Core Viewpoint - The company, Moore Threads, announced plans to use up to 7.5 billion yuan of idle raised funds for cash management, which has sparked market interest and discussion [2][5]. Financial Performance - As of December 12, the company's stock price was 814.88 yuan, reflecting an increase of over 613% from the initial offering price of 114.28 yuan, with a total market capitalization exceeding 383 billion yuan [3][8]. - For the period of January to September 2025, the company's revenue was 785 million yuan, with a net loss attributable to shareholders of 724 million yuan. The projected net loss for 2025 is estimated to be between 1.168 billion yuan and 730 million yuan [9]. Cash Management Strategy - The 7.5 billion yuan mentioned is the upper limit for cash management, and the actual amount managed will be significantly lower. The company aims to enhance the efficiency of fund usage while ensuring the smooth implementation of fundraising projects [7]. - The company has a structured plan for the use of the raised funds, which includes stages for research and development and technology upgrades over a three-year period [7]. Market Position and Risks - The company acknowledges that its new products have not yet generated revenue and that there are uncertainties related to product certification, customer onboarding, and mass production [8]. - There is a recognition of the gap in research and development capabilities compared to international competitors, which may impact the company's market position and financial performance [9].

Core Viewpoint - The company, Moer Technology (688795.SH), known as the "Chinese version of Nvidia," announced plans to use up to 7.5 billion RMB of idle raised funds for cash management, which has attracted significant attention [1][2]. Group 1: Fund Management and Utilization - The purpose of the investment is to enhance the efficiency of raised funds, ensuring that the cash management does not affect the implementation of investment projects and guarantees the safety of the raised funds [2][4]. - Moer Technology's total fundraising from its IPO is approximately 8 billion RMB, with a net amount of 7.58 billion RMB after deducting issuance fees [4][6]. - The planned allocation of the raised funds includes 2.51 billion RMB for the development of a new generation of AI training and inference chips, 2.50 billion RMB for a new generation of graphics chips, 1.98 billion RMB for AI SoC chip development, and 1.00 billion RMB for working capital [4][6][7]. Group 2: 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 [4][6]. - The company emphasizes that the cash management will not impact its daily operations or the normal progress of investment projects, and it aims to increase returns for the company and its shareholders [7][11]. - The cash management amount of 7.5 billion RMB is a ceiling and the actual amount will be significantly lower, with adjustments made as the investment projects progress [11][12]. Group 3: Market Reaction and Performance - Following the announcement, Moer Technology's stock experienced a significant drop of over 19% on December 12, although it still maintained a cumulative increase of over 613% since its IPO [9][11]. - The company has faced scrutiny regarding its cash management strategy, with some market participants questioning its focus, while others view it as a reasonable operational move [11][12].

Core Viewpoint - The company, Moer Technology (688795.SH), known as the "Chinese version of Nvidia," announced plans to use up to 7.5 billion RMB of its idle raised funds for cash management, which has attracted significant attention [1][3]. Fundraising and Investment Plans - The total amount raised from the IPO is approximately 8 billion RMB, with a net amount of 7.58 billion RMB after deducting issuance fees [5]. - The planned allocation of the raised funds includes: - 2.51 billion RMB for the development of a new generation of AI training and inference integrated chips - 2.50 billion RMB for the development of a new generation of graphics chips - 1.98 billion RMB for the development of a new generation of AI SoC chips - 1.00 billion RMB for working capital [5][6]. Cash Management Strategy - The cash management strategy aims to enhance the efficiency of fund utilization without affecting the implementation of the investment projects or the safety of the raised funds [3][5]. - The types of investments include high-security, liquid, and principal-protected products such as agreed deposits, notice deposits, and structured deposits [5][12]. Market Reaction and Company Performance - Following the announcement, the stock price of Moer Technology experienced significant volatility, with a peak increase of 723.5% within six trading days, although it faced a sharp decline of over 19% on December 12 [9]. - The company reported a projected net loss of 11.68 million to 7.30 million RMB for the period from January to September 2025, indicating potential challenges in revenue growth [9]. Regulatory Compliance and Industry Context - Legal experts noted that allowing companies to manage temporarily idle funds is a common practice to improve fund efficiency, especially given the long development cycles typical in the tech industry [12].

Group 1 - The company announced plans to use up to 7.5 billion yuan of idle raised funds for cash management, emphasizing that this will not affect the implementation of fundraising projects [2] - The cash management amount is a ceiling and the actual amount will be significantly lower, with the scale of idle funds expected to decrease as projects progress [2] - The company has a clear plan for the use of the raised funds, which includes phased investments in research and technology upgrades over a three-year period [2] Group 2 - The company will continue to increase R&D investment to accelerate product iteration and overcome core technological barriers, ensuring that cash management does not impact the normal development of fundraising projects and main business [3]

