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国产GPU摩尔线程披露2025中期业绩：营收破 7 亿，毛利率约69%，亏损持续收窄
Ge Long Hui·2025-09-06 01:43

Core Viewpoint - Moer Technology is demonstrating significant growth in revenue and improving profitability, positioning itself as a key player in the domestic GPU market [1][4]. Revenue Growth - Since its establishment in 2020, Moer Technology has focused on the research, design, and sales of full-featured GPUs and related products, becoming a significant force in the domestic GPU sector. The company's revenue has increased from 46.09 million yuan in 2022 to 123.98 million yuan in 2023, reaching 438.46 million yuan in 2024, and 701.76 million yuan in the first half of 2025, achieving a compound annual growth rate of over 200% [2]. - The diverse product portfolio includes high-performance computing, graphics rendering, virtualization, smart media, and personal entertainment, catering to a wide range of clients across government, research institutions, and consumer markets [2]. Profitability Improvement - Moer Technology's net loss has been narrowing, decreasing from 1.84 billion yuan in 2022 to 1.67 billion yuan in 2023, further down to 1.49 billion yuan in 2024, and 270.94 million yuan in the first half of 2025, indicating a clear trend of reduced losses [3]. - The company's earnings per share improved from -10.45 yuan in 2022 to -0.68 yuan in the first half of 2025, reflecting ongoing enhancements in profitability [3]. - The gross margin has shown significant growth, rising from -70.08% in 2022 to 25.87% in 2023, reaching 70.71% in 2024, and maintaining a high level of 69.14% in the first half of 2025, indicating increased market competitiveness and profitability quality [3]. Future Growth Potential - With the acceleration of domestic substitution and continuous demand for computing power, Moer Technology is expected to encounter broader development opportunities in the coming years. The application potential in key sectors such as government, research, energy, and transportation is continuously increasing, supported by national policies favoring the domestic chip industry [3].