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Beijing GPU designer building full-stack chips for AI computing, 3D graphics and video processing, founded by an ex-Nvidia China executive.
Beijing GPU designer building full-stack chips for AI computing, 3D graphics and video processing, founded by an ex-Nvidia China executive.
Sells AI-computing cards and server clusters built on its own GPU designs, with a smaller line of graphics cards for PCs; it designs the chips and relies on outside manufacturers. Its 2023 addition to the US Entity List restricts access to leading foreign chip production and equipment, so its products are positioned as domestic alternatives to Nvidia's.
In one line: China's leading Nvidia challenger.
Moat: narrow (IP / patents, process know-how). Founding team's deep ex-Nvidia GPU architecture experience and a unified MUSA architecture across workloads.
Headquarters: Beijing, China · Founded: 2020 · Employees: 1,274
Size Moore Threads Technology (688795.SS) is a China Information Technology company (Semiconductors) with a market value of $25.1B, the 77th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥337.00 on 6 Nov 2026.
Performance Over six months the shares fell 52.9%, against -13.4% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 226.2% over the last twelve months (peer median +24.4%); the operating margin is -9.2% (peer median 20.6%).
Valuation It trades at 41.0× enterprise value to sales against a peer median of 7.2× (2nd most expensive of 20).
Capital Return on invested capital runs 19.3 points below its cost of capital (16.2% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.01B | CN¥1.50B | CN¥461M | CN¥123M | CN¥44.4M |
| Revenue growth | — | +226% | +276% | +176% | — |
| Gross profit | n/a | CN¥886M | CN¥179M | -CN¥160M | -CN¥217M |
| EBITDA | n/a | -CN¥933M | -CN¥1.45B | -CN¥1.56B | -CN¥1.75B |
| Net income | -CN¥240M | -CN¥1.00B | -CN¥1.62B | -CN¥1.70B | -CN¥1.89B |
| Free cash flow | n/a | -CN¥3.56B | -CN¥2.04B | -CN¥1.20B | -CN¥1.63B |
| Capital expenditure | n/a | CN¥637M | CN¥91.8M | CN¥65.1M | CN¥166M |
| Total debt | CN¥4.60B | CN¥2.94B | CN¥1.60B | CN¥629M | CN¥34.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Moore Threads Technology 688795.SS | $25.1B | -53% | +226% | -9% | 41.0× | n/a |
| Nvidia NVDA | $4.50T | -13% | +83% | 65% | 14.7× | 26.3% |
| Cambricon Technologies 688256.SS | $75.7B | -30% | +104% | 33% | 44.3× | n/a |
| MetaX Integrated Circuits (Shanghai) 688802.SS | $29.5B | -35% | +84% | n/a | 58.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 688795.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.4% | -22.2% | 4th highest of 21 |
| 6-month return | -52.9% | -13.4% | lowest of 20 |
| Distance from 52-week high | -64.2% | -52.7% | 5th lowest of 21 |
| Revenue growth (TTM) | +226.2% | +24.4% | 3rd highest of 20 |
| Operating margin | -9.2% | 20.6% | lowest of 18 |
| EV / Sales | 41.0× | 7.2× | 2nd most expensive of 20 |
| ROIC minus cost of capital | -19.3 pp | +2.8 pp | lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Moore Threads Technology 688795.SS | China | $25.1B | -53% | +226% | -9% | 41.0× | n/a | n/a |
| GigaDevice Semiconductor 3986.HK | Hong Kong | $25.1B | -43% | +181% | 50% | 6.7× | -8.8% | +14.6% |
| Global Unichip 3443.TW | Taiwan | $25.1B | +29% | +104% | 13% | 14.6× | n/a | n/a |
| ON Semiconductor ON | United States | $24.6B | -39% | +3% | 19% | 3.9× | 20.0% | +2.7% |
| Montage Technology 688008.SS | China | $25.5B | -13% | +33% | 42% | 22.2× | 39.7% | +24.5% |
| Hua Hong Grace Semiconductor 688347.SS | China | $25.5B | +23% | +18% | -2% | 10.1× | n/a | n/a |
| Shanghai Enflame Technology 688801.SS | China | $23.8B | n/a | n/a | n/a | n/a | n/a | n/a |
| SJ Semiconductor 688820.SS | China | $22.9B | -21% | +1% | n/a | 22.6× | n/a | n/a |
| Renesas Electronics 6723.T | Japan | $27.9B | -23% | +26% | 24% | 3.1× | 12.2% | +13.0% |
| Piotech 688072.SS | China | $21.7B | +23% | +24% | 14% | 18.5× | 43.5% | +71.7% |
| First Solar FSLR | United States | $21.6B | -9% | -1% | 39% | 4.0× | 12.4% | +14.0% |
| MetaX Integrated Circuits (Shanghai) 688802.SS | China | $29.5B | -35% | +84% | n/a | 58.5× | n/a | n/a |
| GlobalFoundries GFS | United States | $21.2B | -48% | +1% | 12% | 3.0× | 24.9% | +7.0% |
| Suzhou TFC Optical Communication 300394.SZ | China | $19.9B | -44% | +26% | 51% | 21.8× | 44.8% | +42.7% |
| Microchip Technology MCHP | United States | $31.7B | -41% | +21% | 16% | 7.2× | 34.2% | -2.8% |
| Skyworks Solutions SWKS | United States | $19.3B | +24% | -3% | 9% | 4.8× | 39.4% | -5.0% |
| Astera Labs ALAB | United States | $33.1B | -5% | +115% | 26% | 20.4× | n/a | n/a |
| DapuStor 301666.SZ | China | $18.8B | +20% | +611% | 23% | 11.5× | n/a | n/a |
| United Micro Electronics 2303.TW | Taiwan | $34.9B | +11% | +13% | 21% | 4.1× | 14.2% | +6.1% |
| Nanya Technology 2408.TW | Taiwan | $35.8B | +34% | +586% | 71% | 4.0× | 0.6% | +1.8% |
| STMicroelectronics STMPA.PA | France | $37.7B | -32% | +10% | 7% | 2.7× | 34.0% | +3.1% |