Nvidia(US:NVDA) 3 6 Ke·2025-07-01 00:51Core Viewpoint - Two prominent GPU companies in China, Moore Threads and Muxi Integrated Circuit, have received acceptance for their IPO applications on the Sci-Tech Innovation Board as of June 30, 2023, indicating a growing interest in AI chip development in the country [1][2]. Company Overview - Moore Threads was established in June 2020 with a registered capital of 400 million yuan and has been recognized as a national-level specialized and innovative "little giant" enterprise [3][5]. - The company focuses on developing full-function GPUs aimed at high-performance computing fields such as AI, digital twins, and scientific computing [3][10]. - The founder and actual controller, Zhang Jianzhong, has a background with Dell and NVIDIA, which adds credibility to the company's leadership [3][5]. Financial Performance - From 2022 to 2024, Moore Threads reported cumulative revenues of 608 million yuan and a net loss of 5 billion yuan [8][10]. - The company aims to raise 8 billion yuan through its IPO to fund the development of new AI training and inference chips, graphics chips, and to supplement working capital [8][9]. Product Development - Moore Threads has launched four generations of GPU architectures and has developed a product matrix covering AI computing, cloud computing, and personal computing [3][10]. - The company’s MTT S80 graphics card has achieved performance metrics close to NVIDIA's RTX 3060, while the MTT S5000 is positioned as a domestic competitor to NVIDIA's H100 [8][10]. - The company has a strong focus on high-margin, high-performance segments, shifting resources away from lower-margin desktop graphics products [13][14]. Market Position and Competition - Moore Threads' GPUs are designed to compete with major international brands like NVIDIA and AMD, with specific performance comparisons highlighting areas of strength and weakness [6][7][24]. - The company has established a significant presence in the AI computing and professional graphics acceleration markets, with a notable sales performance in these segments [17][30]. Research and Development - The company has a robust R&D team, with 886 employees dedicated to research, representing 78.69% of the total workforce [27]. - Moore Threads has filed for numerous patents and has developed a proprietary architecture (MUSA) for its GPUs, enhancing its competitive edge in the market [27][28]. Customer Base - Major clients include Baidu and JD.com, with a high concentration of sales to the top five customers, indicating a reliance on a few key accounts for revenue [30][34]. - The company has seen an increase in sales of high-value AI computing products, contributing to its revenue growth [34].