Group 1 - China and the US are expected to hold another round of trade negotiations, emphasizing the need to implement the consensus reached by the two countries' leaders [2][24] - The Chinese government expressed serious concerns over the EU's new cybersecurity policy, which aims to exclude Chinese companies from the European mobile communication network, arguing that Chinese enterprises have contributed positively to the European telecom industry [3][25] - French President Macron's statement at Davos highlighted the need for more Chinese direct investment in Europe, with China emphasizing its commitment to mutual benefits and not pursuing trade surpluses [4][26] Group 2 - The Ministry of Housing and Urban-Rural Development plans to implement urban renewal actions to promote high-quality development in the real estate sector, aiming to create modern, livable cities [7][28] - The Ministry of Industry and Information Technology reported significant growth in emerging industries, with industrial robot production increasing by 28% and the AI core industry expected to exceed 1.2 trillion yuan [8][29] - The National Taxation Bureau of Shanghai imposed a fine of 100,000 yuan on Pinduoduo for failing to report tax-related information as required [15][37] Group 3 - Moore Threads released its first performance forecast post-IPO, expecting revenue between 1.45 billion and 1.52 billion yuan for 2025, representing a growth of 230.70% to 246.67% year-on-year [16][38] - The financial reports from various companies indicate a mixed outlook, with some expecting significant profit increases while others anticipate losses, reflecting the diverse performance across sectors [20][44]

摩尔线程称，得益于人工智能产业蓬勃发展及市场对高性能GPU的强劲需求，公司产品竞争优势进一步 扩大，市场关注度与认可度持续提升，推动收入与毛利增长，整体亏损幅度同比收窄。同时，公司依然 保持高研发投入，目前仍处于持续研发投入期，尚未盈利且存在累计未弥补亏损。 资料显示，摩尔线程成立于2020年6月，以全功能GPU为核心，致力于向全球提供加速计算的基础设施 和一站式解决方案,为各行各业的数智化转型提供强大的AI计算支持，2025年12月5日公司以88天创科创 板IPO最快过会纪录，吸引了广泛关注。2025年前三季度，摩尔线程实现营收7.846亿元，同比大幅增长 182%，净亏损7.235亿元。 摩尔线程上市以来备受市场关注。根据此前招股资料，摩尔线程已成功推出四代GPU架构，并形成了覆 盖AI智算、高性能计算、图形渲染、计算虚拟化、智能媒体和面向个人娱乐与生产力工具等应用领域 的多元计算加速产品矩阵，产品线涵盖政务与企业级智能计算、数据中心及消费级终端市场，能够满足 政府、企业和个人消费者等在不同市场中的差异化需求。 1月21日晚间，摩尔线程（688795）发布2025年度业绩预告，经财务部门初步测算，预计公司 ...

1月21日晚间，国产GPU第一股摩尔线程（688795.SH）披露了多份公告，其中有两份较为关键，一份是2025年度业绩预告，另一份是《关于增加部分募投 项目实施主体及调整拟投入募集资金金额的公告》（下称"调整募投公告"）。 经济观察报记者 郑晨烨 在二级市场上，截至1月21日收盘，摩尔线程每股服价为627.3元，总市值2948亿元。2026年1月以来，该公司股价涨幅为6%，而在去年12月上市初期，其股 价盘中最高一度触及941.08元/股。 在股价大幅波动的背景下，摩尔线程交出了一份"喜忧参半"的成绩单。 相关公告显示，该公司预计2025年度实现营业收入14.50亿元至15.20亿元，同比增长超过230%。但在营收大幅增长的同时，该公司预计2025年归属于母公司 所有者的净利润为亏损9.5亿元至10.6亿元。 调整募投公告则显示，摩尔线程首次公开发行股票的实际募集资金净额为75.76亿元，低于招股书中相关项目计划的80亿元投资总额。对于这4.24亿元的资金 缺口，摩尔线程在公告中称，将使用自有资金进行补足，以确保"新一代自主可控AI训推一体芯片研发"等三大核心项目的投资总额维持不变。 75亿元够用吗？ 公告 ...

摩尔线程发布上市后首份业绩预告。 摩尔线程（688795）1月21日晚间发布2025年业绩预告，经财务部门初步测算，公司预计2025年实现营业收入14.5亿元到15.2亿元， 与上年同期（法定披露数据，下同）相比，收入增长幅度为230.70%到246.67%。 公司2025年归属于母公司所有者的净利润预计将出现亏损，归属于母公司所有者的净利润预计亏损9.5亿元到10.6亿元，与上年同期 相比，亏损收窄幅度为34.50%到41.30%。 得益于人工智能产业蓬勃发展及市场对高性能GPU的强劲需求，公司产品竞争优势进一步扩大，市场关注度与认可度持续提升，推 动收入与毛利增长，整体亏损幅度同比收窄。同时，公司依然保持高研发投入，目前仍处于持续研发投入期，尚未盈利且存在累计 未弥补亏损。 摩尔线程于2025年12月5日登陆科创板。当天，摩尔线程开盘大涨468.78%，上市首日股价即突破600元/股，收盘大涨425.46%。上 市第二日股价微跌，接下来几个交易日股价大幅攀升，到上市第五日股价最高报941.08元/股，随后股价震荡回落，截至2026年1月 21日收盘，摩尔线程最新股价报627.3元/股，总市值接近3000亿 ...

