Core Viewpoint - The recent IPO approval of Moer Technology has led to a surge in the stock prices of several companies holding shares in Moer Technology, indicating strong market interest and potential investment opportunities in the sector [2][4]. Company Holdings - Heertai (002402.SZ) holds a direct stake of 1.0262% in Moer Technology and saw its stock price increase by over 6% in early trading [2]. - Yingqu Technology (002925.SZ) owns 134,037.4 shares of Moer Technology, representing 0.3351% of its pre-IPO total shares, with its stock rising over 9% [2]. - Chuling Information (300250.SZ) has an indirect holding of approximately 0.0229% in Moer Technology, resulting in a 20% increase in its stock price [2]. - Zhongke Lanyun (688332.SH) holds 134,040 shares directly and an additional 67,010 shares indirectly, totaling 0.5% of Moer Technology's pre-IPO shares, with a stock price increase of 10.09% [3]. - Lianmei Holdings (600167.SH) invested 100 million yuan in Moer Technology through a subsidiary, leading to a stock price increase of over 7% [4]. - Honglida (688330.SH) has an indirect holding of about 0.3% in Moer Technology, with its stock price rising over 5% [4]. Stock Price Movements - Several Moer Technology concept stocks have experienced significant price fluctuations recently, with notable increases earlier in the month, including Chuling Technology rising by 19.99% on September 22 and 23 [4]. - Zhongke Lanyun saw a 20% increase on September 22, while Lianmei Holdings experienced three consecutive days of price increases [4]. - However, some stocks faced declines after the initial surge, with Chuling Technology dropping 8.41% and 10.2% on September 25 and 26, respectively [4]. Risk Warnings - Chuling Information issued a risk warning on September 23, highlighting its minimal indirect stake in Moer Technology [5]. - Lianmei Holdings noted a cumulative increase of 58.56% since September 18, cautioning against potential irrational trading behavior [5]. - Honglida also reminded investors of its small indirect holding in Moer Technology, urging caution [5].

Core Viewpoint - Multiple listed companies hold shares in Moore Threads, leading to a surge in related stocks following the company's IPO approval Group 1: Company Holdings - Heertai (002402.SZ) directly holds 1.0262% of Moore Threads before issuance, with its stock rising over 6% today [2] - Yingqu Technology (002925.SZ) holds 134,037.4 shares of Moore Threads, representing 0.3351% of the total share capital before issuance, with its stock increasing over 9% today [2] - Chuling Information (300250.SZ) has an indirect holding of 0.0229% through a fund, with its stock rising 20% today [2] - Zhongke Lanyun (688332.SH) directly holds 134,040 shares (0.34%) and indirectly holds 67,010 shares (0.17%), totaling 0.5%, with its stock increasing by 10.09% today [4] - Lianmei Holdings (600167.SH) invested 100 million yuan in Moore Threads through a subsidiary, with its stock rising over 7% today [4] - Honglida (688330.SH) indirectly holds approximately 0.3% of Moore Threads, with its stock increasing over 5% today [4] Group 2: Stock Price Movements - Several Moore Threads concept stocks have experienced significant price fluctuations, with Chuling Technology rising 19.99% on September 22 and 23, and Zhongke Lanyun rising 20% on September 22 [4] - Lianmei Holdings saw a three-day limit-up from September 22 to 24, while Heertai also reached a limit-up on September 22 and 23 [4] - However, some stocks faced declines after the initial surge, with Chuling Technology dropping 8.41% and 10.2% on September 25 and 26, respectively [5] - Lianmei Holdings fell by 10.04% on September 26, and Heertai experienced declines over two days [5] Group 3: Risk Warnings - Chuling Information issued a risk warning on September 23, stating its indirect holding in Moore Threads is minimal [5] - Lianmei Holdings noted a cumulative increase of 58.56% since September 18, cautioning against irrational trading behavior [5] - Honglida also reminded investors of its small indirect holding in Moore Threads [5]

Group 1 - The core viewpoint of the article highlights the strong performance of stocks related to Moer Thread, with significant price increases observed in several companies following the news of Moer Thread's IPO approval [1] - Moer Thread's IPO application was approved by the Shanghai Stock Exchange's Science and Technology Innovation Board, with the review process taking only 88 days from acceptance to approval [1] - The company plans to raise 8 billion yuan through the IPO, which will be allocated to the development of new generation self-controlled AI training and inference integrated chips, graphics chips, and AI SoC chips [1] Group 2 - Moer Thread has already mass-produced five types of chips, establishing a product matrix that covers AI computing, high-performance computing, and graphics rendering [1] - The company has completed the layout of a full-stack AI product line, encompassing "cloud-edge-end" solutions [1]

