 2025, it successfully launched its flagship MTTS5000, an all-in-one training and inference fully-functional GPU computing card, which achieved leading market performance and entered mass production. Large-scale clusters built with this product have been officially deployed, efficiently supporting the training of trillion-parameter large models, with computational efficiency reaching advanced levels comparable to international GPU clusters of the same generation. Enhanced product competitiveness has led to increasing market recognition, driving simultaneous growth in revenue and gross profit, which has been key to narrowing its losses.
Both companies acknowledge they remain in a phase of high R&D investment, have not yet achieved profitability, and carry accumulated losses. Moore Threads explicitly stated that, compared to international industry giants, it still faces gaps in comprehensive R&D capability, core technology accumulation, and product ecosystem, emphasizing that R&D investment remains a priority for future development.
Section 3: Favorable Industry Prospects, Common Challenges Persist From an industry perspective, the performance growth of Metax and Moore Threads validates the development potential of the domestic GPU sector, fueled by the explosion in AI computing demand and the domestic substitution trend. As AI technology integrates deeply across industries, demand for high-performance GPUs remains strong, providing a vast market for the commercialization of domestic products. The market acceptance of both companies' products also signals the continuous enhancement of domestic GPU technological capability and product competitiveness.
However, both companies face common industry challenges. Firstly, the GPU sector is technology-intensive, necessitating high R&D investment, which makes short-term profitability difficult. The current state of ongoing losses requires mitigation through future business expansion and profit model optimization. Secondly, an objective gap remains compared to international leaders like NVIDIA in areas such as core technology accumulation, product ecosystem development, and overall R&D strength. Achieving technological breakthroughs and ecosystem maturation is crucial for domestic GPU firms to make leapfrog developments. Additionally, Metax must address the decline in net asset value per share caused by significant share capital expansion, while Moore Threads needs to manage market sentiment fluctuations reflected in its short-term stock price volatility.
Metax and Moore Threads each possess their own value proposition. Metax's strengths lie in its leading revenue scale, greater loss reduction, a foundation set by rapid GPU shipment growth for sustained performance improvement, and substantial financial expansion providing funding support for future development. Moore Threads stands out with its high revenue growth rate and the scaled deployment of its fully-functional GPU products. Its products have reached internationally advanced levels in computing performance, and its comprehensive product portfolio grants it a broader customer base and greater risk resilience in the market.
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