Core Viewpoint - Moore Threads (688795) has released its first performance forecast post-IPO, projecting a significant revenue increase for 2025 while still expecting a net loss, albeit a reduced one compared to the previous year [2][4]. Financial Performance - The company anticipates 2025 revenue between 1.45 billion to 1.52 billion yuan, representing a year-on-year growth of 230.70% to 246.67% [2]. - The net loss attributable to shareholders is expected to be between 950 million to 1.06 billion yuan, with a reduction in loss margin of 34.50% to 41.30% compared to the previous year [2]. Product Development and Market Position - Moore Threads has focused on the research and innovation of full-featured GPUs, successfully launching the flagship MTTS5000 GPU, which has achieved market-leading performance and is now in mass production [4]. - The company has built large-scale clusters based on this product, which efficiently supports the training of trillion-parameter large models, matching the performance of comparable international GPU clusters [4]. - Despite these advancements, the company acknowledges existing gaps in R&D strength, core technology accumulation, and product ecosystem compared to international giants [4]. Market Trends and Future Outlook - The growth in the artificial intelligence industry and strong demand for high-performance GPUs have further enhanced the company's competitive advantages, leading to increased market attention and revenue growth [4]. - The company continues to invest heavily in R&D, remaining in a phase of sustained investment without profitability and facing cumulative unrecouped losses [4]. Recent Developments - On January 8, the company released version 1.1 of its open-source distributed training simulation tool, SimuMax, which has undergone significant upgrades to support large model training [6]. - The new version features a user-friendly interface, intelligent parallel strategy search, and improved modeling accuracy for complex communication behaviors in mixed parallel training [6].

Core Viewpoint - The company, Moore Threads, forecasts a significant revenue increase for 2025, driven by the booming AI industry and strong demand for high-performance GPUs, despite expected net profit decline and ongoing research and development investments [1][2]. Financial Performance - Expected revenue for 2025 is projected between 1.45 billion to 1.52 billion yuan, representing a year-on-year growth of 230.70% to 246.67% [1]. - The anticipated net profit is estimated to be between 950 million to 1.06 billion yuan, reflecting a year-on-year decline of 34.50% to 41.30% [1]. - The company expects a non-recurring loss of 1.04 billion to 1.15 billion yuan, which is a reduction of 29.59% to 36.32% year-on-year [1]. Market Position and Competition - Moore Threads positions itself uniquely in the domestic market with its "AI + Graphics" dual-drive strategy, utilizing its MUSA architecture [2]. - The company claims to be the only domestic GPU capable of competing with NVIDIA, integrating AI computation acceleration, graphics rendering, scientific computing, and video codec capabilities [2]. - According to Bernstein Research, NVIDIA and Huawei are expected to dominate the Chinese AI accelerator market with 40% market share each by 2025, while other competitors like Haiguang and Pingtouge hold only 4% [2]. Research and Development - The GPU industry is characterized by high barriers to entry, significant R&D investment, and long development cycles, requiring comprehensive R&D capabilities [3]. - Moore Threads has invested over 4.3 billion yuan in R&D from 2022 to the first half of 2025, compared to 1.07 billion yuan by Cambrian for 2024 [3]. Technological Advancements - The company has achieved market-leading performance with its fourth-generation GPU architecture, the MTT S5000, which has reached a floating-point computing capability of 10 Exa-Flops in a cluster [5]. - The fifth-generation GPU architecture, "HuaGang," supports full precision calculations and will lead to the development of high-performance AI training chips and graphics rendering chips [5]. - Recent collaborations have demonstrated the capabilities of the MTT S5000 in training large models, marking significant advancements in the domestic GPU sector [6]. Funding and Future Projects - Moore Threads announced plans to use its own funds to meet the financial needs of its R&D projects, ensuring the smooth progress of GPU development [6]. - The funding will focus on three core R&D projects: next-generation AI training and inference chips, next-generation graphics chips, and next-generation AI SoC chips [6].

