证券代码：688795 证券简称：摩尔线程 公告编号：2026-006 摩尔线程智能科技（北京）股份有限公司 2025年年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 经财务部门初步测算，公司预计 2025 年年度实现营业收入 145,000.00 万元到 152,000.00 万元，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 95,000.00 万元到 106,000.00 万元，与上年同期 相比，亏损收窄幅度为 34.50%到 41.30%。 公司 2025 年年度归属于母公司所有者扣除非经常性损益后的净利润预 计亏损 104,000.00 万元到 115,000.00 万元，与上年同期相比，亏损收窄幅度为 29.59%到 36.32%。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 ...

人民财讯1月21日电，摩尔线程(688795)1月21日公告，预计2025年实现营业收入14.5亿元到15.2亿元， 同比增长230.70%到246.67%；归属于母公司所有者的净利润亏损9.5亿元到10.6亿元，上年同期亏损 16.18亿元。报告期内，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。 ...

摩尔线程公告称，公司于2026年1月21日召开相关会议，审议通过使用募集资金置换预先投入募投项目 的自筹资金和预先支付的发行费用的议案。截至2026年1月12日，公司以自筹资金预先投入募投项目 17,888.58万元，已支付发行费用1,760.13万元（不含增值税），置换总额为19,648.71万元。本次募集资 金置换时间距到账未超6个月，符合法规要求，无需提交股东会审议。审计、会计、保荐三方均表示认 可。 ...

摩尔线程：预计2025年净亏损9.5亿元-10.6亿元，亏损收窄幅度为34.50%到41.30%。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Core Viewpoint - The average stock price of the STAR Market is 48.62 yuan, with significant price variations among stocks, indicating a robust market performance and investor interest in high-value stocks [1]. Group 1: Stock Performance - A total of 441 stocks on the STAR Market rose today, while 151 declined, reflecting overall positive market sentiment [1]. - The highest closing price was recorded by Cambrian-U at 1353.87 yuan, which increased by 0.81% [1]. - Among stocks priced over 100 yuan, the average increase was 2.52%, with notable gainers including Longxin Technology and Chipone Microelectronics [1]. Group 2: Price Premiums - The average premium of stocks priced over 100 yuan relative to their issue price is 524.18%, with the highest premiums seen in companies like Shuwei New Materials and Anji Technology [1]. - The premium rates for these companies are 6144.67%, 2186.27%, and 2002.61% respectively, indicating strong investor confidence [1]. Group 3: Industry Concentration - The majority of stocks priced over 100 yuan are concentrated in the electronics, computer, and machinery sectors, with 48, 13, and 12 stocks respectively [1]. Group 4: Capital Flow - The net inflow of main funds into stocks priced over 100 yuan today was 35.98 billion yuan, with leading inflows from Haiguang Information and SMIC [2]. - Conversely, the stocks with the highest net outflows included Zhenlei Technology and Baiwei Storage, with outflows of 406.05 million yuan and 326.70 million yuan respectively [2]. Group 5: Margin Trading - The total margin balance for stocks priced over 100 yuan is 127.72 billion yuan, with Cambrian-U and SMIC having the highest balances of 15.18 billion yuan and 13.27 billion yuan respectively [2].

Core Findings - In 2025, a total of 170 Chinese companies with VC/PE backgrounds went public, marking a 27.82% increase from 133 in 2024, with a VC/PE penetration rate of 57.82% [10][7] - The electronic information sector reported an exit return of nearly 200 billion yuan, with the Hong Kong Stock Exchange's main board showing the highest exit returns [7][11] - A total of 294 Chinese companies successfully completed IPOs globally, with both the number of IPOs and the amount raised showing signs of recovery [20][23] VC/PE Investment Analysis - The scale of VC/PE exit returns reached 431.8 billion yuan in 2025, a 116% increase from 199.9 billion yuan in 2024, with an average return rate of 2.89 times [11][10] - The electronic information industry had the highest exit return at 182.81 billion yuan, while the consumer sector had the highest return multiple at 13.71 times [11][16] IPO Market Overview - In 2025, the total number of IPOs in A-shares, Hong Kong, and U.S. markets was 294, with a 29.52% year-on-year increase, and the total amount raised was 372.5 billion yuan, up 152% [20][23] - The Hong Kong Stock Exchange's main board led with 111 IPOs, while the Nasdaq Capital Market followed with 57 [23][38] Sector Performance - The electronic information sector led with 48 IPOs, followed by advanced manufacturing and healthcare with 47 and 41 IPOs, respectively [53][56] - The energy and mining sector raised the most funds at 784.38 billion yuan, while the average fundraising amount in the public utility sector surged by 6,935% [57][58] Regional Analysis - Jiangsu, Guangdong, and Hong Kong had the highest number of IPOs, with 46, 42, and 38 respectively, while Fujian led in fundraising with 571.78 billion yuan [59][64] - The number of IPOs in Inner Mongolia increased threefold, marking the highest growth rate [63][64] Notable IPOs - The top fundraising companies included Huadian New Energy, which raised over 100 billion yuan, and several electronic information companies like Moer Thread and Muxi Co., Ltd. [35][18]

