Nvidia(US:NVDA) Mei Ri Jing Ji Xin Wen·2025-11-24 22:49Core Viewpoint - The company Moer Technology, known as the "first domestic GPU stock," has opened for subscription with an IPO price of 114.28 yuan per share, setting a record for the highest IPO price in the A-share market this year [1][2]. Company Overview - Moer Technology focuses on the research, design, and sales of GPUs (graphics processing units) and related products, positioning itself as a "Chinese version of Nvidia" [4][6]. - Since its establishment in 2020, the company has developed a full-function GPU and aims to provide computing acceleration platforms for high-performance computing fields such as AI, digital twins, and scientific computing [6]. Market Context - Nvidia currently dominates the global GPU market, especially in AI computing and data centers, holding approximately 90% market share in cloud AI training GPUs [6]. - The increasing domestic demand for homegrown GPUs is driven by ongoing U.S. export restrictions on AI chips to China, leading to heightened expectations for Moer Technology among domestic investors [6]. Financial Performance - As of the IPO announcement, Moer Technology has not yet achieved profitability, with projected revenues of 0.46 billion yuan, 1.24 billion yuan, and 4.38 billion yuan for 2022, 2023, and 2024 respectively, while incurring net losses of 1.894 billion yuan in 2022, 1.618 billion yuan in 2023, and 1.618 billion yuan in 2024 [7][9]. - The company reported a cumulative unremitted loss of 1.478 billion yuan as of June 30, 2025, with expectations to achieve profitability by 2027 based on market potential and product development [9].