In September 2026, domestic GPU manufacturer MooreThread and MuXi Co., Ltd. successively saw the lifting of restrictions on restricted shares. On September 7, MooreThread’s restricted shares totaling approximately 25.7745 million shares were released, increasing the流通 volume to 56 million shares. On that day, the stock price hit a 20% limit down, and the total market value fell below 200 billion yuan. On December 7, MuXi Co., Ltd. will see another release of 186 million restricted shares. MuXi Co., Ltd. plans to release approximately 13.966 million shares on September 17, increasing the流通 volume by 75%. In terms of fundamentals, both companies saw general growth in revenue in the first half of the year, but net profit performance varied; some profits relied on fair value changes. Despite strong demand for domestic AI chips and the fact that infrastructure costs accounted for over one-third of expenses, the application of domestic computing power in training processes was still limited due to issues with upstream advanced manufacturing processes and bottlenecks in supply chains such as HBM and PCBs.
Moer Thread (688795), the leading domestic GPU company, saw its stock price quickly reach the 20cm limit down after opening lower on September 7 due to the release of 25.7745 million shares. Its total market value fell below 200 billion yuan. The released shares accounted for 5.48% of the company’s capital, and the tradable share volume increased from 30.2255 million to 56 million shares. The company’s securities staff responded that in light of the market fluctuations caused by the increase in tradable shares, they urged investors to view stock price changes rationally. Moer Thread’s mid-year report for 2026 showed that its revenue in the first half of the year was 1.736 billion yuan, a year-on-year increase of 147.42%; net profit attributable to the parent company was at -11.56 million yuan, but after deducting the impact of share-based payments, adjusted net profit reached a profit of 83.53 million yuan for the first time. The company’s revenue is highly concentrated in cloud computing products, closely tied to the domestic demand for computing power.