Recently, Moore Thread (688795.SH), Muoxi Co., Ltd. (688802.SH), Biran Technology (06082.HK), and Tianshu Zhixin (09003.HK) each delivered their first annual report since listing.

In 2025, the operating income of the four GPU companies all increased significantly, but they still collectively reported losses. Among them, Moore Thread, Muoxi Co., Ltd., and Tianshu Zhixin narrowed their losses, while Biran Technology’s loss expanded due to increased R&D expenses and other factors.

And how can these GPU manufacturers, established only five or six years ago and still unprofitable, support a market value of hundreds of billions? The answer lies in their lengthy list of shareholders — a “capital relay race” gathering market-oriented institutions, national funds, local state-owned assets, and industry capital.

Reasoning scenarios become the core revenue engine

In terms of revenue, Muoxi Co., Ltd. is the highest, reaching 1.64B yuan. Moore Thread follows closely, with 1.51B yuan in revenue in 2025. Biran Technology and Tianshu Zhixin both exceeded 1 billion yuan, at 1.03B yuan and 1.03B yuan respectively.

In terms of growth rate, Moore Thread and Biran Technology’s 2025 revenue increased by more than 2 times, growing 243.37% and 207.2%, respectively. Muoxi Co., Ltd. and Tianshu Zhixin’s 2025 revenue also grew by 121.26% and 91.6%, respectively.

In 2025, the four domestic GPU manufacturers still did not turn a profit: Muoxi Co., Ltd. achieved a net profit attributable to shareholders of the listed company of -789 million yuan, narrowing the loss by 43.97% compared to the previous year; Moore Thread’s net profit attributable to the parent company’s owners was -1.02B yuan, narrowing the loss by 36.70%; Tianshu Zhixin’s adjusted net loss was 438 million yuan, a 32.1% reduction year-on-year; Biran Technology’s adjusted annual loss was 874 million yuan, an increase of 13.9% year-on-year.

Regarding revenue growth, Muoxi Co., Ltd. stated that the shipment volume of GPU products increased significantly, driving a notable increase in revenue compared to the previous year. Among them, the sales volume of integrated training and inference GPU cards reached 33,649 units, a 147.31% increase; the sales volume of inference GPU cards for intelligent computing reached 4,946 units, an 866.02% increase.

Tianshu Zhixin’s inference products also saw a large increase in revenue. In 2025, the company’s general-purpose GPU products generated revenue of 923 million yuan, a 149.6% increase, accounting for 89.3% of the total revenue that year. Among them, the flagship training product series Tian Gai generated 584 million yuan, a 116.7% increase; the cloud and edge inference application product series Zhi Kai generated 339 million yuan, a 238.2% increase.

Beyond chips, the large-scale deployment and delivery of intelligent computing clusters are becoming new weightings in the revenue and asset structure of domestic GPU manufacturers.

Muoxi Co., Ltd.’s annual report shows that by the end of 2025, the company’s cumulative GPU product sales exceeded 55k units, with products deployed in more than 10 intelligent computing clusters. The computing power network covers the national AI public computing platform, telecom operator intelligent computing platforms, and commercial intelligent computing centers, spanning regions such as Beijing, Shanghai, Hangzhou, Changsha, and Hong Kong.

Biran Technology also revealed that it has delivered several large-scale intelligent computing cluster projects, including a GPU super-node cluster with 2,048 cards using optical interconnects and multiple market-oriented thousands-of-card-level intelligent computing clusters. Customers include national-level computing power platforms, telecom operators, commercial AIDC, AI/language model companies, and enterprise clients.

“The proliferation of AI Agents is creating a multiplier effect on computing power demand, where a single Agent call can trigger dozens of model inferences, leading to exponential growth in inference computing needs,” the company pointed out. Advanced packaging, optical interconnects, and super-node technologies will be key pathways to overcoming scalability bottlenecks.

Capital infusion

Muoxi Co., Ltd.’s annual report shows that by the end of 2025, UBS AG and Korea Future Asset Securities Co., Ltd. (with their own funds) appeared among the top ten circulating shareholders (or shareholders with unrestricted sale conditions).

Muoxi Co., Ltd. only went public on December 17, 2025, and by December 31, just two weeks later. The presence of these two institutions as QFII (Qualified Foreign Institutional Investors) shareholders indicates significant buying power.

Before listing, market-oriented institutions were also early “pioneers” in the growth of domestic GPU companies. For example, Sequoia China was an early core external investor in Moore Thread and Muoxi Co., Ltd., while Qiming Venture Partners and Hillhouse Capital were early core investors in Biran Technology.

State-owned assets also serve as “guardians” for domestic GPU manufacturers. Behind Moore Thread, local state-owned assets from Shenzhen, Wuxi, Wuhan, and Yancheng have established industry funds; Muoxi Co., Ltd. has attracted core local capital from Shanghai, Nanjing, Mianyang, and Tianjin; Biran Technology is backed by local state-owned assets from Shanghai, Shenzhen, and Zhuhai.

Notably, the Yangtze River Delta region’s state-owned assets are densely represented among shareholders.

Shanghai state-owned assets have heavily invested in Muoxi Co., Ltd., Biran Technology, and Tianshu Zhixin, and through Shanghai Guosheng’s cross-regional layout, they also rank as Moore Thread’s second-largest external shareholder.

Wuxi state-owned assets have deep ties with Moore Co., Ltd. With multiple rounds of support from Huishan State-controlled Group, Moore Thread’s system-level product R&D headquarters is located in Huishan District, and part of the funds raised from the listing are planned to be specifically invested in the new generation of autonomous and controllable AI SoC chip R&D projects in Huishan.

Additionally, Nanjing state-owned assets have heavily invested in Muoxi Co., Ltd., through Nanjing Heliguoxin Zhixin; multiple regions in Jiangsu have stakes in Moore Thread via Yancheng Big Data Fund, Peixian Qianyao Xing Technology, and Yangzhou Juxingxin.

Currently, following Moore Thread, Muoxi Co., Ltd., Biran Technology, and Tianshu Zhixin, Suiyuan Technology is rushing to list on the STAR Market. As domestic GPU companies continue to enter the capital markets, the competition among domestic GPUs will shift from fundraising to performance realization.

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