Nvidia(US:NVDA) Zheng Quan Shi Bao·2025-09-27 14:21Core Viewpoint - The successful approval of Moer Technology's IPO application by the Shanghai Stock Exchange marks a significant milestone for the company, often referred to as the "Chinese version of Nvidia," and signals a positive trend for unprofitable tech companies seeking to go public in the A-share market [1][8]. Company Overview - Moer Technology, established in June 2020, focuses on the research, design, and sales of full-function GPU products, becoming one of the few domestic companies that balance graphic rendering and AI computing [3]. - The company is recognized for its ability to support a full range of computing precision from FP8 to FP64 and is the first domestic GPU company to launch a DirectX12 graphics acceleration engine [3]. - The founding team, led by Zhang Jianzhong, includes several former Nvidia executives, contributing to the company's strong technical foundation and market credibility [4][6]. Financial Performance - Moer Technology has shown rapid revenue growth, with projected revenues of 46.09 million yuan, 124 million yuan, and 438 million yuan for the years 2022 to 2024, respectively, indicating a compound annual growth rate of over 200% [4]. - The company's gross margin has improved significantly, rising from -70.45% in 2022 to 69.17% in the first half of 2025, although it has incurred a cumulative net loss exceeding 5 billion yuan over three years [4]. Investment Landscape - The company has attracted substantial investment, raising over 10 billion yuan since its inception, with notable backers including Sequoia China, Tencent, and ByteDance [1][6]. - Moer Technology's valuation reached 31 billion yuan, and there is strong interest from various investment institutions, indicating a robust appetite for shares in the company [6][7]. Market Trends - The approval of Moer Technology's IPO is seen as a catalyst for other unprofitable tech companies, as recent policy changes have facilitated a faster IPO process for such firms [9][10]. - The domestic GPU market is witnessing the emergence of several competitive players, including Muxi Integration and Suiruan Technology, all of which are also pursuing IPOs [5][7].