“国产GPU第一股”摩尔线程IPO过会，募资80亿投新一代AI芯片

Core Viewpoint - The successful review of Moer Thread's IPO application by the Shanghai Stock Exchange marks a significant step for the company, which aims to become the first domestic GPU stock in China, with plans to raise 8 billion yuan for AI and graphics chip development projects [1][2][3]. Company Overview - Moer Thread was established on June 11, 2020, with a registered capital of approximately 400 million yuan, led by Zhang Jianzhong, a former NVIDIA executive with nearly 20 years of experience in the GPU industry [1][2]. - The company has launched four generations of GPU architectures, covering various fields such as AI computing, cloud computing, and high-performance computing [2]. IPO and Market Position - The company’s IPO application was accepted on June 30, 2023, and it took only 88 days to pass the review, the shortest time among this year's new IPOs on the Sci-Tech Innovation Board [1]. - Moer Thread is valued at 25.5 billion yuan, ranking 261st in the 2024 Global Unicorn List by Hurun Research Institute [2]. Product Development and Strategy - Moer Thread has achieved significant technological breakthroughs with its self-developed MUSA architecture, enabling simultaneous support for AI computing acceleration and graphics rendering [3]. - The company plans to invest the raised funds into the development of next-generation AI chips and graphics chips [1]. Financial Performance - For the first half of 2025, Moer Thread reported a revenue of 702 million yuan, surpassing its total revenue for the years 2022 to 2024, but still recorded a net loss of 271 million yuan [8]. - The company’s gross margin has shown an upward trend, with figures of -70.45%, 27.84%, 72.32%, and 69.17% from 2022 to the first half of 2025 [8]. Market Challenges - Moer Thread faces competition from industry leaders like NVIDIA, with concerns about how it will respond to this competition [4][5]. - The company acknowledged that it still has gaps in comprehensive R&D strength and product ecosystem compared to international giants [5]. Customer Concentration - The company has experienced fluctuations in its customer base, with its largest customer contributing 56.63% of its revenue in the first half of 2025 [9]. - The concentration of revenue from a few major clients raises concerns about stability and sustainability [9]. Future Outlook - Moer Thread aims to enhance its innovation and R&D efforts to align with national strategies for technological independence and the development of new computing infrastructure [6]. - The company has completed eight rounds of financing, attracting investments from notable institutions, indicating strong market interest [10].