2025年12月5日，国产GPU领军企业摩尔线程(688795.SH)正式登陆科创板，上市首日竞价高开468%， 股价报650元/股，总市值突破3055亿元。按此开盘价计算，中一签(500股)盈利近27万元，成为年内最赚 钱新股之一。 摩尔线程作为A股首家以全功能GPU为主营业务的上市公司，专注于GPU及相关产品的研发、设计和销 售，致力于打造覆盖AI智算、高性能计算、图形渲染等领域的多元化产品矩阵。公司本次公开发行 7000万股新股，募集资金总额近80亿元，主要用于新一代自主可控AI训推一体芯片、图形芯片、AI SoC芯片研发项目及补充流动资金，进一步巩固其在国产算力赛道的核心竞争力。 此外，根据交易所公告，"国产GPU四小龙"之一沐曦股份，也于今日启动申购。招股说明书显示，联想 集团在2021年A轮融资阶段即开始参与，目前联想中小和联想海河合计持股354.29万股，持股比例为 0.98%。 浙商证券（601878）表示，联想作为两家企业的重要合作伙伴，合作范围覆盖产品、渠道等多个维度， 将成为国产算力供给扩大的深度参与者。 公开信息显示，摩尔线程的股东阵容堪称"全明星"，包括腾讯(00700)、联想(00 ...

Core Points - Moore Threads was listed on the Sci-Tech Innovation Board on December 5, with the stock opening up over 468%, reaching a market capitalization of nearly 305.5 billion CNY and a stock price of 650 CNY, resulting in a single-sign profit of 267,860 CNY [1] - The company is a leader in the domestic GPU sector, having achieved significant technological breakthroughs with its self-developed MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding and decoding [1] Summary by Sections IPO and Market Performance - The number of shares subscribed by online investors was 16.77 million, with a total subscription amount of 1.917 billion CNY; offline investors subscribed for 39.2 million shares, with a total amount of 4.48 billion CNY, fully subscribed [3] - The issue price was set at 114.28 CNY per share [3] Financial Performance - Projected revenues for Moore Threads from 2022 to the first half of 2025 are as follows: 0.46 million CNY in 2022, 1.24 million CNY in 2023, 4.38 million CNY in 2024, and 7.02 million CNY in the first half of 2025 [3] - Corresponding net profits for the same periods are projected to be -1.894 billion CNY in 2022, -1.703 billion CNY in 2023, -1.618 billion CNY in 2024, and -271 million CNY in the first half of 2025 [3]

Group 1 - The core viewpoint of the article highlights that Moore Threads had a successful IPO, with a significant initial price increase on its first trading day [1] - The issuance price of Moore Threads was set at 114.28 yuan per share, with a total share capital of 470 million shares post-IPO [1] - The company issued 70 million new shares, with no existing shares being transferred [1] Group 2 - On the first day of trading, Moore Threads opened 468% higher, reaching a stock price of 650 yuan per share [1] - The total market capitalization of Moore Threads on its debut day was approximately 305.5 billion yuan [1] - The number of unrestricted circulating shares at the initial stage was 29.38 million, accounting for 6.25% of the total share capital after the IPO [1]

今天，当"中国英伟达"摩尔线程以114.28元/股的发行价登陆科创板，成为今年最贵新股时，资本市场再次上演了一场熟悉的忐忑。历史数据冰冷地提示：中 芯国际首日收盘-13%，寒武纪-15%，海光信息-14%。然而，"此一时彼一时"的期许与"大科技牛市"的呼声交织，让这场上市格外引人注目。此刻，另一条 线索悄然浮现——JFLOWERS的"保值"理念，恰如一面棱镜，折射出当下科技投资狂热背后的深层逻辑。 科技股的浪潮，历来如花期般绚烂而短暂。摩尔线程头顶光环上市，其走势承载的不仅是公司价值，更是市场对国产高端算力突围的集体押注。与此同时， 商业航天板块正以惊人韧性穿越市场"三连阴"的寒意：垣信卫星与空中客车签约、中科宇航试验任务启动、产业链生态伙伴云集……在持续缩量、近4000家 下跌的市况下，它成为少数具有持续赚钱效应的领域。这种"强势"，源于国家战略的倾斜、全球竞争的倒逼（如日本升级"宇宙作战集团"），以及技术成本 下行的现实轨迹。当活跃资金在此抱团，它已不仅是题材，更是存量市场中艰难的共识选择。 历史反复证明，科技牛市中最昂贵的教训，往往是为瞬间绽放支付了永恒的价格。当市场在摩尔线程的定价、商业航天的抱团与豆 ...

