解码“国产GPU第一股”资本图谱！ 超80家机构一路陪伴收获颇丰

Core Insights - The company "Moore Threads," known as the first domestic GPU stock, has successfully listed on the Sci-Tech Innovation Board, achieving commercialization and capitalization in just five years since its establishment in 2020 [1][11] - The company has received substantial support from over 80 early investors, accumulating 9.498 billion yuan in funding through eight rounds, which has facilitated its technological breakthroughs and mass production [1][11] - Moore Threads has become the only domestic company to achieve mass production of full-function GPUs, with a cumulative R&D investment of 4.67 billion yuan and a total loss of 5.939 billion yuan from 2022 to the third quarter of 2025 [1] Investment Returns - The listing of Moore Threads is expected to yield significant returns for early investors, with the largest external shareholder, Shenzhen Minghao, projected to achieve a book return of approximately 2.3 billion yuan from an 8 million yuan investment [2] - Other major shareholders, including Sequoia China and Guosheng Capital, are also expected to realize returns exceeding 1.5 billion yuan [2] Founding Team and Early Investments - The founding team of Moore Threads consists of former key members from NVIDIA, including Zhang Jianzhong, who has nearly 15 years of experience with the company [3] - The company secured significant early funding of 81.9048 million yuan within three months of its establishment, facilitated by early investors such as Peixian Qianyao and Shenzhen Minghao [3][4] Capital Structure and Gains - Early investors like Peixian Qianyao and Shenzhen Minghao have realized substantial gains, with Peixian Qianyao achieving nearly 2 billion yuan in total returns from its investment [4][5] - The Salt City Big Data Fund, indirectly benefiting from Moore Threads, has also seen returns of 460 million yuan [6] Support from State-Owned Enterprises - The rapid growth of Moore Threads has been supported by state-owned investment institutions from Shanghai and Shenzhen, with Shenzhen Capital Group being one of the earliest investors [7][8] - Guosheng Capital, representing Shanghai state-owned assets, has contributed over 600 million yuan to the company, becoming its second-largest external shareholder [8] Market Dynamics and Future Prospects - The capital landscape of Moore Threads includes both market-oriented institutions and corporate venture capital (CVC), with Sequoia China being a prominent player [9][10] - The company is expected to receive an additional 8 billion yuan in funding from the secondary market post-IPO, aimed at advancing the development of next-generation AI training chips and graphics chips [11]