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].

Core Viewpoint - The company plans to use up to 7.5 billion RMB of its IPO funds for cash management, which has raised concerns among investors about the allocation of funds away from previously disclosed project plans [1][2]. Group 1: Fund Allocation and Management - The company clarified that the 7.5 billion RMB will be used for cash management to enhance fund efficiency while ensuring the smooth implementation of investment projects [1][2]. - The cash management amount is a maximum limit and the actual amount used will be significantly lower, with a dynamic reduction as projects progress [1][2]. - The cash management will involve safe and liquid investment products, including but not limited to time deposits and structured deposits [2]. Group 2: Project Implementation and R&D Focus - The company emphasized its commitment to increasing R&D investment to accelerate product iteration and overcome core technology barriers [2]. - The audit committee confirmed that the cash management plan complies with legal regulations and will not affect the normal implementation of fundraising projects or the company's main business [3]. - The total funds raised from the IPO amount to 8 billion RMB, designated for various AI chip development projects and working capital [3]. Group 3: Market Performance - As of December 12, the company's stock price was 814.88 RMB per share, reflecting a decline of 13.41%, with a total market capitalization of 383 billion RMB [4].

Core Viewpoint - Moore Threads plans to use up to RMB 7.5 billion of idle raised funds for cash management, focusing on low-risk, high-liquidity principal-protected financial products [4][7]. Group 1: Fundraising and Investment Plans - The company announced that it will utilize a maximum of RMB 7.5 billion from its initial public offering (IPO) proceeds for cash management within 12 months from board approval [4]. - The total amount raised from the IPO was approximately RMB 8 billion, with a net amount of RMB 7.58 billion after deducting issuance fees [4]. - The cash management will include various safe and liquid investment products such as agreement deposits, notice deposits, time deposits, structured deposits, large certificates of deposit, and income certificates [4]. Group 2: Project Implementation and Management - The company has a clear plan for the use of the raised funds, which includes phased investments in research and development and technology upgrades over a three-year project cycle [7]. - The actual cash management amount will be significantly lower than the maximum limit, and the scale of idle funds will decrease as projects progress [7]. - The company emphasizes that cash management will not affect the normal implementation of fundraising projects or the development of its core business [7]. Group 3: Industry Context - The practice of cash management for idle funds is not uncommon in the industry, as seen with other companies like Huahong Semiconductor and Cambricon, which have also engaged in similar strategies to enhance fund efficiency while ensuring project safety [8][10].

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 ...

Core Viewpoint - The company, Moer Thread (688795.SH), known as the "Chinese version of Nvidia," announced plans to use up to 7.5 billion yuan of idle raised funds for cash management, which has attracted significant attention [2][4]. Fund Utilization - The purpose of the investment is to enhance the efficiency of fund usage, ensuring that the cash management does not affect the implementation of the fundraising projects and guarantees the safety of the raised funds [5]. - The total amount raised from the IPO was approximately 8 billion yuan, with a net amount of 7.58 billion yuan after deducting issuance fees [7]. - The planned allocation of the raised funds includes 2.51 billion yuan for the development of a new generation of AI training and inference integrated chips, 2.50 billion yuan for the development of a new generation of graphics chips, 1.98 billion yuan for a new generation of AI SoC chips, and 1.01 billion yuan for working capital [7][8]. Cash Management Strategy - The types of investments for cash management include safe and liquid products such as agreed deposits, notice deposits, time deposits, structured deposits, large certificates of deposit, and income certificates [7]. - The company emphasized that the cash management will not impact its daily operations or the normal progress of fundraising projects, while also aiming to increase returns for the company and its shareholders [9][15]. Market Reaction and Performance - Following the announcement, the stock price of Moer Thread experienced significant volatility, with a peak increase of 723.5% within six trading days after its listing, and a total market value exceeding 440 billion yuan [9]. - On December 11, the company issued a risk warning regarding potential short-term price corrections and projected losses for the upcoming periods, with expected net losses ranging from 1.168 billion yuan to 730 million yuan [10][11]. Company Response - In response to market concerns about the cash management decision, the company clarified that the 7.5 billion yuan is the upper limit for cash management, and the actual amount will be significantly lower, adjusting as projects progress [15]. - The company reiterated its commitment to increasing R&D investment to accelerate product iteration and overcome core technological barriers, ensuring that cash management does not affect the normal implementation of fundraising projects and the development of its main business [15].