Shanghai Iluvatar CoreX Semiconductor (9903) H1 2026 earnings summary

Executive summary

• Achieved revenue of RMB945.7 million for the six months ended June 30, 2026, up 191.6% year-over-year, with a turnaround to net profit of RMB106.3 million from a loss of RMB609.3 million in the prior year period.

• Adjusted net profit (non-HKFRS) was RMB246.0 million, compared to an adjusted net loss of RMB299.8 million a year earlier.

• Core GPGPU products drove growth, with revenue of RMB916.1 million, up 231.0% year-over-year, accounting for 96.9% of total revenue.

• Customer base expanded to over 380, with deployments across Internet, AI, finance, healthcare, and scientific research sectors.

Financial highlights

• Gross profit remained stable at RMB162.6 million, but gross margin declined to 17.2% from 50.1% due to product mix and increased cost of sales.

• GPGPU training series revenue rose 38.0% to RMB261.9 million; inference series revenue surged 651.8% to RMB654.2 million.

• AI computing solutions revenue fell 68.1% to RMB13.6 million due to strategic focus shift.

• Other income and gains soared to RMB873.3 million, mainly from RMB760.2 million in fair value gains on listed equity investments.

• R&D costs increased 23.8% to RMB558.9 million, reflecting ongoing investment in product development.

Outlook and guidance

• Focus remains on high-efficiency computing product R&D, software ecosystem development, and expansion into new industry applications.

• Plans to deepen edge computing, vertical industry tracks, and developer ecosystem, leveraging a four-generation architecture roadmap.

• Anticipates strong demand for high-performance training chips and edge computing as AI applications diversify.