분석 결과, 재무 압박과 주가 하락으로 무어 스레드의 시가총액이 2000억 위안 미만으로 떨어졌으며, 이는 국내 GPU 4강의 밸류에이션 지속 가능성에 의문을 제기한다.

On September 7, domestic GPU leader Moore Threads (688795.SH) hit its 20 percent daily limit down, closing at 415.49 yuan per share and marking a new low since its IPO. Its market capitalization fell below the 200 billion yuan threshold to 195.3 billion yuan.

The sell-off coincided with the unlocking of 25.7745 million shares from the company’s initial public offering offline placement, representing 5.48 percent of total shares. Based on the September 4 closing price, the unlocked shares were valued at over 13 billion yuan.

Once celebrated for setting a STAR Market record with an 88-day approval timeline and dubbed “China’s NVIDIA,” Moore Threads saw its market cap surge past 440 billion yuan shortly after going public. Nine months later, however, its stock has plummeted more than 50 percent from its historical peak, erasing a substantial portion of its valuation.

Moore Threads’ pressure is not an isolated case. On the same day, MetaX (688802.SH) tumbled more than 13 percent intraday, retreating over 40 percent from its year-to-date high. Biren Technology (06082.HK) has also experienced significant volatility since its January listing, with its latest price down nearly 40 percent from its peak. Meanwhile, Enflame Technology (688801.SH), the final member of the domestic GPU “Four Little Dragons” to tap public markets, completed its online and offline subscription at an issue price of 142.18 yuan per share and is expected to list on the STAR Market in mid-September.

As the “Four Little Dragons” converge in the capital markets, questions are mounting over whether their valuations have been overinflated.

Moore Threads’ rare limit-down move has drawn intense scrutiny. According to public filings, the company specializes in the research, development, design, and sales of GPUs and related products, with main product lines spanning cloud, edge, and terminal segments.

Moore Threads officially listed on December 5, 2025, at an IPO price of 114.28 yuan per share. It surged 425.5 percent on its debut, closing at 500.5 yuan. By its fifth trading day, the stock had climbed to a historical high of 941.08 yuan, pushing its market cap above 440 billion yuan. Nine months later, on September 7, 2026, the stock hit the limit down again. At the closing price of 415.49 yuan, it has fallen more than 50 percent from its peak, wiping out over 240 billion yuan in market value.

In a statement to Times Finance, a Moore Threads representative acknowledged the day’s volatility, noting that operations remain solid and core GPU technologies continue to iterate. The company highlighted that new products based on its “Huagang” architecture will launch this year. Solutions designed for AI large-model training and inference have already been deployed with internet firms, large-model developers, AI infrastructure providers, and telecommunications operators. A 10,000-node cluster built on the S5000 chip is currently supporting the training of ultra-large-parameter models, while S5000 inference services tailored for token factories are gradually going live. The company advised investors to refer to official disclosures for detailed operational and financial updates.

Despite its growth, Moore Threads remains unprofitable. Its first-half 2026 report showed revenue of 1.736 billion yuan, a 147.42 percent year-over-year increase that already surpassed its full-year 2025 total. However, net loss widened to 11.5631 million yuan, though the loss narrowed by 95.73 percent compared to the same period last year. Cloud products accounted for 1.693 billion yuan, representing 97.5 percent of total revenue.

Investors are closely watching when the company might turn a profit. In an investor relations activity record, Moore Threads stated, “Our operational fundamentals continue to improve and our commercialization pace is accelerating. However, the exact timing of our break-even point will be influenced by macroeconomic conditions, market competition, and business implementation. Please refer to our future announcements.”

The company’s prospectus previously indicated that management projected an earliest consolidated profit by 2027, factoring in government subsidies. Without those subsidies, the company would have posted a marginal profit in 2027.

Alongside its half-year results, Moore Threads also announced plans to pursue a secondary listing in Hong Kong. When contacted by Times Finance regarding its performance and HK listing strategy, the company had not responded as of press time.

Moore Threads’ recent decline has once again placed the domestic GPU “Four Little Dragons” under the spotlight.

Looking at Enflame Technology, which is closest to listing, the company set its IPO price at 142.18 yuan per share on August 31, aiming to raise 6.119 billion yuan. Online and offline subscriptions began on September 2, implying a post-IPO market capitalization of approximately 61.2 billion yuan.

Financially, Enflame’s revenue grew from 301 million yuan in 2023 to 990 million yuan in 2025. Yet, net losses persisted at 1.665 billion yuan, 1.51 billion yuan, and 1.164 billion yuan across those three years, totaling over 4.3 billion yuan in cumulative losses. Uncovered losses stood at 4.441 billion yuan by the end of 2025. Additionally, more than 70 percent of Enflame’s 2025 revenue came from its largest client, Tencent, highlighting notable customer concentration risks.

Biren Technology, listed in Hong Kong, has similarly faced a “high-open, low-close” trajectory. Its stock peaked at 70.75 HKD per share on June 26 before sliding steadily. By September 7, it closed at 41.16 HKD, valuing the company at 106.7 billion yuan—a decline of 39.47 percent from its peak.

In the first half of 2026, Biren reported “explosive” revenue growth of 1.236 billion yuan, up 1,997.59 percent year-over-year, though it still recorded a net loss of 377 million yuan. The company recently secured approximately 7 billion HKD in a new funding round in July.

Among the quartet, MetaX stands out as the only company to achieve positive net profit. For H1 2026, it reported revenue of 1.324 billion yuan and a net profit of 612 million yuan. However, a critical caveat exists: gains from the fair value changes of trading financial assets amounted to 887 million yuan, accounting for 105.75 percent of total profit. The company explicitly noted in its financial report that this income is “not sustainable.”

On the secondary market, both MetaX and Moore Threads listed in December 2025. MetaX’s debut saw a 693 percent surge. On July 13, 2026, its stock briefly breached 1,000 yuan, peaking at 1,033 yuan and pushing its market cap past 400 billion yuan. Since then, it has pulled back. On September 7, it dropped more than 13 percent intraday, closing down 9.67 percent at 570.08 yuan, with a market cap of 228.1 billion yuan. This marks a 41.4 percent cumulative decline since its July 13 high.

Commenting on the valuation dynamics of the domestic GPU sector, Zhang Xiaorong, Dean of the Deep Tech Research Institute, told Times Finance, “The market is pricing in a long-term substitution thesis, which has little to do with current earnings.”

Nevertheless, the domestic GPU track undeniably holds substantial room for expansion. Surging demand from large language models, computing centers, and government and enterprise substitution initiatives has created a vast incremental market. Data from Frost & Sullivan shows China’s GPU market expanded rapidly from 38.477 billion yuan in 2020 to 163.817 billion yuan in 2024, and is projected to reach 1.36 trillion yuan by 2029.