“国产GPU第一股”摩尔线程启动科创板IPO发行，11月24日进行申购

Core Viewpoint - Moole Technology has officially launched its IPO process on the Sci-Tech Innovation Board, marking the emergence of the first domestic GPU stock in the high-end GPU chip sector [3] Company Overview - Moole Technology focuses on the research, design, and sales of GPUs and related products, having developed a full-function GPU since its establishment in 2020 [3][4] - The company has successfully launched four generations of GPU architectures and has created a diverse product matrix covering AI computing, cloud computing, and personal computing applications [4] Product Line and Market Potential - The company has built a comprehensive product line from chips to graphics cards to clusters, with its intelligent computing cluster products scalable to thousands of units [4] - The global GPU market is projected to reach 3.62 trillion yuan by 2029, with China's market expected to grow significantly, reaching 1.36 trillion yuan and increasing its global market share from 15.6% in 2024 to 37.8% [4] Performance Metrics - Moole Technology's products are already competitive with international standards, with its MTTS80 graphics card's single-precision floating-point performance nearing that of NVIDIA's RTX3060 [5] - The efficiency of the GPU computing cluster based on the MTTS5000 surpasses that of equivalent foreign GPU clusters [5] Financial Performance - The company's revenue is projected to grow from 46 million yuan in 2022 to 438 million yuan in 2024, with a compound annual growth rate exceeding 208% [7] - For the first nine months of 2025, revenue is expected to rise to 785 million yuan, a year-on-year increase of 181.99% [7] - Moole Technology anticipates achieving profitability by 2027, with projected revenue of 5.983 billion yuan and a gross margin of 61% [7] Shareholding Structure - The founder and CEO holds 11.06% of the company, with a total of 36.36% controlled through agreements with other shareholders [8] - Major investors include Guosheng Capital, Sequoia Capital, and Tencent Entrepreneurship Investment [8] Use of IPO Proceeds - The funds raised from the IPO will primarily be used for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [8]