摩尔线程IPO倒计时一股东浮盈千倍 累亏超59亿预计最快2027年盈利

Core Viewpoint - Moer Technology has achieved the fastest IPO record on the Sci-Tech Innovation Board, with a total of 122 days from registration to approval, and is set to become the first domestic GPU stock in the A-share market [2][4][5]. Group 1: IPO Details - The company plans to raise 8 billion yuan through its IPO, with the public offering date set for November 24, 2025 [3]. - Moer Technology will issue 70 million new shares, with 11.2 million shares for online initial issuance and 44.8 million shares for offline initial issuance [3]. - The funds raised will be allocated to various AI and GPU chip development projects, with 1.006 billion yuan earmarked for working capital [3]. Group 2: Financial Performance - Moer Technology has not yet achieved profitability, reporting a cumulative loss of 5.939 billion yuan since 2022, with a loss of 724 million yuan in the first three quarters of 2025 [2][9]. - The company’s revenue has shown significant growth, with 2022 revenue at 46 million yuan, increasing to 1.24 billion yuan in 2023 and 4.38 billion yuan in 2024, representing year-on-year growth rates of 169.01% and 253.65% respectively [9]. - The company anticipates reaching profitability by 2027, projecting revenues of 5.983 billion yuan and a gross margin of 61% [10]. Group 3: Investment and Valuation - Moer Technology's valuation has reached approximately 30 billion yuan prior to its IPO, with early investors seeing returns of up to 1020 times their initial investment [7][8]. - The company has undergone seven rounds of financing, raising over 10 billion yuan in total [6]. - The shareholder base includes notable investors such as China Mobile, Sequoia Capital, and Tencent Investment, with a total of 82 shareholders [7]. Group 4: Market Position and Technology - Moer Technology is often referred to as the "Chinese version of NVIDIA," leveraging the expertise of its founder, who previously held a senior position at NVIDIA [8]. - The company has developed a full-stack technology approach, covering AI computing, professional graphics acceleration, and desktop graphics acceleration [9]. - Moer Technology has successfully mass-produced five generations of full-function GPU chips, positioning itself as a key innovator in the domestic GPU sector [9].