热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 12月12日晚间，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。 公告披露引起关注，摩尔线程相关负责人表示："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。项 目实施周期为三年，资金支出将根据项目进度分阶段拨付。因为项目是分阶段投入，现阶段为提升募集 资金使用效率，在确保募投项目顺利实施、不影响原有资金安排、且保障募集资金安全的前提下，当前 公司拟对部分尚未暂时闲置的募集资金进行现金管理，以合理提高资金收益，符合公司及全体股东的利 益。" 同时，该负责人还表示，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，而且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 ...

Core Viewpoint - The company, Moore Threads, announced plans 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 project plans [1] Group 1: Fund Management - The company has a clear plan for the use of the 7.5 billion yuan raised funds, which includes phased investments in R&D and technology upgrades [1] - The cash management amount of 7.5 billion yuan is a ceiling and the actual amount will be significantly lower, with the scale of idle funds expected to decrease as projects progress [1] - The company aims to enhance the efficiency of fund usage while ensuring the safety of the raised funds and the smooth implementation of the fundraising projects [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 build a self-controlled technology and product system, ensuring that cash management does not impact the normal development of the company's main business [1]

Core Viewpoint - The company plans to utilize up to 7.5 billion yuan of idle raised funds for cash management while ensuring the smooth implementation of its fundraising projects and maintaining the safety of the raised funds [1][6]. Group 1: Fund Management and Usage - The company has a clear plan for the use of the 7.5 billion yuan raised funds, which includes phased investments in R&D and technology upgrades over a three-year project implementation cycle [1]. - The cash management amount of 7.5 billion yuan is a ceiling and not the actual amount to be managed, which will be significantly lower and will decrease as the fundraising projects progress [1]. - The company emphasizes that cash management will not affect the normal implementation of fundraising projects or the development of its main business [1]. Group 2: Upcoming Events and Strategic Developments - The first MUSA Developer Conference will be held from December 19 to 20, where the founder and CEO will outline the full-stack development strategy centered around MUSA and unveil a new GPU architecture [2]. - The conference will also cover the complete product system, core technologies, industry solutions, and share multi-domain case studies and ecosystem development progress [2]. Group 3: Financial Performance and Market Position - Since its listing, the company's stock price has surged, currently at 814.88 yuan per share, representing an increase of over 600% from the issue price, with a total market capitalization of 383 billion yuan [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 a revenue of 785 million yuan and a net loss of 724 million yuan, with an expected net loss for the year between 1.168 billion yuan and 730 million yuan [6].

公告披露引起关注，摩尔线程相关负责人表示："公司前期明确披露了募集资金的项目计划，所募75亿 元资金有分阶段、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。项 目实施周期为三年，资金支出将根据项目进度分阶段拨付。因为项目是分阶段投入，现阶段为提升募集 资金使用效率，在确保募投项目顺利实施、不影响原有资金安排、且保障募集资金安全的前提下，当前 公司拟对部分尚未暂时闲置的募集资金进行现金管理，以合理提高资金收益，符合公司及全体股东的利 益。" 12月12日晚间，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。 同时，该负责人还表示，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，而且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。 该负责人强调，公司将持续加大研发投入，以加速产品迭代、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。(燕云) ...

【#摩尔线程实际现金管理将远少于75亿#】12月12日晚间，摩尔线程智能科技（北京）股份有限公司发 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。公告披露引起关注，《科创板日 报》记者随即向公司相关负责人进行了求证。对此，摩尔线程相关负责人表示，"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。项目实施周期为三年，资金支出将根据项目进度分阶段拨付。因为项目是 分阶段投入，现阶段为提升募集资金使用效率，在确保募投项目顺利实施、不影响原有资金安排、且保 障募集资金安全的前提下，当前公司拟对部分尚未暂时闲置的募集资金进行现金管理，以合理提高资金 收益，符合公司及全体股东的利益。" 同时，上述负责人还表示，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，而且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。该负责人明确称，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 ...

Core Viewpoint - The company plans to utilize up to 7.5 billion yuan of idle raised funds for cash management while ensuring that the implementation of fundraising projects and the normal development of its main business are not affected [2][4]. Group 1: Fund Management - The company has announced a maximum cash management limit of 7.5 billion yuan, which does not represent the actual amount to be managed, as the real cash management amount will be significantly lower than this cap [3]. - The cash management is intended to enhance the efficiency of fund usage without impacting the established fundraising project plans, ensuring the safety of the raised funds [2][3]. Group 2: Research and Development Focus - The company will continue to increase its investment in research and development to accelerate product iteration, tackle core technological barriers, and build a self-controlled technology and product system [4].

