炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：深网腾讯新闻 2025年12月5日，顶着"国产GPU第一股"光环的摩尔线程正式登陆科创板。上市首日，摩尔线程股价一 度涨超500%，股价拉升至688元/股，随后涨幅逐步收窄，回落至600元/股以下。截至上午10：38，摩尔 线程股价报575.01元/股。 摩尔线程本次在科创板共发行7000万股新股，发行价为114.28元/股。若以盘中最高价格688元/股计算， 中一签（500股）可赚约28.69万元。 在网下发行部分，共有267家机构投资者参与申购，总申购数量达704.06亿股，网下最终仅获配3920万 股。 就在普通投资者"一签难求"之际，一场资本狂欢拉开国产芯片的创富大幕。 张建中身价或超300亿，锁定期超3年 凭借早期入股或股权激励，摩尔线程至少有9位公司高层及核心技术人员因持股而在上市时身价过亿 元。根据发行方案，公司设立了员工持股平台，几位掌握核心技术与公司股权的创始人及高管，其个人 财富将实现跨越式增长。 摩尔线程曾在招股书中公布公司董事、审计委员会委员、高级管理人员及核心技术人员直接或间接持有 公司股份的情况。 摩尔 ...

Core Points - The company "Moore Threads" has officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the first fully functional GPU company in China to go public [3][5] - The IPO process was notably swift, taking only 88 days from acceptance to approval, marking it as the fastest in the Sci-Tech Innovation Board since 2022 [2] - On its first trading day, the stock surged by 468%, reaching a peak price of 688 CNY, resulting in significant profits for investors [4][9] Company Overview - Moore Threads was founded in October 2020 and has achieved a significant milestone with its recent IPO, indicating a new phase of development for the company [11] - The company has successfully mass-produced five chips and iterated four generations of GPU architecture, establishing a comprehensive product matrix that supports various computing acceleration needs [12] - As of June 2025, Moore Threads has obtained 514 authorized patents, positioning it among the leading domestic GPU companies in terms of intellectual property [12] Financial Performance - Despite the successful IPO, Moore Threads has not yet turned a profit, with projected net losses of approximately 18.94 billion CNY in 2022, 17.03 billion CNY in 2023, and 16.18 billion CNY in 2024 [13] - The company has invested over 4.3 billion CNY in research and development from 2022 to June 2025, with over 77% of its workforce dedicated to R&D [13] Market Position - Moore Threads is often referred to as the "Chinese version of NVIDIA," being the only domestic GPU manufacturer with deep engagement in both B-end and C-end markets [15] - The company aims to create an "AI super factory" to continuously produce advanced models, positioning itself strategically in the AI computing landscape [14] Institutional Interest - Over 200 institutions participated in the IPO, with a total allocation of 23.24 million shares, amounting to 2.656 billion CNY [17] - The strong interest from public and private equity firms reflects confidence in the company's growth potential and the strategic value of the domestic high-end GPU industry [18]

Core Viewpoint - The article highlights the significant debut of three GPU companies in the A-share market, showcasing China's advancements in technology and innovation, with a particular focus on the impressive performance of Moole Technology, dubbed the "Chinese version of Nvidia" [1][3]. Group 1: Company Highlights - Moole Technology (688795) opened at 650 yuan, achieving a rise of over 500%, with a current price around 590 yuan, reflecting a gain of over 400% [1]. - Muxi Co., Ltd. (688802) launched its IPO with an issuance price of 104.66 yuan per share, offering 40.1 million shares, which constitutes 10.02% of the total post-issue share capital [1]. - Angrui Microelectronics (688790) quietly commenced its IPO with a price of 83.06 yuan per share, focusing on RF and analog integrated circuit design [3]. Group 2: Financial Performance - Moole Technology's projected revenues from 2022 to 2025 are 0.46 billion, 1.24 billion, 4.38 billion, and 7.02 billion yuan, with corresponding net losses of -1.894 billion, -1.703 billion, -1.618 billion, and -271 million yuan [5]. - Muxi Co., Ltd. is expected to generate revenues of 0.4264 million, 53.0212 million, and 743.0716 million yuan from 2022 to 2024, with net losses of -77.6965 million, -87.1158 million, and -140.8879 million yuan [6]. - Angrui Microelectronics anticipates revenues of 923.0447 million, 1.6948705 billion, and 2.1013197 billion yuan from 2022 to 2024, with net losses of -289.8854 million, -450.1332 million, and -64.7092 million yuan [6].

（文章来源：21世纪经济报道） 2025年12月5日，被誉为"国产GPU第一股"的摩尔线程正式登陆科创板，首日高开表现亮眼，市值达 3055亿元，成为科创板第4大芯片股，报650元/股，较114.28元/股的发行价上涨468.78%。以此计算，中 一签投资者盈利近27万元，超越今年7月上市的同宇新材，登顶年内最赚钱新股宝座。 ...