Core Viewpoint - The company, Moer Technology, has successfully passed the IPO review by the Shanghai Stock Exchange, marking a rapid approval process for a domestic GPU leader in less than three months [1][3]. Group 1: Capital Raising and Use of Proceeds - Moer Technology plans to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips [3]. - The company has a diverse shareholder base, including major internet companies like Tencent and ByteDance, as well as top venture capital firms and state-owned funds [3][5]. Group 2: Shareholding Structure - The shareholding structure is characterized by a combination of founder control and diverse capital participation, with founder Zhang Jianzhong holding 11.06% directly and controlling 36.36% of voting rights through various agreements [4]. - Employee stock ownership plans cover 724 employees, accounting for 64% of the total workforce, which is crucial for attracting and retaining top talent in the competitive chip industry [4]. Group 3: Strategic Partnerships and Collaborations - Moer Technology has established business partnerships with several listed companies to build a domestic GPU ecosystem, including collaborations with Weixing Intelligent and Runxin Technology for AI computing and GPU packaging [8]. - The company is also working with various suppliers for high-end components, indicating a strong integration within the industry [8]. Group 4: Financial Performance and Market Outlook - The company has reported cumulative losses of 5.276 billion yuan from 2022 to mid-2025, reflecting the high investment nature of the chip industry [10]. - The IPO is expected to test market recognition of domestic GPU enterprises, with projections indicating that the Chinese AI chip market could reach 13.4 trillion yuan by 2029, positioning Moer Technology to benefit from this growth [10].

"中国版英伟达"IPO过会。 9月26日，据上海证券交易所官网披露，上海证券交易所上市审核委员会2025年第40次审议会议召开。会议审议结果显示，摩尔线程智能科技（北京）股份 有限公司（以下简称"摩尔线程"）的IPO符合发行条件、上市条件和信息披露要求。 据悉，摩尔线程主要从事全功能GPU相关产品的研发、设计和销售，是国内极少数兼顾图形渲染与AI计算的国产GPU公司，也是行业独角兽企业。若能成 功上市，摩尔线程或将成为"国产GPU第一股"。 摩尔线程IPO过会 9月26日，据上交所官网消息，摩尔线程科创板IPO申请通过上交所上市委会议审议。 摩尔线程直接或间接参股公司曝光 自摩尔线程启动科创板IPO以来，其参股公司以及产业链公司备受市场关注。根据股权穿透信息，数据宝梳理出摩尔线程部分直接或间接参股公司。 从A股公司来看，这些直接或间接参股公司覆盖电子、计算机、通信、传媒等多个行业。直接参股的公司有和而泰、盈趣科技等；间接参股公司有宏力达、 初灵信息、长飞光纤等。 和而泰持股比例超过1%，在投资者关系互动平台上，和而泰表示，摩尔线程是公司上游企业，在人工智能的大背景下，双方有一定的业务协同，具体的业 务合作公司 ...

Core Viewpoint - The recent news highlights the upcoming IPO of Moore Threads, which is set to take place on September 26, 2023, after a rapid approval process by the Shanghai Stock Exchange. The company aims to raise 8 billion yuan for various AI and graphics chip development projects [2][5]. Company Overview - Moore Threads has developed four generations of GPU architectures based on its proprietary MUSA architecture, covering product lines including chips, boards, integrated machines, and clusters, targeting both enterprise and consumer markets [2][3]. Financial Performance - Despite currently operating at a loss, the company's losses are narrowing, and it has a strong order book of 2 billion yuan, with expectations of achieving profitability within the next 1-2 years [4][5]. - The company is projected to generate over 2 billion yuan in revenue for the year 2025, with a valuation around 24 billion yuan, indicating a potential market capitalization of 150-180 billion yuan post-IPO [5]. IPO Details - The IPO will involve the issuance of no less than 44.45 million shares, representing at least 10% of the total share capital post-issue, with expectations of a 200% increase on the first trading day [5]. - Eight A-share listed companies have direct or indirect stakes in Moore Threads, positioning them as potential beneficiaries of the IPO [5]. Product Lines - The company offers a range of products including: - Fourth-generation GPU "Pinghu" for enterprise-level AI computing - Third-generation GPU "Quyuan" and second-generation GPU "Chunxiao" for various applications [3]. Institutional Interest - Institutional investors have shown significant interest, with notable increases in holdings from foreign capital and various funds, indicating a positive outlook on the company's future [7][10][25].

Core Viewpoint - Company is making forward-looking investments in high-growth areas such as GPU, AI, and advanced packaging testing [1][3] Investment Holdings - Company directly holds 854,300 shares of Muxi Integrated Circuit (Shanghai) Co., Ltd., accounting for 0.24% of its pre-IPO total share capital [1] - Company directly holds 1,340,400 shares of Moer Technology (Beijing) Co., Ltd., representing 0.34% of its pre-IPO total share capital [1] - Company indirectly holds 670,100 shares of Moer Technology through Beijing Qichuang Kexin Venture Capital Fund Partnership (Limited Partnership), totaling 0.50% ownership [1][3] - Company indirectly holds 897,100 shares of Shanghai Suiruan Technology Co., Ltd. through Blue Ocean (Shenzhen) Private Equity Venture Capital Fund Partnership (Limited Partnership), which is 0.23% of its pre-IPO total share capital [3] Strategic Value - By investing in core enterprises within the domestic GPU and AI industry chain, the company is expected to achieve synergies and enhance its strategic value in the semiconductor and artificial intelligence industry chain [3]

