What happened
Muxi Co., Ltd. (688802.SH) released its 2026 semi-annual report, showing revenue of 1.324 billion yuan, up 44.67% year over year.
Net profit attributable to shareholders reached 612 million yuan, reversing a year-ago loss, with net profit in the second quarter turning positive versus the first quarter.
The company attributed the revenue jump to significantly higher GPU product shipments as downstream customers increasingly purchased its products and services.
Why it matters
The results signal strengthening commercial traction for Muxi's GPU products, a key segment in China's push for domestic chip alternatives.
The swing from loss to profit, aided by both revenue growth and fair-value gains, suggests improving operational leverage as shipments scale.
Key facts
H1 2026 revenue: 1.324 billion yuan, up 44.67% year over year.
H1 net profit attributable to shareholders: 612 million yuan, versus a loss in the prior-year period.
Q2 net profit was 711 million yuan, while Q1 net profit was minus 99 million yuan, making Q2 profitable quarter over quarter.
The profit turnaround was driven by a large rise in revenue and fair-value change gains.
What to watch next
Whether Muxi can sustain GPU shipment momentum through the second half of 2026 amid competitive and supply-chain pressures.
How much of the profit improvement came from fair-value gains versus recurring operating income, as that mix affects future earnings quality.