中国半导体：MetaX管理层电话会议要点：领先的本地GPU，具备自研IP和全栈解决方案以实现高效部署

中国半信：MetaX（688802.SS）管理层。通话要点：领先的本地GPU，配备内部IP和全栈解决方案，实现高效部署 PDFPDF格式Share共享Bookmark书签More更多18 December 2025 | 2:14AM HKT | Research | Equity 2025年12月18日|香港时间凌晨2：14 |研究|公平| By Allen Chang and others We talked to MetaX's (688802.SS, Not Covered) management recently.MetaXis the local supplier of GPU for AI inferencing and training. Key discussions werearound MetaX's in-house developed GPU IPs, full-stack solutions, and industry-specific AI scenarios. Overall, management sees the rising computing powerdemand in the China market, driven by LLMs and the rising use cases; MetaXdeveloped industry-specific solutions based on its in-house GPU IPs to capturethe rising end demand, covering diversified scenarios (finance, transportation,education, energy, etc.). The company launched theflagship product C600 in3Q25, meanwhile working on new generation of products, supported by its full-stack solution with MXMACA (MetaX Advanced Compute Architecture) software 全栈解决方案以及行业特定的AI场景展开。总体来看，管理层看到中国市场计算能力需求上升，主要由大型语言模型和日益增长的使用场景推动;MetaX基于自有GPU知识产权开发了行业专属解决方案，以捕捉不断增长的终端需求，涵盖金融、交通、教育、能源等多元场景。公司于2025年第三季度推出了旗舰产品C600，同时开发新一代产品，支持其全栈解决方案，支持MXMACA（MetaX高级计算架构）软件，与其他主流计算平台高度兼容。 Read across to Cambricon:Management's positive view on the rising demand oncomputing power forand AI inferencing echoes our positive view onChina Semis' advanced nodes expansion riding on the Gen-AI trend. We seeCambricon, a leading local AI chip supplier, as one of the key beneficiaries ofChina's Cloud Capex upward trend, along with the company's continuous effortsin establishing AI ecosystem with local AI algorithm leaders, driving thecompany's growth ahead.Read more:Cambricon AI ecosystem in expansion;Chips Act 3.AI training 请继续阅读Cambricon：管理层对AI和AI推理计算能力需求增长的积极看法，呼应了我们对中国半导体先进节点借助生成式AI趋势扩张的积极看法。我们认为，作为领先的本地AI芯片供应商，Cambricon将成为中国云资本支出上升趋势的主要受益者之一，加上公司与本地AI算法领导者持续努力建立AI生态系统，推动公司继续前进。阅读更多：Cambricon人工智能生态系统扩展中;《薯片》第三幕。训练 Company profile:MetaX (688802.SS, Not Covered) is a leading local GPU fablesssupplier which specializes in the R&D of high-performance GPU, leveraging coreteam members' accumulated experiences in technology, design, and productmass production. The company offers diversified GPUs (e.g. N-series forinference, C-series for general purpose computing) and GPU servers to clients,along with the industry-specific solutions, riding on the AI use cases and cloud 的积累经验。公司为客户提供多元化的GPU（如N系列推理，C系列通用计算）和GPU服务器，以及行业定制解决方案，依托中国市场AI应用场景和云基础设施需求。 Key takeaways:主要要点： 1. In-house developed GPU IPs:Management notes that MetaX is committed todeveloping high-performance GPUs based on in-house GPU IPs withaccumulated experiences of founding team, and offers differentiated solutionwith multi-connectivity capabilities. The company has launched diversified GPUproducts, including MetaX N, C, and G series, and the new C600 platform with in-house IP architecture integrating large-capacity storage and mixed precisiontraining to support SuperPod cluster. Management notes the company continuesto develop new generation of products and aims at innovative and competitivesolution. 1.内部开发的GPUIP：管理层指出，MetaX致力于基于创始团队积累经验的内部GPU开发高性能GPU，并提供具备多连接能力的差异化解决方案。公司推出了多元化的GPU产品，包括MetaX N、C、G系列，以及采用自家IP架构、集成大容量存储和混合精密训练以支持SuperPod集群的新C600平台。管理层指出，公司持续开发新一代产品，目标是创新且具有竞争力的解决方案。 2. Full-stack solutions with efficient deployment:MetaX mainly provides GPUfor AI inferencing (N100/ N260/ N300) and AI computing, and offerscomprehensive products (chipset, PCIe card/ OAM module, server, computingcluster) based on clients' demand. Management also highlights their MXMACAsoftware stack, which connects the computing hardware and the AI algorithmsand has high compatibility with the mainstream computing power softwareplatform in the market, bringing time and cost-efficient solutions for customersto deploy. Management expects their full-stack solution across computinghardware and software to help the company to capture the rising end demand 卡/OAM模块、服务器、计算集群）。管理层还强调了他们的MXMACA软件栈，该栈连接计算硬件与AI算法，且与市场上主流计算能力软件平台高度兼容，为客户提供高效且高效的解决方案部署。管理层期望其跨计算硬件和软件的全栈解决方案能帮助公司更好地捕捉不断增长的终端需求。 3. Industry-specific solutions:Management is positive on the rising Gen-AItrend in China, with expanding use cases to boost demand for computing power.MetaX has delivered industry-specific solutions based on its in-house developedGPUs, covering diversified end markets, such asfinance, transportation,education, energy, etc., and supporting the company's commercialization path.The company's product is adapted to multi AI models (e.g. Zhipu, Qwen,Moonshot AI, Deepseek etc.) and cooperates with third-party partners to buildcluster with thousands of GPUs. 3.行业专属解决方案：管理层对中国日益增长的基因人工智能趋势持积极态度，应用场景不断扩大，推动计算能力需求。MetaX基于自家开发的GPU交付了行业专属解决方案，涵盖金融、交通、教育、能源等多元化终端市场，支持公司的商业化进程。公司产品适配多AI模型（如Zhipu、Qwen、Moonshot AI、Deepseek等），并与第三方合作伙伴合作构建数千GPU集群。 Exhibit1:MetaX new C600 platform was launched in 3Q25 图表1：MetaX新C600平台于2025年第三季度发布 Source: Company data资料来源：公司数据 Exhibit2:MetaX C500 platform for AI computing Source: Company data资料来源：公司数据 Goldman Sac