Core Viewpoint - The announcement by Moer Technology regarding the use of up to 7.5 billion yuan of idle raised funds for cash management has sparked significant market attention, with the company emphasizing that this amount is a ceiling and actual cash management will be lower, ensuring that core business operations and fundraising projects remain unaffected [1][2]. Group 1 - Moer Technology plans to use no more than 7.5 billion yuan of idle funds for cash management, which has raised market interest [1]. - The company clarified that the 7.5 billion yuan is a maximum limit for cash management, and the actual amount will be significantly lower, with funds being dynamically adjusted as projects progress [1]. - Moer Technology aims to increase R&D investment to accelerate product iteration and overcome technical barriers, ensuring that cash management does not impact its main business [1]. Group 2 - On December 5, Moer Technology was listed on the Sci-Tech Innovation Board, raising nearly 8 billion yuan, marking the largest IPO on the board this year [1]. - Within six trading days post-IPO, the company's stock price surged by 723.5%, with a total market value exceeding 440 billion yuan [1]. - A risk warning was issued regarding the potential for a rapid decline in stock price due to previous rapid increases, alongside a forecasted net loss for the company in 2025 [2].

Core Viewpoint - Moer Technology announced plans to use up to 7.5 billion yuan of idle raised funds for cash management, aiming to enhance fund efficiency while ensuring the smooth implementation of fundraising projects [1][2]. Group 1: Fund Management Strategy - The company clarified that the 7.5 billion yuan is the upper limit for cash management, and the actual amount will be significantly lower, with a dynamic decrease as fundraising projects progress [1]. - The cash management will be conducted through low-risk instruments such as agreed deposits, time deposits, and large certificates of deposit, which are subject to multiple constraints [2]. Group 2: Project Implementation and R&D Focus - The company emphasized that it will continue to increase 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 or the development of its main business [1]. - The project implementation cycle is set for three years, with fund disbursement based on project progress [1].

Group 1 - The company plans to use up to 7.5 billion yuan of idle raised funds for cash management while ensuring the smooth implementation of fundraising projects and safeguarding the funds' safety [2] - The cash management amount is a ceiling and the actual amount will be significantly lower, with the scale of idle funds expected to decrease as projects progress [2] - The company emphasizes continuous R&D investment to accelerate product iteration and overcome core technological barriers, ensuring that cash management does not affect the normal development of main business [2] Group 2 - The first MUSA Developer Conference will be held from December 20 to 21, where the founder will present the full-stack development strategy and future vision centered on MUSA [3] - The company's stock price has surged over 600% since its listing, with the latest price at 814.88 yuan per share and a total market value of 383 billion yuan [3] Group 3 - The company operates in the C39 computer, communication, and other electronic equipment manufacturing industry, with a static P/E ratio of 59.34 and a static P/S ratio of 11.76 [5] - For the first nine months of 2025, the company reported revenue of 785 million yuan and a net loss of 724 million yuan, with projected losses for the full year between 1.168 billion yuan and 730 million yuan [5] - The company acknowledges a gap in R&D strength and core technology accumulation compared to international giants, with new products and architectures still in the research phase [5]

Core Viewpoint - Moore Threads intends to utilize up to 7.5 billion yuan of idle raised funds for cash management, emphasizing that this will not affect the implementation of its fundraising projects [1] Group 1: Fund Management - The company has a clear plan for the use of the 7.5 billion yuan raised, which includes phased R&D and technology upgrades [1] - The project implementation period is three years, with fund disbursement based on project progress [1] - The 7.5 billion yuan is the upper limit for cash management, and the actual amount will be significantly lower [1] Group 2: Commitment to R&D - The company will continue to increase R&D investment to accelerate product iteration and tackle core technological barriers [1] - There is a commitment to building a self-controlled technology and product system, ensuring that cash management does not impact the normal development of fundraising projects and core business [1]

12月12日晚间，"国产GPU第一股"摩尔线程(688795.SH)发布公告，拟使用不超过75亿元的部分闲置募集资金进行现金管理。消息一出，即引发市场高度 关注。 13日早上，据智通财经报道，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。 "本次审议的75亿元为现金管理额度上限，并非实际现金管理金额。实际现金管理金额将明显小于上限，后续随着募投项目逐步推进，以及置换前期自有 资金投入募投项目的金额，闲置资金规模将相应减少，现金管理额度也会随之动态下降。"该负责人表示，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。 12月5日，摩尔线程在上交所科创板挂牌上市，募资近80亿元，成为今年科创板最大IPO。上市后6个交易日内，摩尔线程股价最高涨幅达723.5%，总市值 曾突破4400亿元。 12月11日晚，摩尔线程发布股票交易风险提示公告，称股价可能存在短期上涨过快出现的下跌风险。公告 ...

校对 赵琳 新京报贝壳财经讯 12月13日，摩尔线程相关负责人回应"关于摩尔线程昨晚发布的拟使用不超过75亿元 的部分闲置募集资金进行现金管理的公告"，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推进。"本次审 议的75亿元为现金管理额度上限，并非实际现金管理金额。实际现金管理金额将明显小于上限，后续随 着募投项目逐步推进，以及置换前期自有资金投入募投项目的金额，闲置资金规模将相应减少，现金管 理额度也会随之动态下降。"该负责人表示，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。 编辑 俞金旻 ...