摩尔线程宣布于11月24日申购，将在科创板上市，预计2027年盈利

Core Viewpoint - Moer Thread, founded by former Nvidia executives, is set to launch its IPO on the STAR Market, aiming to raise approximately 8 billion yuan [1][3]. Company Overview - Moer Thread was established in June 2020 by Zhang Jianzhong, a former Nvidia executive, and has a registered capital of about 400 million yuan [3][4]. - The company focuses on the research, design, and sales of GPUs and related products, targeting high-performance computing fields such as AI and digital twins [5]. IPO Details - The IPO will open for subscription on November 24, 2025, with an issue price of 114.28 yuan per share and a total issuance of 70 million shares, raising around 8 billion yuan [3]. - The funds raised will be allocated to various R&D projects, including AI training chips and graphics chips, with approximately 25.10 billion yuan for AI chip development and 25.02 billion yuan for graphics chip development [3]. Financial Performance - Moer Thread's revenue for 2022, 2023, and 2024 is projected to be approximately 46.09 million yuan, 124 million yuan, and 438 million yuan, respectively, with net losses of about 1.84 billion yuan, 1.67 billion yuan, and 1.62 billion yuan [6][8]. - As of the first half of 2025, the company reported revenue of approximately 702 million yuan, with a net loss of about 271 million yuan [7]. R&D Investment - The company has significantly increased its R&D investment, with expenses of approximately 1.12 billion yuan, 1.33 billion yuan, and 1.36 billion yuan for 2022, 2023, and 2024, respectively [8]. - Moer Thread anticipates achieving profitability by 2027, with projected revenue of 5.98 billion yuan and a gross margin of 61% [8].