3055亿，科创板“国产GPU第一股”诞生，开盘暴涨469%

Core Viewpoint - The company Moer Thread has successfully launched its IPO on the STAR Market, marking it as the largest IPO of the year and the first domestic GPU stock on the market, with a significant opening price increase of 468.78% [1][2]. Company Overview - Moer Thread, founded in June 2020, is recognized as a leading domestic GPU manufacturer, capable of supporting full computational precision from FP8 to FP64. It operates in both B-end and C-end markets [4]. - The company has a registered capital of 400 million yuan and does not have a controlling shareholder, with several founders and executives having previously worked at NVIDIA [4][35]. IPO Details - The company plans to issue 70 million new shares, accounting for 14.89% of the total share capital post-issue, at a price of 114.28 yuan per share. The opening price was 650.00 yuan, leading to a market capitalization of 305.5 billion yuan [1][5]. - Moer Thread aims to raise 8 billion yuan through this IPO to fund the development of new AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [5][6]. Financial Performance - The company expects to achieve revenue exceeding 1.2 billion yuan in 2025, with a projected growth rate of 177.79% to 241.65% compared to the previous year. However, it anticipates a net loss of 12.38 billion to 8.78 billion yuan [15][16]. - As of June 30, 2025, Moer Thread's cumulative losses amount to 1.604 billion yuan, with significant investments in R&D, totaling 11.16 billion yuan in 2022 and 13.34 billion yuan in 2023 [16][19]. Market Position and Products - Moer Thread has launched four generations of GPU architectures, focusing on applications in AI computing, cloud computing, and personal computing. Its products include AI computing clusters, graphics acceleration boards, and integrated machines [13][14]. - The company has achieved notable performance metrics, with its MTT S80 graphics card's floating-point performance nearing that of NVIDIA's RTX 3060, indicating competitive capabilities in the market [30]. Shareholder Structure - The company's shareholder structure includes prominent investors such as China Mobile, Tencent, Lenovo, and Meituan, with no single shareholder holding more than 30% of the shares [35][37].