China
Top 30 AI companies in China by revenue
The 30 largest AI companies headquartered in China by annual revenue, from model labs and AI chips to robots and self-driving systems.
Updated Oct 25, 202630 companies
- 1
DeepSeek (深度求索)
Open-weight LLMs and API
Hangzhou Model lab Founded 2023 Private
Sep 2026[1] - 1
Moonshot AI (月之暗面)
Kimi models and assistant
Beijing Model lab Founded 2023 Private
Aug 2026[2] - 3
Geek+ (极智嘉)
Warehouse robots / AMRs
Beijing Embodied AI Founded 2015 Listed Jul 2025 · HKEX
Jun 2026[3] - 4
MetaX (沐曦股份)
GPUs / AI chips
Shanghai AI infrastructure Founded 2020 Listed Dec 2025 · SSE STAR
Sep 2026[4] - 5
Momenta
Autonomous-driving software
Beijing / Suzhou Embodied AI Founded 2016 Listed Jul 2026 · HKEX
Jun 2026[5] - 6
Moore Threads (摩尔线程)
GPUs / AI chips
Beijing AI infrastructure Founded 2020 Listed Dec 2025 · SSE STAR
Jun 2026[6] - 7
Biren Technology (壁仞科技)
GPUs / AI chips
Shanghai AI infrastructure Founded 2019 Listed Jan 2026 · HKEX
Jun 2026[7] - 8
Hai Robotics (海柔创新)
Case-handling warehouse robots
Shenzhen Embodied AI Founded 2016 Private (Hong Kong IPO filed)
FY2025[8] - 9
Enflame (燧原科技)
AI chips
Shanghai AI infrastructure Founded 2018 Listed Sep 2026 · SSE STAR
Jun 2026[9] - 10
Unitree Robotics (宇树科技)
Quadruped & humanoid robots
Hangzhou Embodied AI Founded 2016 Listed Aug 2026 · SSE STAR
FY2025[10] - 11
Iluvatar CoreX (天数智芯)
GPUs / AI chips
Shanghai AI infrastructure Founded 2015 Listed Jan 2026 · HKEX
Jun 2026[11] - 12
Mininglamp (明略科技)
Marketing & data intelligence, enterprise agents
Beijing Business AI app Founded 2006 Listed Nov 2025 · HKEX
Jun 2026[12] - 13
Zhipu AI (智谱)
GLM models and assistant
Beijing Model lab Founded 2019 Listed Jan 2026 · HKEX
Jun 2026[13] - 14
Unisound (云知声)
Speech AI, LLM agents
Beijing Business AI app Founded 2012 Listed Jun 2025 · HKEX
Jun 2026[14] - 15
CiDi (希迪智驾)
Autonomous mining & logistics vehicles
Changsha Embodied AI Founded 2017 Listed Dec 2025 · HKEX
Jun 2026[15] - 16
MiniMax
Multimodal models; Hailuo and Talkie apps
Shanghai Model lab Founded 2021 Listed Jan 2026 · HKEX
Jun 2026[16] - 17
Seyond (图达通)
Lidar for autonomous driving & robots
Suzhou Embodied AI Founded 2016 Listed Dec 2025 · HKEX (via SPAC)
FY2025[17] - 18
Galaxis (凯乐士)
Intralogistics robots
Jiaxing, Zhejiang Embodied AI Founded 2016 Listed Mar 2026 · HKEX
Jun 2026[18] - 19
Agibot (智元机器人)
Humanoid robots
Shanghai Embodied AI Founded 2023 Private
FY2025[19] - 20
Pony.ai (小马智行)
Autonomous driving / robotaxi
Guangzhou / Beijing Embodied AI Founded 2016 Listed Nov 2024 · Nasdaq (+HKEX 2025)
Q2 2026[20] - 21
Insilico Medicine (英矽智能)
AI drug discovery
Hong Kong / Shanghai Business AI app Founded 2014 Listed Dec 2025 · HKEX
Jun 2026[21] - 22
WeRide (文远知行)
Autonomous driving / robotaxi
Guangzhou Embodied AI Founded 2017 Listed Oct 2024 · Nasdaq
Q2 2026[22] - 23
Minieye (佑驾创新)
Driver assistance & L4 robo-vehicles
Shenzhen Embodied AI Founded 2014 Listed Dec 2024 · HKEX
Jun 2026[23] - 24
PPIO (派欧云)
Distributed cloud + AI inference cloud
Shanghai AI infrastructure Founded 2018 Private (Hong Kong IPO filed, refiled Jun 2026)
FY2025[24] - 25
Rokae (珞石机器人)
Collaborative & embodied robots
Jining, Shandong / Beijing Embodied AI Founded 2014 Listed Jul 2026 · HKEX
Jun 2026[25] - 26
Haizhi Technology (海致科技)
