“中国版英伟达”摩尔线程科创板IPO顺利过会

Core Viewpoint - Moore Threads has successfully passed the IPO review for the Science and Technology Innovation Board, aiming to raise 8 billion RMB for the development of next-generation AI and graphics chips, as well as to supplement working capital [1] Company Overview - Moore Threads, established in 2020, focuses on the research, design, and sales of GPUs and related products, providing computing acceleration platforms for high-performance computing fields such as AI and digital twins [1] - The company has launched four generations of GPU architectures and has developed a product matrix covering AI intelligent computing, cloud computing, and personal intelligent computing applications [1] Technological Advantages - The company has achieved significant breakthroughs in the domestic GPU field with its self-developed MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, and ultra-high-definition video processing on a single chip [2] - Moore Threads' products, including the S3000 and S4000 models, have shown performance metrics approaching international advanced levels, with the MTT S80 graphics card's single-precision floating-point performance nearing that of NVIDIA's RTX 3060 [2] Financial Performance - For the fiscal years 2023, 2024, and the first half of 2025, Moore Threads reported revenues of approximately 124 million RMB, 438 million RMB, and 702 million RMB, respectively, with net losses of 1.673 billion RMB, 1.492 billion RMB, and 271 million RMB [3][4] - The company anticipates achieving consolidated profitability by 2027, with projected gross margins of 77% for AI intelligent computing and professional graphics acceleration businesses by 2025 [5] Fundraising and Investment Projects - The IPO proceeds will be allocated to the development of next-generation AI training and inference chips, graphics chips, AI SoC chips, and to supplement working capital, totaling 800 million RMB [6][8]