MOBIC Turns Profitable with 612M Yuan Net Income, Divergence Widens Among China AI Chip Stocks
nashnova research
MetaX posted a net profit of ¥612 million in the first half, swinging from a ¥186 million loss a year earlier — the clearest sign yet that China's domestic GPU race is splitting into haves and have-nots.
What did MetaX actually report?
First-half revenue hit ¥1.32 billion, up 44.7% year-on-year; net profit reached ¥612 million, versus a ¥186 million loss in the same period last year.
Growth came from a wider customer base and a sharp jump in GPU shipments.
This means → MetaX has moved past the "burn cash for scale" phase and is converting volume into profit.
Who is MetaX?
MetaX (摩壁集成电路) was founded in 2020 by a group of former AMD executives and listed on Shanghai's STAR Market in December 2025.
It is one of the most closely watched names in China's push to build homegrown GPU alternatives to Nvidia.
In plain terms = the founding team left a U.S. chip giant and came back to do the same job — build GPUs that can run AI workloads.
Same day, three different stock moves — why?
MetaX rose 1.4% to ¥684.5 on the Shanghai morning session; Biren Technology (壁仞科技) surged 10.7% to HK$43.44 in Hong Kong.
Yet Iluvatar CoreX (天数智芯) fell 6.7% to HK$370.2, moving in the opposite direction.
This reflects a shift: investors are no longer buying the domestic-GPU theme as a basket — they are sorting company by company on who can actually make money.
What does this divergence mean for the sector?
On the policy side, Beijing continues to push tech self-reliance and is scaling national AI infrastructure aggressively.
But the capital-market logic has changed: leaders are cashing in commercial returns first, while laggards face rising valuation pressure.
This means → the single variable that will separate winners from losers in the second half is whether profitability can keep expanding.
市场有风险，内容仅供研究参考，不构成投资建议。