Core Viewpoint - The company, Moore Threads, has experienced a significant stock price increase, raising concerns about potential risks associated with rapid price fluctuations and ongoing operational losses [2][4][10]. Group 1: Stock Price and Market Performance - The company's stock price has risen by 723.49% since its listing on December 5, 2025, significantly outperforming related indices such as the Sci-Tech Innovation Index and the Sci-Tech 50 [4]. - Recent trading days have shown substantial price increases of 5.73%, 16.98%, and 28.04%, indicating high volatility and potential for a market correction [9]. Group 2: Financial Performance and Projections - For the first nine months of 2025, the company reported revenues of 785 million yuan and a net loss of 724 million yuan, with projected net losses for the full year ranging from 1.168 billion yuan to 730 million yuan [5][10]. - The company is facing risks of slow revenue growth and sustained losses, which may hinder its ability to achieve profitability within the expected timeframe [10]. Group 3: Product Development and Market Position - The company is focused on maintaining high research and development investments based on its proprietary MUSA architecture, although it currently lacks competitive advantages in terms of R&D capabilities and market presence compared to international giants [3][11]. - New products are still in the development stage and have not yet generated revenue, with uncertainties surrounding product certification, customer onboarding, and mass production [5][6]. Group 4: Industry Comparisons - As of December 11, 2025, the company's static price-to-earnings ratio is negative, and its price-to-sales ratio stands at 1,008.84, significantly higher than the industry averages of 59.34 and 11.76, respectively [3][8].
摩尔线程智能科技（北京）股份有限公司关于股票交易风险提示公告