Group 1 - The company, Moore Threads, forecasts a revenue of 1.45 billion to 1.52 billion yuan for 2025, representing a year-on-year growth of 230.70% to 246.67% [1] - The net profit attributable to the parent company is expected to be a loss of 950 million to 1.06 billion yuan, indicating a narrowing of losses compared to the previous year [1] - As of January 21, the company's stock closed at 627.3 yuan per share, with a total market capitalization of 294.849 billion yuan [1] Group 2 - The company has successfully launched the MTTS5000, a flagship AI training and inference GPU card, which has achieved market-leading performance and is in mass production [2] - The company maintains high R&D investment and is still in a phase of continuous R&D, with cumulative losses that have not yet been offset [2] - The GPU industry is characterized by high barriers to entry, significant R&D investment, and long development cycles, requiring extensive full-stack R&D capabilities [2] Group 3 - Over the past five years, the company has successfully mass-produced five chips and completed four generations of GPU architecture, creating a comprehensive product matrix that supports various fields including AI, scientific computing, and graphics rendering [3] - The company announced it will use its own funds to meet the funding needs of its projects, ensuring the smooth progress of GPU R&D [3] - The raised funds will be directed towards three core R&D projects: a new generation of self-controlled AI training and inference chip, a new generation of self-controlled graphics chip, and a new generation of self-controlled AISoC chip [3]

（文章来源：新华财经） 新华财经北京1月21日电 1月21日晚间，"国产GPU第一股"摩尔线程发布上市后首份业绩预告。2025年 业绩预告显示，公司全年归属净利润预计亏损9.50亿元-10.60亿元，与上年同期相比，亏损收窄约5.58 亿元-6.68亿元，亏损收窄幅度为34.5%-41.3%。 对于业绩变动的主要原因，摩尔线程表示，报告期内，公司始终专注于全功能GPU的研发与创新，持续 推进产品架构快速迭代，成功推出旗舰级训推一体全功能GPU智算卡MTTS5000，其性能达到市场领先 水平，并已实现规模量产。基于该产品构建的大规模集群已完成建设并上线服务，可高效支持万亿参数 大模型训练，其计算效率达到同等规模国外同代系GPU集群的先进水平。但与部分国际巨头相比，公司 在综合研发实力、核心技术积累、产品客户生态等方面仍存在一定的差距。得益于人工智能产业蓬勃发 展及市场对高性能GPU的强劲需求，公司产品竞争优势进一步扩大，市场关注度与认可度持续提升，推 动收入与毛利增长，整体亏损幅度同比收窄。 二级市场上，摩尔线程1月21日涨1.97%，股价报627.30元每股，总市值2948.49亿元。 同时，摩尔线程称，公司 ...

得益于人工智能产业蓬勃发展及市场对高性能GPU的强劲需求，公司产品竞争优势进一步扩大，市场关 注度与认可度持续提升，推动收入与毛利增长，整体亏损幅度同比收窄。同时，公司依然保持高研发投 入，目前仍处于持续研发投入期，尚未盈利且存在累计未弥补亏损。 智通财经APP讯，摩尔线程(688795.SH)发布2025年年度业绩预告，公司2025年年度归属于母公司所有 者的净利润预计将出现亏损，归属于母公司所有者的净利润预计亏损9.5亿元至10.6亿元，与上年同期相 比，亏损收窄幅度为34.50%到41.30%。 报告期内，公司始终专注于全功能GPU的研发与创新，持续推进产品架构快速迭代，成功推出旗舰级训 推一体全功能GPU智算卡MTTS5000，其性能达到市场领先水平，并已实现规模量产。基于该产品构建 的大规模集群已完成建设并上线服务，可高效支持万亿参数大模型训练，其计算效率达到同等规模国外 同代系GPU集群的先进水平。但与部分国际巨头相比，公司在综合研发实力、核心技术积累、产品客户 生态等方面仍存在一定的差距。 ...

Core Viewpoint - The company, Moore Threads, anticipates significant revenue growth in 2025, projecting revenues between 1.45 billion to 1.52 billion yuan, representing a year-on-year increase of 230.70% to 246.67% while expecting a reduced net loss compared to the previous year [1] Group 1: Financial Performance - The company forecasts a net loss of 950 million to 1.06 billion yuan for 2025, a decrease from the previous year's loss of 1.618 billion yuan, indicating a reduction in loss by 34.50% to 41.30% [1] - For the first three quarters of 2025, the company reported revenues of 784.6 million yuan, a substantial year-on-year increase of 182%, with a net loss of 723.5 million yuan [2] Group 2: Product Development and Market Position - The company focuses on the research and innovation of full-featured GPUs, successfully launching the flagship MTTS5000 GPU, which has achieved market-leading performance and is now in mass production [1] - The large-scale clusters built on this product have been completed and are operational, efficiently supporting the training of trillion-parameter large models, matching the performance of equivalent international GPU clusters [1] - Despite these advancements, the company acknowledges existing gaps in comprehensive R&D capabilities, core technology accumulation, and product customer ecosystem compared to international giants [1] Group 3: Market Dynamics and Future Outlook - The company benefits from the booming artificial intelligence industry and strong market demand for high-performance GPUs, which has enhanced its competitive advantage and increased market recognition, contributing to revenue and gross profit growth [1] - The company maintains high R&D investment levels and is still in a phase of continuous R&D expenditure, indicating it has not yet achieved profitability and has accumulated unremedied losses [1] Group 4: Stock Performance - Since its listing, the company's stock price has increased by approximately 449%, with the latest stock price at 627.3 yuan per share and a total market capitalization of 294.8 billion yuan as of January 21, 2026 [3]