HK Stock Market Move | ILUVATAR COREX (09903) surged over 4% in early trading, with contributions to performance growth from the Tianhua and Zhikai series chips. The new product cycle is expected to gain a positive response from CSP customers.

ILUVATAR COREX (09903) rose over 4% in early trading, and as of the time of writing, it has increased by 2.48%, reported at HKD 347.6, with a trading volume of HKD 180 million. Macquarie released a research report stating that in the first half of 2026, the gross margin of ILUVATAR COREX's core "Tiangai" training chip and "Zhikai" inference chip will maintain at 64.5% and 35.6%, respectively. The firm believes that after the launch of the "Tiangai-300" new training GPGPU chip in July, mass production could begin as early as this fourth quarter. With strong computing power, die-to-die interconnect capabilities, and a higher average selling price, a significant contribution is expected next year. The management also plans to launch the next-generation super node solution in the fourth quarter, which should yield good profit margins. The firm indicated that the company has penetrated the Chinese cloud service provider (CSP) market, and the contribution of the new generation general-purpose graphics processing unit (GPGPU) chips is expected to gradually increase, instilling confidence in the company's medium-term prospects in CSP and large language model customers. Guosheng pointed out that ILUVATAR COREX's core general-purpose GPU products achieved revenue of 916 million yuan in 26H1, accounting for 96.9% of total revenue, a year-on-year increase of 11.6 percentage points, with an overall gross margin of 43.9%. Among them, the Tiangai series generated revenue of 262 million yuan, up 38% year-on-year, with a gross margin of 64.5%, an increase of 5.9 percentage points year-on-year, driven by an improved revenue structure of advanced products; the Tiangai Gen4 architecture was released in July 2026. The Zhikai series achieved revenue of 654 million yuan, up 651.8% year-on-year, with a gross margin of 35.6%, an increase of 3.2 percentage points year-on-year, driven by sales of higher-end versions that boosted overall sales and prices, and has been applied in fields such as the Internet, large artificial intelligence models, financial services, commercial retail, healthcare, and transportation.