独家解读丨国产GPU四份半年报出炉，赚钱后才发现二级市场「难哄」

TL;DR - Half-year reports from four Chinese GPU makers show improving revenue and headline profits, but non-operating gains and accounting changes obscure core performance. Investors are shifting attention from near-term profitability to sustainable revenue, order quality, supply capacity, and expectations already priced into valuations.

• Biren remained loss-making despite nearly 20-fold revenue growth, while MetaX, Iluvatar CoreX, and Moore Threads showed gaps between headline and adjusted profitability.
• Iluvatar’s profit was driven mainly by a ¥760 million equity revaluation gain; MetaX and Moore Threads remained unprofitable after excluding non-recurring items.
• Analysts prioritize revenue durability, customer quality, orders, wafer and HBM availability, and delivery capacity over temporary profit milestones.
• As more domestic GPU companies list, scarcity premiums are weakening and share prices increasingly reflect the gap between realized results and expectations already embedded in valuations.