Chinese GPU designer Moore Threads reported on 9 August that H1 revenue rose 147.42% to 1.736bn yuan — about US$257m, and more than the company took in across all of 2025. Gross profit rose 103.78% to 989m yuan. Its board separately approved a plan to issue H shares and list on the Hong Kong main board.
Still loss-making
The profit line is the one to read carefully. Net loss attributable to shareholders narrowed 95.73% — to roughly 11.6m yuan, from 271m a year earlier. That is a company approaching breakeven, not one that has crossed it, and the growth rate comes off a small base.
An intention, not a filing
The Hong Kong plan is a board resolution. No timetable, no deal size, no valuation and no sponsor have been disclosed, and further details are described as unfinalised. Moore Threads listed on Shanghai's STAR Market on 5 December 2025; a second listing would open it to international capital the domestic board cannot supply.
Scale check
The "China's Nvidia" framing that follows this company around is off by roughly three orders of magnitude. What the results do show is that domestic GPU substitution is converting into revenue at a scale that can be measured rather than asserted — the company credits AI demand for full-function GPUs and the commercialisation of its Kuae compute clusters.
Two conversions, two numbers
The same 1.736bn yuan appears as US$257m and US$252m across outlets covering the same filing. The yuan figure is the reported one; the dollars are somebody's arithmetic at somebody's exchange rate. It is a small discrepancy that travels a long way once the dollar number becomes the headline.