Warning Analysis of Moore Threads and Muxi GPU Stock Price Corrections on Biren's Valuation

Based on the latest market data, I will provide an in-depth analysis of the warning significance of Moore Threads and Muxi GPU stock price corrections on Biren’s valuation.

Company	Listing Time	First-day Maximum Gain	Maximum Market Value	Current Market Value	Correction Magnitude
Moore Threads	December 2025	500%	442.2 billion yuan	276.3 billion yuan	-37.5%
Muxi Semiconductor	December 2025	755%	358 billion yuan	~246.1 billion yuan	-35%
Biren Technology	January 2026	80%	90 billion HKD	84.6 billion HKD	-6%

[1][2]

Indicator	Moore Threads	Muxi Semiconductor	Biren Technology
Revenue Scale	1.2-1.498 billion yuan	1.5-1.98 billion yuan	58.9 million yuan (H1)
Loss Amount	730-116.8 million yuan	527-76.3 million yuan	1.6 billion yuan (H1)
Cumulative Loss (2022-2024)	Over 5 billion yuan	3.05 billion yuan	Over 6.3 billion yuan
R&D Investment Ratio	626%	121.24%	245.5%

Biren Technology’s first-half 2025 revenue was only 589 million yuan, yet it supported a market value of 76 billion yuan, with a price-to-sales ratio as high as approximately 1289 times[1][3]. In contrast, although Moore Threads and Muxi Semiconductor have larger revenue scales (1.2-2 billion yuan), they also face the dilemma of market value far exceeding revenue support.

All three companies are in a state of sustained losses:

• Biren Technology has accumulated losses of over 6.3 billion yuan, with R&D investment reaching 3.38 billion yuan[1]
• Moore Threads lost over 5 billion yuan from 2022 to 2024[1]
• Muxi Semiconductor accumulated losses of 3.05 billion yuan[1]

(generally over 100%) means that revenue growth is difficult to cover R&D investment, and the profit path is unclear.

According to prospectus data, Biren Technology’s market share in China’s intelligent computing chip market in 2024 was only

, and its share in the general GPU market was only [4]. The top two players (both U.S. manufacturers) occupy 98% of the market share.

The sharp correction in the stock prices of Moore Threads and Muxi Semiconductor indicates:

• The “surge myth” in the initial post-listing period is unsustainable[1][2]
• Investors are shifting from chasing concepts to prudently evaluating fundamentals
• Biren Technology’s first-day gain of only 80% reflects the market’s vigilance against high valuation risks[1]

1. Avoid Repeating the Boom-and-Bust Cycle
   : Moore Threads and Muxi Semiconductor fell from over 700% gains to below 80%, and Biren’s relatively restrained first-day gain is a signal of the market’s return to rationality[1]

2. High Valuations Are Unsustainable
   : With current revenue scale, Biren Technology’s 76 billion yuan market value requires approximately
   100 times
   revenue growth to reach a reasonable price-to-sales ratio level

1. Technology Implementation Is Key
   : Accelerate the commercial implementation of GPU chips and convert technical advantages into actual revenue[2][4]

2. Software and Hardware Ecosystem Construction
   : Compared with NVIDIA’s CUDA ecosystem, the software ecosystem of domestic GPUs remains a shortcoming[2]

3. Unclear Profit Timeline
   : The gap between huge R&D investment and limited revenue is difficult to bridge in the short term[1][3]

The stock price corrections of Moore Threads and Muxi Semiconductor have sounded an alarm for Biren Technology and the entire domestic GPU industry:

[1][2].

Although the GPU track benefits from the historical opportunity of the AI large model era,

are still the core elements supporting high valuations. The cumulative market value of the three companies has shrunk by over 280 billion yuan from their peaks, fully demonstrating that [1].

For investors, it is more important to rationally view the long-term development potential of domestic GPUs, focus on technology implementation progress and profit improvement inflection points, rather than chasing short-term stock price fluctuations.

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[1] CNfol.com - 《From 700% to 80% Gain: Why Didn’t Biren Repeat Moore Threads and Muxi’s Surge Myth?》(http://mp.cnfol.com/13337/article/1767334627-142195362.html)

[2] Eastmoney.com - 《Competing for the “China NVIDIA” Title! Domestic GPU Market Share Targets 50%》(https://wap.eastmoney.com/a/202512283603663940.html)

[3] Securities Times - 《Domestic GPU Manufacturers Rushing to List Have Not Exceeded 1% Market Share》(https://www.stcn.com/article/detail/3546675.html)

[4] Securities Times - 《Complete Overview! Biren Technology Goes Public, Market Value Surges to 90 Billion HKD》(https://www.stcn.com/article/detail/3568288.html)