天数智芯（9903.HK）2026年中报：收入同比增191.6%并扭亏，但毛利近乎零增长、毛利率腰斩，公告系8月28日旧披露

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong
Limited take no responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part
of the contents of this announcement.

Shanghai Iluvatar CoreX Semiconductor Co., Ltd.
上海天數智芯半導體股份有限公司
(A joint stock company incorporated in the People’s Republic of China with limited liability)

(Stock Code: 9903)

INTERIM RESULTS ANNOUNCEMENT
FOR THE SIX MONTHS ENDED JUNE 30, 2026
The Board is pleased to announce the unaudited condensed consolidated results of the
Group for the six months ended June 30, 2026, together with the comparative figures for
the six months ended June 30, 2025.
FINANCIAL HIGHLIGHTS
For the six months ended
June 30,
2026
2025
RMB’000
RMB’000
(Unaudited)
Revenue
Gross profit
Profit/(loss) for the period
Adjusted net profit/(loss) (non-HKFRS
measure)(1)

Period-overperiod
change
(%)

945,679
162,561
106,272

324,263
162,433
(609,316)

191.6
0.1
N/A(2)

246,024

(299,771)

N/A(2)

Notes:
(1)

We define adjusted net profit/(loss) as profit/(loss) for the period adjusted by adding back share-based
payment expenses and listing expenses. For details, see the section headed “Non-HKFRS Measure”
in this announcement.

(2)

We experienced a turnaround to profit. For details, see the section headed “Profit/(Loss) for the
Period” in this announcement.

–1–

MANAGEMENT DISCUSSION AND ANALYSIS
BUSINESS REVIEW
We are a leading provider of GPGPU products and AI computing solutions in China.
Adhering to independent development with an R&D cadence of “mass-producing one
generation, designing the next and pre-researching the one after,” we pursue
software-hardware co-design to deliver high-quality computing power.
In January 2026, we released our four-generation architecture roadmap and launched the
Tongyang (彤央) series of edge-side computing products for industrial and commercial
intelligence and transportation intelligence. The Tongyang series brings cloud-level
multi-computing fusion and high-concurrency inference capabilities to the edge,
integrating CPU and GPU computing power with high-speed interfaces to complete our
“cloud + edge + terminal” full-scenario computing layout.
In July 2026, we released TG Gen 4, our new-generation flagship, based on a SIMT
general computing architecture. It efficiently supports scalar, vector and tensor
computation and is optimized for Attention, MoE, AF separation, PD separation and
large-scale system expansion. It improves converting computing power into Token output
and business value. TG Gen 4 balances computing efficiency, latency and TCO under
complex workloads, meeting requirements of scaled AI applications for versatility,
performance and cost.
During the Reporting Period, we achieved revenue of RMB945.7 million, representing a
year-on-year increase of 191.6%. Revenue from core GPGPU products was RMB916.1
million, and gross profit from GPGPU products was RMB401.8 million, representing a
year-on-year increase of 188.5% in GPGPU product gross profit. The Group recorded a
net profit of RMB106.3 million and an adjusted net profit of RMB246.0 million during
the Reporting Period, achieving a turnaround from loss to profit.
Our business maintained robust growth and our customer base continued to expand. We
achieved scaled deployment across Internet, AI large models, financial services,
healthcare, scientific research and other sectors, establishing benchmark cases in
industrial, commercial and transportation intelligence. As of June 30, 2026, the Group
had served over 380 customers, providing support for our subsequent revenue growth.
Looking ahead, we will continue to accelerate iteration of our chip architecture and
software systems, drive proprietary core technologies from point breakthroughs towards
universal computing power across industries, and support the digital and intelligent
transformation of the real economy.

–2–

Products and Solutions

1.

GPGPU Products
During the Reporting Period, we continued to iterate and upgrade the TG series and
ZK series, while optimizing computing performance, scenario adaptability and
overall cost-efficiency. The market competitiveness of our core products continued to
strengthen. Revenue from GPGPU products reached RMB916.1 million, representing
a year-on-year increase of 231.0% and accounting for 96.9% of total revenue.

TG Series
The TG series, our training-focused flagship product line and China’s first
domestically mass-produced GPGPU product, is optimized for the training of
large-parameter AI models. It features high-efficiency compute cores,
high-specification memory and an upgraded system architecture supporting
multi-card cluster systems. Revenue from the TG series was RMB261.9 million,
representing a year-on-year increase of 38.0%. We continued our R&D efforts and
released the new-generation flagship product TG Gen 4 in July 2026. R&D of the
next-generation TG series is progressing as planned and is aimed at further
improving efficiency and competitiveness and enhancing cluster expansion
capabilities, including SuperPod.

ZK Series
The ZK series is designed for cloud and edge inference applications and incorporates
features critical to efficient inference, including enhanced integer computing units and
optimized data channels. Revenue from the ZK series was RMB654.2 million,
representing a year-on-year increase of 651.8%. ZK series products have been
deployed across the Internet, AI large models, financial services, commercial retail,
healthcare, transportation and other sectors. We are actively developing
next-generation ZK products specifically optimized for emerging and the latest large
language models. Through hardware-software co-design, we are strengthening the
architecture to address current computational efficiency challenges of large language
models. The new-generation products will expand support for low-precision data
types and mixed-precision computing.

–3–

2.

AI Computing Solutions
During the Reporting Period, our AI computing solutions business continued to
develop. Based on our proprietary TG and ZK series chips, we provide customers
with full-stack solutions ranging from edge devices and GPU servers to computing
clusters. Revenue from AI computing solutions was RMB13.6 million, accounting for
1.4% of total revenue. During the Reporting Period, affected by the coordination of
supply resources and adjustments to project delivery schedules, revenue from this
business decreased by 68.1% year-on-year.

Software Ecosystem
We take addressing industry pain points through software capabilities as our core
approach, achieving deep adaptation and scaled deployment across the Internet,
energy, financial services, healthcare, education, smart retail and other key industries.
In fields such as online education, medical imaging, molecular dynamics and weather
forecasting, we completed the rapid migration and deep optimization of open-source
specialized computing libraries and contributed improvements back to the
open-source community. We collaborated with leaders in genomics to achieve
full-stack autonomous and controllable construction of core business systems,
partnered with leading universities to fill gaps in domestic GPGPU
specialized-operator technology and worked with leading hospitals to advance the
clinical deployment of medical-assisted diagnosis.

Cluster Management and Computing Power Scheduling
We developed a proprietary full-stack GPGPU cluster management and computing
power scheduling system, overcoming core technical challenges associated with
large-scale parallel training. Our proprietary communication library improved
cross-node communication efficiency by approximately 30% and stably supports the
operation of 10,000-card clusters. Our proprietary simulation library provides precise
theoretical support for cluster construction.

–4–

BUSINESS OUTLOOK
The AI industry has entered a phase of high-quality development driven by efficiency,
scenario deployment and ecosystem competition. The industry’s development logic has
moved beyond the single-minded scaling of model parameters. While safeguarding the
comprehensive capabilities of AI models, reducing the full-chain costs of training and
inference has become the core competitive focus. Industrial transformation is placing
higher requirements on AI computing infrastructure and is also presenting strategic
opportunities for domestic GPU enterprises in domestic substitution and scaled
development.
Based on our operating results during the Reporting Period and our in-depth analysis of
industry trends, we will continue to adhere to our core strategy of independent
innovation and focus on the following key points: (i) high-efficiency computing product
R&D; (ii) software ecosystem development; (iii) expansion of industry application
scenarios; (iv) an all-domain cloud-edge-terminal computing layout; and (v) enhancement
of core technology capabilities. We will steadily improve our comprehensive computing
power system covering training, inference, edge computing and industry applications.
From a technology architecture perspective, computing chip design needs to return to the
essence of computation to deliver high-quality computing power. Hardware-level
optimization for frontier AI features such as Attention mechanisms and MoE sparse
activation has become a standard feature of high-end computing products. Balancing
computing power, bandwidth and cost through heterogeneous integration is a core
direction of product development. Cluster interconnection technology has also become a
key competitive focus: low-latency, high-bandwidth cluster interconnection solutions
directly determine the operating efficiency and computing utilization of 10,000-card
clusters.
From an application perspective, AI computing is showing a pronounced trend towards
layering and diversification. Leading Internet and AI companies continue to deploy
large-scale training clusters, driving strong demand for high-performance training chips.
As AI applications penetrate various industries, a coordinated development pattern of
cloud inference, edge inference and terminal inference is taking shape. Internet
applications based on large models have entered the stage of scaled deployment; AI
assistants, text-to-image and AIGC content generation are highly sensitive to inference
throughput, response latency and cost. Industrial inspection, smart retail and embodied
intelligence scenarios impose stringent requirements on edge computing power, latency,
real-time performance and reliability.

–5–

Based on our existing operating results and the prevailing industry development trends,
we will remain committed to the execution of our long-term growth strategy and will
steadily advance our business operations with a focus on the following areas:
Enhancing Full-scenario Product Portfolio and Building a High-efficiency Future Computing
Platform
We will continue to pursue independent innovation, leverage our four-generation
architecture technology roadmap and advance the iteration and upgrade of the TG, ZK
and Tongyang product series. We will optimize computing architecture, cluster
interconnection capabilities and system efficiency, strengthen our ability to adapt to new
models, algorithms and scenarios and increase investment in rack-level SuperPod R&D.
The Group has undertaken systematic development centred on integrated rack-level
design, high-speed interconnection, efficient power supply and thermal management, as
well as hardware-software co-optimisation, with a view to comprehensively enhancing the
computing efficiency, communication throughput and operational capabilities of largescale clusters, thereby providing customers with high-quality and scalable computing
power.
Strengthening Full-stack Software Ecosystem and Building a Developer-trusted Platform
Software ecosystem is the core bridge connecting GPGPU products with applications. We
will continue to deepen our capabilities in PD separation for large language model
inference, MoE model training and mixed-precision quantization. At the software
development kit (SDK) level, we will focus on hardware efficiency, deployment stability
and ecosystem compatibility; deepen collaboration with CPU vendors, server OEMs, ISVs
and cloud service providers; and leverage the DeepSpark open-source community,
through which more than 650 mainstream algorithm models have been adapted, to
expand our developer ecosystem.
Deepening Vertical Industry Tracks and Driving Scaled AI Computing Deployment
We plan to deepen strategic cooperation with Internet companies, cloud service
providers, AI model companies, research institutions and industry-leading customers. We
will expand into intelligent driving, industrial manufacturing, pan-intelligent terminals and
smart agriculture, and explore scientific intelligence, biopharmaceutical R&D and spatial
computing.
Deepening Edge-side Computing Layout and Expanding Intelligent Boundaries of the
Physical World
We will follow AI’s trend towards edge and terminal computing. The Tongyang series
brings cloud computing capabilities to the edge. As embodied intelligence, autonomous
driving and industrial Internet of Things become commercialized, demand for edge
intelligent computing is expected to experience explosive growth.

–6–

Strengthening Talent Pipeline and Building a Sustainable Learning Organization
Our professional R&D team comprises over 650 employees, with more than one-third
having over ten years of industry experience and more than 70% holding master’s degrees
or above. Our core R&D personnel have backgrounds at leading international
semiconductor companies.
Looking ahead, we will continue to uphold our philosophy of independent innovation
and focus on GPGPU products and AI computing power. We will continue to advance
product iteration, software ecosystem development, industry application expansion, edge
computing development and enhancement of our talent system, thereby building a
full-scenario computing platform covering training, inference and edge computing. We
will work with industry chain partners to support the high-quality development of the AI
industry and contribute core computing power to the digital economy and intelligent
society.
FINANCIAL REVIEW
In the first half of 2026, the Group’s revenue amounted to approximately RMB945.7
million, representing an increase of 191.6% from RMB324.3 million in the first half of
2025.
In the first half of 2026, profit attributable to the owners of the parent amounted to
RMB106.3 million, compared with a loss attributable to the owners of the parent of
approximately RMB609.3 million in the first half of 2025, representing a turnaround
from loss to profit.
Revenue
Our revenue increased by 191.6% from RMB324.3 million in the first half of 2025 to
RMB945.7 million in the first half of 2026. The following table sets forth our revenue
breakdown by product and service type for the periods indicated:
For the six months ended June 30,
2026
2025
% of
RMB’000
revenue
RMB’000
(Unaudited)

% of
revenue

GPGPU products
— Training series
— Inference series
AI computing solutions
Semiconductor components
Others(1)

916,127
261,907
654,220
13,601
14,780
1,171

96.9
27.7
69.2
1.4
1.6
0.1

276,751
189,736
87,015
42,644
—
4,868

85.3
58.5
26.8
13.2
—
1.5

Total

945,679

100.0

324,263

100.0

(1)

Primarily including technical service income and software license income.

–7–

Our revenue from GPGPU products increased by 231.0% from RMB276.8 million in the
first half of 2025 to RMB916.1 million in the first half of 2026, primarily due to the
increase in revenue from both our training series and inference series. Such increase was
primarily attributable to (i) our continued efforts in expanding market presence and
customer base and deepening cooperation with key customers; and (ii) the growing
demand arising from the development of the AI industry and the integrated circuit
industry.
Our revenue from the training series increased by 38.0% from RMB189.7 million in the
first half of 2025 to RMB261.9 million in the first half of 2026, primarily due to the
growing demand arising from the development of the AI industry.
Our revenue from the inference series increased by 651.8% from RMB87.0 million in the
first half of 2025 to RMB654.2 million in the first half of 2026, primarily due to the
surge in market demand for AI inference and the robust sales of an advanced version of
our ZK series product, which led to significant increases in both sales volume and selling
price.
Our revenue from AI computing solutions decreased by 68.1% from RMB42.6 million in
the first half of 2025 to RMB13.6 million in the first half of 2026, primarily due to our
strategic shift of business focus towards GPGPU products in response to prevailing
market supply and demand conditions.
Our revenue from semiconductor components, in particular server components, amounted
to RMB14.8 million in the first half of 2026, representing 1.6% of our total revenue,
compared with nil in the first half of 2025. These products were originally procured by us
as inventory reserves and were subsequently sold to certain customers to accommodate
their specific procurement needs and support our customer relationships.
Cost of Sales
Our cost of sales increased by 383.9% from RMB161.8 million in the first half of 2025 to
RMB783.1 million in the first half of 2026, generally in line with the growth of revenue
of our GPGPU products.

