【#摩尔线程2025年营收增幅预计超两倍# S5000智算卡已规模量产】1月21日，"国产GPU第一股"摩尔 线程（688795.SH）发布2025年度业绩预告，营收预计为14.50~15.20亿元，同比增长230.70~246.67%； 扣非净利润预计亏损10.40~11.50亿元，与上年同期相比，亏损收窄幅度为29.59~36.32%。 值得一提的是，摩尔线程还发布公告称，将使用自有资金补足募投项目的资金需求，保障GPU研发项目 顺利推进，募投资金将投向三大核心研发项目：新一代自主可控AI训推一体芯片、新一代自主可控图 形芯片、新一代自主可控AI SoC芯片。#摩尔线程[超话]# 中经记者 李玉洋 上海报道 摩尔线程在公告中表示，得益于人工智能产业蓬勃发展及市场对高性能GPU的强劲需求，公司以AI训 推一体智算卡MTT S5000为代表的产品竞争优势进一步扩大，市场关注与认可度持续提升，推动收入与 毛利增长，整体亏损幅度同比收窄。据了解，摩尔线程旗舰级AI训推一体全功能GPU智算卡MTT S5000 的性能已达到市场领先水平，并实现规模量产。 ...

Core Viewpoint - The article highlights the significant growth forecast for Moer Thread's revenue and gross profit by 2025, driven by the booming AI industry and strong demand for high-performance GPUs [2]. Group 1: Financial Performance - Moer Thread anticipates revenue between 1.45 billion to 1.52 billion yuan in 2025, representing a growth of 230.70% to 246.67% compared to 2024 [2]. - The company expects a narrowed net loss of 1.04 billion to 1.15 billion yuan in 2025, with a year-on-year reduction of 29.59% to 36.32% [2]. - This marks the fourth consecutive year of revenue growth and reduced net losses, reflecting the company's improving core competitiveness and accelerated commercialization [2]. Group 2: Technological Advancements - Moer Thread has established a complete, sustainable GPU system through self-designed processes from architecture to software ecosystem, positioning itself as a rare "AI + graphics" dual-driven GPU manufacturer in China [4]. - The company has successfully mass-produced five chips within five years and completed four generations of GPU architecture, creating a diverse product matrix that supports AI, scientific computing, and graphics rendering [4]. - The flagship AI training and inference GPU card, MTT S5000, has achieved market-leading performance and large-scale production, with a floating-point computing capability of 10 Exa-Flops [5]. Group 3: Ecosystem and Collaborations - Moer Thread's MUSA architecture and software stack are highly compatible with international mainstream GPU application ecosystems, significantly reducing developers' migration costs [5]. - The company has validated its capabilities through key collaborations, achieving record performance in large-scale models and demonstrating the effectiveness of its domestic AI infrastructure [6]. - The company has invested over 4.3 billion yuan from 2022 to mid-2025 to support continuous innovation and ecosystem expansion [6]. Group 4: Funding and Future Projects - Moer Thread announced it will use its own funds to meet the financial needs of its fundraising projects, ensuring the smooth progress of GPU R&D [7]. - The funding will focus on three core R&D projects: next-generation AI training and inference chips, graphics chips, and AI SoC chips [7]. - This decision reflects the company's confidence and determination to succeed in the new GPU development cycle, reinforcing its technological barriers in the domestic GPU market [7].

摩尔线程于2025年12月5日登陆科创板。当天，摩尔线程开盘大涨468.78%，上市首日股价即突破600元/ 股，收盘大涨425.46%。上市第二日股价微跌，接下来几个交易日股价大幅攀升，到上市第五日股价最 高报941.08元/股，随后股价震荡回落，截至2026年1月21日收盘，摩尔线程最新股价报627.3元/股，总 市值接近3000亿元。 摩尔线程（688795）1月21日晚间发布2025年业绩预告，经财务部门初步测算，公司预计2025年实现营 业收入14.5亿元到15.2亿元，与上年同期（法定披露数据，下同）相比，收入增长幅度为230.70%到 246.67%。 公司2025年归属于母公司所有者的净利润预计将出现亏损，归属于母公司所有者的净利润预计亏损9.5 亿元到10.6亿元，与上年同期相比，亏损收窄幅度为34.50%到41.30%。 对于业绩变化的原因，摩尔线程表示，报告期内，公司始终专注于全功能GPU的研发与创新，持续推进 产品架构快速迭代，成功推出旗舰级训推一体全功能GPU智算卡MTTS5000，其性能达到市场领先水 平，并已实现规模量产。基于该产品构建的大规模集群已完成建设并上线服务，可高效支持 ...

