Nvidia(US:NVDA) Sou Hu Cai Jing·2025-12-13 16:28Group 1: Stock Performance - The stock price of Moer Thread skyrocketed from 114.28 yuan to 941.08 yuan, representing a cumulative increase of over 723% since its debut on the STAR Market on December 5, 2025 [1][3] - As of December 11, 2025, the company's market capitalization surpassed 4423 billion yuan, making it one of the top companies in the A-share market, exceeding well-known firms like Wuliangye and Heng Rui Medicine [1][3] Group 2: Financial Performance - For the first nine months of 2025, the company reported a revenue of 785 million yuan, while the net profit attributable to shareholders was a loss of 724 million yuan [5] - The company anticipates a full-year net loss for 2025 between 1.168 billion yuan and 730 million yuan, continuing a trend of losses since 2022 [5] Group 3: Valuation Concerns - The static price-to-sales ratio of Moer Thread has reached 1008.84 times, significantly exceeding the industry average of 11.76 times and the approximately 99 times of its peer, Cambricon [5] - This indicates that the market is paying over 85 times the average industry price for every 1 yuan of current revenue, and over 10 times that of Cambricon [5] Group 4: Strategic Positioning - Moer Thread differentiates itself by offering a "full-function GPU" concept, covering AI computing, graphics rendering, and scientific computing, which is seen as strategically valuable amid geopolitical constraints on high-end GPU imports [7] - The company's founder and CEO, Zhang Jianzhong, has a strong background with NVIDIA, which adds credibility to its technological direction [7] Group 5: Industry Context - The rise of Moer Thread reflects a broader trend in the domestic computing power sector, with China's total computing power expected to exceed 300 EFLOPS by the end of 2025, a 65% year-on-year increase [11] - Major tech companies like Alibaba and Tencent are significantly increasing their investments in computing power, further boosting market confidence in the industry's growth [11] Group 6: Market Sentiment and Risks - Following the initial surge, market sentiment has shown signs of divergence, with Moer Thread's stock price experiencing a significant drop of over 15% on December 12, 2025 [15] - The company currently holds less than 1% market share in the domestic GPU market, facing strong competition from NVIDIA, which has established a deep moat with its CUDA ecosystem [15]