–8–

Gross Profit and Gross Profit Margin
Our gross profit remained relatively stable at RMB162.6 million in the first half of 2026
and RMB162.4 million in the first half of 2025. Our gross profit margin decreased from
50.1% in the first half of 2025 to 17.2% in the first half of 2026. The following table sets
forth our gross profit and gross profit margin by product and service type for the
periods indicated:
For the six months ended June 30,
2026
2025
Gross profit
Gross profit
Gross profit
margin Gross profit
margin
RMB’000
(%)
RMB’000
(%)
(Unaudited)
GPGPU products
— Training series
— Inference series
AI computing solutions
Semiconductor components
Others
Impairment

401,794
168,949
232,845
3,761
(171,049)
266
(72,211)

43.9
64.5
35.6
27.7
(1,157.3)
22.7
—

139,293
111,094
28,199
19,499
—
4,575
(934)

50.3
58.6
32.4
45.7
—
94.0
—

Total

162,561

17.2

162,433

50.1

Our gross profit margin for GPGPU products decreased from 50.3% in the first half of
2025 to 43.9% in the first half of 2026, primarily due to the change in our product mix.
The gross profit margin for our training series products increased from 58.6% in the first
half of 2025 to 64.5% in the first half of 2026, primarily due to the increase in revenue
contribution from more advanced products, resulting in a higher average selling price and
consequently improved gross profit margin. The gross profit margin for our inference
series products increased from 32.4% in the first half of 2025 to 35.6% in the first half of
2026, primarily due to the higher average selling price of our inference series as a result
of the improved performance of our products.
Our gross profit margin for AI computing solutions decreased from 45.7% in the first
half of 2025 to 27.7% in the first half of 2026, primarily due to the increase in revenue
contribution from lower-priced solutions.
We recorded gross loss for semiconductor components, primarily attributable to the loss
we incurred as we offered server components to certain customers at prices lower than
our procurement costs. In light of our long-term strategic relationships with these
customers, we elected to accommodate their procurement needs despite the near-term

–9–

losses, as we believed that supporting these customers could facilitate the Group’s
ongoing and future business cooperation with them and enhance the long-term
commercial value of such customer relationships.
Our impairment changed from RMB0.9 million in the first half of 2025 to RMB72.2
million in the first half of 2026, primarily due to the write-down of certain work-inprogress inventories resulting from our new market and product strategy.
Other Income and Gains
Our other income and gains increased significantly from RMB39.5 million in the first half
of 2025 to RMB873.3 million in the first half of 2026, primarily due to (i) the
recognition of fair value gains on financial assets at fair value through profit or loss of
approximately RMB760.2 million, mainly in relation to our investment in the shares of a
company listed on the Shanghai Stock Exchange; and (ii) the increase in government
grants.
Selling and Distribution Expenses
Our selling and distribution expenses increased by 21.9% from RMB67.6 million in the
first half of 2025 to RMB82.4 million in the first half of 2026, primarily due to the
increase in marketing and promotional expenses to enhance our brand awareness and
promote newly launched products.
Administrative Expenses
Our administrative expenses decreased by 42.4% from RMB274.6 million in the first half
of 2025 to RMB158.1 million in the first half of 2026, primarily due to the decrease in
share-based payment expenses.
Research and Development Costs
Our research and development costs increased by 23.8% from RMB451.5 million in the
first half of 2025 to RMB558.9 million in the first half of 2026, primarily due to (i) the
increase in material consumption and tape-out expenses; and (ii) the increase in staff
costs resulting from the expansion of our R&D team.
Impairment Losses on Financial Assets
Our impairment losses on financial assets increased significantly from RMB1.6 million in
the first half of 2025 to RMB11.1 million in the first half of 2026, primarily due to the
increase in expected credit loss provisions on trade receivables, in line with the growth of
our revenue.

– 10 –

Other Expenses
Our other expenses increased significantly from RMB4.9 million in the first half of 2025
to RMB98.8 million in the first half of 2026, primarily due to the foreign exchange
losses.
Finance Costs
Our finance costs increased by 82.3% from RMB11.1 million in the first half of 2025 to
RMB20.3 million in the first half of 2026, primarily due to the increase in our bank
borrowings.
Income Tax Expense
Our income tax expense remained nil in both the first half of 2026 and the first half of
2025, primarily due to our loss positions.
Profit/(Loss) for the Period
As a result of the foregoing, our profit for the period amounted to RMB106.3 million in
the first half of 2026, compared with a loss for the period of RMB609.3 million in the
first half of 2025. This represented a turnaround from loss to profit, which was primarily
due to a significant increase in unrealized net gain arising from the Group’s investment in
the shares of a company listed on the Shanghai Stock Exchange.
Share-based Payment Expenses
Our share-based payment expenses decreased by 54.6% from RMB295.9 million in the
first half of 2025 to RMB134.4 million in the first half of 2026, primarily because the
majority of restricted Shares granted to our employees were vested upon the Listing,
resulting in a significant reduction in share-based payment expenses recognized in the first
half of 2026.
Listing Expenses
Our listing expenses decreased by 61.0% from RMB13.7 million in the first half of 2025
to RMB5.3 million in the first half of 2026, relating to the expenses incurred for the
Global Offering.
Adjusted Net Profit/(Loss) (Non-HKFRS Measure)
Our adjusted net profit (non-HKFRS measure) amounted to RMB246.0 million in the
first half of 2026, compared with an adjusted net loss (non-HKFRS measure) of
RMB299.8 million in the first half of 2025.

– 11 –

Non-HKFRS Measure
To supplement our consolidated financial statements which are presented in accordance
with HKFRS Accounting Standards, we use adjusted net profit/(loss) as a non-HKFRS
measure, which is not required by, or presented in accordance with HKFRS Accounting
Standards. We define adjusted net profit/(loss) as profit/(loss) for the period adjusted by
adding back (i) share-based payment expenses, which are non-cash in nature, and (ii)
listing expenses, which relate to our Hong Kong initial public offering (“IPO”) and the
Global Offering.
We believe that the non-HKFRS financial measure helps identify underlying trends in our
business and enhances the overall understanding of the Company’s past performance and
future prospects. We also believe that the non-HKFRS financial measure allows for
greater visibility with respect to key metrics used by the Company’s management in its
financial and operational decision-making. The non-HKFRS financial measure is not
presented in accordance with HKFRS Accounting Standards and may be different from
non-HKFRS methods of accounting and reporting used by other companies. The
non-HKFRS financial measure has limitations as an analytical tool and when assessing
the Company’s operating performance, investors should not consider them in isolation, or
as a substitute for net profit/(loss) or other consolidated statement of comprehensive
income data prepared in accordance with HKFRS Accounting Standards. We encourage
investors and others to review the Company’s financial information in its entirety and not
rely on a single financial measure.
Liquidity and Source of Funding
In the first half of 2026, we funded our cash requirements principally through sales of
our products and solutions, capital contributions from our Shareholders and bank
borrowings. Our cash and cash equivalents increased by 93.4% from RMB1,504.7 million
as of December 31, 2025 to RMB2,910.8 million as of June 30, 2026.
The Group monitors its exposure to liquidity risk by regularly monitoring short-term and
long-term liquidity requirements, as well as compliance with borrowing agreements to
ensure that adequate cash reserves and readily realizable liquidity are maintained. The
liquidity of the Group is primarily dependent on its ability to maintain adequate cash
inflows from operations to meet its debt obligations as they fall due, and its ability to
obtain external financing to meet its committed future capital expenditure.

– 12 –

The following table sets forth a summary of our cash flows for the periods indicated:

Net cash used in operating activities
Net cash used in investing activities
Net cash generated from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning
of the period
Effects of foreign exchange rate changes, net
Cash and cash equivalents at the end
of the period

For the six
months ended
June 30,
2026
RMB’000
(Unaudited)

For the six
months ended
June 30,
2025
RMB’000

(2,785,559)
(650,833)
4,857,957
1,421,565

(715,589)
(51,191)
2,168,014
1,401,234

1,504,701
(15,468)

313,563
(1,621)

2,910,798

1,713,176

Indebtedness
Our indebtedness mainly included interest-bearing bank and other borrowings and lease
liabilities as of the dates indicated:
As of
June 30,
2026
RMB’000
(Unaudited)

As of
December 31,
2025
RMB’000

Interest-bearing bank and other borrowings
Lease liabilities

2,687,014
25,886

1,009,040
10,365

Total

2,712,900

1,019,405

Our Group’s total borrowings as of June 30, 2026 were RMB2,687.0 million (as of
December 31, 2025: RMB1,009.0 million) which were denominated in RMB and of
which approximately RMB988.5 million was at fixed interest rates ranging from 1.53% to
2.55% per annum. We maintain a prudent approach in our treasury management with
interest rate exposure maintained principally on a floating rate basis. We did not use any
interest rate swap contracts or other financial instruments to hedge against our interest
rate risk. We will continue to monitor interest rate risk exposure and will consider
hedging significant interest rate risk exposure should the need arise.

– 13 –

Capital Management
The primary objectives of the Group’s capital management are to safeguard the Group’s
ability to continue as a going concern, so that it can continue to provide returns to
Shareholders and benefits to other stakeholders, by pricing services commensurately with
the level of risk. The Group manages its capital structure and makes adjustments to it in
light of changes in economic conditions and the risk characteristics of the underlying
assets. To maintain or adjust the capital structure, the Group may adjust the dividend
payment to Shareholders, return capital to Shareholders or issue new Shares. The Group
is not subject to any externally imposed capital requirements. No changes were made in
the objectives, policies or processes for managing capital during the Reporting Period.
Significant Investments, Material Acquisitions and Disposals
As of June 30, 2026, the Group held an aggregate of RMB855.9 million of investments at
fair value in SJ Semiconductor Corporation (盛合晶微半導體有限公司) (“SJSemi”), a
company listed on the Shanghai Stock Exchange (stock code: 688820), representing
8.73% of the Group’s total assets as of June 30, 2026. The Group directly held 5,081,300
shares in SJSemi, representing approximately 0.27% of its total issued shares, and the
investment cost was RMB100.0 million. During the Reporting Period, the accumulated
unrealized fair value gain from such investment amounted to RMB755.9 million. No
dividend was received from such investment during the Reporting Period. SJSemi is
primarily engaged in mid-stage wafer processing and back-end advanced packaging,
providing wafer fabrication and testing services as well as full-process advanced
packaging and testing solutions. The Group’s investment in SJSemi is driven by the
Group’s optimism about the long-term growth prospects of the semiconductor advanced
packaging industry and its expectation to generate favorable investment returns
therefrom.
Save as disclosed above, the Group did not make or hold any significant investments on
a standalone basis as of June 30, 2026 (including any investment in an investee company
with a value of 5% or more of the Group’s total assets as of June 30, 2026). The Group
did not have any material acquisitions or disposals of subsidiaries, associates or joint
ventures during the period from the Listing Date to June 30, 2026.
Pledge of Assets
The Group did not pledge any Group assets as of June 30, 2026.
Future Plans for Material Investments or Capital Assets
As of June 30, 2026, save as disclosed in the section headed “Future Plans and Use of
Proceeds” in the Prospectus, the Group had no future plans for material investments or
capital assets.

– 14 –

Gearing Ratio
As of June 30, 2026, our gearing ratio (equals total liabilities divided by total assets, in
percentage) was 40.8%, as compared to 39.8% as of December 31, 2025.
Foreign Exchange Risk Exposure
During the Reporting Period, most of our revenue and expenditures were denominated in
Renminbi, while the net proceeds from the Global Offering were in Hong Kong dollars.
We also received certain investment proceeds denominated in U.S. dollars. Fluctuations
in the exchange rate between the Renminbi and Hong Kong dollars, as well as U.S.
dollars, will affect the relative purchasing power in Renminbi. We seek to limit our
exposure to foreign currency risk by minimizing our net foreign currency position. We
manage our foreign exchange risk by performing regular reviews of our Group’s net
foreign exchange exposures and trying to minimize these exposures through natural
hedges, wherever possible.
Contingent Liabilities
The Group had no material contingent liabilities as of June 30, 2026.
Capital Commitments
As of June 30, 2026, our capital commitments were RMB96.5 million, as compared to
RMB31.3 million as of December 31, 2025, mainly related to contracted but not
provided commitments for purchase of property, plant and equipment and intangible
assets.
Employees and Remuneration
As of June 30, 2026, the Group had a total of 916 full-time employees (as of June 30,
2025: 685 full-time employees). The total employee remuneration expenses, including
share-based compensation expenses, were RMB491.5 million in the first half of 2026, as
compared to RMB590.6 million in the first half of 2025, primarily due to the decrease in
share-based payment expenses.
We offer competitive salaries, performance-based cash bonuses, and other incentives to
our employees. In addition, we have adopted share-based incentive plans for eligible
employees to further align individual performance with our long-term success. Our
compensation and benefits packages are designed to attract and retain top talent in a
highly competitive labor market. Our employees’ remuneration mainly comprises salaries,
bonuses, social security contributions and other employee benefits. We participate in
housing fund and various employee social security schemes organized by applicable local
municipal and provincial governments, including housing, pension, medical, maternity,

– 15 –

work-related injury and unemployment benefit plans, under which we make contributions
at specified percentages of the salaries of our employees. We also purchase commercial
health insurance for our employees.
We maintain high standards in recruitment with strict procedures to ensure the quality of
new hires. We also conduct periodic performance reviews for our employees, and their
remuneration is performance-based. To support the ongoing professional development of
our employees, we provide new employee orientation programs as well as regular
on-the-job training and continuing education opportunities. These programs are aimed at
enhancing the skills and knowledge of our workforce, fostering a culture of innovation
and excellence, and supporting the long-term growth of our business.
The Company has adopted the Employee Incentive Plan to provide incentives for the
eligible participants. For further details, please refer to the section headed “Employee
Incentive Plan” in Appendix VI to the Prospectus.
During the Reporting Period, the Company has adopted the H Share Award Scheme to
provide incentives for the eligible participants. For further details, please refer to the
circular of the AGM of the Company dated June 5, 2026.

