摩尔线程开启IPO申购：国产GPU第一股迎来市场验证

Core Viewpoint - Moer Technology has officially launched its IPO application on the Sci-Tech Innovation Board, potentially becoming the first A-share company focused on "full-function GPUs" as a core asset in the Chinese market [1] Group 1: Industry Context - The topic of computing power has gained significant attention due to the explosion of large model training, the establishment of large-scale intelligent computing centers, and the rapid development of policies, with GPUs at the center of these transformations [1][3] - High-performance GPU computing power is now considered the "oil" of the digital economy era, highlighting the need for China to develop its own equivalent to NVIDIA [3] Group 2: Company Strategy and Technology - Moer Technology's unique strategic positioning lies in its focus on "full-function GPUs," which integrate AI computing acceleration, graphics rendering, physical simulation, and scientific computing into a single chip, catering to diverse computing needs [3][4] - The MUSA unified system architecture, developed by Moer Technology, serves as the technical foundation for its full-function GPUs, allowing for compatibility with mainstream ecosystems and enabling developers to migrate existing models and applications without rewriting code [4] Group 3: Financial Performance and Growth - Moer Technology has demonstrated a steep revenue growth trajectory, with revenues increasing from 46.09 million yuan in 2022 to 123.98 million yuan in 2023, and projected to reach 438.46 million yuan in 2024 [7] - The company's revenue from AI computing products has been rapidly increasing, indicating a strategic focus on the high-growth potential of AI computing, with total revenue from this segment reaching 1 billion yuan from 2022 to mid-2025 [8] Group 4: Ecosystem Development - The company has initiated the "Moer Academy" developer program and has completed compatibility certification for over a hundred domestic software solutions, enhancing its ecosystem and driving technological iteration [9] - The launch of the IPO marks a significant milestone for Moer Technology and the Chinese GPU industry, representing a historic opportunity for investors to engage with breakthroughs in core computing power [9]