证券代码：688795 证券简称：摩尔线程 公告编号：2025-003 摩尔线程智能科技（北京）股份有限公司 关于变更注册资本、公司类型、修订《公司章程》 并办理工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 摩尔线程智能科技（北京）股份有限公司（以下简称"公司"）于 2025年12月 26日召开第一届董事会第十五次会议，审议通过《关于变更注册资本、公司类型、 修订<公司章程>并办理工商变更登记的议案》，现将具体情况公告如下： 一、变更公司注册资本、公司类型的相关情况 经中国证券监督管理委员会《关于同意摩尔线程智能科技（北京）股份有限公 司首次公开发行股票注册的批复》（证监许可〔2025〕2423 号）同意注册，公司首 次公开发行人民币普通股（A股）70,000,000股（以下简称"本次发行"），安永 华明会计师事务所（特殊普通合伙）对本次发行的资金到位情况进行了审验，于 2025年11月28日出具了《摩尔线程智能科技（北京）股份有限公司验资报告》（安 永华明（2025）验字第70062132_A03号 ...

摩尔线程公告称，公司于2025年12月召开董事会会议，审议通过相关议案。公司首次公开发行7000万股 A股，于12月5日在科创板上市。发行完成后，注册资本由4.00亿元增至4.70亿元，股份总数由 400,028,217股增至470,028,217股，公司类型由非上市变更为上市。公司拟修订《公司章程》相关条款， 除部分条款修订外，其他条款不变。本次变更无需股东会审议，授权管理层办理工商变更登记等事宜， 修订后的章程已在上海证券交易所网站披露。 ...

Group 1 - As of December 26, a total of 540 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more [1] - Tom Cat (汤姆猫) has the longest streak of net outflows, with 24 consecutive days [1] - The stock with the largest total net outflow is Moer Thread-U (摩尔线程-U), which has seen a cumulative outflow of 4.629 billion yuan over 11 days [1] Group 2 - The stock with the second-largest net outflow is Saiwei Electronics (赛微电子), with a total outflow of 3.375 billion yuan over 6 days [1] - International Medical (国际医学) has the highest percentage of net outflow relative to trading volume, with a 9.45% outflow over the past 6 days [1] - The cumulative decline in the stock price of Moer Thread-U is 34.41% during the period of net outflow [1] Group 3 - Other notable stocks with significant net outflows include Zhongke Shuguang (中科曙光) with 2.697 billion yuan over 7 days and Aerospace Electromechanical (航天机电) with 2.041 billion yuan over 7 days [1] - The data indicates a trend of sustained selling pressure in several stocks, reflecting potential investor concerns [1] - The report highlights the importance of monitoring fund flows as a key indicator of market sentiment and stock performance [1]

科创板明星企业摩尔线程引"众怒"了。 12月12日晚间，摩尔线程（688795）公告称，拟使用不超过75亿元的部分闲置募集资金进行现金管理。 因为英伟达公司的股价上涨和其国际地位给了国内投资者相当大的振动，而具有"中国版英伟达"之称的摩尔线程上市，国内股民同样是期待满满。在一些 投资者看来，AI/GPU赛道是典型的"烧钱换时间、技术换空间"的赛道。竞争对手（如英伟达、AMD）都在以惊人的速度投入研发和市场扩张，而摩尔线 程IPO就是融资烧钱搞研发的，此时却来了一个巨大的理财计划，这和投资者预期不一致，甚至完全相反。 对于摩尔线程的理财计划，有股民称"不用解释了，观众以为你搞科研需要钱，而你收到钱了后去理财，我们自己不会理财要你理吗？""贵司这个操作， 足以让黄仁勋的小摩尔学习几十年""我不缺钱，我融资就是为了吃利息。""不缺钱就别上市呀，像华为一样，好好搞自己的主业。此地无银！"…… 对于网上的质疑声，摩尔线程相关负责人表示，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。并解释称，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 ...

