Biren Technology, a domestic general‑purpose GPU company, reported preliminary H1 2026 revenue of RMB 1.15–1.30 billion, up 1,852%–2,107% from RMB 58.9 million a year earlier – marking its first major revenue breakout since listing on the HKEX in January 2026.
Losses narrowed sharply: net loss attributable to parents shrank 75–80% year‑on‑year to RMB 320–400 million, while adjusted losses (excluding non‑operating items) fell 35–47% to RMB 290–360 million.
Two engines drove the surge:
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Market demand – expanded AI coding, AI agent long‑cycle tasks, and generative AI fueled compute infrastructure build‑out, lifting demand for general‑purpose parallel GPU solutions.
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Commercial execution – the Bili product family gained traction with a mature software stack, volume delivery capabilities, and growing customer diversity across core scenarios. The low base from H1 2025 (with most high‑end shipments concentrated in H2) further amplified the growth rate.
Loss reduction came from operating leverage – revenue expansion improved gross margins through product mix upgrades. R&D spending continued, but operating cost growth stayed well below revenue growth. Post‑IPO, the elimination of large non‑cash liabilities tied to pre‑IPO preferential shareholder rights also significantly lowered financial costs. Even with sustained R&D investment, adjusted losses shrank on improved gross profit and better cost control, signaling a healthier operational trajectory.
ICgoodFind Takeaway:
This earnings preview confirms domestic GPU commercialization is entering a volume‑shipment phase. From R&D to mass delivery, the ecosystem opportunity is opening up across the supply chain.