– 16 –

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND COMPREHENSIVE INCOME
For the six months ended June 30, 2026
2026
(Unaudited)
Notes
RMB’000

2025
(Audited)
RMB’000

945,679

324,263

Cost of sales

(783,118)

(161,830)

Gross profit

162,561

162,433

3

REVENUE

Other income and gains
Selling and distribution expenses
Administrative expenses
Research and development costs
Impairment losses on financial assets
Other expenses
Finance costs

3

873,323
(82,444)
(158,136)
(558,871)
(11,098)
(98,752)
(20,311)

39,539
(67,609)
(274,592)
(451,496)
(1,559)
(4,893)
(11,139)

PROFIT/(LOSS) BEFORE TAX

4

106,272

(609,316)

Income tax expense

5

—

—

106,272

(609,316)

OTHER COMPREHENSIVE INCOME/(LOSS)
Other comprehensive income/(loss) that will not be
reclassified to profit or loss in subsequent periods:
Equity investments designated at fair value through
other comprehensive income/(loss):
Changes in fair value

23

(228)

OTHER COMPREHENSIVE INCOME/(LOSS) FOR
THE PERIOD, NET OF TAX

23

(228)

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR
THE PERIOD

106,295

(609,544)

PROFIT/(LOSS) FOR THE PERIOD

– 17 –

2026
(Unaudited)
Notes
RMB’000

2025
(Audited)
RMB’000

Profit/(Loss) attributable to:
Owners of the parent

106,272

(609,316)

Total comprehensive income/(loss) attributable to:
Owners of the parent

106,295

(609,544)

Basic
— For earnings/(loss) for the period (RMB)

0.44

(3.48)

Diluted
— For earnings/(loss) for the period (RMB)

0.43

(3.48)

EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE
TO ORDINARY EQUITY HOLDERS OF
THE PARENT

– 18 –

7

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
June 30, 2026
June 30,
2026
(Unaudited)
RMB’000

December 31,
2025
(Audited)
RMB’000

260,443
27,733
187,738

187,656
10,315
189,837

80,536

76,200

752
102,989
41,002

729
15,220
—

701,193

479,957

1,968,061
1,237,704
2,699
1,942,267

709,765
576,575
10,887
630,107

855,898
182,271
2,910,798

—
—
1,504,701

9,099,698

3,432,035

827,176
250,487
54,199
3,186
11,534
21,376
1,285,214

31,129
259,832
126,908
3,603
6,773
40,555
643,623

Total current liabilities

2,453,172

1,112,423

NET CURRENT ASSETS

6,646,526

2,319,612

TOTAL ASSETS LESS CURRENT
LIABILITIES

7,347,719

2,799,569

Notes
NON-CURRENT ASSETS
Property, plant and equipment
Right-of-use assets
Intangible assets
Financial assets at fair value through profit or
loss
Equity investment designated at fair value
through other comprehensive income
Prepayments, other receivables and other assets
Time deposits

9

Total non-current assets
CURRENT ASSETS
Inventories
Trade and bills receivables
Long-term trade receivables due within one year
Prepayments, other receivables and other assets
Financial assets at fair value through profit or
loss
Time deposits
Cash and cash equivalents

8

9

Total current assets
CURRENT LIABILITIES
Trade payables
Other payables and accruals
Contract liabilities
Deferred government grants
Lease liabilities
Long-term payables due within one year
Interest-bearing bank and other borrowings

– 19 –

10

June 30,
2026
(Unaudited)
RMB’000

December 31,
2025
(Audited)
RMB’000

NON-CURRENT LIABILITIES
Interest-bearing bank and other borrowings
Deferred government grants
Lease liabilities
Long-term payables

1,401,800
120,837
14,352
10,923

365,417
66,735
3,592
10,729

Total non-current liabilities

1,547,912

446,473

Net assets

5,799,807

2,353,096

EQUITY
Equity attributable to owners of the parent
Share capital
Treasury shares
Reserves

254,318
(10,560)
5,556,049

228,886
(37,927)
2,162,137

5,799,807

2,353,096

5,799,807

2,353,096

Notes

Total equity

– 20 –

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
1.

CORPORATE AND GROUP INFORMATION
Shanghai Iluvatar CoreX Semiconductor Co., Ltd. (the “Company”, formerly known as “上海天數智
芯半導體有限公司”) was established as a limited liability company in the People’s Republic of China
(the “PRC”) on December 29, 2015. Upon approval at the shareholders’ general meeting held on
January 13, 2025, the Company was converted into a joint stock company with limited liability under
the Company Law of the PRC and was renamed as Shanghai Iluvatar CoreX Semiconductor Co.,
Ltd. (“上海天數智芯半導體股份有限公司”). The registered office of the Company is located at Room
101, Building 3, No. 2168 Chenhang Road, Minhang District, Shanghai.
The Company and its subsidiaries (together, the “Group”) were principally engaged in offering
advanced general-purpose graphics processing unit (“GPGPU”) products and computing solutions
optimised for AI applications across diverse industries.
The Company was listed on the Main Board of The Stock Exchange of Hong Kong Limited (the
“Stock Exchange”) on January 8, 2026.

2.1. BASIS OF PREPARATION
The interim condensed consolidated financial information for the six months ended June 30, 2026 has
been prepared in accordance with HKAS 34 Interim Financial Reporting. The interim condensed
consolidated financial information does not include all the information and disclosures required in the
annual financial statements, and should be read in conjunction with the Group’s annual consolidated
financial statements for the year ended December 31, 2025.
2.2. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The accounting policies adopted in the preparation of the interim condensed consolidated financial
information are consistent with those applied in the preparation of the Group’s annual consolidated
financial statements for the year ended December 31, 2025, except for the adoption of the following
amended HKFRS Accounting Standards for the first time for the current period’s financial
information.
Amendments to HKFRS 9 and HKFRS 7 Amendments to the Classification and Measurement of
Financial Instruments
Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature-dependent Electricity
Annual Improvements to HKFRS
Amendments to HKFRS 1, HKFRS 7, HKFRS 9,
—
Accounting Standards
Volume 11
HKFRS 10 and HKAS 7

– 21 –

The nature and impact of the amended HKFRS Accounting Standards are described below:

3.

(a)

Amendments to HKFRS 9 and HKFRS 7 Amendments to the Classification and Measurement
of Financial Instruments clarify that a financial asset is derecognised when the entity’s rights to
the contractual cash flows expire or are transferred, while a financial liability is derecognised on
the settlement date. The amendments introduce an accounting policy option to derecognise a
financial liability that is settled through an electronic payment system before the settlement date
if specified criteria are met. The amendments clarify how to assess the contractual cash flow
characteristics of financial assets with environmental, social and governance and other similar
contingent features. Moreover, the amendments clarify the requirements for classifying financial
assets with non-recourse features and contractually linked instruments. The amendments also
include additional disclosures for investments in equity instruments designated at fair value
through other comprehensive income and financial instruments with contingent features. Since
the Group’s accounting policy for the derecognition of financial assets and liabilities in prior
years aligned with the amendments and the Group did not have the financial assets that were
addressed by the amendments, the amendments did not have any impact on the interim
condensed consolidated financial information. The Group will provide additional disclosures for
its equity investments designated at fair value through other comprehensive income in the
Group’s consolidated financial statements for the year ending December 31, 2026.

(b)

Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature-dependent Electricity
clarify the application of the “own-use” requirements for in-scope contracts and amend the
designation requirements for a hedged item in a cash flow hedging relationship for in-scope
contracts. The amendments also include additional disclosures that enable users of financial
statements to understand the effects these contracts have on an entity’s financial performance
and future cash flows. As the Group did not have any contracts that are in the scope of the
amendments, the amendments did not have any impact on the interim condensed consolidated
financial information.

(c)

Annual Improvements to HKFRS Accounting Standards — Volume 11 set out narrow scope
amendments to HKFRS 1, HKFRS 7 (and the accompanying Guidance on implementing
HKFRS 7), HKFRS 9, HKFRS 10 and HKAS 7. The amendments include clarifications,
simplifications, corrections or changes to improve consistency in the corresponding HKFRS
Accounting Standards. The amendments did not have any impact on the interim condensed
consolidated financial information.

REVENUE, OTHER INCOME AND GAINS
An analysis of revenue is as follows:
For the six months ended
June 30,
2026
2025
RMB’000
RMB’000
(Unaudited)
(Audited)
945,679

Revenue from contracts with customers

– 22 –

324,263

Revenue from contracts with customers

Disaggregated revenue information
For the six months ended
June 30,
2026
2025
RMB’000
RMB’000
(Unaudited)
(Audited)
Types of goods or services
Sale of GPGPU products
Sale of AI computing solutions
Sale of semiconductor components
Others

916,127
13,601
14,780
1,171

276,751
42,644
—
4,868

Total

945,679

324,263

Timing of revenue recognition
Goods or service transferred at a point in time

945,679

324,263

Geographical information
For the six months ended
June 30,
2026
2025
RMB’000
RMB’000
(Unaudited)
(Audited)
Chinese mainland
Hong Kong

930,899
14,780

324,263
—

Total revenue

945,679

324,263

– 23 –

Other income and gains
For the six months ended
June 30,
2026
2025
RMB’000
RMB’000
(Unaudited)
(Audited)

4.

Government grants related to
— Assets (i)
— Income
Interest income
Gain on disposal of structured deposits
Fair value gains, net
— Financial assets at fair value through profit or loss (ii)
Others

1,802
63,630
40,917
5,232

12,915
19,920
5,852
—

760,234
1,508

—
852

Total

873,323

39,539

(i)

The Group has received certain government grants mainly related to electronic equipment and
licensed IP. The grants related to assets were recognised in profit or loss over the useful lives of
the relevant assets.

(ii)

The fair value gains mainly represent the change of fair value arising from the listed equity
investment held by the Group during the six months ended June 30, 2026.

PROFIT/(LOSS) BEFORE TAX
The Group’s profit/(loss) before tax from continuing operations is arrived at after charging/
(crediting):
For the six months ended
June 30,
2026
2025
RMB’000
RMB’000
(Unaudited)
(Audited)
Cost of inventories sold*
Foreign exchange differences, net
Impairment of trade and bills receivables, net
Impairment of prepayments, other receivables and other assets, net
Impairment of long-term trade receivables, net
Write-down of inventories to net realisable values
Fair value (gains)/loss on financial assets at fair value through
profit or loss
*

783,118
96,016
9,836
1,374
(112)
72,211

161,830
4,061
1,181
—
(81)
934

(760,234)

245

Cost of inventories sold includes write-down of inventories to net realisable values, which is
disclosed separately above.

– 24 –

5.

INCOME TAX
The Group is subject to income tax on an entity basis on profits arising in or derived from the
countries or jurisdictions in which members of the Group are domiciled and operate.
Under the Law of the PRC on Enterprise Income Tax (the “EIT Law”) and the Implementation
Regulation of the EIT Law, the EIT rate of the PRC subsidiaries is 25% except for the ones which
were subject to preferential tax as set out below:
Certain subsidiaries of the Company in the PRC have been approved as High and New Technology
Enterprises (“HNTE”) under relevant tax rules and regulations, and accordingly, were subjected to a
preferential EIT rate of 15% during the six months ended June 30, 2026 and 2025.
Certain subsidiaries of the Company in the PRC are approved as Small and Micro Enterprises, and
accordingly, they were subject to reduced preferential EIT rates of 2.5% to 5% during the six months
ended June 30, 2026 and 2025 according to the applicable EIT Law.
For the six months ended
June 30,
2026
2025
RMB’000
RMB’000
(Unaudited)
(Audited)

6.

Current
Deferred

—
—

—
—

Total

—

—

DIVIDENDS
The board of directors did not recommend the payment of any dividend during the six months ended
June 30, 2026 (six months ended June 30, 2025: Nil).

7.

EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE
PARENT
The calculation of the basic earnings/(loss) per share amounts is based on the profit for the period
attributable to ordinary equity holders of the parent, and the weighted average number of ordinary
shares of 241,567,393 (six months ended June 30, 2025:175,300,638) outstanding during the period.
The calculation of the diluted earnings/(loss) per share amounts is based on the profit for the period
attributable to ordinary equity holders of the parent. The weighted average number of ordinary shares
used in the calculation is the number of ordinary shares outstanding during the period, as used in the
basic earnings/(loss) per share calculation, and the weighted average number of ordinary shares
assumed to have been issued at no consideration on the deemed conversion of all dilutive potential
ordinary shares into ordinary shares.

