GPU龙头要来了！摩尔线程，IPO过会

Core Viewpoint - Moer Technology's IPO on the Sci-Tech Innovation Board was approved in 88 days, with plans to raise 8 billion yuan for AI chip projects [2][4]. Group 1: Company Overview - Moer Technology was founded in June 2020, with Zhang Jianzhong controlling 44.07% of the shares. Zhang has extensive experience in the GPU field, having previously served as NVIDIA's global vice president [5]. - The company claims to be a leader in the domestic GPU market, having developed the MUSA architecture that supports AI computing acceleration and other advanced functionalities [5]. - Moer Technology has a significant number of intellectual property rights, including 468 invention patents and 33 software copyrights as of June 30, 2025 [5][6]. Group 2: Financial Performance - The company has shown substantial revenue growth, with revenue increasing from 46 million yuan in 2022 to 438 million yuan in 2024, representing a compound annual growth rate of 208.44% [8]. - Despite revenue growth, the company has not yet achieved profitability, reporting net losses of 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan for 2022, 2023, and 2024 respectively, with a loss of approximately 271 million yuan in the first half of 2025 [8]. Group 3: Market Position and Strategy - Moer Technology aims to enhance its R&D capabilities and align with national strategies for technological independence and the development of new computing infrastructure [5][6]. - The company is focused on becoming a globally competitive GPU leader, providing comprehensive computing acceleration solutions for various industries [8]. Group 4: Investment and Market Response - The company has attracted significant interest from well-known investment institutions, achieving a pre-IPO valuation of 24.62 billion yuan by the end of 2024 [8]. - The announcement of Moer Technology's entry into the capital market has led to increased activity in related A-share stocks, with several companies disclosing their indirect investments in Moer Technology [9][10].