Moore Threads reported first-half 2026 revenue of CNY 1.736 billion, up 147.42% year over year and already above its full-year 2025 revenue of CNY 1.51 billion, as AI computing demand and faster commercialization of its KUAE intelligent computing cluster lifted sales. Net loss attributable to shareholders narrowed to CNY 11.56 million from CNY 271 million a year earlier, while loss after deducting non-recurring items fell 52% to CNY 151 million and second-quarter revenue reached about CNY 999 million, up 35.4% from the first quarter. The company kept investing heavily in new chips and software, with first-half R&D spending of CNY 769 million, or 44.3% of revenue, as it advanced the Huagang architecture and the Huashan and Lushan chips. Working-capital pressure remained elevated, with first-half operating cash outflow widening about 86% to CNY 2.169 billion and inventory climbing 166.5% from the end of 2025 to CNY 3.55 billion, a four-year high, after the company increased stock to meet demand. Moore Threads also unveiled plans to issue H-shares and seek a Hong Kong Main Board listing about eight months after its December 2025 STAR Market debut, a step that would create an A+H structure if approved by shareholders and regulators.