摩尔线程IPO：累计亏损近53亿，要融资80亿，投资机构云集

Core Viewpoint - Moer Technology is preparing for its IPO on the Sci-Tech Innovation Board, aiming to raise 8 billion yuan for various R&D projects and working capital [1][9]. Company Overview - Moer Technology specializes in the research, design, and sales of GPUs and related products, having launched four generations of GPU architectures [1]. - The company has a diverse product matrix covering AI computing, high-performance computing, graphics rendering, and more, catering to government, enterprise, and individual consumer markets [1]. Shareholding Structure - The shareholding is highly dispersed, with Zhang Jianzhong holding over 36% of the voting rights, acting as the actual controller of the company [3][5]. - As of June 30, 2025, Zhang Jianzhong directly holds 11.06% of shares and controls a total of 36.36% through various platforms [3]. Financial Performance - The company has accumulated losses of nearly 5.3 billion yuan, with revenues increasing significantly in recent years [16]. - Revenue for 2022, 2023, and 2024 was 46 million yuan, 124 million yuan, and 438 million yuan respectively, with year-on-year growth rates of 169.01% and 253.65% [16]. R&D Investment - Moer Technology has a high R&D expense ratio, with recent years' R&D expenses at 1.116 billion yuan, 1.334 billion yuan, and 1.359 billion yuan, significantly exceeding industry peers [12]. - The company employs a large number of R&D personnel, with 71.25% holding master's degrees [12][14]. Client and Supplier Concentration - The top five customers accounted for 98.29% of sales in the first half of 2025, indicating high customer concentration [19]. - The company also shows high supplier concentration, with the top five suppliers accounting for 52.66% of purchases [21]. Cash Flow and Financing - Moer Technology has a strong cash flow, with over 5.2 billion yuan in cash and cash equivalents as of the end of 2024 [15]. - The company plans to raise 8 billion yuan through its IPO, with over 1 billion yuan allocated for working capital [9][15]. Inventory and Accounts Receivable - Accounts receivable surged significantly, with a notable increase in the first half of 2025 [23]. - Inventory levels have also risen, with a focus on raw materials and work-in-progress [25].