Core Insights - The strategic partnership between Pony.ai and Moore Threads aims to enhance L4 autonomous driving technology through collaboration on training and optimization of the world model and virtual driver system [1][3] - This collaboration represents a significant milestone in China's AI industry, marking the first large-scale application of domestic AI computing power in the critical training and simulation phases of autonomous driving [3] Group 1: Partnership Objectives - The partnership focuses on leveraging Moore Threads' reliable domestic AI computing power to accelerate the iteration of autonomous driving technology and its commercial application [1][3] - Both companies will work together to build a dedicated computing ecosystem for autonomous driving, achieving full-link collaboration across "algorithm-data-computing power-application" [3][5] Group 2: Technological Foundations - Pony.ai has developed a leading L4 autonomous driving capability with its self-developed world model (PonyWorld) and virtual driver, generating over 10 billion kilometers of test data weekly [3][4] - Moore Threads is recognized for its rapid iteration of GPU architectures and has achieved international advanced levels in training large models with hundreds of billions to trillions of parameters [4] Group 3: Market Impact - As of December 31, 2025, Pony.ai's Robotaxi fleet reached 1,159 vehicles, exceeding its annual target, and its seventh-generation Robotaxi system has achieved positive unit economics in Guangzhou [4] - The collaboration is expected to significantly enhance the training efficiency and overall performance of L4 autonomous driving models, providing strong momentum for Pony.ai's scaling goals in 2026 [5]

证券代码：688795 证券简称：摩尔线程 公告编号：2026-007 摩尔线程智能科技（北京）股份有限公司 2026年第一次临时股东会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2026 年 2 月 6 日 （二） 股东会召开的地点：北京市朝阳区望京科技创业园 A 座一层报告厅 2、 董事会秘书及其他高管列席了本次会议。 二、 议案审议情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 1,207 | | --- | --- | | 普通股股东人数 | 1,207 | | 2、出席会议的股东所持有的表决权数量 | 48,268,247 | | 普通股股东所持有表决权数量 | 48,268,247 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 10.2692 | | 例（%） | | | 普通股股东所持 ...

北京市中伦律师事务所 关于摩尔线程智能科技（北京）股份有限公司 2026 年第一次临时股东会的 法律意见书 二〇二六年二月 北京市中伦律师事务所 关于摩尔线程智能科技（北京）股份有限公司 2026 年第一次临时股东会的 法律意见书 致：摩尔线程智能科技（北京）股份有限公司 在本法律意见书中，本所律师仅对本次股东会的召集、召开程序、出席会议 人员的资格、召集人资格及会议表决程序、表决结果是否符合《公司法》《股东 1 法律意见书 会规则》等法律、法规、规范性文件及《公司章程》的规定发表意见，不对会议 审议的议案内容以及这些议案所表述的事实或数据的真实性及准确性发表意见。 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、 完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大 遗漏，并承担相应法律责任。 本法律意见书仅供见证公司本次股东会相关事项的合法性之目的使用，不得 ...

Group 1 - The core viewpoint of the article is the strategic partnership between autonomous driving technology company Pony.ai and domestic GPU company Moore Threads, focusing on the implementation and scaling of L4-level autonomous driving technology [2][3] - The collaboration aims to leverage Pony.ai's core technologies, including the world model and virtual driver system, to enhance training and optimization through reliable AI computing power [2] - This partnership marks the first large-scale application of domestic AI computing power in critical training and simulation processes for Pony.ai, while Moore Threads' full-function GPU enters the core field of autonomous driving [2] Group 2 - Pony.ai's founder and CEO Peng Jun emphasized that the collaboration represents the integration of "AI algorithms" and "AI computing power," with Moore Threads providing robust support for training the world model and vehicle models [3] - The companies aim to build the infrastructure for the next generation of smart mobility and logistics, accelerating the transition of autonomous driving technology to large-scale applications [3] - As of December 31, 2025, Pony.ai's Robotaxi fleet is expected to reach 1,159 vehicles, exceeding its annual target, with plans to scale to over 3,000 Robotaxi vehicles by the end of 2026 [3]

