1月16日，摩尔线程盘中上涨2.06%，截至13:51，报648.81元/股，成交11.64亿元，换手率6.18%，总市 值3049.59亿元。 摩尔线程今年以来股价涨10.36%，近5个交易日跌2.32%，近20日跌9.23%。 截至12月5日，摩尔线程股东户数3.92万，较上期增加45515.12%；人均流通股748股，较上期增加 0.00%。2025年1月-9月，摩尔线程实现营业收入7.85亿元，同比增长181.99%；归母净利润-7.24亿元， 同比增长18.71%。 资金流向方面，主力资金净流出4229.37万元，特大单买入1.09亿元，占比9.39%，卖出1.45亿元，占比 12.43%；大单买入3.63亿元，占比31.17%，卖出3.70亿元，占比31.76%。 责任编辑：小浪快报 资料显示，摩尔线程智能科技(北京)股份有限公司位于北京市朝阳区东湖街道望京国际研发园I座3层， 成立日期2020年6月11日，上市日期2025年12月5日，公司主营业务涉及主要从事GPU及相关产品的研 发、设计和销售。主营业务收入构成为：集群70.75%，板卡17.74%，一体机9.05%，其他2.41%，芯片 0. ...

专题：2025科技风云榜 今年是"科技风云榜"第十三年，中国工程院资深院士金 涌、欧洲科学院院士金耀初、GSMA大中华区总裁斯寒 等近20位重磅嘉宾带来分享，欢迎持续关注。 其中，摩尔线程获得新浪2025科技风云榜——年度破局 者。 新浪科技讯 1月15日下午消息，由新浪财经客户端、新浪科技联合主办的"2025科技风云榜"年度盛典今 日开幕，今年活动主题为"启新智，赴新程"。 活动现场，行业精英、科研先锋与产业代表共同探讨AI技术的落地实践与未来方向，助力产业智能化 转型迈入新征程！活动同时为洞悉机遇、勇于创新、缔造价值的企业和独具匠心的科技产品颁发奖项荣 誉。 ...

1月9日，在北京举办的一场中国半导体行业调研活动中，高盛研究部与中国本土领先的通用GPU供应商 摩尔线程管理层展开了一次深度交流。 公司管理层强调，摩尔线程推出的通用GPU具备更全面的功能，包括图形渲染及视频编解码，更能满足 多模态AI模型生成视频和3D内容所带来的更高算力需求。 调研结束后，高盛发布了一篇研究报告，称在技术迭代与行业景气度的双重驱动下，摩尔线程凭借通用 GPU的全功能优势、全栈解决方案的场景覆盖能力及持续扩张的客户生态，正逐步在AI算力赛道占据 重要地位。未来，随着更多产品落地与生态完善，这家企业有望为中国AI产业的发展注入更强动力， 也为半导体行业开辟新的增长空间。 此次交流中，摩尔线程管理层重点阐述了三大核心竞争力。 其一，打造全功能覆盖的通用GPU产品，不仅聚焦AI计算加速，更整合3D图形渲染、超高清视频编解 码、物理模拟等多元功能，既具备高技术壁垒，又能满足大规模AI训练需求。目前，公司正推进256卡 计算集群研发，并持续探索更大规模的算力解决方案，以适配复杂场景下的算力支撑需求。 其二，构建覆盖广泛场景的全栈解决方案。从芯片、开放式加速器模块(OAM)到计算集群，摩尔线程搭 配自研 ...

Group 1 - OpenAI has acquired the AI healthcare application Torch for $100 million [4] - Google Gemini will provide technical support for AI functionalities in Apple's Siri and other applications [5] - Meta plans to lay off 10% of its virtual reality department to focus on AI development [3] Group 2 - Moores Threads and Zhiyuan have successfully completed the full training process of the self-developed embodied brain model RoboBrain 2.5 [1] - Phancy has officially launched AI smart glasses with a resolution of 13 million pixels [2]

Core Viewpoint - The collaboration between Moore Threads and Beijing Zhiyuan Artificial Intelligence Research Institute has successfully completed the full-process training of the RoboBrain 2.5 model, marking a significant advancement in the field of embodied intelligence and the effectiveness of domestic AI infrastructure [1] Group 1: Technological Advancements - The training utilized the MTT S5000 kilocalorie intelligent computing cluster, demonstrating the capability and efficiency of domestic computing power in training large models for embodied intelligence [1] - The FlagOS-Robo framework, which integrates a unified AI system software stack with the MTT S5000 hardware cluster, enables stable and rapid training processes [1] Group 2: Industry Implications - The successful training of RoboBrain 2.5 signifies a critical step for domestic AI infrastructure in addressing complex multimodal tasks, positioning it as a strategic asset in the next phase of artificial intelligence development [1] - The collaboration highlights the importance of self-controlled underlying computing power as embodied intelligence emerges as a strategic high ground in the AI sector [1]

Core Viewpoint - The collaboration between Moore Threads and Beijing Zhiyuan Artificial Intelligence Research Institute has successfully completed the full training process of the self-developed embodied brain model RoboBrain 2.5, marking a significant advancement in the usability and efficiency of domestic computing clusters for training large models in the field of embodied intelligence [1] Group 1 - The training utilized the FlagOS-Robo framework and the MTT S5000 computing cluster [1] - This achievement is the first verification of the applicability and efficiency of domestic computing clusters in training embodied intelligence large models within the industry [1] - The development signifies a critical step for domestic AI infrastructure in handling complex multimodal tasks [1]

人民财讯1月13日电，据摩尔线程消息，近日，摩尔线程联合北京智源人工智能研究院(简称"智源")基 于FlagOS-Robo框架，依托MTT S5000千卡智算集群，成功完成智源自研具身大脑模型RoboBrain2.5的 全流程训练。这是行业内首次验证国产算力集群在具身智能大模型训练中的可用性与高效性，标志着国 产AI基础设施在应对复杂多模态任务上迈出了关键一步。 ...

