来源：热点雷达 摩尔线程上市仅一周就宣布拟用75亿元闲置募资进行现金管理，这一占募资净额99%的理财操作，瞬间 引爆市场对国产GPU企业资金使用效率的质疑风暴。 一、核心事实与公司解释 资金规模与用途： 公司于2025年11月28日收到IPO募资净额75.76亿元，12月12日公告拟将最高75亿元投入安全性高、流动 性好的保本型理财产品（如协定存款、大额存单等），期限12个月且可滚动使用。 决策程序： 该议案经董事会审计委员会及董事会审议通过，获保荐人中信证券认可，无需提交股东大会。公司称此 为常规操作，旨在提升闲置资金收益，不影响募投项目推进。 官方澄清： 争议发酵后，公司紧急回应称75亿元为"现金管理额度上限"，实际金额将显著低于上限，并随研发项目 推进逐步减少；资金主要用于置换前期自有资金已投入的募投项目。 二、市场争议焦点 三、深层矛盾与影响 信任危机爆发： 公司上市后股价暴涨723%，市值一度突破4000亿，但"上市即理财"的操作削弱了"国产替代"叙事 credibility。散户情绪激烈，股吧出现"移除自选股"言论。 监管与股价风险： 质疑声音： 研发背离预期：投资者指责公司顶着"国产GPU第一股 ...

Core Viewpoint - The company Moer Technology raised approximately 7 billion yuan through its IPO, but has been criticized for investing 7.5 billion yuan of the raised funds into financial products shortly after listing, leading to skepticism about its intentions and future R&D efforts [3][6]. Fundraising and Financial Management - Moer Technology issued shares at a price of 114.28 yuan, raising a total of 7.9996 billion yuan, with a net amount of 757.60523 million yuan after deducting issuance costs [7]. - The funds raised are primarily allocated to various R&D projects, including AI training chips and graphics chips, but there are concerns that these projects may be more of a marketing strategy than genuine investment [6][8]. Market Reaction and Stock Performance - Following its IPO, Moer Technology's stock experienced significant volatility, with a peak price of 941 yuan and a market capitalization that reached 276 billion yuan at its highest [11][12]. - The stock's trading environment is characterized by a low float, with only 2.938 million shares available for trading, leading to speculative trading behavior among investors [10][11]. - The stock price saw a sharp decline of nearly 20% on December 12, resulting in a market value loss of 60 billion yuan, highlighting the risks associated with concentrated stock ownership and speculative trading [16]. Investor Sentiment - Investor sentiment has been mixed, with some expressing skepticism about the company's commitment to R&D given the immediate financial maneuvers post-IPO, while others are drawn to the speculative potential of the stock [3][12]. - The high price-to-sales ratio of 1008 times compared to industry peers has raised concerns about the sustainability of the stock's valuation [12][14].

Core Viewpoint - The upcoming IPO of Nuxi Co., Ltd. is generating significant interest, with comparisons being made to the successful listing of Moore Threads, raising questions about whether it can become the next major player in the domestic GPU industry [1][2] Group 1: IPO Details - Nuxi Co., Ltd. plans to issue 40.1 million shares at an initial price of 104.66 yuan per share, aiming to raise approximately 4.197 billion yuan [1] - The offline subscription phase saw overwhelming demand, with 269 institutional investors and 7,719 allocation objects participating, leading to a total effective subscription of 57.169 billion shares [1] - The overall allocation ratio for offline investors was approximately 0.03993%, with only 2.28291 million shares available for initial offline allocation after strategic placements [1] Group 2: Market Performance and Comparisons - Moore Threads, often referred to as a counterpart to Nuxi, saw its stock price surge to 600.5 yuan on its first trading day, marking a 425.46% increase, and its market capitalization exceeded 282.3 billion yuan [2] - As of December 12, Moore Threads' stock price reached 814.88 yuan, with a total increase of 613.06% since its listing, making it the fifth largest company by market cap on the STAR Market [2] - The initial subscription rate for Nuxi is lower than that of Moore Threads, with a final online subscription rate of 0.03348913% compared to Moore Threads' 0.03635054% [2] Group 3: Company Overview and Financials - Nuxi Co., Ltd. was established in September 2020, focusing on the intelligent computing market, with key products including the Xisi N series, Xiyun C series, and Xicai G series [3] - The company plans to launch its first domestically produced general-purpose GPU, Xiyun C600, by the end of this year, with mass production expected in the first half of 2026 [3] - Financial projections indicate that Nuxi's revenue for 2025 could range from 1.5 billion to 1.98 billion yuan, representing a growth of 101.86% to 166.46% compared to 2024 [4]