– 25 –

The calculations of basic and diluted earnings/(loss) per share are based on:
For the six months ended
June 30,
2026
2025
(Unaudited)
(Audited)
Earnings/(Loss)
Earnings/(loss) attributable to ordinary equity holders of the
parent, used in the basic and diluted earnings/(loss) per share
calculation (RMB’000)

106,272

(609,316)

Number of shares
For the six months ended
June 30,
2026
2025
(Unaudited)
(Audited)
Shares
Weighted average number of ordinary shares outstanding during
the period used in the basic earnings per share calculation
Effect of dilution — weighted average number of ordinary shares:
Share options

241,567,393

175,300,638

6,803,129

—

Total

248,370,522

175,300,638

As the Group incurred losses during the six months ended June 30, 2025, the potential ordinary
shares were not included in the calculation of diluted loss per share amounts as the potential ordinary
shares had an anti-dilutive effect on the basic loss per share amounts. Accordingly, the diluted loss
per share amounts for the six months ended June 30, 2025 were the same as the basic loss per share
amounts. The weighted average numbers of shares were after taking into account the effect of
treasury shares held.
8.

TRADE AND BILLS RECEIVABLES
An ageing analysis of the trade receivables as at the end of the reporting period, based on the invoice
date and net of loss allowance, is as follows:
June 30,
2026
RMB’000
(Unaudited)

December 31,
2025
RMB’000
(Audited)

Within 1 year
1 to 2 years
2 to 3 years

1,206,623
30,267
814

522,714
44,833
9,028

Total

1,237,704

576,575

– 26 –

9.

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
June 30,
2026
RMB’000
(Unaudited)

December 31,
2025
RMB’000
(Audited)

855,898

—

Non-current
Unlisted equity investment
Private fund investments

60,762
19,774

60,000
16,200

Total — non-current

80,536

76,200

Current
Listed equity investment within lock-up period

(i)

10.

(i)

During the six months ended June 30, 2026, the Group invested RMB99,999,984 for
approximately 0.27% equity interests in a company listed on the Shanghai Stock Exchange. The
fair value of the equity investment at June 30, 2026 was RMB855,898,000 (2025: Nil).

TRADE PAYABLES
An ageing analysis of the trade payables as at the end of the reporting period, based on the invoice
date, is as follows:
June 30,
2026
RMB’000
(Unaudited)

December 31,
2025
RMB’000
(Audited)

Within 1 year
1 to 2 years

827,176
—

31,123
6

Total

827,176

31,129

The trade payables are non-interest-bearing and are normally settled on 30 to 60 day terms.
11.

EVENTS AFTER THE REPORTING PERIOD
On July 13, 2026, a total of 14,857,000 new H shares were placed at a placing price of HKD476.00
per H share. The gross proceeds from the placing amounted to approximately HKD7,071,900,000.

– 27 –

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED
SECURITIES OR SALE OF TREASURY SHARES
Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the
Company’s listed securities (including any sale of treasury shares (as defined under the
Listing Rules)) from the Listing Date and up to June 30, 2026.
As of June 30, 2026, the Company did not hold any treasury shares (as defined under the
Listing Rules).
MATERIAL LITIGATION
The Company was not involved in any material litigation or arbitration during the
Reporting Period which could have a material and adverse effect on our financial
condition or results of operations. The Directors are also not aware of any material
litigation or claims that are pending or threatened against the Group during the
Reporting Period and up to the date of this announcement which could have a material
and adverse effect on our financial condition or results of operations.
EVENTS AFTER THE REPORTING PERIOD
On July 9, 2026 (before trading hours of the Stock Exchange), the Company entered into
the placing agreement (the “Placing Agreement”) with Goldman Sachs (Asia) L.L.C.,
Morgan Stanley Asia Limited, Huatai Financial Holdings (Hong Kong) Limited and J.P.
Morgan Securities (Asia Pacific) Limited (the “Placing Agents”), pursuant to which the
Placing Agents have conditionally and severally (not jointly nor jointly and severally)
agreed, as agents of the Company, to procure, on a best effort basis, not less than six
placees (the “Placees”) in aggregate to purchase 14,857,000 new H Shares (the “Placing
Shares”) at the placing price (the “Placing Price”) of HK$476.00 per H Share upon the
terms and subject to the conditions set out in the Placing Agreement (the “Placing”). The
closing price was HK$560.00 per H Share as quoted on the Stock Exchange on July 8,
2026, being the last trading day prior to the signing of the Placing Agreement.
After all the conditions under the Placing Agreement have been satisfied, the completion
of the Placing took place on July 13, 2026. A total of 14,857,000 new H Shares,
representing approximately 5.72% of the H Shares in issue and approximately 5.52% of
the total number of Shares in issue (excluding any treasury shares (as defined under the
Listing Rules)) as enlarged by the allotment and issuance of the Placing Shares
immediately upon completion of the Placing, have been successfully placed to not less
than six Placees at the Placing Price of HK$476.00 per H Share upon the terms and
subject to the conditions set out in the Placing Agreement. The Placees and their
respective ultimate beneficial owners are independent third parties. The gross proceeds
and net proceeds (after deducting the commissions and estimated expenses) from the
Placing amounted to approximately HK$7,071.9 million and approximately HK$7,033.5
million, respectively, and the net issue price was approximately HK$473.41 per Placing
Share.

– 28 –

Immediately after the completion of the Placing, the number of issued Shares of the
Company is 269,174,736 Shares, comprising 9,215,771 Unlisted Shares and 259,958,965 H
Shares. The Company’s registered capital is RMB269,174,736. To reflect such changes in
the registered capital and total share capital of the Company, corresponding amendments
to the Articles of Association have been made by the Board pursuant to the
authorization granted by the AGM.
For details about the Placing and the use of proceeds from the Placing, please refer to
the announcements of the Company dated July 9, 2026 and July 13, 2026.
On August 20, 2026, the Board proposed the issue of two new Shares to be allotted and
issued for every one Share to all Shareholders by way of capitalization reserve (the
“Capitalization Issue”), representing a total increase of 538,349,472 Shares comprising
18,431,542 new Unlisted Shares and 519,917,930 new H Shares. Upon completion of the
Capitalization Issue, the total issued Shares of the Company will increase from
269,174,736 Shares to 807,524,208 Shares (comprising 27,647,313 Unlisted Shares and
779,876,895 H Shares). For details about the proposed Capitalization Issue, please refer
to the announcement of the Company dated August 20, 2026 and the circular of the
extraordinary general meeting of the Company dated August 26, 2026.
Save as otherwise disclosed above and in this announcement, there were no other
significant events that may affect the Group since the end of the Reporting Period and
up to the date of this announcement.
CORPORATE GOVERNANCE PRACTICES
The Company is committed to achieving high standards of corporate governance with a
view to safeguarding the interests of the Shareholders. The principles of the Company’s
corporate governance are to promote effective internal control measures, to enhance
transparency of the work of the Board, and to strengthen accountability to all the
Shareholders. The Company has adopted the CG Code as its own code of corporate
governance.
As the Company’s H Shares were listed on the Stock Exchange on January 8, 2026, the
CG Code is only applicable to the Company since the Listing Date. The Board is of the
view that the Company has complied with all code provisions as set out in Part 2 of the
CG Code from the Listing Date and up to June 30, 2026, except for deviation from the
code provision C.2.1 of Part 2 of the CG Code concerning the separation of the roles of
chairman and chief executive. Code provision C.2.1 of the CG Code states that the roles
of chairman and chief executive should be separate and should not be performed by the
same individual. The division of responsibilities between the chairman and chief executive
should be clearly established and set out in writing.
Mr. Gai Lujiang is currently serving as the chairman of the Board as well as the chief
executive officer of our Group. He has been primarily involved in developing overall
corporate and business strategies of our Group and making significant business and

– 29 –

operational decisions of our Group. Our Directors consider that vesting the roles of both
the chairman of the Board and the chief executive officer of our Group in Mr. Gai
Lujiang is beneficial to the business prospects of our Group by ensuring consistent
leadership to our Group as well as prompt and effective decision making and
implementation. In addition, our Directors believe that this structure will not impair the
balance of power and authority between the Board and the management of our Group,
given that: (i) decisions to be made by our Board require approval by at least a majority
of our Directors; (ii) Mr. Gai Lujiang and the other Directors are aware of and
undertake to fulfil their fiduciary duties as Directors, which require, among other things,
that he acts for the benefit and in the best interests of our Company and will make
decisions for our Company accordingly; (iii) the balance of power and authority is
ensured by the operations of the Board, which consists of four executive Directors
(including Mr. Gai Lujiang), two non-executive Directors and three independent
non-executive Directors, and has a fairly strong independence element; and (iv) the
overall strategic and other key business, financial, and operational policies of our
Company are made collectively after thorough discussion at both the Board, and senior
management levels.
The Company will continue to review its corporate governance policies and compliance
with the Listing Rules and will adhere to the relevant principles as set out in the CG
Code.
COMPLIANCE WITH THE MODEL CODE
The Company has adopted the Model Code as its own code of conduct regarding the
transactions of securities of the Company by its Directors and the relevant employees
who would likely possess inside information of the Company since the Listing Date.
Specific enquiry has been made to all Directors and all of them have confirmed that they
have complied with the Model Code from the Listing Date and up to June 30, 2026.
During the above-mentioned period, the Company was not aware of any case of
non-compliance with the Model Code by the relevant employees.
AUDIT COMMITTEE
The Audit Committee consists of three independent non-executive Directors, namely
Mr. Ren Jintao, Dr. Teng Yong and Dr. Wang Yan. Mr. Ren Jintao, being the
chairperson of the Audit Committee, is appropriately qualified as required under Rules
3.10(2) and 3.21 of the Listing Rules. The primary duties of the Audit Committee are to
review and supervise the financial reporting process and internal control system of our
Group, oversee the audit process, review and oversee the existing and potential risks of
our Group and perform other duties and responsibilities as assigned by our Board.

– 30 –

The Audit Committee has reviewed the unaudited consolidated financial statements for
the six months ended June 30, 2026 with the management of the Company. The Audit
Committee considers the interim results to be in compliance with the applicable
accounting standards, laws and regulations, and the Company has made appropriate
disclosures thereof. The Audit Committee has also discussed matters with respect to the
accounting policies and practices adopted by the Company and internal control with
senior management of the Company.
SCOPE OF WORK OF ERNST & YOUNG
The Company’s auditor, Ernst & Young, has reviewed the unaudited consolidated
financial statements for the six months ended June 30, 2026 in accordance with Hong
Kong Standard on Review Engagements 2410 “Review of Interim Financial Information
Performed by the Independent Auditor of the Entity” issued by the Hong Kong Institute
of Certified Public Accountants.
INTERIM DIVIDEND
The Board does not declare the payment of an interim dividend to the Shareholders for
the six months ended June 30, 2026 (for the six months ended June 30, 2025: nil).
PUBLICATION OF THE INTERIM RESULTS ANNOUNCEMENT AND INTERIM
REPORT
This announcement is published on the websites of the Stock Exchange
(www.hkexnews.hk) and the Company (www.iluvatar.com). The interim report of the
Company for the six months ended June 30, 2026 will be made available for review on
the same websites in due course.
APPRECIATION
The Board would like to express its sincere gratitude to the Shareholders, management
team, employees, business partners and customers of the Group for their support and
contribution to the Group.

– 31 –

DEFINITIONS AND GLOSSARY
In this announcement, the following expressions have the meanings set out below unless
the context requires otherwise:
“AGM”

the annual general meeting of the Company held on June 29,
2026

“AI”

artificial intelligence

“Articles of Association” the articles of association of our Company, as amended from
time to time
“Audit Committee”

the audit committee of the Board

“Board”

the board of Directors of our Company

“CG Code”

the Corporate Governance Code as set out in Appendix C1 to
the Listing Rules

“China” or “the PRC”

the People’s Republic of China, excluding, for the purpose of
this announcement (unless otherwise indicated), the Hong Kong
Special Administrative Region, the Macau Special
Administrative Region, and the Taiwan Region

“Company”, “our
Company” or “the
Company”

Shanghai Iluvatar CoreX Semiconductor Co., Ltd. (上海天數智
芯半導體股份有限公司) (formerly known as 上海天數智芯半導
體有限公司), a joint stock company with limited liability
established in China on December 29, 2015

“CPU”

central processing unit

“Director(s)”

the director(s) of our Company

“Employee Incentive
Plan”

the employee incentive plan adopted by our Company, as
amended from time to time

“Global Offering”

the offer of H Shares for subscription as described in the
Prospectus

“GPGPU”

general-purpose computing on GPU

“GPU”

graphics processing unit

– 32 –

“Group”, “our Group”, our Company and its subsidiaries, or our Company and any
“the Group”, “we”,
one or more of its subsidiaries, as the context may require
“us” or “our”
“H Share(s)”

shares in the share capital of our Company with a nominal
value of RMB1.00 each, which are subscribed for and traded in
HK dollars and are listed on the Stock Exchange

“H Share Award
Scheme”

the H share award scheme adopted by our Company on June
29, 2026, as amended from time to time

“HKFRS”

Hong Kong Financial Reporting Standards

“HKFRS Accounting
Standards”

HKFRS Accounting Standards, which include all Hong Kong
Financial Reporting Standards, Hong Kong Accounting
Standards (HKASs) and Interpretations as issued by the Hong
Kong Institute of Certified Public Accountants

“Hong Kong” or “HK” the Hong Kong Special Administrative Region of the PRC
“Hong Kong dollars”,
Hong Kong dollars and cents, respectively, the lawful currency
“HK dollars”, “HKD” of Hong Kong
or “HK$”
“IP”

intellectual property

“Listing”

the listing of our H Shares on the Main Board of the Stock
Exchange on January 8, 2026