Group 1 - The core viewpoint of the news is that Moer Technology's stock experienced a decline of 2.08% on January 19, with a trading volume of 1.493 billion yuan, indicating fluctuations in investor sentiment and trading activity [1] - On January 19, Moer Technology had a financing buy-in amount of 132 million yuan, while the financing repayment was 231 million yuan, resulting in a net financing buy of -98.9477 million yuan [1] - As of January 19, the total balance of margin trading for Moer Technology was 1.571 billion yuan, which represents 8.44% of its circulating market value [1] Group 2 - As of December 5, the number of shareholders for Moer Technology reached 39,200, reflecting a significant increase of 45515.12% compared to the previous period [2] - For the period from January to September 2025, Moer Technology reported an operating income of 785 million yuan, marking a year-on-year growth of 181.99% [2] - The company recorded a net profit attributable to shareholders of -724 million yuan, which represents a year-on-year increase of 18.71% [2]

Core Insights - The "2025 Hurun China AI Companies Top 50" report highlights significant growth in the AI sector, particularly in AI chip companies, with a notable increase in their market values compared to the previous year [1][3]. Company Rankings - Cambricon (寒武纪) ranks first with a company value of 630 billion RMB, a 165% increase from last year [1][8]. - Moore Threads (摩尔线程) is second with a value of 310 billion RMB [1][8]. - Muxi Co., Ltd. (沐曦股份) ranks third with a value of 250 billion RMB [1][8]. - iFlytek (科大讯飞) and Horizon Robotics (地平线) are fourth and fifth, valued at 130 billion RMB and 120 billion RMB, respectively [1][8]. Sector Analysis - The number of AI chip companies on the list has increased to 14, up by 9 from last year, making it the most represented sector [2][11]. - Among the top ten companies, seven are related to AI chips, dominating the rankings [2][11]. Market Comparison - The combined market value of Cambricon, Moore Threads, and Muxi Co., Ltd. is approximately 1.2 trillion RMB, which is only 4% of Nvidia's market value [3][10]. - The average value of companies on the list is 54 billion RMB, which is 2.4 times higher than last year [3][10]. Industry Growth - The report indicates that AI is reshaping the wealth landscape in China, with 9% of the entrepreneurs on the Hurun Rich List involved in AI [3][11]. - Notable wealth increases include Cambricon's chairman, whose wealth grew by nearly 150 billion RMB, placing him in the top 20 of the latest Hurun Rich List [3][11].

Core Viewpoint - The company Heertai (002402) has clarified its accounting treatment regarding its investment in Moer Thread, stating that it is recorded under "other comprehensive income" as per the relevant accounting standards [1] Group 1 - Heertai's investment in Moer Thread is classified under "other comprehensive income" according to the Enterprise Accounting Standards [1] - Chengchang Technology is a subsidiary of Heertai, and its financial statements are included in the consolidated financial statements of the company [1]

Core Insights - The A-share IPO market in 2025 continues to show strong profit potential, with all new stocks experiencing price increases on their first trading day, averaging a rise of approximately 259% [1] - The average success rate for new stock subscriptions is notably low at 0.03%, indicating that only a small fraction of investors are able to secure shares [1] - In 2022, 116 companies raised around 131.8 billion yuan through IPOs, including significant listings such as Huadian New Energy and Moore Threads [1] IPO Market Overview - There are currently over 300 companies under review for IPOs in the A-share market, with notable upcoming IPOs including Changxin Technology aiming to raise 29.5 billion yuan, and China Resources Holdings with a target of 24.5 billion yuan [1][5] - The top ten companies by fundraising amount include Electric Power Construction Energy, Huike Co., and Blue Arrow Aerospace, among others [1] Subscription Strategies - To improve the chances of winning new stock subscriptions, investors are advised to consistently apply for all available shares, open accounts across multiple boards, and aim for maximum subscription amounts [3] - The 2025 A-share market will see 38 new listings on the main boards, with additional listings on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange [3] Beijing Stock Exchange Insights - The average fundraising amount for new listings on the Beijing Stock Exchange is significantly lower at 290 million yuan, reflecting its focus on innovative small and medium-sized enterprises [5] - As of early 2026, there are 214 companies awaiting IPO on the Beijing Stock Exchange, highlighting its popularity [8] Notable IPOs and Performance - The top three performing new stocks on their first trading day in 2025 were all from the Beijing Stock Exchange, with Dapeng Industrial seeing a staggering increase of 1211% [2] - The highest potential profit from a single subscription in 2025 was over 310,000 yuan for Muxi Co., with Moore Threads also offering substantial returns of over 240,000 yuan [2]