Core Insights - The listing of Moer Thread, known as the "first domestic GPU stock," has become one of the most notable capital events in the A-share market by the end of 2025, with its stock price soaring over four times on the first day of trading and a market capitalization reaching approximately 3,800 billion yuan shortly after its issuance [1] Group 1: Strategic Investors - Nine institutions were allocated strategic placement shares, with China Insurance Investment Fund being the largest winner, acquiring approximately 437.52 million shares, accounting for 6.25% of the issuance [3] - Companies with strategic partnerships with Moer Thread, such as Tianyi Capital under China Telecom and Shenzhen Sanqi Network Technology from Meituan, also participated in the strategic placement [3] Group 2: Institutional Participation - The offline placement segment saw significant activity, with 267 offline investors submitting valid bids, resulting in a total effective subscription of 704.06 billion shares and an offline subscription multiple of 1,572 times [5] - Public funds, social security funds, and pension funds accounted for 98.44% of the shares allocated in the offline placement, indicating strong institutional confidence in Moer Thread's technological capabilities and long-term growth potential [5] Group 3: Retail Investor Enthusiasm - The enthusiasm among retail investors was high, with 4.8266 million households participating in the online issuance, leading to an effective subscription multiple of approximately 4,126.49 times [7] - The final winning rate for the online issuance was only 0.0364%, with about 33,600 winning numbers available, highlighting the competitive nature of the subscription process [7] Group 4: Early Investors' Gains - Early investors, such as Century Huatong, have become hidden winners, holding a 7.3121% stake in a private investment fund that owns 19.5887 million shares of Moer Thread, potentially impacting their net profit by 640 million yuan [9] - Another A-share company, Heertai, holds 4.1051 million shares of Moer Thread, with a market value of approximately 3 billion yuan based on the closing price [9] Group 5: Market Outlook - The strong demand for Moer Thread reflects a general optimism regarding the development prospects of the domestic GPU industry, with the company being one of the few that covers both B-end and C-end markets [11] - Moer Thread has achieved rapid revenue growth, with 702 million yuan in revenue for the first half of 2025, surpassing the total revenue of the past three years [13] - The Chinese GPU market is projected to grow to 1,363.578 billion yuan by 2029, driven by the increasing demand for computing power infrastructure due to AI applications [13]

