国产GPU第一股来了！摩尔线程IPO成功过会，半年营收超过往3年！

Core Viewpoint - Moole Technology has successfully passed the IPO application review by the Shanghai Stock Exchange, marking it as the first domestic GPU company to go public [1][3]. Group 1: IPO Details - The company plans to raise 8 billion RMB through its IPO, which is the largest fundraising project in the A-share market this year and the largest IPO in the semiconductor sector [3]. - The funds will primarily be allocated to the research and development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, aiming to strengthen its leading position in high-performance computing [3][5]. Group 2: Financial Performance - Moole Technology's revenue reached 702 million RMB in the first half of 2025, surpassing the total revenue of the previous three years, with a compound annual growth rate exceeding 208% over the last three years [3][4]. - The company's gross margin improved significantly from -70.08% in 2022 to 70.71% in 2024, indicating a substantial increase in market recognition of its products [3][4]. Group 3: Product Development and Market Position - Established in 2020, Moole Technology has invested heavily in R&D, totaling 4.3 billion RMB, with over 75% of its workforce dedicated to this area [4]. - The company has launched four generations of GPUs, covering various application scenarios, and its products are competitive with international standards, with some metrics approaching NVIDIA's RTX 3060 [4][5]. - Moole Technology is the first domestic manufacturer to mass-produce DirectX 12 graphics acceleration, which broadens compatibility with mainstream development toolchains [4]. Group 4: Future Outlook and Challenges - Despite rapid growth, the company faces challenges, including cumulative losses of 1.478 billion RMB as of June 30, 2025, and a market share of less than 1% in its respective segments [6]. - The company plans to continue product development and matrix layout, with the "Yangtze" SoC chip targeting automotive smart cockpits expected to be introduced and mass-produced by 2026 [6]. - The Chinese AI computing GPU market is projected to reach 1,033.34 billion RMB by 2029, with a compound annual growth rate of 56.7% during the period [6].