摩尔线程：2026上半年营收17.36亿元，已超2025全年

TL;DR - Chinese GPU maker Moore Threads (摩尔线程, 688795.SH) reported H1 2026 revenue of ¥1.736B, up 147% YoY and already exceeding its full-year 2025 total, driven by scaled shipments of its MTT S5000 AI training/inference cards and KUAE compute clusters. It signals that a domestic full-function GPU vendor is reaching credible large-model training scale outside the CUDA/NVIDIA supply chain.

• Financials: gross profit ¥989M (+103.8% YoY), net loss narrowed 95.7% (attributable) / 52.4% (ex-items); H1 R&D spend ¥769M (+38.2%), ~¥5.9B cumulative since 2022; 2,167 patent applications filed, 788 granted.
• MTT S5000 clusters deployed in Beijing, Wuxi, Hangzhou with claimed ~95% linear scaling efficiency, training-loss curves matching mainstream international cards, checkpoint-resume support, and >90% effective training time.
• Demonstrated workloads: a from-scratch MoE-236B model trained on >25T tokens, full-stack native training of the "EvoPhys-World" 5D world model (reported 37 straight days atop Stanford WorldScore's world-generation axis), and open-sourced MusaCoder code LLM.
• Ecosystem: MUSA stack claims 100% core math-library CUDA compatibility, 3000+ PyTorch operators, 55 core AI operator classes, official vLLM/SGLang support, and 800k+ developers; product line spans cloud (S5000), edge (E300 module), and endpoint (AIBOOK, AICUBE).