Core Viewpoint - The announcement by Moore Threads to use up to 7.5 billion yuan of idle raised funds for cash management has sparked significant debate on social media, especially given the company's substantial losses exceeding 720 million yuan in the first three quarters of 2025 [1][3]. Group 1: Event Background - On December 12, Moore Threads announced plans to use up to 7.5 billion yuan of idle raised funds for cash management, which quickly became a focal point in the investment community [3]. - Investors expressed concerns that using raised funds for financial management rather than core technology development contradicts the company's strategic positioning as a leading domestic GPU manufacturer [3][5]. Group 2: Company Response - In response to market concerns, Moore Threads clarified that the 7.5 billion yuan is a maximum limit for cash management, not the actual amount to be invested, which will be significantly lower [5][6]. - The company emphasized that its funding plan is clear and that cash management will not affect its core business or research and development efforts [5][6]. Group 3: Investment Direction - Moore Threads plans to invest in low-risk, high-liquidity, and capital-protected financial products, including various types of deposits and conservative financial products [8]. - The company has stated that cash management investments will not include stocks or derivatives, and there will be dedicated personnel to monitor these investments [8]. Group 4: Market Performance - Moore Threads' stock price surged over 600% from its initial offering price, reaching 814.88 yuan per share, with a total market capitalization of 383 billion yuan [9]. - Despite the strong stock performance, the company reported a net loss of 724 million yuan for the first three quarters of 2025, with an expected full-year loss between 730 million yuan and 1.168 billion yuan [9][10]. Group 5: Latest Developments - Moore Threads is set to hold its first MUSA Developer Conference on December 19-20, where the CEO will present the new GPU architecture and the company's future vision [12]. - The conference aims to strengthen the developer ecosystem and accelerate the commercialization of domestic GPUs in various applications [12]. Group 6: Industry Benchmark - The practice of using idle raised funds for cash management is not unique to Moore Threads and is common among listed companies, especially during the initial phases of project implementation [14]. - This approach is seen as a way to enhance fund efficiency and increase company returns while ensuring project progress and fund safety [14].

日前，摩尔线程拟将IPO募集的资金不超过75亿元用于投资理财引发了广泛的关注。有投资者质疑摩尔 线程把募资拿去理财而不是投入原披露的项目计划。 摩尔线程也强调，本次现金管理使用额度不超过人民币75亿 ，投资产品的期限不超过12个月，在前述 额度范围内，资金可以在董事会审议通过之日起12个月内循环滚动使用。 摩尔线程列出的投资产品品种包括但不限于协定存款、通知存款、定期存款、结构性存款、大额存单、 收益凭证等安全性高、流动性好的保本型产品。 摩尔线程的审计委员会认为，公司本次拟使用不超过人民币75亿元(含本数)的闲置募集资金进行现金管 理事项符合相关法律法规和规范性文件的规定。本次事项不会影响募集资金投资项目的正常实施和公司 主营业务的正常发展，不存在变相改变募集资金用途的情形， 符合公司和全体股东的利益，不存在损 害公司及全体股东，特别是中小股东利益的情形。因此，同意公司使用部分闲置募集资金进行现金管 理。 根据此前计划，摩尔线程本次发行并上市的募集资金为80亿元，将应用于摩尔线程新一代自主可控AI 训推一体芯片研发项目、摩尔线程新一代自主可控图形芯片研发项目、摩尔线程新一代自主可控 AI SoC 芯片研发项 ...

中国基金报记者泰勒 大家好，简单关注一下摩尔线程的消息。 75亿元募集资金买保本型理财 摩尔线程回应 摩尔线程12月12日发布公告，公司及实施募投项目的子公司计划使用最高不超过人民币75亿元（含本数）的闲置募集资金进行现金管理，使用期 限自董事会审议通过之日起12个月内有效。在上述额度及期限范围内，资金可以循环滚动使用。投资品种包括但不限于协定存款、通知存款、定 期存款、结构性存款、大额存单、收益凭证等安全性高、流动性好的保本型产品。 数据显示，此次现金管理的资金来源为首次公开发行股票的募集资金，公司本次募资总额约80亿元，扣除发行费后，实际募集资金净额为75.8亿 元。 【导读】摩尔线程回应75亿元买理财 摩尔线程相关负责人强调，公司将持续加大研发投入，以加速产品快速迭代、攻坚核心技术壁垒，并构建自主可控的技术与产品体系，绝不会因 现金管理影响募投项目的正常实施和公司主营业务的正常发展。 闲置资金现金管理并不罕见 2023年8月7日，华虹半导体在上交所科创板挂牌上市，不到一个月之后，华虹公司公告，"将总额不超过人民币210亿元的暂时闲置募集资金（含 超额募集资金)进行现金管理，用于购买安全性高、流动性好的低 ...