资料显示，摩尔线程主要从事GPU及相关产品的研发、设计和销售。自2020年成立以来，公司以自主研 发的全功能GPU为核心，致力于为AI、数字孪生、科学计算等高性能计算领域提供计算加速平台。 业绩表现方面，2022—2024年以及2025年上半年，摩尔线程实现营业收入分别约4608.83万元、1.24亿 元、4.38亿元、7.02亿元；对应实现归属净利润分别约-18.94亿元、-17.03亿元、-16.18亿元、-2.71亿 元。 据了解，摩尔线程首发价格为114.28元/股，按照当日开盘价650元/股计算，投资者中一签浮盈约26.79 万元。 值得一提的是，以上市首日开盘价计算，经同花顺（300033）iFinD统计，摩尔线程投资者中一签收益 超越此前"最赚钱"年内新股影石创新，位列年内新股第一。 北京商报讯(记者马换换王蔓蕾)"国产GPU第一股"来了！12月5日，备受瞩目的摩尔线程(688795)登陆科 创板上市，公司上市首日大幅高开468.78%，开于650元/股，总市值3055亿元。 ...

Core Viewpoint - The article highlights the successful IPO of Moole Technology on the STAR Market, with a significant opening price increase and a high market valuation, indicating strong investor interest and confidence in the company's future prospects [1]. Company Performance - Moole Technology's stock opened at 650 CNY, representing a 468% increase from its issue price of 114.28 CNY, leading to a market capitalization of approximately 305.5 billion CNY [1][3]. - The company reported a total of 16.77 million shares subscribed by online investors, raising 1.917 billion CNY, while offline investors subscribed to 39.2 million shares, contributing 4.48 billion CNY, achieving full subscription [3]. - For the years 2022 to 2025, Moole Technology's projected revenues are 0.46 billion CNY, 1.24 billion CNY, 4.38 billion CNY, and 7.02 billion CNY, respectively, with corresponding net profits of -1.894 billion CNY, -1.703 billion CNY, -1.618 billion CNY, and -0.271 billion CNY [3]. Industry Position - Moole Technology is positioned as a leader in the domestic GPU sector, having achieved significant technological breakthroughs with its self-developed MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding and decoding [2].

2025.12. 05 本文字数：431，阅读时长大约1分钟 作者 | 一财 阿驴 09:25 A股开盘丨三大指数开盘涨跌不一 沪指低开0.07%，深成指高开0.10%，创业板指高开0.55%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | Min | 3873.12 | -2.67 | -0.07% | | 399001 | 深证成指 | s | 13020.29 | 13.57 | 0.10% | | 399006 | 创业板指 | M5 | 3084.22 | 16.73 | 0.55% | 盘面上，锂电电解液、两岸融合、超硬材料、服务器、水产概念股走弱；CPO概念股走强。 个股方面，摩尔线程科创板上市，开盘大涨超468%，股价报650元。 | 分时 多日 1分 5分 15分 30分 60分 日 周 月 更多 | F9 盘前盘后 叠加 九转 画线 工具 @ 2 >> | | | | N摩尔-U ① 立即 | | | --- | --- | --- | --- | --- ...