“Listing Date”

January 8, 2026, being the date on which dealings in our H
Shares first commenced on the Main Board of the Stock
Exchange

– 33 –

“Listing Rules”

the Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited, as amended from time to
time

“Main Board”

the stock exchange (excluding the option market) operated by
the Stock Exchange, which is independent from and operated in
parallel with the GEM of the Stock Exchange

“Model Code”

the Model Code for Securities Transactions by Directors of
Listed Issuers contained in Appendix C3 to the Listing Rules

“Prospectus”

the prospectus in relation to the Global Offering issued by the
Company dated December 30, 2025

“R&D”

research and development

“Reporting Period”

the six months ended June 30, 2026

“RMB” or “Renminbi”

Renminbi, the lawful currency of the PRC

“Share(s)”

ordinary shares in the capital of our Company with a nominal
value of RMB1.00 each, comprising the Unlisted Shares and H
Shares

“Shareholder(s)”

holder(s) of our Share(s)

“Stock Exchange”

The Stock Exchange of Hong Kong Limited, a wholly-owned
subsidiary of Hong Kong Exchanges and Clearing Limited

“subsidiary(ies)”

has the meaning ascribed thereto under the Listing Rules

“treasury share(s)”

has the meaning ascribed thereto under the Listing Rules

“U.S. dollars”, “US
dollars”, “USD” or
“US$”

United States dollars, the lawful currency of the United States

“United States”, “U.S.” the United States of America, its territories, its possessions, and
or “US”
all areas subject to its jurisdiction
“Unlisted Share(s)”

ordinary share(s) in the share capital of our Company with a
nominal value of RMB1.00 each, which is/are subscribed for
and paid up in Renminbi and are unlisted Shares which are
currently not listed or traded on any stock exchange

– 34 –

“%”

per cent
By order of the Board
Shanghai Iluvatar CoreX Semiconductor Co., Ltd.
上海天數智芯半導體股份有限公司
Mr. Gai Lujiang
Chairman of the Board

Hong Kong, August 28, 2026

As at the date of this announcement, the Board comprises Mr. Gai Lujiang, Mr. Sun
Yile, Mr. Liu Zheng and Mr. Yang Lei as executive Directors, Mr. Wang Chen and
Mr. Ding Junbo as non-executive Directors, and Dr. Teng Yong, Mr. Ren Jintao and
Dr. Wang Yan as independent non-executive Directors.

– 35 –

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其
準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而
產生或因倚賴該等內容而引致的任何損失承擔任何責任。

Shanghai Iluvatar CoreX Semiconductor Co., Ltd.
上海天數智芯半導體股份有限公司
（於中華人民共和國註冊成立的股份有限公司）

（股份代號：9903）

截至2026年6月30日止六個月中期業績公告
董事會欣然宣佈本集團截至2026年6月30日止六個月的未經審核簡明綜合業績，連同截
至2025年6月30日止六個月的比較數字。

財務摘要
截至6月30日止六個月
2026年
2025年
人民幣千元 人民幣千元
（未經審核）
收入
毛利
期內利潤╱（虧損）
經調整淨利潤╱（虧損）
（非香港財務報告準則計量）(1)

期間變動
(%)

945,679
162,561
106,272

324,263
162,433
(609,316)

191.6
0.1
不適用 (2)

246,024

(299,771)

不適用 (2)

附註：
(1)

我們將經調整淨利潤╱（虧損）界定為經加回以股份為基礎的付款開支及上市開支調整的期內利潤╱
（虧損）。詳情請參閱本公告「非香港財務報告準則計量」一節。

(2)

我們已實現扭虧為盈。詳情請參閱本公告「期內利潤╱（虧損）」一節。

–1–

管理層討論與分析
業務回顧
天數智芯作為中國領先的通用GPU產品及AI算力解決方案提供商，堅持自主開發的原則
和量產一代、設計一代、預研一代的研發理念節奏和持續貫徹軟硬件協同設計的核心理
念，不斷對產品進行迭代更新，致力於為客戶提供高質量的算力。
於2026年1月，我們發佈四代架構路線圖，並推出面向工業智能、商業智能、交通智能等
領域的彤央系列端側算力產品。彤央系列產品將雲端的多算力融合、高併發推理能力下
沉至端側，深度融合CPU、GPU算力及各類高速接口，完成「雲+邊+端」全場景算力佈
局。
於2026年7月，我們發佈了新一代架構旗艦產品天垓Gen 4。新產品基於SIMT通用計算
架構，可高效支持標量、矢量和張量等多種計算類型，並圍繞Attention、MoE、AF分
離、PD分離及大規模系統擴展等關鍵技術進行優化，進一步提升底層算力向實際Token
產出和業務價值的轉化效率。在複雜業務負載下，產品兼顧計算效率、業務時延和TCO，
滿足人工智能規模化應用對通用性、性能和成本的綜合要求。
於報告期間，我們實現收入人民幣945.7百萬元，同比增長191.6%。核心通用GPU產品的
收入為人民幣916.1百萬元，通用GPU產品的毛利為人民幣401.8百萬元，通用GPU產品
的毛利同比增長188.5%。於報告期間，本集團錄得淨利潤為人民幣106.3百萬元，經調整
淨利潤為人民幣246.0百萬元，業績扭虧為盈。
我們的業務保持持續增長，客戶基礎不斷擴大。我們在互聯網、AI大模型、金融服務、
醫療、科研等領域實現了持續性的規模化落地，在工業、商業、交通智能等領域打造更
多標桿應用案例。截至2026年6月30日，本集團已服務超過380名客戶，為後續收入增長
提供有力保障。
展望未來，我們將繼續加速芯片架構與軟件體系技術迭代，推動自研核心技術由單點技
術突破向千行百業的普惠算力轉化，助力實體經濟數字化、智能化轉型升級。

–2–

產品及解決方案

1.

通用GPU產品
於報告期間內，我們持續對天垓系列和智鎧系列產品進行迭代升級，持續優化產品
算力性能、場景適配能力及整體成本效益。核心產品的市場競爭力穩步增強。通用
GPU產品的收入達人民幣916.1百萬元，同比增長231.0%，佔總收入的96.9%。

天垓系列
天垓系列作為我們以訓練為重點的旗艦產品線及中國國內首款量產的通用GPU產
品，針對大參數AI模型訓練場景進行專項架構優化，配備高效計算核心、高規格內
存配置及迭代升級的系統架構，以支持多卡集群系統。天垓系列產品實現的收入為
人民幣261.9百萬元，同比增長38.0%。我們持續推進天垓系列產品的研發工作，於
2026年7月發佈了新一代架構旗艦產品天垓Gen 4。下一代天垓系列的研發工作按計
劃推進，未來產品旨在進一步提升產品效率、提升競爭力，增強包含超節點在內的
集群拓展能力。

智鎧系列
智鎧系列是我們專為雲端及邊緣推理應用而設計的產品線，具有對高效推理至關重
要的優化功能，包括增強的整數計算單元及優化的數據渠道。智鎧系列產品實現的
收入為人民幣654.2百萬元，同比增長651.8%。智鎧系列產品已應用於互聯網、AI大
模型、金融服務、商業零售、醫療健康、交通等領域。我們正積極開發下一代智鎧
產品，專門針對新興及最新的大語言模型優化。通過軟硬件協同設計，我們不斷加
強架構，以解決大語言模型當前的計算效率挑戰。新一代產品將擴大對低精度數據
類型及混合精度計算的支持。

–3–

2.

AI計算解決方案
於報告期間內，我們的AI計算解決方案業務持續發展。基於自研的天垓和智鎧系列
芯片，我們為客戶提供從邊端設備、GPU服務器到算力集群的全棧式解決方案。AI
計算解決方案實現的收入為人民幣13.6百萬元，佔總收入的1.4%。於報告期間內，
受供應資源統籌及項目交付節奏調整等因素影響，該業務的收入同比下降68.1%。

軟件生態系統
我們以軟件能力破解行業實際痛點為核心，實現互聯網、能源、金融服務、醫療、
教育、智慧零售等重點行業深度適配與規模化落地。針對線上教育、醫學影像、分
子動力學、氣象預測等領域，我們完成開源專用計算庫的快速遷移與深度優化，反
哺開源社區。我們聯合基因科學龍頭實現核心業務系統全棧自主可控建設，與頂級
院校合作填補本土通用GPU特殊算子技術空白，攜手頭部醫院推動醫學輔助診斷臨
床落地。

集群管理與算力調度
我們自研全棧通用GPU集群管理與算力調度體系，攻克大規模並行訓練核心技術難
題。我們的自研通信庫實現跨節點通信效率提升約30%，穩定支撐萬卡規模集群運
行。我們的自研仿真庫為集群建設提供精準理論支撐。

–4–

業務前景
當前人工智能產業已邁入效率驅動、場景落地、生態決勝的高質量發展階段，行業發展
邏輯已告別單純追求模型參數規模擴張。在保障AI模型綜合能力的基礎上，降低訓練與
推理全鏈條成本，已成為行業核心競爭焦點。產業變革對AI算力基礎設施提出更高標準
的全新要求，亦為國內GPU企業帶來國產替代與規模化發展的戰略機遇。
基於報告期間內取得的經營成果及對行業發展趨勢的深入研判，我們將持續堅持自主創
新的核心戰略，圍繞以下要點：(i)高效算力產品研發；(ii)軟件生態體系建設；(iii)行業應
用場景拓展；(iv)雲邊端算力全域佈局；及(v)核心技術能力提升，持續完善覆蓋訓練、推
理、邊緣計算、行業應用的全場景算力體系。
從技術架構層面來看，算力芯片的設計要求實現回歸計算本質，實現高質量算力。針對
Attention機制、MoE稀疏激活等前沿AI特性的硬件級優化成為高端算力產品的核心標
配。同時，通過異構集成技術實現算力、帶寬與成本的平衡，是產品迭代的核心方向。
此外，集群互聯技術亦成為行業競爭焦點，低延遲、高帶寬的集群互聯方案，直接決定
萬卡級集群的實際運行效率與算力利用率。
從應用場景層面來看，AI算力的應用分層化、多元化態勢顯著。頭部互聯網企業及AI科
技企業持續佈局大規模訓練集群，對高性能訓練芯片保持旺盛剛需。隨著AI應用向千行
百業滲透，雲端推理、邊緣推理、端側推理的多元化場景協同發展格局基本形成。大模
型互聯網應用已進入規模化落地階段，AI智能助手、文生圖、AIGC內容生成等對推理
吞吐能力、響應時延、使用成本高度敏感。工業檢測、智慧零售、具身智能等場景則對
端側算力、時延、實時效能、可靠性提出嚴苛要求。

–5–

基於我們現有的經營成果及當前的行業發展趨勢，我們將持續堅持執行長期增長戰略並
穩步推進業務營運，重點圍繞以下領域：
完善全場景產品佈局，搭建高效未來算力平台
我們將持續堅持自主創新發展路線，以四代架構技術路線為核心依託，持續推進天垓、
智鎧及彤央三大產品系列迭代升級。我們將優化計算架構、集群互聯能力與系統效率，
強化新模型、新算法及新場景的適配能力，並加大機櫃級超節點研發的投入。本集團已
開展圍繞集成機櫃級設計、高速互聯、高效供電及熱管理，以及軟硬件協同優化的系統
性研發，旨在全面提升大規模集群的計算效率、通信吞吐及營運能力，從而為客戶提供
高質素且具可擴展性的算力。
強化全棧軟件生態，構建開發者信賴的平台
軟件生態是通用GPU產品連接應用的核心橋樑。我們將持續深耕大模型推理PD分離、
MoE大模型訓練、混合數據精度量化等核心技術領域。在軟件開發工具包（SDK）方面，
我們將聚焦硬件效率、部署穩定性和生態兼容性三大核心方向，深化與CPU廠商、服務
器整機廠商、ISV、雲服務提供商等的深度協同，並依託DeepSpark開源社區已完成超過
650個主流算法模型適配的堅實基礎，以擴大我們的開發者體系。
深耕垂直行業賽道，推動AI算力規模化落地
我們計劃持續深化與互聯網企業、雲計算服務提供商、AI模型公司、科研機構及行業標
桿客戶的戰略合作。我們將拓展至智能駕駛、工業製造、泛智能終端及智慧農業，並探
索科學智能、生物醫藥研發及空間計算算力等前沿領域的算力需求。
深化端側算力佈局，拓展物理世界智能邊界
我們順應AI向邊緣、端側滲透的趨勢。彤央系列產品將雲端的多算力下沉至端側。伴隨
具身智能、自動駕駛、工業物聯網商業化落地，端側智能計算需求將迎來爆發式增長。

–6–

夯實人才梯隊建設，構建可持續的學習型組織
我們的專業研發團隊由超過650名員工組成，超過三分之一的研發團隊成員擁有十年以
上的行業經驗，超過70%的研發人員擁有碩士或以上學位。核心研發人員擁有國際頭部
半導體公司從業背景。
展望未來，我們將繼續秉持自主創新理念，聚焦通用GPU產品及AI算力領域，持續推進
產品迭代、軟件生態完善、行業應用拓展、端側算力深化、人才體系升級等核心工作，
持續構建覆蓋訓練、推理、邊緣計算的全場景算力平台。我們將與產業鏈合作夥伴攜手，
助力人工智能產業高質量發展，為數字經濟和智能社會建設貢獻核心算力支撐。

