Client base expansion with new products: The company has started mass production of C500 and C550 GPU products, and worked with multiple clients on C600 platform. We expect to see the gradual volume ramp-up of C600 product in 2026E. Meanwhile, MetaX is engaging with clients across local CSP and industry enterprises on product verification. We see its expanding GPU client base will support the company's scale expansion of training and inferencing GPU ahead. 9 March 2026 | 11:40AM HKT Equity Research MetaX (6 ...