Graph-based AI agents for enterprises
Beijing Business AI app Founded 2013 Listed Feb 2026 · HKEX
Jun 2026[26] - 27
Dobot (越疆)
Collaborative & humanoid robots
Shenzhen Embodied AI Founded 2015 Listed Dec 2024 · HKEX
Jun 2026[27] - 28
Seer Robotics (仙工智能)
Robot controllers (the robot's 'brain')
Shanghai Embodied AI Founded 2017 Listed Jun 2026 · HKEX
Jun 2026[28] - 29
StepFun (阶跃星辰)
LLMs, multimodal; AI + devices
Shanghai Model lab Founded 2023 Private (Hong Kong IPO in preparation)
FY2025[29] - 30
Mech-Mind (梅卡曼德)
AI + 3D vision for robots
Beijing / Shanghai Embodied AI Founded 2016 Listed Sep 2026 · HKEX
Jun 2026[30]
Method
How we built this list. Revenue from company statements, filings and credible press, researched on Oct 25, 2026.
Who is on the list
AI companies headquartered in mainland China or Hong Kong. We count companies whose main business is AI: model labs, AI applications, AI infrastructure (chips, clouds, inference and training data) and embodied AI. Big tech and other incumbents are left out, along with companies they own.
Recent listings only
Companies that went public before Oct 25, 2024, more than two years before our research date, count as incumbents whose scale predates the AI boom, so they are not ranked. Private companies and companies that listed since then are.
Latest annual revenue
For private companies we use the latest annual recurring revenue or run-rate from the company or credible press. For listed companies we use filings: the latest quarter ×4, or the last 12 months for companies that report every six months. When a company has published nothing for over a year, we use a third-party estimate and label it Estimate.
One currency, ranked by size
Every figure is in US dollars, converted at the IRS 2025 average exchange rates. Run-rates, bookings, forecasts and trailing revenue are different measures, so treat companies with close figures as roughly level.
- Not ranked because they listed before Oct 25, 2024: iFlytek (科大讯飞), Cambricon (寒武纪), 4Paradigm (第四范式), SenseTime (商汤), Horizon Robotics (地平线), Meitu (美图), UBTech Robotics (优必选), Black Sesame Technologies (黑芝麻智能), XtalPi (晶泰控股).
- Baidu, Alibaba, Tencent, ByteDance, Huawei and Kuaishou (Kling) are left out as incumbents, along with units they control, such as Kunlunxin.
- Companies listed in Hong Kong report every six months, so their revenue is the last 12 months to June 2026.
- The orange Y marks companies in the Y Combinator directory. Logos are each company's LinkedIn profile image, or its GitHub avatar when it has no LinkedIn logo.
- Exchange rates: IRS yearly average currency exchange rates.
Sources
- 1
DeepSeek (深度求索) The Next Web (citing The Information) Run-rate, Sep 2026 thenextweb.com
DeepSeek's annualised revenue run rate topped $1 billion, a figure reportedly shared by CEO Liang Wenfeng with investors.
- 2
Moonshot AI (月之暗面) Dealroom news (citing Bloomberg) Run-rate, Aug 2026 dealroom.co
Moonshot AI told investors its annualized recurring revenue passed $1 billion in August, up from about $300M in June, after the Kimi K3 launch; aiming for $2B by December.
- 3
Geek+ (极智嘉) StockAnalysis (compiled from HKEX filings) Trailing 12 months, Jun 2026 stockanalysis.com
Revenue (CNY millions): TTM Jun-2026 3,430.00; FY2025 3,171.00; FY2024 2,409.00; FY2023 2,143.00.