Core Viewpoint - The strategic partnership between Pony.ai, a leading Robotaxi company, and Moore Threads, a domestic full-function GPU company, marks a significant advancement in the autonomous driving sector, focusing on the integration of AI algorithms and domestic computing power for training and optimization of autonomous driving systems [2][4]. Group 1: Partnership Details - The collaboration aims to leverage Pony.ai's world model and virtual driver system for training optimization, utilizing Moore Threads' domestic AI computing power for the first time in key training and simulation processes [4][5]. - Pony.ai will implement Moore Threads' computing solutions, including the MTTS5000 training and inference integrated computing card, to address the high computational costs and stability issues in AI training within the autonomous driving industry [4][6]. Group 2: Technological Advancements - Pony.ai's technology, particularly its self-developed world model (PonyWorld) and virtual driver system, allows for the generation of over 10 billion kilometers of virtual testing mileage weekly, enabling the system to evolve through extensive training in high-risk scenarios [5][6]. - The collaboration is expected to enhance the reliability of Moore Threads' products in complex physical simulations and AI training, showcasing its advancements in GPU architecture [5][6]. Group 3: Industry Implications - The autonomous driving industry is transitioning from technology validation to large-scale commercialization, with an exponential increase in computing power demand [6]. - The partnership with Moore Threads is seen as a critical test for domestic supply chains, potentially reducing reliance on external chip suppliers for Chinese autonomous driving companies [6]. - The collaboration emphasizes the trend of collaborative innovation among Chinese tech companies in response to complex international environments, shifting the competition in autonomous driving from isolated technological breakthroughs to ecosystem efficiency [6].

Core Viewpoint - The strategic partnership between Pony.ai and Moore Threads aims to enhance the large-scale application of L4 autonomous driving technology through the integration of domestic AI computing power [1] Group 1: Partnership Details - Pony.ai and Moore Threads announced a strategic collaboration focused on L4 autonomous driving technology [1] - The partnership will utilize Moore Threads' MTT S5000 training and inference integrated computing card and the Kuangya computing cluster for training and validating autonomous driving models [1] - The collaboration aims to create a full-link synergy of "algorithm-data-computing-power-application" [1] Group 2: Technological Advancements - Pony.ai's PonyWorld world model can generate over 10 billion kilometers of testing data weekly for training its virtual driver system [1] - The partnership is expected to accelerate the commercialization process by deeply integrating domestic computing power with autonomous driving algorithms [1] Group 3: Business Expansion Plans - Pony.ai has launched fully autonomous Robotaxi services in major cities including Beijing, Shanghai, Guangzhou, and Shenzhen [1] - By December 31, 2025, Pony.ai plans to expand its Robotaxi fleet to 1,159 vehicles, achieving a positive unit economic model in Guangzhou [1] - The company aims to increase the Robotaxi fleet to over 3,000 vehicles by the end of 2026 [1]

Core Insights - The strategic partnership between Pony.ai and Moore Threads aims to advance L4 autonomous driving technology through collaboration on training and optimization of world models and virtual driver systems [1][3] - This collaboration marks a significant step in China's AI industry, showcasing the application of domestic AI computing power in critical training and simulation processes [1][3] Group 1: Partnership Details - Pony.ai and Moore Threads will utilize the MTT S5000 training and inference integrated computing card and the Kuaguo computing cluster to enhance the training and validation of Pony.ai's world model and vehicle models [3] - The partnership aims to create a comprehensive ecosystem for autonomous driving computing power, facilitating the full-link collaboration of algorithms, data, computing power, and applications [3] Group 2: Company Achievements - Pony.ai has established itself as a leader in L4 autonomous driving technology, operating the first fully autonomous Robotaxi service in major Chinese cities [4][5] - As of December 31, the Robotaxi fleet has reached 1,159 vehicles, exceeding annual targets, and the seventh-generation Robotaxi system has achieved positive unit economics in Guangzhou [4] - The company aims to scale its Robotaxi fleet to over 3,000 vehicles by the end of 2026, with the partnership expected to enhance model training efficiency and overall system performance [4] Group 3: Technological Capabilities - Moore Threads has rapidly iterated four generations of GPU architecture, achieving international advanced levels in training large models with hundreds of billions to trillions of parameters [4] - The collaboration will leverage Moore Threads' unique graphics rendering advantages to support autonomous driving simulation, scene reconstruction, and high-fidelity visualization [4]

小马智行创始人兼CEO彭军表示："我们与摩尔线程的合作，是一次真正意义上的'AI算法'与'AI算力'的 融合。摩尔线程在国产高性能GPU领域的领先实力，将为小马智行的世界模型和车端模型训练提供强 大、可靠的算力支撑。我们真正共同构建的，是下一代智慧出行及物流的基础设施，将加速无人驾驶技 术向规模化应用跨越。" 摩尔线程创始人、董事长兼CEO张建中表示："此次与小马智行的战略携手，是国产全功能GPU算力与 领先自动驾驶算法首次实现深度协同。我们相信，这将充分展现摩尔线程全功能GPU在高强度AI训练 与复杂物理仿真场景下的卓越能力与可靠性，也是我们以自主算力支撑国家战略性新兴产业发展的关键 一步。我们期待以全栈国产算力，与小马智行共建安全高效的自动驾驶产业生态，共同夯实中国智能出 行产业的根基。" 小马智行凭借全自研的世界模型(PonyWorld)及虚拟司机(Virtual Driver)，构建起行业领先的L4级技术实 力，并已成为中国首个在四大一线城市全面开展全无人驾驶Robotaxi服务的企业。据彭军介绍，世界模 型基于强化学习范式，每周可生成超过100亿公里的测试数据，并能衍生出数百或数千种变化的"险 境" ...

