MetaX's First Profit Is 105% a Fair-Value Gain, Its Filing Says

MetaX (沐曦股份, 688802.SH), one of China's domestic GPU designers, published its 2026 interim report over the weekend — the filing server timestamps the documents at 30 August, 08:02 UTC. The headline is a first-ever half-year profit. The filing's own tables explain why that is not what it sounds like.

The numbers, as filed

Revenue was 1,323,593,726.74 yuan, up 44.67% from 914,930,984.35 a year earlier. Net profit attributable to shareholders was 612,449,523.30 yuan, against a loss of 185,893,303.10 in the same period of 2025. Basic earnings per share came in at 1.53 yuan, reversing a 0.62 yuan loss.

What the company itself discloses

Under the heading for profit changes caused by non-core activity, the report lists a single line: fair-value gains of 887,073,872.02 yuan, described as 105.75% of total profit, cause given as changes in the fair value of trading financial assets, and the column asking whether it is sustainable answered 否 — no. Strip the non-recurring items out, as the filing also does, and MetaX reports a net loss of 48,859,468.32 yuan, an ex-items EPS of −0.12 yuan and an ex-items return on equity of −0.36%.

Where the reading goes wrong

"China's homegrown GPU champion turns profitable" is the natural headline and the filing refuses it. The profit is a paper gain on the securities portfolio the company parked its December-2025 listing proceeds in. Cash and equivalents fell 35.24% to 4,352,284,051.60 yuan while trading financial assets rose 64.75% to 4,351,073,445.05 — the money moved from one line to the other, and the second line moved the profit. Meanwhile net operating cash flow was −1,296,860,816.31 yuan, a burn that widened by roughly 414m yuan year on year.

The smaller story is the better one

Underneath the float gain, the operating picture genuinely improved. Revenue rose on higher GPU shipments; the ex-items loss narrowed 75.83%; R&D spending of 524,807,347.16 yuan fell to 39.65% of revenue from 49.76%, because revenue grew rather than because spending was cut. That is a company approaching operational break-even, which is a real and harder claim than the one the headline number invites.