冲刺“国产GPU第一股”：摩尔线程明日启动申购，发行价114.28元/股

Core Viewpoint - Moer Technology has announced its initial public offering (IPO) and plans to list on the Sci-Tech Innovation Board, aiming to raise approximately 8 billion yuan with a share price of 114.28 yuan per share [1][2]. Company Overview - The full name of the issuer is Moer Technology (Beijing) Co., Ltd., with the stock code 688795 [2]. - The company primarily engages in the research, design, and sales of GPUs and related products, focusing on high-performance computing fields such as AI and digital twins [4]. IPO Details - The total number of shares to be issued is 70 million, representing 14.89% of the total share capital post-IPO, which will amount to approximately 4.7 billion shares [2][3]. - The expected total fundraising amount is 8 billion yuan, with a net amount of approximately 7.576 billion yuan after deducting issuance costs [1][2]. - The estimated market capitalization at the time of listing is around 53.715 billion yuan based on the issue price [1]. Financial Performance - In the first half of 2025, the company reported revenue of 702 million yuan, surpassing the total revenue of the previous three years [3]. - The company has experienced significant net losses over the years, with losses of 1.84 billion yuan in 2022, 1.673 billion yuan in 2023, and 1.492 billion yuan in 2024 [4]. - The company forecasts that it may achieve profitability in consolidated financial statements by 2027 [3]. Market Position - Moer Technology is recognized as the "first domestic GPU stock," having developed a comprehensive product matrix covering AI intelligent computing, cloud computing, and personal intelligent computing applications [4].