“国产GPU第一股”摩尔线程，超300万元新股遭弃购

Core Viewpoint - The company, Moer Technology, known as the "first domestic GPU stock," has completed its initial public offering (IPO) on the Sci-Tech Innovation Board, raising a total of 8 billion yuan, despite some online investors abandoning shares during the subscription process [1][3]. Subscription Results - The total number of shares issued by the company was 70 million, with an issue price of 114.28 yuan per share, aiming to raise approximately 8 billion yuan, with a net amount expected to be 7.576 billion yuan after deducting issuance costs [1]. - Offline investors fully subscribed, purchasing 39.2 million shares for 4.48 billion yuan, while online investors subscribed for 16.77 million shares, totaling 1.917 billion yuan, with 29,302 shares abandoned, amounting to 334,860 yuan [1][3]. Company Background - Moer Technology was established on June 11, 2020, with a registered capital of approximately 400 million yuan, focusing on the research, design, and sales of GPUs and related products [3]. - The company's legal representative, Zhang Jianzhong, has nearly 20 years of experience in the GPU industry, having previously served as NVIDIA's global vice president and general manager for China [3]. Financial Performance - As of the first half of 2025, the company had not yet achieved profitability, with cumulative losses exceeding 1.4 billion yuan [5]. - Revenue figures from 2022 to 2024 were approximately 46 million yuan, 124 million yuan, and 438 million yuan, respectively, with corresponding net losses of approximately -1.84 billion yuan, -1.673 billion yuan, and -1.492 billion yuan [5]. - In the first half of 2025, the company reported revenue of 702 million yuan, surpassing the total revenue from 2022 to 2024, but still incurred a net loss of -271 million yuan [5]. Industry Competition - The GPU industry is characterized by an oligopolistic market structure, dominated by international giants like NVIDIA and AMD, which pose significant competitive pressure on domestic GPU manufacturers [6]. - Moer Technology's consumer-grade graphics card, MTT S80, has performance metrics approaching NVIDIA's RTX 3060, but still faces challenges due to limitations in graphics API and driver ecosystem [6]. - The company acknowledges the risk of intensified domestic competition as the GPU chip sector attracts substantial capital and talent, emphasizing the need to accurately gauge market demand and close the performance gap with leading international firms [6].