Core Viewpoint - The stock price of Moore Threads (688795.SH) has reached a new low since its listing, closing at 534.58 yuan with a decline of 1.71% on February 5, 2023 [1]. Group 1: Company Overview - Moore Threads was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025, with a total of 70 million shares issued, accounting for 14.89% of the total share capital post-issuance [1]. - The company raised a total of 799.96 million yuan from its initial public offering, with a net amount of 757.61 million yuan after deducting issuance costs, which is 42.39 million yuan less than the original plan [1]. Group 2: Fund Utilization - The funds raised are intended for the development of new generation self-controlled AI training and inference integrated chips, new generation self-controlled graphics chips, new generation self-controlled AI SoC chips, and to supplement working capital [1]. - The total issuance costs for the public offering amounted to 42.35 million yuan, with underwriting fees constituting 39.20 million yuan [2].

Core Viewpoint - The article highlights the significant increase in IPO applications on the Sci-Tech Innovation Board, with 48 companies accepted in 2025 compared to only 6 in 2024, particularly emphasizing the semiconductor sector with 20 companies [1]. Group 1: Company Summaries - Angrui Micro, based in Beijing, focuses on RF and analog integrated circuit design and has successfully completed its IPO process, emphasizing domestic substitution in RF and analog chips [1]. - Shanghai Super Silicon specializes in the R&D and production of 300mm and 200mm semiconductor silicon wafers, which are critical substrates for chip manufacturing [1]. - Hengyun Chang, located in Shenzhen, develops plasma RF power systems and devices, essential for advanced chip manufacturing processes [1]. - Chipmi Technology, based in Shanghai, focuses on semiconductor-grade perfluoroether rubber materials, crucial for sealing in semiconductor production [1]. - Zhaoxin Integrated, also in Shanghai, develops high-end general-purpose processors and supporting chips, aiding in domestic chip substitution [2]. - Shanghai Superconductor specializes in high-temperature superconducting materials, enhancing semiconductor device performance [2]. - Youxun Co., based in Xiamen, is a leader in optical communication front-end transceiver chips, recognized as a national champion in manufacturing [2]. - Yadian Technology, located in Jiangsu, develops wet cleaning equipment for silicon-based and compound semiconductors, vital for chip manufacturing precision [3]. - Moer Thread, based in Beijing, focuses on GPU and related products, aligning with high-end industry development needs [3]. - Muxi Co., located in Shanghai, specializes in full-stack GPU products, supporting AI training and general computing [3]. - Qinheng Micro, based in Nanjing, develops interface chips and interconnect MCUs, essential for embedded systems [4]. - Youyan Composite Materials, located in Beijing, produces special non-ferrous metal alloy products for semiconductor packaging [4]. - Lianxun Instruments, based in Suzhou, develops electronic measurement instruments and semiconductor testing equipment [4]. - Lepu Technology, based in Chengdu, focuses on high-end semiconductor equipment, crucial for chip manufacturing [4]. - Zhongke Kehua, located in Jiangsu, specializes in semiconductor packaging materials, impacting chip packaging quality [5]. - Pinzhun Laser, based in Shanghai, develops precision lasers for semiconductor production processes [5]. - Changxin Technology, located in Anhui, focuses on DRAM products, contributing to domestic storage chip production [5]. - Ruishi Chuangxin, based in Chongqing, develops RF front-end chips and modules for various applications [5]. - Taosheng Technology, based in Shanghai, specializes in semiconductor testing interfaces, crucial for product quality assurance [6]. - Zhongtu Technology, located in Dongguan, develops GaN substrates, essential for high-end chips and new energy applications [6]. Group 2: Market Trends and Characteristics - The 20 companies show a significant regional concentration in Shanghai, Jiangsu, Beijing, and Guangdong, indicating a well-developed semiconductor industry ecosystem in these areas [12]. - The companies cover a comprehensive industry chain, including upstream materials, midstream chip design, and downstream testing and packaging, aligning with collaborative industry development trends [12]. - There is a notable profit disparity among the companies, with many in the high R&D investment sectors like chip design operating at a loss, while those in testing and materials are achieving profitability [12].