Core Points - The company "Moore Threads" has officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the first fully functional GPU company in China to go public [3][5] - The IPO process was notably swift, taking only 88 days from acceptance to approval, marking it as the fastest in the Sci-Tech Innovation Board since 2022 [2] - On its first trading day, the stock surged by 468%, reaching a peak price of 688 CNY, resulting in significant profits for investors [4][9] Company Overview - Moore Threads was founded in October 2020 and has achieved a significant milestone with its recent IPO, indicating a new phase of development for the company [11] - The company has successfully mass-produced five chips and iterated four generations of GPU architecture, establishing a comprehensive product matrix that supports various computing acceleration needs [12] - As of June 2025, Moore Threads has obtained 514 authorized patents, positioning it among the leading domestic GPU companies in terms of intellectual property [12] Financial Performance - Despite the successful IPO, Moore Threads has not yet turned a profit, with projected net losses of approximately 18.94 billion CNY in 2022, 17.03 billion CNY in 2023, and 16.18 billion CNY in 2024 [13] - The company has invested over 4.3 billion CNY in research and development from 2022 to June 2025, with over 77% of its workforce dedicated to R&D [13] Market Position - Moore Threads is often referred to as the "Chinese version of NVIDIA," being the only domestic GPU manufacturer with deep engagement in both B-end and C-end markets [15] - The company aims to create an "AI super factory" to continuously produce advanced models, positioning itself strategically in the AI computing landscape [14] Institutional Interest - Over 200 institutions participated in the IPO, with a total allocation of 23.24 million shares, amounting to 2.656 billion CNY [17] - The strong interest from public and private equity firms reflects confidence in the company's growth potential and the strategic value of the domestic high-end GPU industry [18]
摩尔线程上市首日大涨：中一签最高赚超28万，谁赢麻了？