財務回顧
於2026年上半年，本集團的收入約為人民幣945.7百萬元，較2025年上半年的人民幣324.3
百萬元增加191.6%。
於2026年上半年，母公司擁有人應佔利潤為人民幣106.3百萬元，2025年上半年則為母公
司擁有人應佔虧損約人民幣609.3百萬元，扭虧為盈。
收入
我們的收入由2025年上半年的人民幣324.3百萬元增加191.6%至2026年上半年的人民幣
945.7百萬元。下表載列我們在所示期間按產品及服務類型劃分的收入明細：
截至6月30日止六個月
2026年
人民幣千元 佔收入的%
（未經審核）

2025年
人民幣千元
佔收入的%

通用GPU產品
— 訓練系列
— 推理系列
AI算力解決方案
半導體組件
其他 (1)

916,127
261,907
654,220
13,601
14,780
1,171

96.9
27.7
69.2
1.4
1.6
0.1

276,751
189,736
87,015
42,644
—

85.3
58.5
26.8
13.2
—

4,868

1.5

總計

945,679

100.0

324,263

100.0

(1)

主要包括技術服務收入及軟件授權收入。

–7–

我們的通用GPU產品收入由2025年上半年的人民幣276.8百萬元增加231.0%至2026年上
半年的人民幣916.1百萬元，主要是由於訓練系列及推理系列產品的收入均有所增長。該
增加主要歸因於(i)我們持續致力擴大市場份額及客戶群，並加深與主要客戶的合作；及
(ii)AI行業及集成電路行業的發展所帶動的需求增長。
我們的訓練系列收入由2025年上半年的人民幣189.7百萬元增加38.0%至2026年上半年的
人民幣261.9百萬元，主要是由於AI行業的發展所帶動的需求增長。
我們的推理系列收入由2025年上半年的人民幣87.0百萬元增加651.8%至2026年上半年的
人民幣654.2百萬元，主要是由於AI推理的市場需求增長，加上智鎧系列產品的高階版本
的可觀銷售，帶動銷量及售價大幅提升。
我們的AI算力解決方案收入由2025年上半年的人民幣42.6百萬元減少68.1%至2026年上
半年的人民幣13.6百萬元，主要是由於我們因應當前的市場供需狀況，將業務重心戰略
性地轉向通用GPU產品所致。
於2026年上半年，來自半導體組件（特別是服務器組件）的收入為人民幣14.8百萬元，佔
總收入的1.6%，而2025年上半年則為零。該等產品原先由我們採購作為存貨儲備，其後
則因應若干客戶的特定採購需要及為了維繫與客戶的關係，轉售予該等客戶。
銷售成本
我們的銷售成本由2025年上半年的人民幣161.8百萬元增加383.9%至2026年上半年的人民
幣783.1百萬元，與我們的通用GPU產品的收入增長大致相符。

–8–

毛利及毛利率
我們的毛利維持相對穩定，2026年上半年為人民幣162.6百萬元，2025年上半年則為人民
幣162.4百萬元。我們的毛利率由2025年上半年的50.1%下降至2026年上半年的17.2%。下
表載列我們於所示期間按產品及服務類型劃分的毛利及毛利率：
截至6月30日止六個月
2026年
毛利
人民幣千元
（未經審核）

毛利率
(%)

通用GPU產品
— 訓練系列
— 推理系列
AI算力解決方案
半導體組件
其他
減值

401,794
168,949
232,845
3,761
(171,049)
266
(72,211)

總計

162,561

2025年
毛利
人民幣千元

毛利率
(%)

43.9
64.5
35.6
27.7
(1,157.3)
22.7
—

139,293
111,094
28,199
19,499
—

50.3
58.6
32.4
45.7
—

4,575
(934)

94.0
—

17.2

162,433

50.1

我們的通用GPU產品的毛利率由2025年上半年的50.3%下降至2026年上半年的43.9%，乃
主要由於產品組合變動。我們訓練系列產品的毛利率由2025年上半年的58.6%上升至2026
年上半年的64.5%，主要是由於更先進產品的收入貢獻增加，使平均售價上升，進而提升
了毛利率。我們推理系列產品的毛利率由2025年上半年的32.4%上升至2026年上半年的
35.6%，主要是由於推理系列產品的性能提升，使產品的平均售價得以上調。
我們的AI算力解決方案的毛利率由2025年上半年的45.7%下降至2026年上半年的27.7%，
乃主要由於低價位解決方案的收入貢獻有所增加。
我們錄得半導體組件的毛損，主要歸因於我們向若干客戶以低於採購成本的價格提供服
務器組件所產生的虧損。鑒於我們與該等客戶長期以來的戰略合作關係，故儘管有短期

–9–

虧損，但我們仍決定滿足其採購需求，因為我們相信，支持該等客戶有助於促進本集團
與其現有及未來的業務合作，並可提升此類客戶關係的長期商業價值。
我們的減值由2025年上半年的人民幣0.9百萬元變為2026年上半年的人民幣72.2百萬元，
主要由於因應我們的新市場及產品策略，對若干在製品存貨進行撇減所致。
其他收入及收益
我們的其他收入及收益由2025年上半年的人民幣39.5百萬元大幅增加至2026年上半年的
人民幣873.3百萬元，主因是(i)確認按公允價值計入損益的金融資產公允價值收益約人民
幣760.2百萬元，該項收益主要與我們對一家於上海證券交易所上市的公司股份的投資有
關；及(ii)政府補助增加。
銷售及分銷開支
我們的銷售及分銷開支由2025年上半年的人民幣67.6百萬元增加21.9%至2026年上半年的
人民幣82.4百萬元，乃主要由於增加營銷及推廣開支，以提升品牌知名度及推廣新推出
的產品。
行政開支
我們的行政開支由2025年上半年的人民幣274.6百萬元減少42.4%至2026年上半年的人民
幣158.1百萬元，乃主要由於以股份為基礎的付款開支減少。
研發開支
我們的研發開支由2025年上半年的人民幣451.5百萬元增加23.8%至2026年上半年的人民
幣558.9百萬元，乃主要由於(i)材料耗用及流片開支增加；及(ii)因擴展我們的研發團隊，
致使員工成本上升。
金融資產減值虧損
我們的金融資產減值虧損由2025年上半年的人民幣1.6百萬元大幅增加至2026年上半年的
人民幣11.1百萬元，乃主要由於貿易應收款項的預期信貸虧損撥備增加，此舉與我們的
收入增長一致。

– 10 –

其他開支
我們的其他開支由2025年上半年的人民幣4.9百萬元大幅增加至2026年上半年的人民幣
98.8百萬元，乃主要由於匯兌虧損。
融資成本
我們的融資成本由2025年上半年的人民幣11.1百萬元增加82.3%至2026年上半年的人民幣
20.3百萬元，乃主要由於銀行借款增加。
所得稅開支
於2026年上半年及2025年上半年，我們的所得稅開支仍為零，乃主要由於我們處於虧損
狀況。
期內利潤╱（虧損）
由於上文所述，我們於2026年上半年的期內利潤為人民幣106.3百萬元，而於2025年上半
年則為期內虧損人民幣609.3百萬元，即扭虧為盈，此主要是由於本集團投資於一家在上
海證券交易所上市的公司股份所產生的未變現淨收益大幅增加。
以股份為基礎的付款開支
我們的以股份為基礎的付款開支由2025年上半年的人民幣295.9百萬元減少54.6%至2026
年上半年的人民幣134.4百萬元，乃主要由於授予員工的大部分受限制股份已於上市時歸
屬，令致2026年上半年確認的以股份為基礎的付款開支大幅減少。
上市開支
我們的上市開支由2025年上半年的人民幣13.7百萬元減少61.0%至2026年上半年的人民幣
5.3百萬元，與全球發售所產生的開支有關。
經調整淨利潤╱（虧損）
（非香港財務報告準則計量）
於2026年上半年，我們的經調整淨利潤（非香港財務報告準則計量）為人民幣246.0百萬
元，而於2025年上半年則為經調整淨虧損（非香港財務報告準則計量）人民幣299.8百萬
元。

– 11 –

非香港財務報告準則計量
為補充我們根據香港財務報告準則會計準則呈列的綜合財務報表，我們採用經調整淨利
潤╱（虧損）作為一項非香港財務報告準則指標，此項指標並非香港財務報告準則會計準
則所規定，亦非根據該準則呈列。我們將經調整淨利潤╱（虧損）界定為經加回以下項目
後的期內利潤╱（虧損）：(i)屬非現金性質的以股份為基礎的付款開支；及(ii)與香港首次
公開發售（「首次公開發售」）及全球發售有關的上市開支。
我們相信非香港財務報告準則財務計量有助識別我們業務的相關趨勢，並提升對本公司
過往表現及未來前景的整體了解。我們亦相信非香港財務報告準則財務計量可讓本公司
管理層於財務及營運決策上有更佳的觀察力。非香港財務報告準則財務計量並非根據香
港財務報告準則會計準則呈列，並可能與其他公司使用的非香港財務報告準則會計及匯
報方法不同。非香港財務報告準則財務計量於作為分析工具上有其限制，於評估本公司
的營運表現時，投資者不應獨立予以考慮，或取代根據香港財務報告準則會計準則編製
的淨利潤╱（虧損）或其他綜合全面收益表數據。我們鼓勵投資者及其他人士審閱本公司
財務資料全文，且不應依賴單一財務計量。
流動資金及資金來源
於2026年上半年，我們主要通過銷售產品及解決方案、股東注資及銀行借款為我們的現
金需求提供資金。我們的現金及現金等價物由截至2025年12月31日的人民幣1,504.7百萬
元增加93.4%至截至2026年6月30日的人民幣2,910.8百萬元。
本集團透過定期監察短期及長期流動性需求以及借貸協議的合規情況，以監控其面臨的
流動資金風險，確保維持充足的現金儲備及可隨時變現的流動資金。本集團的流動性主
要取決於其能否從經營活動中維持足夠的現金流入，以履行到期的債務義務，以及能否
獲得外部融資，以滿足其所承擔的未來資本支出。

– 12 –

下表載列我們於所示期間的現金流量摘要：
截至2026年
6月30日止
六個月
人民幣千元
（未經審核）

截至2025年
6月30日止
六個月
人民幣千元

經營活動所用現金淨額
投資活動所用現金淨額
融資活動所得現金淨額
現金及現金等價物增加淨額
期初現金及現金等價物
匯率變動影響淨額

(2,785,559)
(650,833)
4,857,957
1,421,565
1,504,701
(15,468)

(715,589)
(51,191)
2,168,014
1,401,234
313,563
(1,621)

期末現金及現金等價物

2,910,798

1,713,176

債務
截至所示日期，我們的負債主要包括計息銀行及其他借款以及租賃負債：
截至2026年
6月30日
人民幣千元
（未經審核）

截至2025年
12月31日
人民幣千元

計息銀行及其他借款
租賃負債

2,687,014
25,886

1,009,040
10,365

總計

2,712,900

1,019,405

截至2026年6月30日，本集團以人民幣計值的借款總額為人民幣2,687.0百萬元（截至2025
年12月31日：人民幣1,009.0百萬元），其中約人民幣988.5百萬元按固定年利率介乎1.53%
至2.55%計息。我們在庫務管理上採納審慎方針，並主要以浮動利率基准維持面臨的利率
風險。我們並無採用任何利率掉期合約或其他財務工具以對沖我們的利率風險。我們將
繼續監察利率風險，並將考慮於有需要時對沖重大利率風險。

– 13 –

資本管理
本集團資本管理的主要目標是保障本集團持續經營的能力，以便其可通過按風險水平對
服務進行相應定價，繼續向股東提供回報，並為其他利益相關方提供利益。本集團管理
其資本結構，並根據經濟狀況的變化及相關資產的風險特徵對其進行調整。為維持或調
整資本結構，本集團可調整對股東的派息、向股東退還資本或發行新股份。本集團不受
任何外部施加的資本要求的約束。於報告期間，資本管理的目標、政策或流程並無發生
變化。
重大投資、重大收購及出售
截至2026年6月30日，本集團於上海證券交易所上市的盛合晶微半導體有限公司（「盛合
晶微」）
（股份代號：688820）持有按公允價值計量的投資合共人民幣855.9百萬元，佔本集
團截至2026年6月30日總資產的8.73%。本集團直接持有盛合晶微5,081,300股股份，佔其
已發行股份總數約0.27%，投資成本為人民幣100.0百萬元。於報告期間，該項投資的累
計未變現公允價值收益為人民幣755.9百萬元。於報告期間，該項投資並無收取任何股
息。盛合晶微主要從事中段晶圓加工及後段先進封裝業務，提供晶圓製造及測試服務，
以及全流程先進封裝及測試解決方案。本集團對盛合晶微的投資乃基於本集團對半導體
先進封裝產業長期增長前景抱持樂觀態度，並預期能由此獲得可觀的投資回報。
除上文所披露者外，截至2026年6月30日，本集團並無獨立作出或持有任何重大投資（包
括截至2026年6月30日，佔本集團總資產5%或以上的於被投資公司的任何投資）。於上市
日期至2026年6月30日期間，本集團並無任何重大收購或出售附屬公司、聯營公司或合營
企業。
資產抵押
截至2026年6月30日，本集團並無抵押任何本集團資產。
重大投資或資本資產的未來計劃
截至2026年6月30日，除招股章程「未來計劃及所得款項用途」一節所披露者外，本集團
並無重大投資或資本資產的未來計劃。

