摩尔线程 2025 上半年营收 7.02 亿元，超过去三年之和

Core Viewpoint - The company, Moore Threads, has updated its IPO prospectus, indicating a significant increase in projected revenue for the first half of 2025, while still facing substantial net losses in the coming years [1][2]. Financial Performance - For the first half of 2025, the company expects to achieve revenue of 702 million yuan, surpassing the total revenue of the past three years [1]. - The projected net loss for the first half of 2025 is 271 million yuan, with expectations of achieving consolidated profitability by 2027 [1]. - Historical revenue figures show 46.088 million yuan in 2022, 124 million yuan in 2023, and 438 million yuan in 2024, with net losses of 1.84 billion yuan, 1.673 billion yuan, and 1.492 billion yuan respectively for those years [1][2]. Research and Development - The company has invested heavily in R&D, with cumulative R&D expenditures of 3.81 billion yuan from 2022 to 2024, representing approximately 626.03% of its total revenue during the same period [3]. - The R&D investment as a percentage of revenue was notably high, with 79.33% in the first half of 2025 and over 300% in previous years [2][3]. Market Position and Compliance - Moore Threads aims to meet the listing standards of the Shanghai Stock Exchange's Sci-Tech Innovation Board, which requires a market value of no less than 1.5 billion yuan and recent annual revenue of at least 200 million yuan [3]. - The company anticipates a post-IPO market value of no less than 1.5 billion yuan, aligning with the required standards for listing [3].