- 4
MetaX (沐曦股份) Caiwen News (9M 2026 preliminary results) Trailing 12 months, Sep 2026 (preliminary) caiwennews.com
MetaX expects 9M 2026 revenue of RMB 254,139.91万-310,615.44万 and net profit RMB 5.87-7.17亿 (turnaround). FY2025 revenue RMB 16.44亿 (https://wallstreetcn.com/articles/3768472).
- 5
Momenta HKEX interim results announcement (also CnEVPost) Trailing 12 months, Jun 2026 www1.hkexnews.hk
H1 2026 revenue ~RMB 1.60B, +75.9% YoY; gross margin 73.2% (https://cnevpost.com/2026/08/31/momenta-earnings-h1-2026/). FY2025 revenue RMB 2.413B per IPO prospectus coverage (https://technode.com/2026/06/30/momenta-launches-hong-kong-ipo-with-gic-fidelity-and-blackrock-as-cornerstone-investors).
- 6
Moore Threads (摩尔线程) Cailian Press (H1 2026 report coverage) Trailing 12 months, Jun 2026 m.cls.cn
H1 2026 revenue RMB 17.36亿, +147.42% YoY, exceeding FY2025 revenue of RMB 15.05亿 (NCSTI https://www.ncsti.gov.cn/kjdt/scyq/zgckxc/zgcdt/202608/t20260814_253471.html).
- 7
Biren Technology (壁仞科技) Caiwen News (HKEX interim results coverage) Trailing 12 months, Jun 2026 caiwennews.com
Biren H1 2026 revenue RMB 12.36亿, +1997.6% YoY. FY2025 revenue RMB 10.35亿, +207.2% (https://www.thepaper.cn/newsDetail_forward_32863736).
- 8
Hai Robotics (海柔创新) OFweek Robotics (HK IPO prospectus coverage) Full-year revenue, FY2025 robot.ofweek.com
Prospectus: revenue of RMB 807M, 1,360M and 2,017M in 2023-2025.
- 9
Enflame (燧原科技) Wallstreetcn (H1 2026 / 9M guidance coverage) Trailing 12 months, Jun 2026 wallstreetcn.com
Enflame expects 9M 2026 revenue of RMB 23-30亿 (+325.78% to +455.36%); H1 2026 revenue RMB 11.20亿 (+279.08%), already above FY2025 revenue of RMB 9.90亿; Tencent was 83.79% of 2025 sales.
- 10
Unitree Robotics (宇树科技) Xinhua (prospectus/IPO coverage) Full-year revenue, FY2025 news.cn
Prospectus: 2025 revenue ~RMB 17亿 (17.08亿 / 16.99亿 depending on version), +335%; main-business gross margin ~60%.
- 11
Iluvatar CoreX (天数智芯) 10jqka (HKEX interim results coverage) Trailing 12 months, Jun 2026 stock.10jqka.com.cn
Iluvatar CoreX H1 2026 revenue RMB 9.46亿, +191.64%. FY2025 revenue RMB 10.34亿, +91.6% (https://m.chinaventure.com.cn/news/108-20260331-390736.html).
- 12
Mininglamp (明略科技) StockAnalysis (compiled from HKEX filings) Trailing 12 months, Jun 2026 stockanalysis.com
Revenue (CNY millions): TTM Jun-2026 1,542.00; FY2025 1,426.00; FY2024 1,381.00; FY2023 1,462.00.
- 13
Zhipu AI (智谱) Tencent News / Sina Finance (HKEX interim results coverage) Trailing 12 months, Jun 2026 finance.sina.cn
H1 2026 revenue RMB 9.54亿, +399.7% YoY, exceeding FY2025 revenue of RMB 7.24亿; open platform & API RMB 8.25亿 (86.5%).
- 14
Unisound (云知声) 10jqka (HKEX interim results coverage) Trailing 12 months, Jun 2026 stock.10jqka.com.cn
Unisound H1 2026 revenue RMB 5.62亿, +38.7%; token business +760%. FY2025 revenue ~RMB 12.1亿, +29% (https://www.donews.com/news/detail/1/6485088.html).
- 15
CiDi (希迪智驾) StockAnalysis (compiled from HKEX filings) Trailing 12 months, Jun 2026 stockanalysis.com
Revenue (CNY millions): TTM Jun-2026 1,280.00; FY2025 884.79; FY2024 410.04; FY2023 132.60.