Core Insights - The recent surge in IPOs for AI and semiconductor companies in China has attracted significant market attention, with notable performances from companies like MiniMax and Zhipu [1][2][3] - Major gaming companies such as Tencent, Mihayou, and others are increasingly investing in AI and semiconductor firms, indicating a trend of deep integration between the gaming industry and advanced technologies [1][12][15] Investment Highlights - MiniMax, an AI unicorn, debuted on the Hong Kong Stock Exchange with a first-day increase of 109%, reaching a market capitalization of over HKD 100 billion [1] - Mihayou, an early investor in MiniMax, holds approximately 6.1% of the company, with a current stake valued at around HKD 6.5 billion, reflecting a nearly 70-fold increase in valuation since its initial investment [2] - Zhipu, another AI company, saw its market cap exceed HKD 570 billion upon listing, with significant price increases shortly after [2][3] Strategic Investments by Gaming Companies - Tencent led a USD 250 million Series B funding round for MiniMax and has also invested in Zhipu, holding 1.58% and 2.58% stakes in these companies, respectively [3][12] - Other gaming companies, such as 37 Interactive Entertainment and Youzu Interactive, are also making strategic investments in AI and semiconductor firms, indicating a broader trend within the industry [3][11] Market Dynamics - The gaming industry is increasingly viewed as a significant player in the tech investment landscape, with analysts noting that gaming companies are leveraging their cash flow to support advancements in AI and semiconductor technologies [12][15] - The shift in perception of gaming companies from mere entertainment providers to strategic investors in high-tech sectors reflects a growing recognition of their role in driving technological innovation [15][16] Future Outlook - Analysts suggest that the investments made by gaming companies are not merely opportunistic but are driven by internal needs for enhanced computational power and AI tools to improve game development processes [13][14] - The trend of gaming companies investing in upstream technologies is expected to continue, fostering a symbiotic relationship between gaming and technological advancements [14][15]

Investment Rating - The report indicates a significant increase in net profit for the company, with an expected rise to 14 billion to 14.3 billion yuan in 2025, representing a year-on-year growth of over 360% [3]. Core Insights - The company's revenue is projected to be between 18.3 billion and 18.5 billion yuan in 2025, showing a minimal year-on-year growth of only 0.6% to 1.7% [5]. - The increase in profit is primarily attributed to investments in two GPU companies, Moer Thread and Muxi Co., which have seen substantial stock price increases following their IPOs [7][9]. - The company's main business, which involves designing Bluetooth audio SoC chips, is facing challenges in a competitive market, with a decline in both gross and net profit margins [14][18]. Summary by Sections Investment Performance - The company made investments totaling 200 million yuan in two GPU startups, which have significantly appreciated in value, leading to a profit increase of over 11 billion yuan [10]. - The stock prices of Moer Thread and Muxi Co. surged post-IPO, with increases of 425% and 692% respectively, contributing to the company's impressive profit forecast [9]. Main Business Analysis - The company's core business focuses on Bluetooth audio SoC chips, primarily for TWS headphones and smart devices, but is struggling with low margins due to intense competition [14][17]. - The gross margin has dropped to just over 20%, indicating pressure from larger competitors entering the market [18]. - Despite efforts to expand into AI headphones and smart wearables, these initiatives have yet to generate significant revenue [20]. Conclusion - The company's performance in 2025 reflects a dichotomy of a stagnant core business while achieving remarkable success through strategic investments [22]. - The report raises questions about the sustainability of the company's growth, emphasizing the importance of solid products and market stability over mere investment luck [24].

Core Viewpoint - Zhongke Lanyun (688332.SH) has reported an astonishing profit forecast for 2025, with net profit expected to reach between 1.4 billion to 1.43 billion yuan, a year-on-year increase of over 360% [4][5] Group 1: Investment Performance - The significant profit increase is primarily attributed to the valuation changes from investments in two GPU companies, Moer Thread (688795.SH) and Muxi Co., Ltd. (688802.SH) [8] - The company invested a total of 200 million yuan in these two startups, which resulted in a valuation increase of over 16 billion yuan by the end of 2025 [10][11] - Moer Thread and Muxi Co., Ltd. are expected to be among the hottest IPOs, with their stock prices soaring by 425% and 692% respectively on their debut [10] Group 2: Core Business Performance - Despite the impressive investment returns, Zhongke Lanyun's core business, which focuses on designing Bluetooth audio SoC chips, is experiencing stagnation, with revenue growth projected at only 0.6% to 1.7% [7][11] - The company's net profit excluding non-recurring items is expected to decline by 1.7% to 9.89%, indicating challenges in its main operations [7][11] - The competitive landscape in the white-label TWS (True Wireless Stereo) market is intensifying, leading to declining gross and net profit margins, with gross margins hovering just above 20% [14][15] Group 3: Future Outlook - The company is attempting to diversify by exploring new directions such as AI headphones and smart wearables, but these initiatives have yet to generate significant revenue [17] - The overall performance for 2025 can be summarized as "core business stagnation, investment success," highlighting the importance of strategic choices over mere effort [18]