Core Viewpoint - N-Mole-U (688795) debuted today with a significant opening increase of 468.78%, later stabilizing at a rise of 416.79% by midday, indicating strong market interest and trading activity [1] Company Overview - The company specializes in the research, design, and sales of GPUs and related products, focusing on providing computing acceleration platforms for high-performance computing fields such as AI, digital twins, and scientific computing [1] - Since its establishment in 2020, the company has developed a full-function GPU as its core product and has successfully launched four generations of GPU architectures, expanding its product matrix to cover applications in AI intelligent computing, cloud computing, and personal intelligent computing [1] IPO Details - The total number of shares issued in this IPO was 70 million, with an online issuance of 16.8 million shares at a price of 114.28 yuan per share [1] - The final online issuance success rate was 0.03635054%, and the total funds raised from the IPO amounted to 8 billion yuan [1] - The raised funds will primarily be allocated to the development of next-generation self-controlled AI training and inference chips, next-generation self-controlled graphics chips, next-generation self-controlled AISoC chips, and to supplement working capital [1] Market Performance - By midday, the stock price reached 590.59 yuan, with a trading volume of 20.6739 million shares and a turnover rate of 70.36% [1]

Core Viewpoint - Moole Technology has successfully listed its shares on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone as the first domestic GPU stock in China [1][5]. Group 1: Listing Details - Moole Technology's stock opened at 650 RMB per share, representing an increase of 468.78% from the issue price of 114.28 RMB per share [3]. - The company's market capitalization surpassed 300 billion RMB shortly after opening, but later adjusted to approximately 288.06 billion RMB [3]. - The total share capital after the issuance is 470.028217 million shares, with 29.382386 million shares available for unrestricted trading, accounting for 6.25% of the total share capital [3]. Group 2: Company Overview - Moole Technology specializes in the research, design, and sales of GPUs and related products, focusing on high-performance computing areas such as AI, digital twins, and scientific computing [5]. - Since its establishment in 2020, the company has developed a full range of GPUs and has launched four generations of GPU architectures, creating a product matrix that covers AI intelligent computing, cloud computing, and personal intelligent computing [5]. - The company's consumer products include gaming graphics cards like MTT S80 and MTT S70, which support domestic CPUs such as Haiguang, Longxin, and Feiteng, as well as standard AMD and Intel platforms [5].

公开资料显示，摩尔线程为国家"专精特新"小巨人企业，已成为国内少数能够提供从FP8到FP64全计算 精度支持的GPU厂商之一，也是国内率先推出支持DirectX12图形加速引擎的国产GPU企业。 摩尔线程成立于2020年，自创立之初就选择了技术门槛极高，但战略意义重大的全功能GPU路线。基于 自主研发的MUSA架构，摩尔线程率先实现单芯片架构同时支持AI计算加速、图形渲染、物理仿真和科 学计算、超高清编解码的技术突破。 公司已推出四代GPU架构和智能SOC，形成覆盖AI智算、高性能计算、图形渲染等领域丰富完整的计算 加速产品矩阵，实现了"云—边—端"全栈AI产品线的布局。其产品在部分性能指标上已经接近或达到国 际先进水平，实现了对部分"卡脖子"领域核心产品的突破。中经记者 孙汝祥 夏欣 北京报道 【科创板年内最大IPO诞生 "国产GPU第一股"摩尔线程开盘市值超3000亿】12月5日，摩尔线程正式登 陆科创板，成为"国产GPU第一股"。 摩尔线程本次发行价为114.28元/股，开盘上涨468%，开盘市值超3000亿元。由此，摩尔线程成为年内 A股发行价最高新股，也是科创板年内最大IPO。 6月30日，摩尔线程 ...

Company Overview - Moore Threads, known as the "first domestic GPU stock," debuted on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, opening at 650 yuan per share, a 468.78% increase from its issue price of 114.28 yuan, with potential earnings of approximately 267,900 yuan for a single subscription [1] - The company is the only domestic enterprise to achieve mass production of fully functional GPUs, focusing on the research, design, and sales of GPUs and related products, with its MUSA architecture directly competing with NVIDIA's data center GPU product line [1] Market Potential - The demand for GPUs is rapidly expanding due to the AI era, with Frost & Sullivan predicting the global GPU market to exceed 1 trillion yuan in 2024, and a compound annual growth rate (CAGR) of 24.5% from 2025 to 2029 [4] - The Chinese GPU market is expected to grow even faster, from 142.5 billion yuan in 2024 to 1,336.8 billion yuan by 2029, with a CAGR of 53.7% from 2025 to 2029, indicating significant opportunities for domestic GPU manufacturers [4] Financial Performance - Moore Threads has not yet achieved profitability, reporting losses of 1.894 billion yuan in 2022, 1.703 billion yuan in 2023, and 1.618 billion yuan in 2024, with a net loss of 724 million yuan in the first three quarters of 2025 [4][10] - Revenue has shown significant growth, increasing from 46 million yuan in 2022 to 1.24 billion yuan in 2023, and further to 4.38 billion yuan in 2024, with a 181.99% year-on-year increase to 785 million yuan in the first three quarters of 2025 [9][10] Funding and Financial Support - Moore Threads has received substantial financial support from various banks throughout its growth, utilizing innovative "equity-debt linkage" models to provide comprehensive financial backing [5][6] - In 2023, Beijing Bank provided several hundred million yuan in credit support for the second-generation chip "Chunxiao," and in 2024, China Construction Bank led a syndicate to offer liquidity loans [5] - Agricultural Bank of China invested 100 million yuan through its equity investment pilot fund, demonstrating the integration of financial services with industry policies [7] IPO Process - Moore Threads was founded in 2020 and began its IPO counseling in November 2024, completing the process in just 122 days, marking it as one of the fastest approvals for a company on the Sci-Tech Innovation Board [9] - The company is part of a growing trend of "hard technology" IPOs, with several other companies in the GPU and related sectors also receiving approval for their IPOs, indicating a robust market for technology-driven enterprises [10][11]

