75亿“闲钱”买理财？刚刚上市的摩尔线程回应了

Core Viewpoint - The announcement by Moore Threads to use up to 7.5 billion yuan of idle raised funds for cash management has sparked significant debate on social media, especially given the company's substantial losses exceeding 720 million yuan in the first three quarters of 2025 [1][3]. Group 1: Event Background - On December 12, Moore Threads announced plans to use up to 7.5 billion yuan of idle raised funds for cash management, which quickly became a focal point in the investment community [3]. - Investors expressed concerns that using raised funds for financial management rather than core technology development contradicts the company's strategic positioning as a leading domestic GPU manufacturer [3][5]. Group 2: Company Response - In response to market concerns, Moore Threads clarified that the 7.5 billion yuan is a maximum limit for cash management, not the actual amount to be invested, which will be significantly lower [5][6]. - The company emphasized that its funding plan is clear and that cash management will not affect its core business or research and development efforts [5][6]. Group 3: Investment Direction - Moore Threads plans to invest in low-risk, high-liquidity, and capital-protected financial products, including various types of deposits and conservative financial products [8]. - The company has stated that cash management investments will not include stocks or derivatives, and there will be dedicated personnel to monitor these investments [8]. Group 4: Market Performance - Moore Threads' stock price surged over 600% from its initial offering price, reaching 814.88 yuan per share, with a total market capitalization of 383 billion yuan [9]. - Despite the strong stock performance, the company reported a net loss of 724 million yuan for the first three quarters of 2025, with an expected full-year loss between 730 million yuan and 1.168 billion yuan [9][10]. Group 5: Latest Developments - Moore Threads is set to hold its first MUSA Developer Conference on December 19-20, where the CEO will present the new GPU architecture and the company's future vision [12]. - The conference aims to strengthen the developer ecosystem and accelerate the commercialization of domestic GPUs in various applications [12]. Group 6: Industry Benchmark - The practice of using idle raised funds for cash management is not unique to Moore Threads and is common among listed companies, especially during the initial phases of project implementation [14]. - This approach is seen as a way to enhance fund efficiency and increase company returns while ensuring project progress and fund safety [14].