聚焦全功能GPU！摩尔线程IPO很快上会

Core Viewpoint - Moer Technology is progressing with its IPO on the Sci-Tech Innovation Board, with the listing review committee scheduled to meet on September 26, 2025, to discuss the company's initial public offering [1] Company Overview - Moer Technology focuses on the research, design, and sales of full-function GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI, digital twins, and scientific computing [3] - The company offers a diverse product range that spans from cloud to edge, applicable in areas like large model training and inference, digital twins, consumer electronics, digital office, and cloud computing, serving key industries including cloud data centers and intelligent computing centers [3] Technology and Product Development - Established in 2020, Moer Technology has chosen a full-function GPU route from the outset, achieving technological breakthroughs with its self-developed MUSA architecture that supports AI computing acceleration, graphics rendering, physical simulation, and scientific computing on a single chip [4] - The company has successfully mass-produced five chips and has accumulated comprehensive R&D and industrialization experience on its full-function general-purpose GPU technology route and self-developed MUSA software stack [5] - Moer Technology has invested over 4.3 billion yuan in R&D, employing nearly 900 staff, with over 75% holding master's degrees or higher, and many core members coming from international tech giants [5] Financial Performance - The company's revenue from 2022 to 2024 was 0.46 billion yuan, 1.24 billion yuan, and 4.38 billion yuan, respectively, with a compound annual growth rate of 208.44%. In the first half of 2025, Moer Technology achieved revenue of 0.702 billion yuan [6] - The net losses from 2022 to the first half of 2025 were 1.84 billion yuan, 1.67 billion yuan, 1.49 billion yuan, and 0.271 billion yuan, respectively, indicating a continuous narrowing of losses [7] Future Prospects - The funds raised from the IPO will primarily be used for the development of next-generation AI chips, graphics chips, and AI SoC chips, further enhancing the company's industrial ecosystem [7] - The recent "1+6" policy on the Sci-Tech Innovation Board is expected to provide stronger support for high-growth potential hard-tech companies to access capital markets, enhancing market inclusivity and reinforcing the capital market's role in supporting national strategies [7]