“中国版英伟达”，新股申购价出炉

Core Points - The company, Moer Technology, has set the issuance price for its shares at 114.28 yuan per share, with a total fundraising target of approximately 80 billion yuan [1][2] - The company plans to use the raised funds for various projects, including the development of new AI chips and graphics chips, as well as to supplement working capital [6] - Moer Technology has reported significant revenue growth projections, with expected revenue increasing from 0.46 billion yuan in 2022 to 4.38 billion yuan in 2024, reflecting a compound annual growth rate of 208.44% [7] Company Overview - Moer Technology is a leading domestic GPU manufacturer, focusing on high-performance computing areas such as AI, digital twins, and scientific computing [5] - The company has successfully launched four generations of GPU architectures and has developed a comprehensive product matrix covering AI computing, cloud computing, and personal computing [5][6] - The company has not yet achieved profitability, with net losses reported for the years 2022 to 2025 [7] Issuance Details - The total number of new shares to be issued is 7 million, representing 14.89% of the total share capital post-issuance [2] - The strategic placement of shares includes participation from various investment entities, with a total of 14 million shares allocated to strategic investors [4] Financial Performance - The company has maintained high R&D expenditures to ensure technological advancement, with R&D expenses reported at 11.16 billion yuan in 2022 and projected to be 5.57 billion yuan in the first half of 2025 [7] - Despite rapid revenue growth, the absolute revenue figures remain relatively small, and the company continues to incur significant net losses [7]