– 14 –

資產負債比率
截至2026年6月30日，我們的資產負債比率（相等於總負債除以總資產，以百分比列示）為
40.8%，而截至2025年12月31日為39.8%。
外匯風險
於報告期間，我們大部分收入及開支以人民幣計值，而全球發售所得款項淨額以港元計
值。我們亦收到若干以美元計值的投資所得款項。人民幣與港元及美元之間的匯率波動
將影響人民幣的相對購買力。我們尋求通過盡量減少我們的外幣風險淨額，以限制我們
面臨的外幣風險。我們通過對本集團外匯淨額風險進行定期檢討，以管理外匯風險，並
在可能時通過自然對沖盡量降低該等風險。
或然負債
截至2026年6月30日，本集團並無重大或然負債。
資本承諾
截至2026年6月30日，我們的資本承諾為人民幣96.5百萬元，而截至2025年12月31日為人
民幣31.3百萬元，主要與購買物業、廠房及設備以及無形資產的已訂約但未作出撥備的
承諾有關。
僱員及薪酬
截至2026年6月30日，本集團合共有916名全職僱員（截至2025年6月30日：685名全職僱
員）。2026年上半年的僱員薪酬開支總額（包括以股份為基礎的付款）為人民幣491.5百萬
元，而2025年上半年為人民幣590.6百萬元，主要由於以股份為基礎的付款開支減少。
我們為員工提供有競爭力的薪酬、基於業績的現金獎金和其他獎勵。此外，我們還為符
合條件的員工制定了股權激勵計劃，使個人業績與我們的長期成功進一步掛鈎。我們的
薪酬和福利方案旨在吸引並留住競爭激烈的勞動力市場中的頂尖人才。我們的僱員薪酬
主要包括薪金、花紅、社會保障供款及其他僱員福利。我們參與由適用地方市政及省政

– 15 –

府組織的住房公積金及多項僱員社會保障計劃，包括住房、退休金、醫療、生育、工傷
及失業福利計劃，而我們按僱員薪金的特定百分比作出供款。我們亦為僱員購買商業醫
療保險。
我們在招聘上維持高水平，並有嚴謹程序，以確保新聘用僱員的質素。我們亦定期檢討
僱員的表現，彼等的薪酬按表現衡量。為支持員工的持續專業發展，我們提供新員工入
職培訓計劃以及定期在職培訓和持續進修機會。這些計劃旨在提高我們員工的技能和知
識，培養創新和卓越的文化，支持我們業務的長期發展。
本公司已採納僱員激勵計劃，為合資格參與者提供獎勵。進一步詳情請參閱招股章程附
錄六「僱員激勵計劃」一節。
於報告期間，本公司已採納H股股權激勵計劃，為合資格參與者提供獎勵。進一步詳情
請參閱本公司日期為2026年6月5日的年度股東會通函。

– 16 –

中期簡明綜合損益及全面收益表
截至2026年6月30日止六個月
2026年
2025年
（未經審核） （經審核）
附註 人民幣千元 人民幣千元
收入

945,679

324,263

銷售成本

(783,118)

(161,830)

毛利

162,561

162,433

3

其他收入及收益
銷售及分銷開支
行政開支
研發成本
金融資產的減值虧損
其他開支
融資成本

3

873,323
(82,444)
(158,136)
(558,871)
(11,098)
(98,752)
(20,311)

39,539
(67,609)
(274,592)
(451,496)
(1,559)
(4,893)
(11,139)

除稅前利潤╱（虧損）

4

106,272

(609,316)

所得稅開支

5

—

—

106,272

(609,316)

其他綜合收益╱（虧損）
不會於隨後期間重新分類至損益的其他綜合收益╱
（虧損）：
指定為按公允價值計入其他綜合收益╱（虧損）的
股權投資：
公允價值變動

23

(228)

期內其他綜合收益╱（虧損），扣除稅項

23

(228)

106,295

(609,544)

期內利潤╱（虧損）

期內全面收益╱（虧損）總額

– 17 –

2026年
2025年
（未經審核） （經審核）
附註 人民幣千元 人民幣千元
以下人士應佔利潤╱（虧損）:
母公司擁有人

106,272

(609,316)

以下人士應佔全面收益╱（虧損）總額：
母公司擁有人

106,295

(609,544)

基本
— 期內盈利╱（虧損）
（人民幣）

0.44

(3.48)

攤薄
— 期內盈利╱（虧損）
（人民幣）

0.43

(3.48)

母公司普通股權益持有人應佔每股盈利╱（虧損）

– 18 –

7

中期簡明綜合財務狀況表
2026年6月30日
2026年
2025年
6月30日
12月31日
（未經審核） （經審核）
附註 人民幣千元 人民幣千元
非流動資產
物業、廠房及設備
使用權資產
無形資產
按公允價值計入損益的金融資產
指定為按公允價值計入其他綜合收益的股權投資
預付款項、其他應收款項及其他資產
定期存款

260,443
27,733
187,738
80,536
752
102,989
41,002

187,656
10,315
189,837
76,200
729
15,220
—

701,193

479,957

1,968,061
1,237,704
2,699
1,942,267
855,898
182,271
2,910,798

709,765
576,575
10,887
630,107
—
—
1,504,701

9,099,698

3,432,035

827,176
250,487
54,199
3,186
11,534
21,376
1,285,214

31,129
259,832
126,908
3,603
6,773
40,555
643,623

流動負債總額

2,453,172

1,112,423

流動資產淨值

6,646,526

2,319,612

資產總值減流動負債

7,347,719

2,799,569

9

非流動資產總值
流動資產
存貨
貿易應收款項及應收票據
於一年內到期的長期貿易應收款項
預付款項、其他應收款項及其他資產
按公允價值計入損益的金融資產
定期存款
現金及現金等價物

8
9

流動資產總值
流動負債
貿易應付款項
其他應付款項及應計費用
合約負債
遞延政府補助
租賃負債
於一年內到期的長期應付款項
計息銀行及其他借款

10

– 19 –

2026年
2025年
6月30日
12月31日
（未經審核） （經審核）
附註 人民幣千元 人民幣千元
非流動負債
計息銀行及其他借款
遞延政府補助
租賃負債
長期應付款項

1,401,800
120,837
14,352
10,923

365,417
66,735
3,592
10,729

非流動負債總額

1,547,912

446,473

資產淨值

5,799,807

2,353,096

權益
母公司擁有人應佔權益
股本
庫存股份
儲備

254,318
(10,560)
5,556,049

228,886
(37,927)
2,162,137

5,799,807

2,353,096

5,799,807

2,353,096

權益總額

– 20 –

中期簡明綜合財務資料附註
1.

公司及集團資料
上海天數智芯半導體股份有限公司（「本公司」，前稱「上海天數智芯半導體有限公司」）於2015年12月
29日在中華人民共和國（「中國」）成立為一家有限公司。經2025年1月13日舉行的股東會批准，本公司
根據中國公司法轉制為股份有限公司，並更名為「上海天數智芯半導體股份有限公司」。本公司的註
冊辦事處位於上海市閔行區陳行公路2168號3幢101室。
本公司及其附屬公司（統稱「本集團」）主要從事提供針對不同行業AI應用優化的先進通用圖形處理器
（「通用GPU」）產品及算力解決方案。
本公司於2026年1月8日在香港聯合交易所有限公司（「聯交所」）主板上市。

2.1. 編製基準
截至2026年6月30日止六個月之中期簡明綜合財務資料已按照香港會計準則第34號中期財務報告編
製。中期簡明綜合財務資料並不包括年度財務報表所規定之全部資料及披露事項，故應與本集團截
至2025年12月31日止年度之年度綜合財務報表一併閱讀。

2.2 會計政策變動及披露
編製中期簡明綜合財務資料時採納的會計政策與編製本集團截至2025年12月31日止年度的年度綜合
財務報表時應用的會計政策一致，惟就本期間財務資料首次採納的以下經修訂香港財務報告準則會
計準則除外。
香港財務報告準則第9號及香港財務報告
準則第7號（修訂本）
香港財務報告準則第9號及香港財務報告
準則第7號（修訂本）
香港財務報告準則會計準則年度改進 —
第11卷

金融工具的分類及計量（修訂本）
依賴自然能源生產電力的合約
香港財務報告準則第1號、香港財務報告準則第7號、香
港財務報告準則第9號、香港財務報告準則第10號及
香港會計準則第7號（修訂本）

– 21 –

經修訂香港財務報告準則會計準則的性質及影響說明如下：

3.

(a)

香港財務報告準則第9號及香港財務報告準則第7號（修訂本）金融工具的分類及計量（修訂本）澄
清，當實體收取合約現金流量的權利屆滿或已轉讓時，金融資產應終止確認，而金融負債則於
結算日終止確認。修訂本引入一項會計政策選擇，在符合特定條件的情況下，終止確認於結算
日前透過電子付款系統結算的金融負債。修訂本澄清如何評估具有環境、社會及管治以及其他
類似或然特徵的金融資產的合約現金流量特徵。此外，修訂本澄清具有無追索權特徵的金融資
產及合約掛鈎工具的分類規定。修訂本亦包括指定按公允價值計入其他綜合收益的股權工具投
資及具有或然特徵的金融工具的額外披露。由於本集團過往年度終止確認金融資產及負債的會
計政策與修訂本一致，且本集團並無修訂本所針對的金融資產，故修訂本對中期簡明綜合財務
資料並無任何影響。本集團將於其截至2026年12月31日止年度的綜合財務報表中提供其指定為
按公允價值計入其他綜合收益的股權投資的額外披露。

(b)

香港財務報告準則第9號及香港財務報告準則第7號（修訂本）依賴自然能源生產電力的合約澄清
適用範圍內合約「自用」要求的適用情況，並修訂適用範圍內合約於現金流量對沖關係中被對沖
項目的指定要求。修訂本亦包括額外披露，使財務報表使用者能夠了解該等合約對實體財務表
現及未來現金流量的影響。由於本集團並無任何屬於修訂本範圍內的合約，故修訂本對中期簡
明綜合財務資料並無任何影響。

(c)

香港財務報告準則會計準則年度改進 — 第11卷載列對香港財務報告準則第1號、香港財務報告
準則第7號（及其附帶的香港財務報告準則第7號實施指引）、香港財務報告準則第9號、香港財
務報告準則第10號及香港會計準則第7號的狹義修訂。修訂本包括澄清、簡化、修正或更改，以
提高相應香港財務報告準則會計準則的一致性。修訂本對中期簡明綜合財務資料並無任何影響。

收入、其他收入及收益
收入分析如下：
截至6月30日止六個月
2026年
2025年
人民幣千元
人民幣千元
（未經審核）
（經審核）

客戶合約收入

945,679

– 22 –

324,263

客戶合約收入

收入分類資料
截至6月30日止六個月
2026年
2025年
人民幣千元
人民幣千元
（未經審核）
（經審核）
貨品或服務類型
銷售通用GPU產品
銷售AI算力解決方案
銷售半導體組件
其他

916,127
13,601
14,780
1,171

276,751
42,644
—

總計

945,679

324,263

收入確認的時間
於某個時間點轉移的貨品或服務

945,679

324,263

4,868

地理資料
截至6月30日止六個月
2026年
2025年
人民幣千元
人民幣千元
（未經審核）
（經審核）
中國內地
香港

930,899
14,780

324,263
—

總收入

945,679

324,263

– 23 –

其他收入及收益
截至6月30日止六個月
2026年
2025年
人民幣千元
人民幣千元
（未經審核）
（經審核）

4.

與以下各項有關的政府補助
— 資產(i)
— 收入
利息收入
出售結構性存款收益
公允價值收益淨額
— 按公允價值計入損益的金融資產(ii)
其他

1,802
63,630
40,917
5,232

12,915
19,920
5,852
—

760,234
1,508

—
852

總計

873,323

39,539

(i)

本集團已收到若干主要與電子設備及授權IP有關的政府補助。與資產有關的補助已於相關資產
的可使用年期內於損益中確認。

(ii)

公允價值收益主要指本集團於截至2026年6月30日止六個月內持有之上市股權投資所產生之公
允價值變動。

除稅前利潤╱（虧損）
本集團持續經營業務的除稅前利潤╱（虧損）乃經扣除╱（抵免）以下各項後得出：
截至6月30日止六個月
2026年
2025年
人民幣千元
人民幣千元
（未經審核）
（經審核）
已售存貨成本*
匯兌差額淨額
貿易應收款項及應收票據減值淨額
預付款項、其他應收款項及其他資產減值淨額
長期貿易應收款項減值淨額
存貨撇減至可變現淨值
按公允價值計入損益的金融資產的公允價值（收益）╱虧損
*

已售存貨成本包括存貨撇減至可變現淨值，其於上文單獨披露。

– 24 –

783,118
96,016
9,836
1,374
(112)
72,211
(760,234）

161,830
4,061
1,181
—
(81)
934
245

5.

所得稅
本集團須按實體基準按產生於或源自本集團成員公司所在及經營所在國家或司法權區的利潤繳納所
得稅。
根據中國企業所得稅法（「企業所得稅法」）及企業所得稅法實施條例，中國附屬公司的企業所得稅稅
率為25%，除非其可享有下文所載優惠稅率：
本公司的若干中國附屬公司已根據相關稅務規則及法規獲批為高新技術企業（「高新技術企業」），因
此於截至2026年及2025年6月30日止六個月可享有15%的優惠企業所得稅率。
本公司於中國的若干附屬公司獲批為小微企業，因此，根據適用的企業所得稅法，彼等於截至2026年
及2025年6月30日止六個月可按較低優惠企業所得稅稅率2.5%至5%繳稅。
截至6月30日止六個月
2026年
2025年

6.

人民幣千元
（未經審核）

人民幣千元
（經審核）

即期
遞延

—
—

—
—

總計

—

—

股息
於截至2026年6月30日止六個月，董事會不建議派付任何股息（截至2025年6月30日止六個月：無）。

7.