Core Insights - The rise of domestic AI chip manufacturers in China's stock market has garnered significant attention, with companies like Cambricon (寒武纪) and Moore Threads (摩尔线程) achieving remarkable stock price increases upon their listings [2][3] - The market is witnessing a surge in domestic GPU manufacturers, with several companies preparing for IPOs, indicating a growing interest in AI chip production [3][4] - Despite high expectations for domestic AI chips, challenges remain, including competition from established players like NVIDIA and the need for these companies to prove their value in a crowded market [10][11] Group 1: Market Dynamics - Cambricon surpassed Kweichow Moutai to become the highest-priced stock in A-shares, reflecting investor enthusiasm for AI chip stocks [2] - Moore Threads and Muxi Technology saw their stock prices soar on their debut, with Muxi achieving a record profit for new listings in nearly a decade [2][3] - The entry of NVIDIA's H200 chip into the Chinese market adds complexity to the competitive landscape for domestic GPU manufacturers [3][16] Group 2: Financial Performance - Revenue growth for Moore Threads, Muxi, Bilan Technology, and Tensu Zhixin from 2022 to 2024 shows significant increases, but all companies reported substantial losses during the same period [7][8] - The revenue from the top five customers for these GPU manufacturers is highly concentrated, with some companies relying on a small number of clients for the majority of their income [9][10] Group 3: Market Share and Competition - The market share of domestic GPU manufacturers remains low, with Muxi holding approximately 1% of the AI accelerator market in 2024, and other companies reporting similar figures [9][10] - The competition among these manufacturers is intensifying, with no clear leader emerging in terms of market share or product performance [10][11] Group 4: Customer Dynamics - The customer base for these GPU manufacturers is highly concentrated, with significant fluctuations in client relationships, indicating potential revenue instability [9][10] - Major clients are increasingly shifting, with only a few companies remaining consistent among the top customers year over year [9] Group 5: Future Outlook - The domestic GPU market is expected to see a gradual increase in localization, with projections indicating that the domestic GPU market's localization rate will rise from 2% in 2022 to over 50% by 2029 [12][13] - Companies are focusing on enhancing product performance and building a robust ecosystem to compete effectively against international players like NVIDIA [18][20]

Core Viewpoint - The article discusses the rapid rise of domestic AI chip manufacturers in China's stock market, highlighting the significant market interest and the challenges they face in achieving sustainable growth and market share [3][4]. Group 1: Market Performance and Expectations - In August 2025, Cambricon (688256.SH) briefly surpassed Kweichow Moutai to become the highest-priced stock in A-shares, marking a significant moment for AI chip stocks [3]. - Newly listed domestic GPU manufacturers, such as Moore Threads (688795.SH) and Muxi Technology (688802.SH), saw their stock prices surge on debut, with Muxi achieving a record profit of nearly 400,000 yuan per lot on its first trading day [3]. - As of December 24, 2025, Cambricon ranked second in A-share stock prices, with Muxi and Moore Threads following closely, all exceeding 600 yuan per share [3]. Group 2: Challenges and Market Dynamics - Despite the excitement, the entry of NVIDIA's H200 chip into the Chinese market introduces new competition for domestic GPU manufacturers, which have low market shares and face significant challenges ahead [4][7]. - The concentration of revenue among a few major clients is high, with over 70% of revenue for several manufacturers coming from their top five clients, indicating potential revenue instability [9][10]. - The market share of these domestic GPU manufacturers remains low, with Muxi holding about 1% of the AI accelerator market in 2024, and other companies like Moore Threads and Bilan Technology also reporting minimal market presence [10]. Group 3: Financial Performance - From 2022 to 2024, the annual revenues of Moore Threads, Muxi, Bilan Technology, and Tian Shu Zhi Xin grew significantly, but all companies reported substantial losses, with Moore Threads alone losing over 50 billion yuan [7][8]. - The revenue growth of these companies is primarily driven by AI data center-related products, but they still struggle with profitability and market differentiation [8][9]. Group 4: Future Prospects and Industry Trends - The domestic GPU market is expected to see a gradual increase in localization, with Tian Shu Zhi Xin projecting a rise in the domestic GPU market's localization rate from 2% in 2022 to 3.6% in 2024, and potentially exceeding 50% by 2029 [13]. - Companies are increasingly focusing on building a robust ecosystem around domestic AI chips, with collaborations between chip manufacturers and educational institutions to enhance product adoption [14][15]. - The competition is shifting from just chip performance to a broader ecosystem competition, emphasizing the importance of software integration and system-level productization [22].

Core Viewpoint - The market for domestic AI chip manufacturers is still in its early stages, with several companies recently going public and facing significant challenges ahead, including competition from established players like NVIDIA [2][9]. Group 1: Market Dynamics - Several GPU manufacturers have low market shares, indicating that the competition is just beginning [2][9]. - The market for domestic AI chips is characterized by high customer concentration, with the top five clients accounting for over 70% of revenue for many companies [7][8]. - The entry of NVIDIA's H200 chip into the Chinese market adds complexity to the competitive landscape for domestic manufacturers [15][16]. Group 2: Financial Performance - From 2022 to 2024, revenues for key GPU manufacturers are projected to grow significantly, but they are also facing substantial losses, with total losses exceeding 50 billion yuan for some [5][6]. - The revenue growth for these companies is primarily driven by AI data center-related products, yet they remain unprofitable [5][6]. Group 3: Product and Technology - The performance of domestic GPU products has not shown significant differentiation, with many products having similar capabilities [9][17]. - Companies are working on improving their product offerings, with new architectures and chips being developed to enhance performance [18][19]. Group 4: Industry Trends - The domestic GPU market is expected to see an increase in localization, with projections indicating that the market share of domestic chips will rise significantly by 2029 [11]. - There is a growing interest in domestic computing power among cloud and data center companies, driven by the need for cost-effective solutions [13][14].

