【上交所IPO】摩尔线程启动发行 将于11月24日申购

Core Viewpoint - Moore Threads plans to publicly issue 70 million shares, all of which are new shares, resulting in a total share capital of approximately 470 million shares after the issuance [1]. Issuance Arrangement - The initial strategic placement will consist of 14 million shares, accounting for 20% of the total issuance. Before the activation of the reallocation mechanism, the offline initial issuance will be 44.8 million shares (80% of the remaining shares), while the online initial issuance will be 11.2 million shares (20% of the remaining shares) [1][2]. - The preliminary inquiry period is set for November 19, from 9:30 AM to 3:00 PM, with an online roadshow scheduled for November 21 [1]. Main Business - Moore Threads focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins since its establishment in 2020 [4]. - The company has successfully launched four generations of GPU architectures, covering various applications including AI intelligent computing, high-performance computing, graphics rendering, and smart media [4]. Major Clients - In the first half of 2025, the top client contributed approximately 39.73 million, accounting for 56.63% of total revenue, while the second client contributed 21.69 million (30.91%) [5]. - The revenue from the top five clients in 2025 accounted for 98.29% of total revenue, indicating a high client concentration [5]. Financial Data - For the first half of 2025, the operating revenue was approximately 701.76 million, with a net loss of about 270.94 million [8]. - The total assets as of June 2025 were approximately 702.16 million, with total liabilities of about 269.74 million, resulting in an asset-liability ratio of 38.42% [8]. Company Position - Moore Threads has established a significant market position in GPU chips and related products, focusing on AI intelligent computing clusters and high-performance graphics workstations [9]. - The company has developed a product line that meets the needs of key industries, research institutions, and universities, contributing to the domestic GPU technology's independence and industrial development [9][10]. - The GPU market is large and has significant growth potential, with increasing demand for high-performance computing driven by applications in AI, cloud computing, and virtual reality [10].