By Yang Jianyong

Moore Threads kicked off its subscription process today. Meanwhile, HeT Technology, one of the stocks closely tied to the Moore Threads concept, took a nosedive, plummeting by 9.65% and even hitting the limit down during the trading session. Since it began its IPO tutoring (listing tutoring, listing guidance) in November 2024, Moore Threads has drawn considerable attention. This surge in market interest has made it a hot topic, which, in turn, has driven up the popularity of HeT Technology among investors.

Over the past year, HeT Technology has witnessed a remarkable cumulative surge of 277%, with its market capitalization at its peak reaching a staggering 56 billion yuan. Thanks to its investment in Moore Threads, holding a 1.0262% stake, HeT Technology has ignited a wave of enthusiasm around the Moore Threads concept. This has led to outstanding performance in the capital market.

However, HeT Technology's excessive price surge, combined with the looming risk of substantial profit-taking adjustments following Moore Threads' subscription, has raised concerns. Particularly noteworthy is the 23% correction from its recent highs, highlighting the highly volatile nature of concept stock speculation. This serves as a reminder to stay vigilant against the hidden risks of severe fluctuations after significant gains.

It's worth mentioning that Moore Threads, a GPU chip company established in 2020, has been dubbed the "Chinese version of NVIDIA," attracting immense attention. Simultaneously, its revenue has skyrocketed, reaching 784 million yuan in the first three quarters of 2025, marking a year-on-year increase of 182%. It is projected to achieve annual revenue between 1.2 billion and 1.498 billion yuan, representing a year-on-year increase of 177% to 241.65%.

Of course, within the fiercely competitive GPU industry, Moore Threads faces certain disadvantages compared to industry giants like NVIDIA. Nevertheless, China's restrictions on acquiring high-end chips have accelerated the substitution of domestic alternatives. This has provided a golden opportunity for chip companies like Moore Threads and Cambricon, leading to substantial breakthroughs in their performance.

In particular, Moore Threads is raising 8 billion yuan to bolster its competitiveness in the GPU market. The funds will be allocated to AI training and inference integrated chip R&D projects, graphics chip R&D projects, AI SoC chip R&D projects, and supplementary working capital. However, listing on the STAR Market with an issue price of 114.28 yuan and a total market capitalization of 53.7 billion yuan after issuance poses significant challenges. This is due to its high valuation, considering issues such as substantial losses and commercialization hurdles.

Notably, apart from the capital pursuit of HeT Technology triggered by its minor stake in Moore Threads, its own operations have also been robust.

Benefiting from the era of generative AI, various sectors are seizing the opportunity to accelerate intelligent upgrades using large models. Against this backdrop of intelligent transformation, there is a surge in demand for intelligent controllers, driving HeT Technology's strong performance growth.

In the first three quarters of 2025, HeT Technology's revenue reached 8.269 billion yuan, marking a year-on-year increase of 17.47%. Its net profit stood at 600 million yuan, a year-on-year increase of 69.66%. This indicates ample orders for its intelligent controller business, resulting in favorable operational performance growth.

In the era of AI large models, the demand for communication and computing power in various devices or terminals has surged. This has further intensified the trends of intelligence, connectivity, and personalization, leading to strong performance growth. Among them, the home appliance business serves as the foundation of HeT Technology's controller business, with clients including home appliance manufacturers such as Electrolux, Whirlpool, Haier, Xiaomi, and Supor.

The small home appliance and appliance-like sectors, characterized by continuous product innovation, high functional integration, deepening intelligence penetration, and short iteration cycles, have become significant engines driving the growth in demand and value enhancement for intelligent controllers. This propels the industry towards a dual increase in quantity and price, providing robust support for overall business growth.

Meanwhile, the automotive electronics business stands as a key strategic segment. HeT Technology stated that its automotive electronics business currently has ample orders and has established collaborations with numerous mainstream automakers and Tier 1 suppliers, covering the intelligent cockpit and energy management subsectors. Among them, the touch-based core competitive product HOD (Hands Off Detection) has seen rapid volume growth, with single-product sales revenue surpassing 100 million yuan. It covers models from various automakers such as NIO, Changan, Seres, and GAC, with promising future growth prospects.

Overall, in the era of large models, the intelligent transformation across various industries is accelerating. From industrial to home scenarios, various intelligent devices are integrating large model services, infusing products with new vitality. Among them, the intelligent wave brought by AI large models has spurred strong demand for intelligent controllers.

According to data from Zhongchan Research Institute, the global intelligent controller market reached 1.97 trillion US dollars in 2024 and is expected to grow to 2.05 trillion US dollars in 2025, with the industry's overall scale continuing to expand. China serves as a crucial manufacturing base and consumer market for global intelligent controllers, with a market size of 3.8 trillion yuan in 2024 and an average annual compound growth rate of 12.5% over the past five years. The market size is expected to reach 4.28 trillion yuan in 2025.

Intelligent controllers represent an organic integration of artificial intelligence technology and automatic control technology, widely applied in automotive electronics, industrial automation and intelligent manufacturing, smart homes and buildings, AI devices, household appliances, power tools, energy, and power systems. However, despite the vast market size for intelligent controllers, the industry remains fragmented, with companies generally being small in scale.

Domestically, in terms of intelligent controller shipments and revenue scale, Topband and HeT Technology are the most representative manufacturers in the Chinese intelligent controller market. HeT Technology, with 25 years of deep cultivation in the intelligent controller industry, amidst the backdrop of the artificial intelligence era, will seize the industry development cycle by focusing on incremental demand, functional upgrades, and morphological changes in controllers. It will continue to increase R&D investment in automotive electronics, tools and industrial automation, artificial intelligence, and robotics to meet market demand.

Finally, with the application of 5G and AI large models, the era of the Internet of Everything is accelerating. The intelligent controller industry is continuously upgrading, with opportunities for intelligent and scenario-based development emerging. Downstream application scenarios are constantly enriching. For manufacturers deeply involved in intelligent controllers, there is potential for further growth expansion.

Yang Jianyong, a Forbes China contributor, expresses views solely on behalf of himself. He is dedicated to in-depth interpretations of cutting-edge technologies such as AI large models, artificial intelligence, the Internet of Things, cloud computing, and smart homes.