Group 1 - Greenland crisis has seen a turnaround with a framework agreement reached between the US and NATO regarding Greenland, which could benefit the US and NATO member countries [5] - The European Parliament has indefinitely frozen the review of the EU-US trade agreement due to threats to EU sovereignty and territorial integrity [6] - The People's Bank of China is accelerating the construction of a cross-border payment system for the renminbi and implementing strict regulatory measures for payment institutions [7] Group 2 - The cosmetics market in China is projected to exceed 1.1 trillion yuan by 2025, with domestic brands capturing over 57% market share [23] - China has become the world's largest exporter of machine tools, surpassing Germany with a 21.6% share of global exports [24] - The successful trial of automatic formation operation for heavy-duty trains in China marks a significant change in railway freight control [25] Group 3 - SpaceX plans to complete its IPO by July this year, as stated by CEO Elon Musk [27] - Xibei Catering has completed its Series A financing, with new investors including Zhang Yong, founder of New Rongji [28] - Apple is set to transform Siri into its first chatbot product by the second half of 2026, utilizing Google's Gemini model [29] Group 4 - TSMC's 3nm production capacity is fully booked until 2027 due to surging demand from artificial intelligence [30] - China Nuclear Power and Alibaba have established a nuclear energy company with a registered capital of 250 million yuan [31] - The download volume of Alibaba's Qianwen series models has surpassed 1 billion, making it the first open-source large model to achieve this milestone [32]

Group 1 - The Ministry of Finance and other departments announced a tax exemption for individual investors on capital gains from the transfer of CDRs issued by innovative enterprises from January 1, 2026, to December 31, 2027 [2] - The Guangdong Provincial Government issued policies to promote high-quality development in transportation through artificial intelligence, encouraging the application of smart connected vehicles and the establishment of autonomous driving regulatory platforms [3] - Shanghai Dream Information Technology Co., Ltd. (operating the "Pinduoduo" platform) was fined 100,000 yuan for failing to report tax-related information as required [3] Group 2 - Zhite New Materials may apply for a trading suspension if its stock price continues to rise abnormally [5] - Hunan Silver's future market price for silver products remains uncertain [5] - Moore Threads expects revenue of 1.45 to 1.52 billion yuan in 2025, with a narrowing net loss [5] - Shanghai Yizhong anticipates a net profit growth of 760.18% to 903.54% in 2025 [5] - Jin'an Guoji expects a net profit increase of 655.53% to 871.4% in 2025 [5] - Limin Co. forecasts a net profit growth of 471.55% to 514.57% in 2025 [6] - Baiao Intelligent expects a net profit increase of 228.34% to 337.79% in 2025 [6] - Dajin Heavy Industry anticipates a net profit growth of 121.58% to 153.23% in 2025 [6] - Juhua Co. expects a net profit growth of 80% to 101% in 2025 [6] - Ganli Pharmaceutical anticipates a net profit increase of 78.96% to 95.23% in 2025 [6]

摩尔线程发布上市后首份业绩预告。 摩尔线程（688795）1月21日晚间发布2025年业绩预告，经财务部门初步测算，公司预计2025年实现营 业收入14.5亿元到15.2亿元，与上年同期（法定披露数据，下同）相比，收入增长幅度为230.70%到 246.67%。 公司2025年归属于母公司所有者的净利润预计将出现亏损，归属于母公司所有者的净利润预计亏损9.5 亿元到10.6亿元，与上年同期相比，亏损收窄幅度为34.50%到41.30%。 对于业绩变化的原因，摩尔线程表示，报告期内，公司始终专注于全功能GPU的研发与创新，持续推进 产品架构快速迭代，成功推出旗舰级训推一体全功能GPU智算卡MTTS5000，其性能达到市场领先水 平，并已实现规模量产。基于该产品构建的大规模集群已完成建设并上线服务，可高效支持万亿参数大 模型训练，其计算效率达到同等规模国外同代系GPU集群的先进水平。但与部分国际巨头相比，公司在 综合研发实力、核心技术积累、产品客户生态等方面仍存在一定的差距。 （原标题：摩尔线程2025年业绩预告出炉：营收增长逾230% 归母净利润亏损收窄超3成） 得益于人工智能产业蓬勃发展及市场对高性能GPU的 ...

2026年1月22日，摩尔线程（688795）披露2025年年度业绩预告，公司预计实现营业收入14.5亿元至15.2亿元，较上年同期的4.38亿元同比增长230.70%至 246.67%；归属于母公司所有者的净利润预计亏损9.5亿元至10.6亿元，较上年同期16.18亿元的亏损额收窄34.50%至41.30%，扣非后净利润亏损也同步收窄 29.59%至36.32%。 业绩高增长与亏幅收窄的核心驱动力，来自公司在全功能GPU领域的技术突破与商业化落地。报告期内，摩尔线程持续推进产品架构迭代，成功推出旗舰 级训推一体全功能GPU智算卡MTT S5000，该产品性能达市场领先水平并实现规模量产。基于其构建的大规模集群已完成建设并上线服务，可高效支持万 亿参数大模型训练，计算效率达到同等规模国外同代系GPU集群先进水平。 得益于人工智能产业蓬勃发展及市场对高性能GPU的强劲需求，公司产品竞争优势扩大，市场认可度持续提升，推动收入与毛利增长。同时，公司仍处于 持续研发投入期，保持高研发投入力度，目前尚未盈利且存在累计未弥补亏损。公告同时提及，与部分国际巨头相比，公司在综合研发实力、核心技术积 累、产品客户生态等方面仍存 ...