- 16
MiniMax MiniMax H1 2026 results press release (company) Trailing 12 months, Jun 2026 minimax.io
H1 2026 revenue ~US$116.6M, +283.1% YoY; Open Platform US$73.9M. FY2025 revenue US$79.0M (https://www.minimax.io/news/minimax-global-announces-full-year-2025-financial-results).
- 17
Seyond (图达通) Macau Business (Seyond 2025 annual report release) Full-year revenue, FY2025 macaubusiness.com
Seyond's 2025 revenue was about US$154M, down 3.4% year over year; gross margin turned positive at 7.9%.
- 18
Galaxis (凯乐士) StockAnalysis (compiled from HKEX filings) Trailing 12 months, Jun 2026 stockanalysis.com
Revenue (CNY millions): TTM Jun-2026 1,066.00; FY2025 908.70; FY2024 721.42; FY2023 550.79.
- 19
Agibot (智元机器人) The Paper Full-year revenue, FY2025 m.thepaper.cn
Co-founder Peng Zhihui said 2025 revenue surpassed RMB 10.5亿; company claims to be China's first robot/AI company above RMB 1B revenue.
- 20
Pony.ai (小马智行) Pony.ai Q2 2026 results (company IR / HKEX) Latest quarter ×4, Q2 2026 (Apr-Jun) www1.hkexnews.hk
Total revenues up 68.8% YoY to US$36.2M with Robotaxi services revenue up 691.2% to US$12.1M.
- 21
Insilico Medicine (英矽智能) Unite.AI (interim results coverage) / company IR Trailing 12 months, Jun 2026 unite.ai
Total revenue of US$106.3 million in H1 2026, +287.2% YoY, gross margin 90.3%; first net profit. FY2025 revenue US$56.24M (https://www.itiger.com/news/1172056437).
- 22
WeRide (文远知行) WeRide Q2 2026 results (company IR) Latest quarter ×4, Q2 2026 (Apr-Jun) ir.weride.ai
2Q2026 Total Revenue Reached RMB231.7 Million, Up 82.2% Year over Year.
- 23
Minieye (佑驾创新) StockAnalysis (compiled from HKEX filings) Trailing 12 months, Jun 2026 stockanalysis.com
Revenue (CNY millions): TTM Jun-2026 863.25; FY2025 759.02; FY2024 654.48; FY2023 476.21.
- 24
PPIO (派欧云) 36Kr (HK IPO prospectus coverage) Full-year revenue, FY2025 36kr.com
PPIO's revenue was RMB 358M, 558M and 770M in 2023-2025; AI cloud revenue was RMB 119M in 2025; refiled for a Hong Kong IPO on Jun 10, 2026.
- 25
Rokae (珞石机器人) StockAnalysis (compiled from HKEX filings) Trailing 12 months, Jun 2026 stockanalysis.com
Revenue (CNY millions): TTM Jun-2026 760.52; FY2025 521.75; FY2024 325.26; FY2023 267.03.
- 26
Haizhi Technology (海致科技) StockAnalysis (compiled from HKEX filings) Trailing 12 months, Jun 2026 stockanalysis.com
Revenue (CNY millions): TTM Jun-2026 743.18; FY2025 621.08; FY2024 503.13; FY2023 375.57.
- 27
Dobot (越疆) StockAnalysis (compiled from HKEX filings) Trailing 12 months, Jun 2026 stockanalysis.com
Revenue (CNY millions): TTM Jun-2026 655.45; FY2025 492.21; FY2024 373.68; FY2023 286.75.
- 28
Seer Robotics (仙工智能) StockAnalysis (compiled from HKEX filings) Trailing 12 months, Jun 2026 stockanalysis.com
Revenue (CNY millions): TTM Jun-2026 548.41; FY2025 441.88; FY2024 339.32; FY2023 249.02.
- 29
StepFun (阶跃星辰) DoNews (citing Caijing) Full-year revenue, FY2025 donews.com
StepFun's 2025 revenue was close to RMB 500 million and is expected to be about RMB 1.2 billion in 2026 (Caijing).
- 30
Mech-Mind (梅卡曼德) StockAnalysis (compiled from HKEX filings) Trailing 12 months, Jun 2026 stockanalysis.com
Revenue (CNY millions): TTM Jun-2026 472.65; FY2025 388.77; FY2024 268.77; FY2023 180.81.