Nvidia(US:NVDA) Xin Jing Bao·2025-09-26 14:57Core Viewpoint - The successful IPO application of Moore Threads Technology (Beijing) Co., Ltd. was approved by the Shanghai Stock Exchange in just 88 days, marking a rapid progression in its listing process [1][2]. Company Overview - Moore Threads plans to raise 8 billion yuan through its IPO, making it the largest project to be reviewed this year [2]. - The company is the only domestic enterprise to achieve full-function GPU mass production, with its core team originating from NVIDIA [3][4]. Market Positioning - Moore Threads aims to create a "full-function GPU" that integrates various capabilities, including AI computation acceleration and graphics rendering, contrasting with many competitors focused solely on AI [6]. - The MUSA architecture developed by Moore Threads is designed to be compatible with NVIDIA's CUDA, facilitating easier migration for developers [6]. Financial Performance - The company has reported net losses of 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan for the years 2022 to 2024, respectively, but the loss narrowed to 271 million yuan in the first half of 2025 [11][12]. - The revenue is expected to primarily come from AI computing products, with significant growth anticipated in the intelligent SoC product line [12]. Product Development - Moore Threads has launched the MTT S80 graphics card, priced at 1,499 yuan, which has received a 96% positive rating on e-commerce platforms [8]. - The company is committed to continuous updates and improvements for its graphics card drivers, aiming to enhance user experience [9]. Strategic Goals - The funds raised from the IPO will be allocated to the development of new AI training and inference chips, graphics chips, and to supplement working capital [12]. - The company anticipates achieving profitability by 2027, with a focus on expanding its product matrix across various technology sectors [12].