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Jingjia Micro (景嘉微)景嘉微

300474Reviewed 2026-08-30

Designs GPU chips, including the reported JM9 series, and sells them as semiconductor products, operating as a China-listed fabless design house that relies on external foundries for production. Listed on the Shenzhen Stock Exchange (ChiNext) under ticker 300474.

Scale

~$100.2Mrevenue FY2025 · CNY 0.7B
~$3.7Bmarket cap · 2026-10-04

1 tracked chip with sourced pricing/specs

Gap vs frontier

Substitutesector position

Sector-level position; no priceable accelerator silicon to compare chip-by-chip.

Jingjia Micro (景嘉微): substitute tier in AI accelerators / GPUs, ~$100.2M FY2025 revenue.

The chip stackEach layer depends on the layers below it
1 · ChipsWhat the stack produces
AI accelerators · Substitute
2 · Design toolsSoftware and IP to design them
3 · ManufacturingPlants that turn designs into silicon
4 · EquipmentMachines inside the plants
5 · MaterialsWhat the plants consume

Company at a glance

Scale

Revenue up 1% since FY2023

Growth prospects

Revenue trajectory FY2023–2025

China competition

Competes with Huawei Ascend, Biren, Moore Threads, Cambricon in AI accelerators — peers listed at sector level.

Substitute

Global comparables

Global reference set: Nvidia, AMD, Google TPU.

Global reference companies: NVIDIA, AMD.

Technical gap

Sector rated substitute vs the frontier.

Obstacles

Sector bottleneck applies

CUDA-like software ecosystem, HBM supply, advanced packaging, leading-node access, and large-scale deployment proof.
All sourced facts (1)
  • Listing status: Shenzhen Stock Exchange (ChiNext) · 300474 · A shares

Tracked chips: Jingjia Micro JM9 series

Why it matters

Jingjia Micro is one of China's few listed domestic GPU designers, and its reported JM9 tape-out positions it as a compute and graphics substitute play against the NVIDIA/AMD grip on GPUs. The binding constraint is fabless access to advanced foundry capacity plus a competitive software and driver stack, not just silicon completion. What would confirm the thesis is named commercial design wins and volume shipments at meaningful performance; what would break it is confinement to captive buyers with no credible leading-edge foundry path.

Where it sits in the stack

Compute

AI accelerators / GPUs

Substitute

CUDA-like software ecosystem, HBM supply, advanced packaging, leading-node access, and large-scale deployment proof.

AI trainingAI inferenceEV / autoConsumer / IoT

Key semiconductor products

  • JM9-series GPU
  • graphics/GPU chips

Chip pricing

Financials

300474.SZ · Shenzhen Stock Exchange ChiNext 300474.SZ · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 0.71BRMB 0.06B
2023
RMB 0.47BRMB -0.17B
2024
RMB 0.72BRMB -0.16B
2025

Market data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.

Ecosystem

Global peer set

  • Global reference companies: NVIDIA, AMD

Competitive position

  • China position: Substitute.
  • Domestic GPU design capability evidenced by reported JM9 tape-out; performance gap to global GPU leaders not disclosed.
  • Fabless dependence on advanced foundry capacity and software ecosystem maturity are the likely adoption bottlenecks.
  • Global comparables: Global reference companies: NVIDIA, AMD.

Milestones and signals

  • 2026-10-04—Market cap: RMB 26.5B
  • FY2025—Revenue: RMB 720M
  • FY2025—Net Profit: RMB -165M
  • Listing—Shenzhen Stock Exchange (ChiNext) · 300474 · A shares

What to watch

  • New product releases with disclosed specifications.
  • Customer qualification, design-win, or volume-use signals.
  • Revenue, capacity, shipment, market-share, or valuation updates.
  • Export-control, supply-chain, or tooling constraints.

Questions

Last reviewed 2026-07-11

Answered questions

What is the measurable gap versus global reference companies?

Against NVIDIA, AMD, and NVIDIA, AMD: Domestic GPU design capability evidenced by reported JM9 tape-out; performance gap to global GPU leaders not disclosed.

Open questions

  • Which products are qualified beyond pilots in fabless?
  • Which customers, fabs, or end markets show real adoption rather than policy interest?