Group 1 - Dongxing Medical plans to acquire 90% stake in Wuhan Yijiaobao, which is expected to constitute a major asset restructuring. The acquisition aligns with the company's strategic development needs and aims to enhance its competitive strength in the orthopedic and biomedical materials sector [1] - Yonghui Supermarket received a warning letter from Sichuan Securities Regulatory Bureau for failing to timely disclose equity changes after reducing its stake in Hongqi Chain from 11% to 10%. The company will enhance its compliance training and improve information disclosure practices [1] - Xinhua Jin announced that due to non-operational fund occupation by related parties and failure to rectify within one month, its stock will be renamed to ST Xinhua Jin, with a daily price limit of 5%. The outstanding non-operational fund occupation amounts to 406 million yuan [3] Group 2 - Zhongke Lanyun is making forward-looking investments in high-growth areas such as GPU and AI, holding shares in companies like Muxi Integrated Circuit and Moer Thread, with ownership percentages of 0.24% and 0.34% respectively [2] - Yousheng Co. received a project notification from a well-known German automaker for battery tray products, with a total sales amount expected to be approximately 2.3 billion yuan [4] - *ST Songfa's subsidiary signed contracts for the construction of four vessels, with a total value between 400 million to 600 million USD [5]

Company Overview - Zhongke Lanyun Technology Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on December 19, 2016. The company went public on July 15, 2022. Its main business involves the research, design, and sales of wireless audio chips, with chip sales accounting for 99.83% of its revenue [1][2]. Stock Performance - As of September 26, Zhongke Lanyun's stock price decreased by 2.01% to 141.12 CNY per share, with a total market capitalization of 17.019 billion CNY. The stock has increased by 8.97% year-to-date, with a 21.11% rise over the last five trading days, 15.69% over the last 20 days, and 40.98% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on September 23, where it recorded a net buy of -38.1397 million CNY [1]. Financial Performance - For the first half of 2025, Zhongke Lanyun reported a revenue of 812 million CNY, representing a year-on-year growth of 2.63%. However, the net profit attributable to shareholders decreased by 2.61% to 131 million CNY [2]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 12.56% to 13,100, with an average of 3,381 circulating shares per shareholder, an increase of 15.12% [2][4]. - The top circulating shareholders include Xin'ao New Energy Industry Stock A, holding 1.4745 million shares, and Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, holding 1.1423 million shares, both showing increases in holdings [4]. Dividend Information - Since its A-share listing, Zhongke Lanyun has distributed a total of 340 million CNY in dividends [3].

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 1.24%, closing at 1474.49 points, with a total trading volume of 5.328 billion shares and a turnover of 269.68 billion yuan, resulting in an average turnover rate of 2.84% [1] - Among the tradable stocks on the STAR Market, 237 stocks closed higher, with 5 stocks rising over 10%, including Pinming Technology and Shangwei New Materials, which hit the daily limit [1] - The distribution of turnover rates shows that 4 stocks had turnover rates exceeding 20%, 25 stocks had rates between 10% and 20%, and 93 stocks had rates between 5% and 10% [1] Stock Highlights - The stock with the highest turnover rate was Xingfu Electronics, which closed down by 2.70% with a turnover rate of 32.05% and a transaction amount of 0.923 billion yuan [1] - Zhongrun Optics closed up by 6.78% with a turnover rate of 23.69% and a transaction amount of 0.579 billion yuan [1] - Other notable stocks with high turnover rates include Canxin Co., Zhongke Lanyun, and Shenkong Co., with turnover rates of 21.01%, 20.20%, and 19.28% respectively [1] Sector Analysis - In terms of sector performance, the electronics sector had the most stocks with a turnover rate exceeding 5%, totaling 56 stocks, followed by the computer and machinery equipment sectors with 20 and 15 stocks respectively [2] - Among the stocks with high turnover rates, 61 stocks increased in price today, with the largest gains seen in Pinming Technology (20.01%), Canxin Co. (10.93%), and Canqian Technology (10.82%) [2] Fund Flow - In terms of fund flow, 48 stocks with high turnover rates experienced net inflows from main funds, with the largest inflows seen in Aters (0.225 billion yuan), Huafeng Technology (0.209 billion yuan), and Jucheng Co. (0.173 billion yuan) [2] - Conversely, the stocks with the largest net outflows included SMIC (1.11 billion yuan), Dongxin Co. (0.42 billion yuan), and Jinhui Integration (0.371 billion yuan) [2] Leverage Fund Movements - A total of 77 stocks with high turnover rates received net purchases from leveraged funds, with notable increases in financing balances for SMIC (1.944 billion yuan), Tengjing Technology (0.320 billion yuan), and Baiwei Storage (0.299 billion yuan) [2] - Stocks with significant decreases in financing balances included Jiayuan Technology (0.109 billion yuan), Aters (0.098 billion yuan), and Yuntian Lefe (0.087 billion yuan) [2]