摩尔线程持续推进产品架构迭代，旗舰级AI训推一体全功能GPU智算卡MTT S5000性能已达到市场领先 水平，并实现规模量产。基于该产品构建的大规模集群已完成建设并上线服务，其万卡集群浮点运算能 力高达10 Exa-Flops，具备全精度、全功能的通用计算能力。在实际训练效率与工程稳定性方面，该集 群在Dense大模型上实现60%的训练算力利用率（MFU），在MoE大模型上达40%，有效训练时间占比 超过90%，训练线性扩展效率高达95%，可稳定高效支持万亿参数大模型训练，其计算效率已达到同等 规模国外同代系GPU集群的先进水平。 GPU技术的突破离不开生态承载。MUSA架构及软件栈在坚持原生创新的同时，高度兼容国际主流GPU 应用生态，显著降低了开发者的迁移成本，为国产GPU的规模化应用奠定了基础。相关生态成果已在关 键合作中得到验证：2025年12月，摩尔线程联合硅基流动，基于MTT S5000完成对DeepSeek-V3 671B满 血版的深度适配与性能测试，实测单卡Prefill吞吐超4000 tokens/s、Decode吞吐超1000 tokens/s，刷新了 国产GPU在超大规模MoE模型下的推 ...

Group 1 - The company, Moore Threads, forecasts an annual revenue of 1.45 billion to 1.52 billion yuan for 2025, representing a growth of 230.70% to 246.67% compared to the previous year [1] - The company expects a net loss attributable to shareholders of 950 million to 1.06 billion yuan for 2025, with a reduction in loss of 34.50% to 41.30% year-on-year [1][3] Group 2 - The company focuses on the research and innovation of full-function GPUs, successfully launching the flagship MTT S5000 GPU, which has achieved market-leading performance and is in mass production [3] - The large-scale clusters built on this product have been completed and are operational, efficiently supporting the training of trillion-parameter large models, with competitive computing efficiency compared to international peers [3] - The company maintains high R&D investment and is still in a phase of continuous R&D spending, with no profitability yet and accumulated losses that have not been offset [3] Group 3 - The company’s stock was listed on the Sci-Tech Innovation Board on December 5, 2025, experiencing a significant increase of 425% on the first day, with a peak price of 941.08 yuan, and currently trading at 627.3 yuan, with a total market capitalization of 294.8 billion yuan [3]

公告指出，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。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。 1月21日截至收盘，摩尔线程涨1.97%，报627.3元/股，最新总市值约2948亿元。摩尔线程于2025年12月 5日在科创板上市，上市后股价最高达941.08元/股。 摩尔线程-U(688795) < W 闭市 01-21 15:30:17 融 成 627.30 额 16.7亿 股本 4.70亿 市盈"" -203 万得 盘口 12.09 1.97% ...

摩尔线程表示，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，公司以AI训推一体智 算卡MTT S5000为代表的产品竞争优势进一步扩大，市场关注与认可度持续提升，推动收入与毛利增 长，整体亏损幅度同比收窄。 值得一提的是，在发布业绩预告的同时，摩尔线程还于同日发布公告，宣布将使用自有资金补足募投项 目的资金需求，保障GPU研发项目顺利推进。根据公告，摩尔线程的募投资金将投向三大核心研发项 目：新一代自主可控AI训推一体芯片、新一代自主可控图形芯片、新一代自主可控AI SoC芯片。 北京商报讯（记者 王蔓蕾）1月21日晚间，摩尔线程（688795）发布2025年业绩预告显示，公司全年归 属净利润预计亏损9.5亿元到10.6亿元，与上年同期相比，亏损收窄幅度为34.5%—41.3%。 业绩预告显示，经财务部门初步测算，摩尔线程预计2025年实现营业收入14.5亿—15.2亿元，与上年同 期相比，收入增长幅度为230.7%—246.67%；预计实现归属净利润亏损9.5亿—10.6亿元，与上年同期相 比，亏损收窄幅度为34.5%—41.3%；预计实现扣非后归属净利润亏损10.4亿—11.5亿元，与上年同期 ...

