Core Viewpoint - Moer Thread, known as the "first domestic GPU stock," successfully listed on the Sci-Tech Innovation Board, achieving a remarkable opening increase of 468.78% and a market capitalization exceeding 300 billion yuan on its first day [2][3]. Group 1: Listing and Market Performance - On December 5, Moer Thread's stock opened at 650 yuan per share, peaking at 688 yuan, marking a rise of over 500% [2]. - The company issued 70 million shares at an initial price of 114.28 yuan, the highest IPO price in 2025 [2][3]. - The stock closed at 600.5 yuan, reflecting a cumulative increase of 425.46% on the first day [2]. Group 2: IPO Process and Subscription - Moer Thread set multiple records on the Sci-Tech Innovation Board, completing its IPO process in just 158 days from application to listing [3]. - The subscription attracted 482 million valid applications, with a total of 462.17 billion shares applied for, resulting in a low winning rate of approximately 0.0363% [3]. - Strategic investors, including China Telecom and Meituan, participated in the strategic placement, collectively subscribing for 14 million shares [3]. Group 3: Fundraising and Investment Plans - The company aims to raise 8 billion yuan to fund the development of next-generation AI training and graphics chips, as well as to supplement working capital [4][5]. - Moer Thread's R&D investments from 2022 to 2024 were 1.116 billion yuan, 1.334 billion yuan, and 1.359 billion yuan, respectively [5]. Group 4: Company Background and Financials - Founded in June 2020 by Zhang Jianzhong, a former NVIDIA executive, Moer Thread has raised over 10 billion yuan in funding and has a valuation exceeding 10 billion USD [6][7]. - The company reported revenues of 0.46 billion yuan, 1.24 billion yuan, and 4.38 billion yuan for 2022 to 2024, with 7.02 billion yuan in revenue for the first half of this year [8]. - Despite the impressive revenue growth, Moer Thread remains unprofitable, with a net loss of 2.71 billion yuan in the first half of this year [8][9]. Group 5: Competitive Landscape - Moer Thread faces significant competition from established players like NVIDIA, which have advantages in supply chain integration and technology development [10][11]. - The domestic GPU market is experiencing rapid growth, attracting substantial investment and talent, which could intensify competition [11][12]. - Moer Thread's full-function GPU is positioned to compete effectively in AI training, rendering, and high-performance computing, offering unique advantages in the domestic market [12].
摩尔线程上市 中一签赚超28万元