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 [1] - 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 [1] - The company emphasizes that cash management will not affect the normal operation of fundraising projects or the main business [1] Group 2 - The first MUSA Developer Conference will be held from December 19 to 20, where the founder and CEO will present the full-stack development strategy and future vision [2] - The company's stock price has increased over 600% since its listing, with a current market capitalization of 383 billion yuan [2] - The company's static price-to-earnings ratio is significantly higher than the industry average, indicating a high valuation relative to earnings [2] Group 3 - For the first nine months of 2025, the company reported a revenue of 785 million yuan and a net loss of 724 million yuan, with an expected net loss for the year between 1.168 billion yuan and 730 million yuan [3] - The company is committed to high R&D investment and product iteration based on its self-developed MUSA architecture, but it still lags behind international giants in several aspects [3] - New products and architectures are still in the research phase, and revenue generation will take time [3]

12月12日晚间，摩尔线程智能科技（北京）股份有限公司（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。公告披露引起关注，《科创板日报》记者随即向公司相关负责人进行了求证。 该负责人明确称， 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。 对此，摩尔线程相关负责人表示 ，"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。项目实施周期为三年，资金支出将根据项目进度分阶段拨付。因为项目是分阶段投入，现 阶段为提升募集资金使用效率，在确保募投项目顺利实施、不影响原有资金安排、且保障募集资金安全的前提下，当前公司拟对部分尚未暂 时闲置的募集资金进行现金管理，以合理提高资金收益，符合公司及全体股东的利益。" 同时，上述负责人还表示，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，而且后续 随着募投项目逐步推进，以及置换前期自有资金投入募 ...

Core Viewpoint - Moer Technology plans to use up to RMB 7.5 billion of idle raised funds for cash management, effective for 12 months from board approval, to enhance fund utilization efficiency and ensure project implementation safety [1][3] Fundraising and Financial Performance - The company recently completed its IPO, raising approximately RMB 7.9996 billion, with a net amount of about RMB 7.576 billion after expenses [1][3] - In the first six trading days post-IPO, Moer Technology's stock price surged by 723.49%, reaching a peak of RMB 941.08 per share, with a market cap exceeding RMB 440 billion [1] - On December 12, the stock experienced a significant drop of over 19%, closing at RMB 814.88, but still reflecting a cumulative increase of over 613% [1] Investment Allocation - The raised funds will be allocated to three core technology projects: - New generation AI training and inference integrated chip project (approximately RMB 2.51 billion) - New generation graphics chip project (approximately RMB 2.50 billion) - New generation AI SoC chip project (approximately RMB 1.98 billion) - An additional RMB 1 billion is designated for working capital [3][4][5] Cash Management Strategy - The cash management plan aims to invest in high-security, liquid principal-protected products, including but not limited to time deposits and structured deposits, without affecting the ongoing projects [3][5] - The company emphasizes that this strategy will not impact daily operations or project progress while aiming to enhance cash asset returns for shareholders [3] Market Reaction and Future Outlook - Following the announcement of the cash management plan, investor reactions were mixed, with some questioning the decision while others supported it as a means to ensure liquidity and increase revenue [3] - Moer Technology is set to release a new generation GPU architecture on December 19-20, which has generated investor enthusiasm, leading to stock price increases of 5.73%, 16.98%, and 28.04% over three consecutive trading days [5] - The company has acknowledged the need for continued high R&D investment and product iteration, while recognizing existing gaps compared to international competitors [5][6] Financial Status - As of the first half of 2025, Moer Technology reported revenue of RMB 702 million, surpassing total revenue from 2022 to 2024, but still incurred a net loss of RMB 271 million [6] - The company anticipates achieving profitability by 2027 at the earliest, with cumulative losses of approximately RMB 1.48 billion as of June 30, 2025 [6]

Policy - The Central Economic Work Conference emphasized the implementation of a new round of high-quality development actions for key industrial chains, focusing on innovation-driven growth and the establishment of international technology innovation centers in major regions [1] - Xiamen's 14th Five-Year Plan suggests strengthening efficient supply of computing power, algorithms, and data, promoting digital transformation across the city, and enhancing the integration of the digital economy with the real economy [1] Investment Activities - Shanghai Future Industry Fund plans to invest in five sub-funds, including Shanghai Lianxue Venture Capital and Shanghai Innovation Workshop Venture Capital [4] - Zhongqi Technology completed a financing round of over 500 million RMB, with participation from various institutional investors [7] - Star Source Intelligent Robot completed a financing round exceeding 100 million RMB, focusing on multi-modal spatial intelligence [9] - Ling Sheng Technology completed approximately 100 million RMB in Pre-A financing, aimed at accelerating the development of brain-like technology [10] - Zhuoyue Intelligent completed 200 million RMB in C round financing, focusing on intelligent drone systems [11] Market Developments - Moore Threads is set to unveil a new generation GPU architecture at the upcoming MUSA Developer Conference [13][14] - China Shipbuilding Special Gas announced an investment of approximately 870 million RMB for a project to produce high-purity hydrogen sulfide and other electronic gases [14] - Xingfu Electronics plans to invest 480 million RMB in a project for electronic-grade phosphoric acid, driven by increasing demand in semiconductor manufacturing [14] - Tongyizhong intends to invest about 198 million RMB in a project for ultra-high molecular weight polyethylene fiber, expanding its applications in various fields [15]