发行价114.28元！摩尔线程上市市值达537亿元

Core Viewpoint - The domestic GPU unicorn, Moore Threads, is set to go public on the Sci-Tech Innovation Board with an IPO date of November 24, aiming to raise approximately 8 billion yuan, with a net amount expected to be around 7.576 billion yuan after expenses [1][2]. Group 1: IPO Details - The IPO price is set at 114.28 yuan per share, leading to an estimated total market capitalization of about 53.715 billion yuan [1]. - The offline inquiry showed a significant interest, with 267 valid bids from institutional investors, resulting in a total effective subscription amount of 70.406 billion shares, equating to a subscription multiple of 1571.56 times the initial offline issuance scale [1]. - Strategic placements accounted for 20% of the total issuance, with participation from major state-owned enterprises and local government-owned companies [1]. Group 2: Company Background and Financials - Founded in 2020, Moore Threads is a leader in the domestic GPU sector, focusing on high-performance computing for AI, digital twins, and scientific calculations [2]. - The company has launched four generations of GPU architectures and has developed a product matrix covering AI computing, cloud computing, and personal computing [2]. - Financially, the total assets are reported at 7.022 billion yuan, with equity at 4.324 billion yuan as of June 2025 [2]. - Revenue projections show a compound annual growth rate of 208.44% from 2022 to 2024, with revenues of 0.46 million yuan, 1.24 million yuan, and 4.38 million yuan respectively [2]. Group 3: Losses and R&D Investment - The company has been experiencing losses primarily due to high R&D expenditures, which were 1.116 billion yuan, 1.334 billion yuan, 1.359 billion yuan, and 0.557 billion yuan from 2022 to the first half of 2025 [3]. - Despite the losses, the gross margin has improved significantly, from -70.08% in 2022 to 25.87% in 2023, reaching 70.71% in 2024, and maintaining a high level of 69.14% in the first half of 2025 [3]. - Moore Threads anticipates achieving consolidated profitability by 2027 [2].