果然财经｜上市仅一周，摩尔线程要用75亿"闲置募集资金"理财 12月12日晚间，摩尔线程发布公告称，公司及实施募投项目的子公司计划使用最高不超过75亿元（含本 数）的闲置募集资金进行现金管理，使用期限自董事会审议通过之日起12个月内有效。2025年12月5 日，摩尔线程登陆科创板。其上市发行7000万股，占发行后总股本14.89%。12月12日，摩尔线程股价 收盘跌13.41%，市值仍达到3830亿元，相比上市首日收盘市值涨了1000多亿元。 热门评论我要评论 微信扫码 果然财经｜上市仅一周，摩尔线程要用75亿"闲置募集资金"理财 大众报业·齐鲁壹点10:42 移动端评论 暂无评论 鲁ICP备15022957号-13 鲁公网安备 37010202002220号 鲁新网备案号201000101 电信增值业务许可证： 鲁B2-20120085 齐鲁晚报·齐鲁壹点 版权所有(C) All Rights Reserved 联系电话：0531-82625462邮箱： 1790179766@qq.com ...

股价飙升之外，摩尔线程上市后的一则公告更引发广泛讨论。 公司宣布将使用不超过75亿元闲置募集资金进行现金管理，投资范围涵盖协定存款、通知存款、定期存款、结构性存款、大额存单及收益凭证等。 值得注意的是，摩尔线程刚完成IPO所实际募集的资金总额为75.76亿元，与公告中提及的理财金额高度吻合，公司亦明确承认这75亿元正源自IPO融资。 要说近来国内资本市场最引人瞩目的现象，非摩尔线程莫属。这家被称为"中国版英伟达"的芯片企业，上市后股价如火箭般飙升，市值一度突破4000亿元大 关，需知其年营收仅约10亿元，市场热度可见一斑。 然而，若从企业资金管理逻辑审视，这一操作实属常规操作。 研发与设备采购均需遵循项目进度分阶段投入，例如生产线建设，资金支付通常采取"首期10%、逐期拨付、尾款留存"的节奏。若融资刚到位便全额投入， 反而违背常规财务逻辑。 这一操作引发投资者质疑。 摩尔线程账面总资产截至三季度末仅67.4亿元，而75亿元理财资金已超过总资产近8亿元。若将全部募资用于理财，难免让人怀疑其上市真实动机——是否 并非专注研发，而是借融资之名行"零成本圈钱"之实？ 更有市场声音指出，此举或为原始股东及财务投资者提供 ...

12月12日晚间，有"中国版英伟达"之称的"国产GPU第一股" 摩尔线程 （688795.SH）发 布公告称，拟使用不超过 75亿元 的部分闲置募集资金进行现金管理，引发广泛关注。 13日， 摩尔线程相关负责人对此回应称，公司前期明确披露了募集资金的项目计划，所募 75亿资金有分阶段、明确的研发、技术升级等一系列使用安排，也将严格按照既定募投项 目计划的推进。 拟用最高75亿元"做理财" 根据公告，投资目的是为提高募集资金使用效率，合理利用部分闲置募集资金，在不影响募 集资金投资项目建设实施、募集资金使用计划和保证募集资金安全的情况下，合理使用部分 闲置募集资金进行现金管理，提高募集资金使用效益。 IPO募资80亿元 对于此次现金管理的资金来源，摩尔线程表示，为首次公开发行股票的募集 资金，公司本 次募资总额约 80 亿元，扣除发行费后，实际募集资金净额为 75.8 亿元。 投资种类包括但不限于协定存款、通知存款、定期存款、结构性存款、大额存单、收益凭证 等安全性高、流动性好的保本型产品。 按照此前计划，摩尔线程拟募资80亿元，将投向以下项目：25.1亿元用于摩尔线程新一代 自主可控AI训推一体芯片研发项目， ...