Core Viewpoint - The newly listed company Moer Thread (688795.SH) on the STAR Market has seen a significant rise, with a peak increase of 502.03%, leading to a market capitalization exceeding 300 billion yuan, positioning it as the "first domestic GPU stock" in China [1][8]. Company Overview - Moer Thread was established in 2020 and focuses on the research, design, and sales of GPUs and related products, emphasizing full-function GPUs for high-performance computing in AI, digital twins, and scientific calculations [1][8]. - The company is the only domestic entity to achieve mass production of full-function GPUs, setting a record of 88 days from acceptance to approval on the STAR Market [1][8]. IPO and Subscription Details - The IPO saw a total of 4.8266 million valid subscription accounts, with 46.217 billion shares applied for, resulting in a final online subscription rate of 0.03635054%, meaning less than 4 out of every 10,000 investors received shares [3][10]. - The total amount raised from online investors was approximately 1.917 billion yuan, while offline investors contributed around 4.48 billion yuan, with no offline subscriptions being abandoned [10][11]. Institutional Participation - A total of 94 public funds and 113 private funds participated in the offline subscription, collectively acquiring 23.2423 million shares worth approximately 2.656 billion yuan [10][11]. - The top three private funds that received allocations were Ningbo Huanfang Quantitative, Yanfeng Investment, and Jiukun Investment, with allocations of approximately 700.59 million yuan, 686.17 million yuan, and 453.65 million yuan respectively [11]. Market Potential - The AI chip market in China is projected to grow from 142.537 billion yuan in 2024 to 1,336.792 billion yuan by 2029, with a compound annual growth rate of 53.7% from 2025 to 2029 [6][12]. - The GPU market is expected to see the fastest growth, with its market share rising from 69.9% in 2024 to 77.3% in 2029 [6][12]. Financial Performance - Moer Thread's revenue for the years 2022 to 2024 is reported as 0.046 billion yuan, 0.124 billion yuan, and 0.438 billion yuan respectively, with net losses of 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan [6][13]. - In the first half of 2025, the company achieved a revenue of 0.702 billion yuan, with a net loss of 0.271 billion yuan [13]. Business Segments - The main business segments of Moer Thread include AI computing, professional graphics acceleration, and desktop graphics acceleration, with AI computing expected to be a significant growth driver starting in 2024 [7][13]. - In the first half of 2025, AI computing generated 6.65 billion yuan in revenue, accounting for 94.85% of total revenue [7][13]. Fundraising Purpose - The funds raised from the IPO will be allocated to the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [7][13].
摩尔线程上市首日“飙”涨 中一签可赚超28万