Group 1 - The company announced adjustments to the implementation subjects of certain fundraising projects and the proposed investment amounts, ensuring that the total investment amount remains unchanged [2][3] - The adjustments are made due to the actual net fundraising amount being lower than the total investment amount disclosed in the prospectus, and the company plans to use its own funds to supplement the projects [2][8] - The adjustments do not change the project content, investment purposes, or harm shareholder interests, and have been approved by the board of directors [3][6] Group 2 - The company raised a total of RMB 799,960.00 million through its initial public offering, with a net amount of RMB 757,605.23 million after deducting issuance costs [3][17] - The company has established a special account management system for the raised funds to protect investor rights [4][17] - The company plans to enhance the efficiency of fund usage and project implementation by adding new implementation subjects for certain fundraising projects [6][10] Group 3 - The company expects to achieve an annual revenue of RMB 145,000.00 million to RMB 152,000.00 million for 2025, representing a growth rate of 230.70% to 246.67% compared to the previous year [27][29] - The company anticipates a net loss attributable to shareholders of RMB 95,000.00 million to RMB 106,000.00 million for 2025, with a reduction in loss margin of 34.50% to 41.30% compared to the previous year [27][29] - The company continues to focus on the research and development of full-function GPUs, which has led to increased market recognition and revenue growth [31][30] Group 4 - The company plans to use its own funds to pay for part of the fundraising project expenses and will replace these with raised funds later, following the regulatory guidelines [45][49] - The company has established a clear operational process for the replacement of funds to ensure compliance with regulations [49][51] - The use of self-funds for project payments is expected to optimize payment methods and improve the efficiency of fund usage [51][52] Group 5 - The company will hold its first temporary shareholders' meeting on February 6, 2026, to discuss various proposals, including those related to daily related party transactions [56][57] - The meeting will utilize both on-site and online voting systems to facilitate shareholder participation [58][60] - The company has ensured that the proposed related party transactions will not adversely affect its financial status or operations [36][39]

Group 1 - China and the US are expected to hold another round of trade negotiations, emphasizing the need to implement the consensus reached by the two countries' leaders [2][24] - The Chinese government expressed serious concerns over the EU's new cybersecurity policy, which aims to exclude Chinese companies from the European mobile communication network, arguing that Chinese enterprises have contributed positively to the European telecom industry [3][25] - French President Macron's statement at Davos highlighted the need for more Chinese direct investment in Europe, with China emphasizing its commitment to mutual benefits and not pursuing trade surpluses [4][26] Group 2 - The Ministry of Housing and Urban-Rural Development plans to implement urban renewal actions to promote high-quality development in the real estate sector, aiming to create modern, livable cities [7][28] - The Ministry of Industry and Information Technology reported significant growth in emerging industries, with industrial robot production increasing by 28% and the AI core industry expected to exceed 1.2 trillion yuan [8][29] - The National Taxation Bureau of Shanghai imposed a fine of 100,000 yuan on Pinduoduo for failing to report tax-related information as required [15][37] Group 3 - Moore Threads released its first performance forecast post-IPO, expecting revenue between 1.45 billion and 1.52 billion yuan for 2025, representing a growth of 230.70% to 246.67% year-on-year [16][38] - The financial reports from various companies indicate a mixed outlook, with some expecting significant profit increases while others anticipate losses, reflecting the diverse performance across sectors [20][44]

摩尔线程称，得益于人工智能产业蓬勃发展及市场对高性能GPU的强劲需求，公司产品竞争优势进一步 扩大，市场关注度与认可度持续提升，推动收入与毛利增长，整体亏损幅度同比收窄。同时，公司依然 保持高研发投入，目前仍处于持续研发投入期，尚未盈利且存在累计未弥补亏损。 资料显示，摩尔线程成立于2020年6月，以全功能GPU为核心，致力于向全球提供加速计算的基础设施 和一站式解决方案,为各行各业的数智化转型提供强大的AI计算支持，2025年12月5日公司以88天创科创 板IPO最快过会纪录，吸引了广泛关注。2025年前三季度，摩尔线程实现营收7.846亿元，同比大幅增长 182%，净亏损7.235亿元。 摩尔线程上市以来备受市场关注。根据此前招股资料，摩尔线程已成功推出四代GPU架构，并形成了覆 盖AI智算、高性能计算、图形渲染、计算虚拟化、智能媒体和面向个人娱乐与生产力工具等应用领域 的多元计算加速产品矩阵，产品线涵盖政务与企业级智能计算、数据中心及消费级终端市场，能够满足 政府、企业和个人消费者等在不同市场中的差异化需求。 1月21日晚间，摩尔线程（688795）发布2025年度业绩预告，经财务部门初步测算，预计公司 ...