Shanghai-based Biren Tech reported a sharp turnaround for the six months ended 30 June 2026, driven by rapid commercial uptake of its Bili-series AI GPUs.

Revenue Highlights • Revenue surged to RMB 1.24 billion, a 1,997.6% increase versus the prior-year period, fuelled by large-scale deliveries of intelligent computing solutions and software. • Gross profit climbed to RMB 527.13 million, up 2,708.5%, lifting gross margin to 42.7%, an expansion of 10.8 percentage points.

Cost Structure and Profitability • Research & development expenses rose 40.7% to RMB 804.43 million, reflecting continued investment in next-generation GPU architecture and SuperPod systems. • Selling and marketing and G&A costs remained broadly stable, together totalling RMB 155.63 million. • Statutory net loss narrowed 76.4% year-on-year to RMB 377.23 million; adjusted loss (non-IFRS) improved 38.9% to RMB 337.25 million. • Loss per share dropped to RMB 0.16 from RMB 0.93 a year earlier.

Balance-Sheet Metrics • Liquidity increased to RMB 6.15 billion, underpinned by January’s HK$6.20 billion IPO proceeds and robust operating cash inflows. • Cash and cash equivalents stood at RMB 1.01 billion, with bank deposits of RMB 4.86 billion and structured deposits of RMB 250.51 million. • Trade receivables doubled to RMB 1.12 billion, mirroring shipment growth; inventory rose 28.1% to RMB 1.21 billion to secure future deliveries. • Gearing ratio fell to 11.1% (31 Dec 2025: 502.9%) after the automatic conversion of redemption liabilities into equity upon listing.

Operational Developments • Customer base now spans internet hyperscalers, telecom operators and national AI platforms; thousand-GPU SuperPod deployments delivered over 30% training-performance gains for complex Mixture-of-Experts models. • The BIRENSUPA software stack supports more than 1,000 models and completed “Day-zero” adaptation for multiple domestic large language models. • Next-generation Chiplet-based GPU family remains on schedule, integrating FP8/FP4 compute and native optical interconnect.

Post-Period Event • On 8 July 2026 the company raised net proceeds of approximately HK$7.04 billion via a placement of 153 million new H shares to strengthen production capacity and R&D.

Outlook Management will prioritise ramp-up of its forthcoming GPU lineup, continued SuperPod innovation and deeper ecosystem collaboration to capture escalating AI-compute demand.