TL;DR
This dataset covers revenue (full-year 2025 and H1 2026), 2025 gross margin, and September 11, 2026 closing market caps and listings of China's five cloud AI-chip makers — Moore Threads, Muxi, Biren, Tianshu Zhixin and Suiyuan — based on company filings and exchange quotes.
Data notes
- Scope: China's five cloud AI-chip makers, dubbed the "GPU Five": Moore Threads, Muxi, Biren, Tianshu Zhixin and Suiyuan.
- Revenue: CNY; 2025 is full-year, 2026H1 is first half; Suiyuan H1 2026 revenue grew 279.08% YoY.
- Gross margin: 2025 main-business gross margin; Moore Threads annual-report figure is 65.57% (some media cite 69.8%).
- Market cap: A-shares at Sept 11, 2026 close; HK shares at ~3pm Beijing time quotes; CNY and HKD respectively.
- As of: September 11, 2026.
Core data
Table 1: Revenue and gross margin (CNY 100M)
| company | revenue_2025_cny | revenue_2026h1_cny | gross_margin_2025_pct |
|---|---|---|---|
| Moore Threads | 15.06 | 17.36 | 65.57 |
| Muxi | 16.44 | 13.24 | 56.51 |
| Biren | 10.35 | 12.36 | 53.84 |
| Suiyuan | 9.90 | 11.20 | 31.78 |
| Tianshu | 10.34 | 9.46 | 53.99 |
Table 2: Market cap and listing (September 11, 2026)
| company | exchange | share_price | currency | market_cap_billion |
|---|---|---|---|---|
| Muxi | STAR Market (A-share) | 489.00 | CNY | 195.649 |
| Suiyuan | STAR Market (A-share) | 397.00 | CNY | 170.850 |
| Moore Threads | STAR Market (A-share) | 357.85 | CNY | 168.200 |
| Biren | HKEX | 35.00 | HKD | 91.100 |
| Tianshu | HKEX | 310.00 | HKD | 83.400 |
Table 3: Suiyuan key operating metrics (prospectus/disclosures)
| metric | unit | value |
|---|---|---|
| 2023 revenue | CNY 100M | 3.01 |
| 2024 revenue | CNY 100M | 7.22 |
| 2025 revenue | CNY 100M | 9.90 |
| 2023 net loss | CNY 100M | -16.65 |
| 2024 net loss | CNY 100M | -15.10 |
| 2025 net loss | CNY 100M | -11.64 |
| H1 2026 net loss | CNY 100M | -6.32 |
| 2025 R&D spend | CNY 100M | 11.35 |
| 2025 sales to Tencent share | pct | 83.79 |
| 2025 accelerator cards sold | 10k units | 6.60 |
| 2025 China market share | pct | 1.70 |
Field notes
- company: company name.
- revenue_2025_cny: full-year 2025 revenue, CNY 100M.
- revenue_2026h1_cny: H1 2026 revenue, CNY 100M.
- gross_margin_2025_pct: 2025 main-business gross margin, percent.
- exchange: listing venue (STAR Market / HKEX).
- share_price: Sept 11, 2026 closing price (A-share) or intraday quote (HK), currency per table.
- market_cap_billion: total market cap; CNY 100M for A-shares, HKD 100M for HK.