Shanghai Iluvatar Corex
- 業種
- AI Chips
- 取引所
- 香港株
- 国 / 地域
- Hong Kong
- 従業員数
- 759
- 公式サイト
- www.iluvatar.com
総合バリュエーションレンジ · 保守的 HK$190–HK$255 / 妥当 HK$328–HK$390 / 楽観的 HK$472–HK$518。HK$597 時点で 楽観的シナリオの上限を超過 · 将来の成長を先取り。
レポート公開時 HK$519（2026年6月11日）
データ提供：EODHD、報告通貨で表示。参考情報であり、投資助言ではありません。
Shanghai Iluvatar CoreX Semiconductor Co., Ltd. engages in the research, design, and deployment of advanced GPGPU products and AI computing solutions in China. It offers various GPGPU chips and accelerators, along with its proprietary and full-stack software development kits, including performance-optimized libraries, AI training frameworks and inference engines, enabling powerful AI applications across training and inference scenarios. It primarily develops and sell GPGPU accelerators, the accelerators integrate GPGPU chips with memory modules, PCB, and other critical components, forming complete computing accelerators that are ready for direct application in the end computing systems. TG Series, a training-focused product line; and ZK series, a specialized product line designed for cloud and edge inference applications. The AI Computing Solutions provides GPGPU Servers and GPGPU Clusters. The company sells its products through direct sales force and distributors. Shanghai Iluvatar CoreX Semiconductor Co., Ltd. was founded in 2015 and is based in Shanghai, China.
沿革
Iluvatar CoreX was founded in 2015 and is based in Shanghai, China. From the start it pursued a full general-purpose GPU (GPGPU) line covering both training and inference within a unified software stack, rather than a single specialized accelerator. The company designs, develops, and deploys GPGPU chips and accelerators together with proprietary full-stack software development kits, including performance-optimized libraries, AI training frameworks, and inference engines; its accelerators integrate GPGPU chips with memory modules, PCBs, and other components into complete computing accelerators. Product lines include the TG Series for training and the ZK series for cloud and edge inference, while AI Computing Solutions provide GPGPU servers and GPGPU clusters; products are sold through a direct sales force and distributors. As of the report it had 759 employees. Iluvatar CoreX listed on the HKEX Main Board on 2026-01-08, issuing 25,430,000 shares at an IPO price of HK$144.6 and raising about HK$3.677 billion; the stock opened up 31.54% at HK$190.2 on its first trading day. Its shareholding is dispersed: as of listing the single largest shareholder group held about 21.25% and Centurium about 20.62%, with the Shanghai Shuqi platforms holding core voting power; in May 2025 Shuqi's sole shareholder and executive director changed from Diao Shijing to Gai Lujiang. Lock-up arrangements left tradable float thin in the first half-year: 219,670,165 existing H shares held by pre-IPO shareholders were locked under a one-year restriction to around 2027-01-07, and cornerstone-subscribed H shares were locked to around 2026-07-07, out of total H shares of 245.10 million. In 2025 revenue rose to RMB 1.034 billion with a gross margin of 54.0%, and the adjusted net loss narrowed to RMB 438.8 million; the company had no distributable profit for 2025 and proposed no final dividend. As of year-end 2025 issued shares totaled 254,317,736, of which 245,101,965 were H shares. In early June 2026 the company (09903) was added to the Shanghai Stock Connect southbound eligible-securities list. As of 2026-06-11, a search of the US EAR Entity List returned no match for Iluvatar CoreX, whereas Moore Threads, Biren, and Shanghai Cambricon were detectable.
業界での地位
Iluvatar CoreX is a domestic general-purpose GPU designer in China, selling training cards, inference cards, and AI computing solutions to government, enterprise, internet, and industry customers, and it is one of very few directly tradable pure-play domestic general-purpose GPU names on the Hong Kong market. Within the domestic general-purpose GPU field it operates among several rivals. As of 2026-06-11 it was not detectable on the US EAR Entity List, while peers Moore Threads and Biren are on the list; this not-yet-listed status is a supply-chain and compliance differentiator versus those peers, though it is a condition outside the company's full control rather than a permanent feature. Competitors include NVIDIA, which defines the global ceiling for training GPU performance and software ecosystem, with CUDA remaining the default standard; AMD as an international second-supplier option; Huawei Ascend, which functions as a combined chip, system, framework, and channel offering strong in government/enterprise and domestic-substitution projects but is not a directly investable pure listed name; Hygon, which is profitable and operates on a larger revenue base and more mature data-center platform; Cambricon, an A-share AI chip company that is profitable, with 2025 net profit of about RMB 2.059 billion; and Biren, the most direct Hong Kong-listed comparable, which is on the Entity List. Other moat-source facts include high project-level switching costs—chip R&D and mass-production cycles are long and external service providers commit dedicated resources over time, so customers binding a product generation, drivers, model frameworks, scheduling, and operations to one vendor cannot easily migrate—and domestic ecosystem availability beyond sample stage, evidenced by 4Paradigm's 2026 annual report disclosing that its platform is compatible with mainstream domestic compute platforms including Huawei Ascend, Cambricon, Iluvatar CoreX, Kunlunxin, and Hygon. The company filled the gap for a domestic general-purpose GPU vendor that is also on mainstream domestic adaptation lists, competing most directly for domestic customers' substitution procurement under compliance, supply, and budget constraints.
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