Core Viewpoint - The debut of Moore Threads on the STAR Market has sparked significant market enthusiasm, highlighting the strong optimism for domestic high-end computing chips amid the AI wave [1] Group 1: Stock Performance - Moore Threads officially listed on the STAR Market on December 5, opening at 650 yuan, a staggering 468.78% increase from the issue price of 114.28 yuan [1] - The stock reached a peak of 688 yuan during trading, with a maximum increase of 502%, and its market capitalization briefly exceeded 270 billion yuan [1] - As of the latest update, the stock price is 590.59 yuan, reflecting a 416.79% increase [2] Group 2: Investment and Market Interest - The IPO attracted 267 institutional investors, with an offline subscription multiple of 1572 times, indicating high demand [3][5] - The company raised approximately 8 billion yuan, making it the largest IPO on the STAR Market this year [3][5] - Early investors have seen extraordinary returns, with one early investor achieving over 6262 times their initial investment [3][7] Group 3: Company Overview and Technology - Moore Threads is the only domestic company capable of functionally competing with NVIDIA, utilizing its self-developed MUSA architecture to achieve breakthroughs in AI computing, graphics rendering, physical simulation, and video encoding on a single chip [3][11] - The company aims to maintain an annual iteration speed for its full-function GPU chips and is committed to building a comprehensive computing platform covering both cloud and edge [3][12] Group 4: Financial Performance and Projections - Despite the market enthusiasm, the company is currently operating at a loss, with projected revenues of 438 million yuan and net losses of 1.618 billion yuan for 2024 [9] - Revenue has grown rapidly from 46.09 million yuan in 2022 to 438 million yuan in 2024, but significant R&D investments have led to substantial losses [9] - The company expects to achieve profitability by 2027, indicating a prolonged cultivation period for domestic GPU enterprises [9] Group 5: Market Potential - The global GPU market is projected to reach 3.62 trillion yuan by 2029, with China's market expected to grow significantly, reaching 1.36 trillion yuan [14] - The compound annual growth rate for the Chinese GPU market is forecasted at 51.1%, indicating robust growth potential [14]

Core Viewpoint - Moore Threads, known as the "first domestic GPU stock," officially listed on the Sci-Tech Innovation Board, opening with a significant increase of 468.78% on its first day, reaching a market capitalization of over 300 billion yuan [2][4]. Group 1: Listing and Market Performance - The company issued 70 million shares at an initial price of 114.28 yuan per share, marking the highest IPO price since 2025. At the opening price, investors could earn over 267,000 yuan per lot [2]. - After the initial surge, the stock price declined to 590.59 yuan per share by midday, still reflecting a 416.79% increase from the issue price, with a market capitalization of 277.59 billion yuan, ranking fourth in the A-share market [2][3]. Group 2: Record Achievements and IPO Process - Moore Threads set multiple records on the Sci-Tech Innovation Board, completing its IPO application process in just 158 days, the shortest time for any company this year [4]. - The company experienced a robust subscription process, with 4.82 million valid applications and a total subscription of 46.217 billion shares, resulting in a low winning rate of approximately 0.0363% [6]. Group 3: Strategic Investors and Fundraising - Ten strategic institutional investors participated in the strategic placement, collectively subscribing for 14 million shares, including notable firms like Tianyi Capital and Meituan [6][7]. - The company aims to raise 8 billion yuan through this IPO, primarily for the development of next-generation AI training and inference chips, as well as for operational liquidity [8]. Group 4: Financial Performance and Projections - Moore Threads reported revenues of 0.46 billion yuan, 1.24 billion yuan, and 4.38 billion yuan for 2022 to 2024, with a significant increase to 7.02 billion yuan in the first half of this year [10]. - The company has yet to achieve profitability, with net losses of 18.94 billion yuan, 17.03 billion yuan, and 16.18 billion yuan from 2022 to 2024, although losses have narrowed to 2.71 billion yuan in the first half of this year [10][11]. Group 5: Competitive Landscape and Market Position - The company faces intense competition from established international players like NVIDIA, which have advantages in product iteration speed and supply chain integration [12]. - Moore Threads positions itself as a leader in the domestic GPU market, focusing on full-function GPUs that cater to AI training, rendering, and high-performance computing, distinguishing itself from competitors [13].