On the 19th, the Hurun Research Institute released the 2025 Hurun China Top 50 AI Companies, with AI chip enterprises sweeping the top three spots. Among them, Cambricon secured the top position with a corporate value of 630 billion RMB (366.9 billion MYR), a year-on-year increase of 165%. Domestic GPU unicorns Moore Threads and Muxi followed closely behind. Additionally, the list shows that over 80% of the selected companies are concentrated in Beijing, Shanghai, Guangzhou, and Shenzhen.
Cambricon's Revenue Surges 43-Fold
Since its establishment in 2016, Cambricon has focused on R&D of AI core processor chips. Benefiting from the explosive demand for AI computing power, the company achieved revenue of 2.88 billion RMB (1.677 billion MYR) in the first half of 2025, a remarkable 43-fold year-on-year increase. Moreover, Cambricon has led or participated in the formulation of 45 domestic and international technical standards.
The second and third spots on the list are also occupied by domestic GPU enterprises. Moore Threads, at number 2, has a value of 310 billion RMB (180.5 billion MYR) and specializes in full-featured GPU R&D, with revenue for the first three quarters of 2025 growing 182% year-on-year to 780 million RMB (454 million MYR). Muxi, in third, is valued at 250 billion RMB (145.6 billion MYR), and is among China’s first high-end GPU companies to achieve full-process domestication, focusing on full-stack GPU development.
Horizon Maintains Leadership in Automotive AI Chips
In terms of industry distribution, AI chip-related companies occupy 7 out of the top 10 spots on the list. In addition to the top three, Horizon, at 5th place, is valued at 120 billion RMB (69.9 billion MYR), maintaining its leadership in automotive AI chips and intelligent driving solutions, with H1 2025 revenue up 67.6%. Rockchip, Biren Technology, and Verisilicon have also made it into the forefront.
Among non-chip companies, leading intelligent voice firm iFlytek ranked 4th with a value of 130 billion RMB (75.7 billion MYR). Its "iFlytek Spark Large Model" now supports more than 130 languages.
19 Beijing Companies Lead Nationwide
By region, Beijing continues to lead with 19 companies making the list. Shanghai follows with 14, an increase of 5 from last year. Shenzhen and Guangzhou have 6 and 4 companies on the list respectively, with the four major first-tier cities accounting for more than 80% of the total.