“中国版英伟达”，新股申购价出炉→

Core Viewpoint - The company, Moer Technology, has set the issuance price for its IPO at 114.28 yuan per share, aiming to raise approximately 80 billion yuan for various projects, with a net amount expected to be around 75.76 billion yuan after deducting issuance costs [1][2]. Company Overview - Company Name: Moer Technology (Beijing) Co., Ltd. [2] - Stock Code: 688795 [2] - Total Shares After Issuance: 47,002,821.7 shares [2] - Issuance Quantity: 7 million shares, accounting for 14.89% of the total shares post-issuance [2]. Issuance Details - Issuance Price: 114.28 yuan per share [2] - Total Expected Fundraising: Approximately 79.996 billion yuan [1] - Net Expected Fundraising: Approximately 75.76 billion yuan after costs [1]. - Important Dates: Offline subscription on November 24, 2025, and payment deadline on November 26, 2025 [2]. Strategic Placement - The company has announced the results of its strategic placement, with notable investors including Zhongzheng Investment and CITIC Securities Asset Management [3][4]. Financial Performance - Revenue Growth: Expected revenue growth from 0.46 billion yuan in 2022 to 4.38 billion yuan in 2024, with a compound annual growth rate of 208.44% [7]. - R&D Investment: High R&D expenses, with amounts of 11.16 billion yuan, 13.34 billion yuan, 13.59 billion yuan, and 5.57 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [7]. - Profitability: The company has not yet achieved profitability, with net losses of -18.94 billion yuan in 2022 and -2.71 billion yuan in the first half of 2025 [7]. Product Development - The company focuses on developing a range of AI and graphics processing units (GPUs), having launched four generations of GPU architectures and a complete product matrix covering AI computing, high-performance computing, and graphics rendering [5][6]. - Moer Technology is one of the few domestic GPU manufacturers capable of supporting full computational precision from FP8 to FP64 [5]. Future Plans - The raised funds will be allocated to the development of next-generation AI chips, graphics chips, and AI SoC chips, as well as to supplement working capital [6]. - The company aims to enhance its technological capabilities and accelerate the commercialization of new products, thereby improving its core competitiveness in the GPU market [6].