母公司普通股權益持有人應佔每股盈利╱（虧損）
每股基本盈利╱（虧損）金額乃根據母公司普通股權益持有人應佔期內利潤，以及於期內發行在外普
通股加權平均數241,567,393股（截至2025年6月30日止六個月：175,300,638股）計算。
每股攤薄盈利╱（虧損）金額乃根據母公司普通股權益持有人應佔期內利潤計算。計算所用的普通股
加權平均數為計算每股基本盈利╱（虧損）所用的期內發行在外普通股數目，以及假設於所有具攤薄
潛力的普通股被視為轉換為普通股時無償發行的普通股加權平均數。

– 25 –

每股基本及攤薄盈利╱（虧損）乃按下列各項計算：
截至6月30日止六個月
2026年
2025年
（未經審核）
（經審核）
盈利╱（虧損）
母公司普通股權益持有人應佔盈利╱（虧損），用於計算每股
基本及攤薄盈利╱（虧損）
（人民幣千元）

106,272

(609,316)

股份數目
截至6月30日止六個月
2026年
2025年
（未經審核）
（經審核）
股份
用於計算每股基本盈利的期內發行在外普通股加權平均數
攤薄的影響 — 普通股加權平均數：
購股權
總計

241,567,393

175,300,638

6,803,129

—

248,370,522

175,300,638

由於本集團於截至2025年6月30日止六個月產生虧損，因潛在普通股對每股基本虧損金額具有反攤薄
影響，故在計算每股攤薄虧損金額時不予計算在內。因此，截至2025年6月30日止六個月的每股攤薄
虧損金額與每股基本虧損金額相同。股份加權平均數已計及所持庫存股份的影響。

8.

貿易應收款項及應收票據
於報告期間末按發票日期呈列及經扣除虧損撥備的貿易應收款項的賬齡分析如下：
2026年
6月30日
人民幣千元
（未經審核）

2025年
12月31日
人民幣千元
（經審核）

1年內
1至2年
2至3年

1,206,623
30,267
814

522,714
44,833
9,028

總計

1,237,704

576,575

– 26 –

9.

按公允價值計入損益的金融資產
2026年
6月30日
人民幣千元
（未經審核）

2025年
12月31日
人民幣千元
（經審核）

855,898

—

非流動
非上市股權投資
私募基金投資

60,762
19,774

60,000
16,200

總計 — 非流動

80,536

76,200

流動
處於鎖定期的上市股權投資

(i)

(i)

於截至2026年6月30日止六個月內，本集團投資人民幣99,999,984元，購入一家於上海證券交易
所 上 市 的 公 司 約0.27%股 權。該 股 權 投 資 於2026年6月30日 之 公 允 價 值 為 人 民 幣855,898,000元
（2025年：無）。

10. 貿易應付款項
於報告期間末按發票日期呈列的貿易應付款項的賬齡分析如下：
2026年
6月30日
人民幣千元
（未經審核）

2025年
12月31日
人民幣千元
（經審核）

1年內
1至2年

827,176
—

31,123
6

總計

827,176

31,129

貿易應付款項不計息，通常按30至60天的期限結算。

11. 報告期間後事項
於2026年7月13日，合共14,857,000股新H股按每股H股476.00港元的配售價配售。配售的所得款項總
額約為7,071,900,000港元。

– 27 –

購買、出售或贖回本公司上市證券或出售庫存股份
自上市日期起及直至2026年6月30日，本公司或其任何附屬公司概無購買、出售或贖回本
公司任何上市證券（包括任何出售庫存股份（定義見上市規則））。
截至2026年6月30日，本公司並無持有任何庫存股份（定義見上市規則）。

重大訴訟
於報告期間，本公司並無涉及任何可對我們的財務狀況或經營業績造成重大不利影響的
重大訴訟或仲裁。於報告期間及直至本公告日期，董事並不知悉有任何針對本集團的待
決或威脅進行可對我們的財務狀況或經營業績造成重大不利影響的任何重大訴訟或索償。

報告期間後事項
於2026年7月9日（聯交所交易時段前），本公司與高盛（亞洲）有限責任公司、摩根士丹利
亞洲有限公司、華泰金融控股（香港）有限公司及J.P. Morgan Securities (Asia Pacific)
Limited（「配售代理」）訂立配售協議（「配售協議」），據此，配售代理已有條件及單獨（而
非共同或共同及單獨）同意作為本公司代理盡力促使合共不少於六名承配人（「承配人」）
按配售協議所載條款及在其條件規限下購買14,857,000股新H股（「配售股份」），配售價
（「配售價」）為每股H股476.00港元（「配售」）。收市價為聯交所於2026年7月8日（即配售協
議簽訂前的最後交易日）所報的每股H股560.00港元。
配售協議項下的所有條件獲達成後，配售已於2026年7月13日完成。合共14,857,000股新
H股（分別佔緊隨配售完成後經配發及發行配售股份擴大後的已發行H股及已發行股份總
數（不包括任何庫存股份（定義見上市規則））的約5.72%及約5.52%）已按照配售協議所載
條款並在其條件規限下按配售價每股H股476.00港元成功配售予不少於六名承配人。承
配人及彼等各自的最終實益擁有人均為獨立第三方。配售所得款項總額及所得款項淨額
（扣除佣金及估計開支後）分別為約7,071.9百萬港元及約7,033.5百萬港元，每股配售股份
的淨發行價約為473.41港元。

– 28 –

於緊隨配售完成後，本公司的已發行股份數目為269,174,736股，其中包括9,215,771股非
上市股份及259,958,965股H股。本公司的註冊資本為人民幣269,174,736元。為反映本公
司註冊資本及總股本的該等變動，董事會已根據年度股東會授予的授權對公司章程作出
相應修訂。
有關配售及配售所得款項用途的詳情，請參閱本公司日期為2026年7月9日及2026年7月
13日的公告。
於2026年8月20日，董事會建議按將儲備資本化的方式（「資本化發行」），就每股股份向
全體股東配發及發行兩股新股份，合共增加538,349,472股股份，當中包括18,431,542股新
非上市股份及519,917,930股新H股。於資本化發行完成後，本公司已發行股份總數將由
269,174,736 股 股 份 增 至 807,524,208 股 股 份，當 中 包 括 27,647,313 股 非 上 市 股 份 及
779,876,895股H股。有關建議資本化發行的詳情，請參閱本公司日期為2026年8月20日的
公告及本公司日期為2026年8月26日的臨時股東會通函。
除上文及本公告另有披露者外，自報告期間末起及直至本公告日期，並無其他可能影響
本集團的重大事件。

企業管治常規
本公司致力達致高水平的企業管治，以保障股東權益。本公司的企業管治原則為推動有
效的內部控制措施、提升董事會工作的透明度，並加強對全體股東問責。本公司已採納
企業管治守則為其本身的企業管治守則。
由於本公司H股於2026年1月8日在聯交所上市，企業管治守則僅於上市日期起適用於本
公司。董事會認為，自上市日期起及直至2026年6月30日，本公司已遵守企業管治守則第
二部分所載所有守則條文，惟偏離企業管治守則第二部分的守則條文第C.2.1條有關區分
主席及首席執行官的角色。企業管治守則的守則條文第C.2.1條規定，主席及首席執行官
的角色應有區分，且不應由同一人擔任。主席與首席執行官之間的職責分工須明確界定，
並以書面形式列明。
蓋魯江先生目前擔任本集團董事會主席兼首席執行官。彼主要參與制定本集團的整體企
業及業務策略，及本集團的重大業務及營運決策。董事認為，將本集團董事會主席及首
席執行官的角色同時授予蓋魯江先生，可確保本集團領導一致及迅速有效的決策制定及

– 29 –

執行，對本集團的業務前景有利。此外，董事相信此架構將不會損害本集團董事會及管
理層之間的權力及職權平衡，因為(i)董事會之決策至少須經過半數董事同意；(ii)蓋魯江
先生及其他董事知悉並承諾履行其作為董事之受信責任，其中包括須為本公司之利益及
最佳利益行事，並據此為本公司作出決策；(iii)董事會由四名執行董事（包括蓋魯江先
生）、兩名非執行董事及三名獨立非執行董事組成，其運作確保了權力與職權的平衡，並
具有相當強的獨立性元素；及(iv)本公司的整體策略及其他主要業務、財務及營運政策，
均由董事會及高級管理層經過充分討論後共同制定。
本公司將持續檢討其企業管治政策及遵守上市規則的情況，並將遵守企業管治守則所載
的相關原則。

遵守標準守則
本公司已自上市日期起採納標準守則為其董事及可能接觸本公司內幕消息的相關僱員進
行本公司證券交易時的行為守則。
我們已向全體董事作出特定查詢，彼等全體已確認，自上市日期起及直至2026年6月30
日，彼等已遵守標準守則。於上述期間，本公司並不知悉相關僱員有任何違反標準守則
的個案。

審計委員會
審計委員會由三名獨立非執行董事組成，即任今濤先生、滕勇博士及王燕博士。任今濤
先生為審計委員會主席，並擁有上市規則第3.10(2)條及第3.21條規定的合適資格。審計
委員會的主要職責為審查及監督本集團之財務報告程序及內部控制系統、監督審計程序、
審查及監督本集團現有及潛在風險，及履行董事會指派之其他職責。

– 30 –

審計委員會已與本公司管理層審閱截至2026年6月30日止六個月的未經審核綜合財務報
表。審計委員會認為，中期業績符合適用會計準則、法律法規，且本公司已就此作出適
當披露。審計委員會亦就本公司採納的會計政策及慣例以及內部控制與本公司高級管理
層進行討論。

安永會計師事務所的工作範圍
本公司核數師安永會計師事務所已按照香港會計師公會所頒佈的香港審閱業務準則第
2410號「實體的獨立核數師對中期財務資料的審閱」審閱截至2026年6月30日止六個月的
未經審核綜合財務報表。

中期股息
董事會不向股東派發截至2026年6月30日止六個月的中期股息（截至2025年6月30日止六
個月：無）。

刊發中期業績公告及中期報告
本公告已刊載於聯交所網站(www.hkexnews.hk)及本公司網站(www.iluvatar.com)。本公
司截至2026年6月30日止六個月的中期報告將可於適當時候於以上網站查閱。

致謝
董事會謹此就本集團的股東、管理團隊、僱員、業務夥伴及客戶對本集團的支持及作出
的貢獻致謝。

– 31 –

釋義及詞彙
於本公告中，除文義另有所指外，以下詞彙具有以下涵義：
「年度股東會」

指

本公司於2026年6月29日舉行的年度股東會

「AI」

指

人工智能

「公司章程」

指

本公司公司章程（經不時修訂）

「審計委員會」

指

董事會審計委員會

「董事會」

指

本公司董事會

「企業管治守則」

指

上市規則附錄C1所載的企業管治守則

「中國」

指

中華人民共和國，就本公告而言（除非另有說明），不包
括香港特別行政區、澳門特別行政區及台灣地區

「本公司」

指

上海天數智芯半導體股份有限公司（前稱上海天數智芯
半導體有限公司），一家於2015年12月29日在中國成立
的股份有限公司

「CPU」

指

中央處理器

「董事」

指

本公司董事

「僱員激勵計劃」

指

本公司採納的僱員激勵計劃（經不時修訂）

「全球發售」

指

招股章程所述提呈發售H股以供認購

「通用GPU」

指

用於通用計算的GPU

「GPU」

指

圖形處理單元

– 32 –

「本集團」或「我們」

指

本公司及其附屬公司（或本公司及其任何一家或多家附
屬公司，視文義而定）

「H股」

指

本公司股本中每股面值人民幣1.00元的股份，以港元認
購及買賣並於聯交所上市

「H股股權激勵計劃」

指

本公司於2026年6月29日採納的H股股權激勵計劃（經不
時修訂）

「香港財務報告準則」

指

香港財務報告準則

「香港財務報告準則會
計準則」

指

香港會計師公會所頒佈的香港財務報告準則會計準則（當
中包括所有香港財務報告準則、香港會計準則及詮釋）

「香港」

指

中國香港特別行政區

「港元」

指

港元及港仙，香港法定貨幣

「IP」

指

知識產權

「上市」

指

我們的H股於2026年1月8日在聯交所主板上市

– 33 –

「上市日期」

指

2026年1月8日，即我們的H股於聯交所主板首次開始買
賣的日期

「上市規則」

指

香港聯合交易所有限公司證券上市規則（經不時修訂）

「主板」

指

由聯交所營運的證券交易所（不包括期權市場），其獨立
於聯交所GEM並與其並行運作

「標準守則」

指

上市規則附錄C3所載上市發行人董事進行證券交易的標
準守則

「招股章程」

指

本公司日期為2025年12月30日就全球發售刊發的招股章
程

「研發」

指

研究及開發

「報告期間」

指

截至2026年6月30日止六個月

「人民幣」

指

人民幣，中國法定貨幣

「股份」

指

本公司股本中每股面值人民幣1.00元的普通股，包括非
上市股份及H股

「股東」

指

股份持有人

「聯交所」

指

香港交易及結算所有限公司全資附屬公司香港聯合交易
所有限公司

「附屬公司」

指

具有上市規則賦予的涵義

「庫存股份」

指

具有上市規則賦予的涵義

「美元」

指

美元，美國的法定貨幣

「美國」

指

美利堅合眾國、其領土、屬地及受其司法管轄的所有地
區

「非上市股份」

指

本公司股本中每股面值人民幣1.00元的普通股，以人民
幣認購及繳足，為非上市股份，現時並無於任何證券交
易所上市或買賣

– 34 –

「%」

指

百分比
承董事會命
上海天數智芯半導體股份有限公司
董事會主席
蓋魯江先生

香港，2026年8月28日

於本公告日期，董事會成員包括執行董事蓋魯江先生、孫怡樂先生、劉崢先生及楊磊先
生；非執行董事王晨先生及丁俊博先生；及獨立非執行董事滕勇博士、任今濤先生及王
燕博士。

– 35 –