股市面面观丨年内首支超百元新股登场，“国产GPU第一股”摩尔线程启动申购

Core Viewpoint - The company Moer Thread, known as the "first domestic GPU stock," has launched its IPO subscription on November 24, 2025, with a share price of 114.28 yuan and aims to raise nearly 8 billion yuan [2][4]. Company Basic Information - The stock code for Moer Thread is 688795, and it plans to issue 70 million shares, which will account for 14.89% of the total share capital post-issuance [3]. - The company operates in the computer, communication, and other electronic equipment manufacturing industry [3]. IPO Details - The IPO price of 114.28 yuan per share sets a new record for the highest IPO price in 2025, surpassing the previous record of 93.5 yuan set by Tianyouwei [4]. - Moer Thread's total fundraising of nearly 8 billion yuan ranks first among new stocks on the Sci-Tech Innovation Board in 2025 [5][6]. Market Context - The domestic GPU market is projected to reach 120 billion yuan in 2025, with an 11.8% growth from 2024, driven by AI computing demand and domestic policies [7]. - The AI chip market in China is expected to grow significantly, with a projected market size of 1.3368 trillion yuan by 2029, indicating a compound annual growth rate of 53.7% from 2025 to 2029 [7]. Financial Performance - Moer Thread has shown rapid revenue growth, with projected revenues of approximately 460.88 million yuan in 2022, 1.24 billion yuan in 2023, 4.38 billion yuan in 2024, and 7.02 billion yuan in the first half of 2025 [8]. - Despite the revenue growth, the company has reported continuous losses, with cumulative losses nearing 6 billion yuan over the past three years [9]. Competitive Advantage - Moer Thread's core product, the MTT S80, is positioned to compete with NVIDIA's RTX 3060, and the company's MUSA architecture is compatible with 90% of CUDA syntax, supporting major frameworks like PyTorch and TensorFlow [7][9]. - The management team includes former executives from NVIDIA and AMD, enhancing the company's competitive edge in the GPU market [9].