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Shanghai GPU startup building full-stack graphics processors for AI training, inference and rendering.
Shanghai GPU startup building full-stack graphics processors for AI training, inference and rendering.
Sells GPU cards and server systems to Chinese data-centre and AI customers who want domestic alternatives to Nvidia parts, so orders depend on a small number of large buyers and on its chips being made available by outside foundries. It was founded in 2020 by former AMD engineers.
In one line: China's Nvidia challenger (GPU/AI accelerator startup).
Moat: narrow (IP / patents, process know-how). Founding team's roughly 20 years of high-performance GPU R&D experience is rare among Chinese chip startups.
Headquarters: Shanghai, China · Founded: 2020 · Employees: 925
Size MetaX Integrated Circuits (Shanghai) (688802.SS) is a China Information Technology company (Semiconductors) with a market value of $29.5B, the 61st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥492.54 on 6 Nov 2026.
Performance Over six months the shares fell 35.0%, against -20.5% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 84.1% over the last twelve months (peer median +22.5%).
Valuation It trades at 469.5× forward earnings against a peer median of 16.4× (most expensive of 19).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.23B | CN¥1.64B | CN¥743M | CN¥53.0M | CN¥426,400 |
| Revenue growth | — | +121% | +1,301% | +12,335% | — |
| Gross profit | n/a | CN¥756M | CN¥249M | -CN¥108M | -CN¥120M |
| EBITDA | n/a | -CN¥629M | -CN¥1.17B | -CN¥710M | -CN¥670M |
| Net income | CN¥195M | -CN¥789M | -CN¥1.41B | -CN¥871M | -CN¥777M |
| Free cash flow | n/a | -CN¥1.38B | -CN¥2.53B | -CN¥1.17B | -CN¥889M |
| Capital expenditure | n/a | CN¥195M | CN¥394M | CN¥167M | CN¥232M |
| Total debt | CN¥51.7M | CN¥62.0M | CN¥592M | CN¥212M | CN¥23.5M |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MetaX Integrated Circuits (Shanghai) 688802.SS | $29.5B | -35% | +84% | n/a | 469.5× | n/a |
| Nvidia NVDA | $4.50T | -13% | +83% | 65% | 15.5× | 26.3% |
| Moore Threads Technology 688795.SS | $25.1B | -53% | +226% | -9% | n/a | n/a |
| Cambricon Technologies 688256.SS | $75.7B | -30% | +104% | 33% | 87.3× | 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 | 688802.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.3% | -22.7% | 2nd highest of 21 |
| 6-month return | -35.0% | -20.5% | 7th lowest of 20 |
| Distance from 52-week high | -52.3% | -53.1% | 10th highest of 21 |
| Revenue growth (TTM) | +84.1% | +22.5% | 6th highest of 20 |
| Forward P/E | 469.5× | 16.4× | most expensive of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MetaX Integrated Circuits (Shanghai) 688802.SS | China | $29.5B | -35% | +84% | n/a | 469.5× | n/a | n/a |
| Renesas Electronics 6723.T | Japan | $27.9B | -23% | +26% | 24% | 9.9× | 12.2% | +13.0% |
| Microchip Technology MCHP | United States | $31.7B | -41% | +21% | 16% | 14.5× | 34.2% | -2.8% |
| Astera Labs ALAB | United States | $33.1B | -5% | +115% | 26% | 28.0× | n/a | n/a |
| Hua Hong Grace Semiconductor 688347.SS | China | $25.5B | +23% | +18% | -2% | 234.7× | n/a | n/a |
| Montage Technology 688008.SS | China | $25.5B | -13% | +33% | 42% | 43.7× | 39.7% | +24.5% |
| Giga Device Semiconductor 603986.SS | China | $25.3B | -23% | +166% | 50% | 10.9× | 16.5% | +15.4% |
| Global Unichip 3443.TW | Taiwan | $25.1B | +29% | +104% | 13% | 50.1× | n/a | n/a |
| Moore Threads Technology 688795.SS | China | $25.1B | -53% | +226% | -9% | n/a | n/a | n/a |
| United Micro Electronics 2303.TW | Taiwan | $34.9B | +11% | +13% | 21% | 13.7× | 14.2% | +6.1% |
| ON Semiconductor ON | United States | $24.6B | -39% | +3% | 19% | 14.3× | 20.0% | +2.7% |
| Nanya Technology 2408.TW | Taiwan | $35.8B | +34% | +586% | 71% | 2.9× | 0.6% | +1.8% |
| Shanghai Enflame Technology 688801.SS | China | $23.8B | n/a | n/a | n/a | n/a | n/a | n/a |
| STMicroelectronics STMPA.PA | France | $37.7B | -32% | +10% | 7% | 31.4× | 34.0% | +3.1% |
| Coherent COHR | United States | $38.0B | -42% | +23% | 14% | 16.6× | n/a | n/a |
| SJ Semiconductor 688820.SS | China | $22.9B | -21% | +1% | n/a | 136.4× | n/a | n/a |
| Piotech 688072.SS | China | $21.7B | +23% | +24% | 14% | 55.5× | 43.5% | +71.7% |
| First Solar FSLR | United States | $21.6B | -9% | -1% | 39% | 9.2× | 12.4% | +14.0% |
| GlobalFoundries GFS | United States | $21.2B | -48% | +1% | 12% | 16.2× | 24.9% | +7.0% |
| Suzhou TFC Optical Communication 300394.SZ | China | $19.9B | -44% | +26% | 51% | 36.3× | 44.8% | +42.7% |
| Skyworks Solutions SWKS | United States | $19.3B | +24% | -3% | 9% | 14.3× | 39.4% | -5.0% |