“炒股30年不如中一签摩尔”！“国产GPU第一股”上市，刷新A股打新纪录

Core Viewpoint - The recent IPO of Moer Thread has generated significant market enthusiasm, with its first-day performance exceeding expectations, highlighting the potential of domestic AI chip companies in the current market environment [4][8]. Group 1: IPO Performance - Moer Thread's IPO was characterized by a "crazy" level of subscription, with a total subscription multiple of 1572 times and total shares subscribed reaching 704.06 billion [4][6]. - The stock price surged over 500% on its first trading day, leading to a potential profit of over 280,000 yuan for investors who sold at the peak, setting a new record for IPO returns in the A-share market [4][8]. - The IPO process was notably swift, taking only 88 days from acceptance to approval, establishing a new record for the Sci-Tech Innovation Board [8]. Group 2: Financials and Growth - Moer Thread raised a total of 8 billion yuan in its IPO, with a net fundraising amount of approximately 7.576 billion yuan after deducting issuance costs, marking the largest IPO on the Sci-Tech Innovation Board in 2025 [8]. - The company has shown rapid revenue growth, with revenues increasing from 46 million yuan in 2022 to 438 million yuan in 2024, reflecting a compound annual growth rate of 208.44% [11]. - Despite significant revenue growth, Moer Thread has not yet achieved profitability, with cumulative losses amounting to approximately 1.604 billion yuan as of June 2025 [11][12]. Group 3: Strategic Investors and Market Position - The IPO attracted 267 institutional investors, including major players such as China Insurance Investment Fund, Tencent Holdings, and various venture capital firms, indicating strong market confidence [6][8]. - Moer Thread focuses on developing AI chips and has launched four generations of GPU architectures, aiming to provide computing acceleration platforms for high-performance computing applications [9][11]. - The company operates in a competitive landscape dominated by international giants, facing challenges such as high customer concentration and rapid technological advancements [12].