摩尔线程首秀最高涨超500%！国产GPU第一股市值一度超三千亿

Core Viewpoint - Moer Technology (688795.SH) successfully listed on the STAR Market on December 5, 2025, with a peak intraday increase of 502.03%, reaching a maximum price of 688 CNY per share, and a market capitalization exceeding 300 billion CNY [1] Company Overview - Moer Technology is the only domestic company in China to achieve mass production of fully functional GPUs, often referred to as the "first domestic GPU stock" [1] - The company was founded in 2020 and focuses on the research, design, and sales of GPUs and related products, targeting high-performance computing fields such as AI, digital twins, and scientific computing [1][2] - The founding team consists of members with extensive experience from NVIDIA, including founder Zhang Jianzhong, who previously served as NVIDIA's global vice president and general manager for Greater China [1][2] Financial Performance - Moer Technology's revenue exceeded 400 million CNY in 2024, with a compound annual growth rate (CAGR) of over 200% in the past three years [2] - In the first half of 2025, the company achieved revenue of 702 million CNY [2] - The company reported revenues of 46 million CNY, 124 million CNY, and 438 million CNY for the years 2022, 2023, and 2024, respectively, with net losses of 1.894 billion CNY, 1.703 billion CNY, and 1.618 billion CNY during the same period [3] Market Potential - According to Frost & Sullivan, the AI chip market in China is projected to grow from 142.54 billion CNY in 2024 to 1,336.79 billion CNY by 2029, with a CAGR of 53.7% from 2025 to 2029 [3] - The GPU market is expected to grow rapidly, with its market share in China projected to increase from 69.9% in 2024 to 77.3% in 2029 [3] IPO and Fund Utilization - The IPO process for Moer Technology was notably swift, taking only 158 days from application acceptance to successful listing [1] - The funds raised from the IPO will be allocated to the development of new AI training and inference chips, new autonomous controllable graphics chips, and new AI SoC chips, as well as to supplement working capital [4]