业内认为，在即将到来的2026年，A股和港股IPO还将继续活跃。 今年年中，李励有一次去香港工作的机会。当时，港股IPO市场持续火热，他所在的券商开展内部选 调，拟调配员工赴港做投行业务，并开出了可观的薪酬。但李励考虑一番后最终没有报名，原因 是："我是看生物医药这块的，当时科创板第五套标准重启，手头有一些项目正在推进。" 而一些身处香港的投行人，今年"忙到飞起"。罗恩供职于某华尔街大行，他说，从今年的电话会、客户 需求反馈都能明显感觉到，海外投资者对中国市场的兴趣回暖，一些港股IPO项目里，海外主权基金更 是争抢基石份额。 投行人的直观感受，映射出2025年IPO市场的变化。这一年里，A股股权融资市场回暖、港股IPO持续火 热，包括投行在内的中介机构感受到了业务暖意。 安永大中华区上市服务主管合伙人何兆烽告诉第一财经，今年以来，伴随IPO市场动态发展，中介机构 获得了新的业务增长动力。"内地企业赴港上市意愿持续增强，中介机构从其现有的A股客户群中，拓 展出一定程度的业务增量。"他说。 Wind和交易所数据显示，截至12月25日，年内A股市场迎来111只新股，IPO募资总额约1253亿元，三大 交易所年内合计 ...

（文章来源：每日经济新闻） 国科微（300672.SZ）12月25日在投资者互动平台表示，公司目前与您所提到的企业暂未开展合作或业 务往来。 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司有没有和摩尔线程合作？强烈建议与其深 度合作！ ...

Core Viewpoint - The company, Beijing May 1st Vision Digital Twin Technology Co., Ltd. (referred to as "May 1st Vision"), is preparing to go public on the Hong Kong Stock Exchange, leveraging its innovative digital twin technology to create virtual models of cities and natural environments for optimizing various sectors such as transportation and energy [2][20]. Company Overview - May 1st Vision has completed 8 rounds of financing, achieving a valuation of over 4 billion RMB [3][20]. - The company was founded by Li Yi, who transitioned from real estate to digital technology, aiming to integrate virtual reality with urban planning [4][19]. - The company’s vision includes a "Earth Cloning Project" that aims to replicate the Earth's 5.1 million square kilometers over 16 years, which has attracted significant investor interest [5][19]. Business Model and Operations - The company defines itself as a technology enterprise focused on digital twin technology, utilizing 3D graphics, simulation, and AI to create digital versions of the real world [8][22]. - May 1st Vision has three main business segments: the digital twin platform 51Aes, the synthetic data and simulation platform 51Sim, and the digital earth platform 51Earth [11][24]. - The company is currently in the fourth phase of its Earth Cloning Project, capable of generating a city in one day with urban-level rendering precision [9][22]. Financial Performance - Revenue figures for May 1st Vision from 2022 to 2024 are projected to be 170 million RMB, 256 million RMB, and 287 million RMB, respectively, with a compound annual growth rate of 30.02% [11][24]. - Despite revenue growth, the company has not yet achieved profitability, recording losses of 190 million RMB, 87 million RMB, and 79 million RMB from 2022 to 2024, with a further projected loss of 94 million RMB in the first half of 2025 [11][24]. - The gross margin has declined from 65% in 2022 to 54.2% in 2023, and is expected to drop to 51.1% in 2024, attributed to increased costs from customized solutions [12][26]. Research and Development - Research and development expenditures for the past three years were 134 million RMB, 103 million RMB, and 58.3 million RMB, representing 79%, 40.2%, and 20.3% of revenue, respectively [13][26]. - The reduction in R&D spending raises concerns about the company's ability to maintain technological independence in a competitive market [13][26]. Market Position - According to a report by Frost & Sullivan, May 1st Vision is the largest provider of digital twin solutions in China and the only company in the leading market segment offering a one-stop service [11][24]. - The company faces competition from established players like General Electric, Huawei Cloud, and Alibaba's DAMO Academy, which have already made significant investments in the digital twin space [13][26].