ILUVATAR COREX's stock soared 5.05% during intraday trading on Wednesday, extending its recent strong performance.

The surge follows the company's release of impressive full-year results, with revenue rising 91.6% year-over-year to RMB 1.034 billion and gross profit jumping 110.5% to RMB 558 million. The core general-purpose GPU business generated RMB 923 million in revenue, surging 149.6% year-over-year and accounting for 89.3% of total revenue.

Adding to the positive sentiment, JPMorgan initiated coverage on the stock with an "Overweight" rating and a HK$620 target price, noting that ILUVATAR COREX is among the first in China to achieve mass production of both training and inference general-purpose GPU chips.