随着市场关注度与认可度的提升，摩尔线程的产品在客户端建立了更广泛的生态。这种市场端的正向反 馈不仅带来了收入的迅猛增长，也同步推升了毛利水平，成为公司整体亏损幅度同比收窄的关键因素。 公司目前的GPU集群水平已具备一定先进性，正逐步缩短与国际巨头的差距。持续高研发投入策略 尽管营收规模迅速扩张，摩尔线程依然维持着高强度的研发投入策略。公告强调，公司目前仍处于持续 研发投入期，这是导致目前尚未盈利且存在累计未弥补亏损的主要原因。 摩尔线程在人工智能产业爆发式增长的推动下，2025年预计实现收入翻倍式跨越，虽然仍处亏损状态， 但盈利能力显著改善。这家国产GPU独角兽企业正受益于市场对高性能计算芯片的强劲需求，其产品竞 争力和市场认可度的提升直接转化为财务数据的迅速修复。 1月21日，摩尔线程智能科技（北京）股份有限公司董事会发布公告，公司预计2025年实现营业收入 14.5亿元至15.2亿元。与上年同期相比，这一数字意味着营收规模将激增10.1亿元至10.8亿元，同比增幅 高达230.70%至246.67%。 在备受关注的盈利指标方面，尽管摩尔线程尚未实现扭亏为盈，但亏损幅度已显现出明确的收窄趋势。 公告显示，2 ...

Group 1 - The company, Moore Threads, forecasts an annual revenue of 1.45 billion to 1.52 billion yuan for 2025, representing a growth of 230.70% to 246.67% compared to the previous year [1] - The company expects a net loss attributable to shareholders of 950 million to 1.06 billion yuan for 2025, with a reduction in loss of 34.50% to 41.30% year-on-year [1] - The company has focused on the research and development of full-featured GPUs, successfully launching the flagship MTT S5000 GPU, which has achieved market-leading performance and has entered mass production [2] Group 2 - The large-scale clusters built on the MTT S5000 have been completed and are operational, efficiently supporting the training of trillion-parameter models, with competitive computing efficiency compared to international peers [2] - The growth in revenue and gross profit is driven by the booming artificial intelligence industry and strong market demand for high-performance GPUs, which has enhanced the company's competitive advantage [2] - The company's stock was listed on the Sci-Tech Innovation Board on December 5, 2025, experiencing a significant increase of 425% on the first day, with a peak price of 941.08 yuan, and currently trading at 627.3 yuan, giving it a total market value of 294.8 billion yuan [2]

摩尔线程1月21日公告，预计2025年度实现营业收入14.5亿元-15.2亿元，同比增长230.70%-246.67%，预 计2025年度归母净利润亏损9.5亿元-10.6亿元，亏损收窄幅度为34.50%到41.30%。 ...

Core Viewpoint - Moore Threads expects its annual revenue for 2025 to be between 1.45 billion to 1.52 billion yuan, representing a growth of 230.70% to 246.67% compared to 2024 [1] Group 1: Financial Projections - The projected net loss attributable to the parent company for 2025 is expected to be between 1.04 billion to 1.15 billion yuan, which indicates a narrowing of losses by 29.59% to 36.32% compared to the previous year [1] Group 2: Product Development - The company has successfully launched its flagship all-in-one GPU computing card, MTT S5000, which has achieved market-leading performance and has entered mass production [1] - A large-scale cluster built on this product has been completed and is now operational, efficiently supporting training for models with parameters ranging from hundreds of billions to trillions, with computational efficiency on par with advanced foreign GPU clusters of the same scale [1]

Core Viewpoint - The company, Moore Threads (688795.SH), anticipates a significant revenue increase for 2025, projecting between 1.45 billion to 1.52 billion yuan, representing a year-on-year growth of 230.70% to 246.67%. However, it also expects a net loss attributable to shareholders of 950 million to 1.06 billion yuan, an improvement from a loss of 1.618 billion yuan in the previous year [1]. Group 1 - The company focuses on the research and innovation of full-function GPUs, successfully launching the flagship MTTS5000 GPU, which has achieved market-leading performance and has entered mass production [1]. - A large-scale cluster based on the MTTS5000 has been constructed and is operational, efficiently supporting the training of trillion-parameter large models, with computational efficiency on par with advanced international GPU clusters of the same scale [1]. - Despite the growth in revenue and a reduction in overall losses, the company acknowledges existing gaps in R&D strength, core technology accumulation, and product customer ecosystem compared to international giants [1]. Group 2 - The company went public on the STAR Market on December 5, 2025, with the stock price surging by 425% on the first day, reaching a peak of 941.08 yuan, and currently trading at 627.3 yuan, with a total market capitalization of 294.8 billion yuan [2].

Core Viewpoint - Moore Threads announced an expected annual revenue of 1.45 billion to 1.52 billion yuan for 2025, representing a growth rate of 230.70% to 246.67% compared to the previous year [1] Financial Performance - The company anticipates a net loss attributable to shareholders of 950 million to 1.06 billion yuan for the year 2025, with a reduction in losses ranging from 34.50% to 41.30% [1]