Core Viewpoint - The newly listed company Moer Thread (688795.SH) on the STAR Market has seen a significant rise, with a peak increase of 502.03%, leading to a market capitalization exceeding 300 billion yuan, positioning it as the "first domestic GPU stock" in China [1][8]. Company Overview - Moer Thread was established in 2020 and focuses on the research, design, and sales of GPUs and related products, emphasizing full-function GPUs for high-performance computing in AI, digital twins, and scientific calculations [1][8]. - The company is the only domestic entity to achieve mass production of full-function GPUs, setting a record of 88 days from acceptance to approval on the STAR Market [1][8]. IPO and Subscription Details - The IPO saw a total of 4.8266 million valid subscription accounts, with 46.217 billion shares applied for, resulting in a final online subscription rate of 0.03635054%, meaning less than 4 out of every 10,000 investors received shares [3][10]. - The total amount raised from online investors was approximately 1.917 billion yuan, while offline investors contributed around 4.48 billion yuan, with no offline subscriptions being abandoned [10][11]. Institutional Participation - A total of 94 public funds and 113 private funds participated in the offline subscription, collectively acquiring 23.2423 million shares worth approximately 2.656 billion yuan [10][11]. - The top three private funds that received allocations were Ningbo Huanfang Quantitative, Yanfeng Investment, and Jiukun Investment, with allocations of approximately 700.59 million yuan, 686.17 million yuan, and 453.65 million yuan respectively [11]. Market Potential - The AI chip market in China is projected to grow from 142.537 billion yuan in 2024 to 1,336.792 billion yuan by 2029, with a compound annual growth rate of 53.7% from 2025 to 2029 [6][12]. - The GPU market is expected to see the fastest growth, with its market share rising from 69.9% in 2024 to 77.3% in 2029 [6][12]. Financial Performance - Moer Thread's revenue for the years 2022 to 2024 is reported as 0.046 billion yuan, 0.124 billion yuan, and 0.438 billion yuan respectively, with net losses of 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan [6][13]. - In the first half of 2025, the company achieved a revenue of 0.702 billion yuan, with a net loss of 0.271 billion yuan [13]. Business Segments - The main business segments of Moer Thread include AI computing, professional graphics acceleration, and desktop graphics acceleration, with AI computing expected to be a significant growth driver starting in 2024 [7][13]. - In the first half of 2025, AI computing generated 6.65 billion yuan in revenue, accounting for 94.85% of total revenue [7][13]. Fundraising Purpose - The funds raised from the IPO will be allocated to the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [7][13].

Group 1 - The stock of Moore Threads opened at 650 CNY, experiencing a significant increase of 468.78%, resulting in a market capitalization exceeding 300 billion CNY, with a profit of over 267,000 CNY per share based on the opening price [1] - The trading volume reached 22,360 shares, with a turnover rate of 7.61% [1] - The company is listed on the Sci-Tech Innovation Board and is currently unprofitable, with a price-to-earnings ratio of 0-316.70 [1] Group 2 - The lock-up period for 29.38 million shares will expire on December 5, 2025, which accounts for a significant portion of the total shares [1]

据了解，摩尔线程以自主研发的全功能GPU为核心，致力于为AI、数字孪生、科学计算等高性能计算领域提供计算加速平台。自 2020年成立至今仅用5年时间，该公司便完成了商业化与资本化的双重跨越。而这一成就背后，离不开红杉中国、深创投、国盛资 本、腾讯创业投资、和而泰（002402）等超80家早期股东，8轮累计94.98亿元资金的鼎力支持，为摩尔线程在创业阶段突破技术瓶 颈、实现量产突围提供了坚实保障。 GPU研发是典型的高投入、长周期、高风险赛道，企业发展进程与资金供给深度绑定。作为中国芯片产业面对供应链挑战背景下诞 生的硬科技企业，摩尔线程由前英伟达全球副总裁、大中华区总经理张建中于2020年6月创立。5年来，摩尔线程将持续注入的融资 转化为巨额研发投入，成长为国内唯一实现全功能GPU量产的企业：2022年至2025年三季度，摩尔线程累计研发投入46.7亿元，同 时累计亏损59.39亿元。不过，其成长态势已逐步显现——2025年前三季度，公司营收同比增长181.99%，达到7.85亿元。据摩尔线 程预测，当公司2027年收入达到59.83亿元，同时整体毛利率达到61%，即有望实现合并报表盈利。 摩尔线程此次上市 ...