股票代码688795！摩尔线程正式挂牌，科创板迎来首家国产GPU公司

Core Viewpoint - Moore Threads has officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone as the first fully functional GPU company in China to enter the capital market, reflecting recognition of its commitment to independent innovation and product iteration in the GPU computing power sector [1][3]. Company Development - Since its establishment in 2020, Moore Threads has focused on independent innovation and has become a leading domestic full-function GPU enterprise, aligning with national strategies for technological self-reliance and building a secure computing power system [3][4]. - The company has successfully mass-produced five chips and iterated four generations of GPU architectures, establishing a diverse product layout that covers AI, scientific computing, and graphics rendering [4][5]. Technological Advancements - Moore Threads has achieved a technological breakthrough with its MUSA unified system architecture, enabling a single chip to support AI computing acceleration, graphics rendering, physical simulation, and scientific computing [4]. - The company has developed the KUAE intelligent computing cluster, capable of supporting large-scale expansion and providing a reliable computing infrastructure for training trillion-parameter models, positioning itself as a key player in the AGI era [6]. Market Performance - From 2022 to 2024, the company's revenue compound annual growth rate reached 208.44%, with 2025's first half revenue reaching 702 million yuan, surpassing the total of the previous three years [7]. - The AI computing business contributed 94.73% of the revenue, highlighting the company's focus and competitive advantage in its core sector [7]. Strategic Positioning - The national strategy emphasizes high-end chips as a key area for development, establishing GPUs as central to driving industrial upgrades and future competitiveness [8]. - The funds raised from the IPO will be directed towards the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, aiming to enhance the company's technological leadership in AI computing and graphics [8]. Vision and Goals - Moore Threads aims to become a globally competitive GPU leader, providing advanced computing platforms for the integration of AI and digital twin technologies, contributing to the digital economy and national technological self-reliance [10].