Moore Threads witnessed its first daily limit decline post-listing, with its market value plummeting by a staggering 48.8 billion yuan in a single day, dragging its total market value below the 200 billion yuan mark. The stock price slump was mainly due to the liquidity impact stemming from share unlocking and shifts in market scarcity dynamics. The unlocking resulted in an 85% surge in the tradable share pool, fueling strong investor intentions to cash in profits. Moreover, expectations of further unlocking of a substantial volume of restricted shares and an impending A+H share listing intensified market pressure. Meanwhile, the scarcity that once characterized the domestic GPU sector has gradually faded, with the market now placing greater emphasis on companies’ product prowess and commercialization capabilities.

In terms of commercialization, Moore Threads reported a remarkable 147.42% year-on-year surge in revenue for the first half of 2026. However, its income is heavily reliant on a single product line, necessitating accelerated product iteration and customer diversification to sustain growth momentum. The company’s inventory has ballooned significantly, coupled with a widening gap in operating cash flow and escalating accounts receivable, indicating that inventory and cash flow pressures are mounting amidst rapid growth.

Regarding profitability, although the net loss attributable to the parent company narrowed to 11.56 million yuan in the first half of 2026, the non-recurring net loss still stood at a substantial 151 million yuan, with a widening non-recurring loss in the second quarter. The gross profit margin declined both year-on-year and quarter-on-quarter, primarily due to soaring raw material prices and an increased proportion of cluster deliveries. While R&D investment as a percentage of revenue has been diluted due to scale expansion, continuous investment remains imperative to maintain product competitiveness. Future attention will need to be directed towards whether R&D investment can effectively translate into commercial returns.