Core Viewpoint - The recent financing and investment strategy of the domestic AI chip company, Moore Threads, has raised concerns among investors, but this approach is considered normal within the industry context [1]. Financial Overview - Moore Threads has a market capitalization exceeding 300 billion, with a recent financing round raising 8 billion, resulting in a net financing of 7.576 billion [3]. - As of Q3 2025, the company has total assets of 6.7 billion, with a significant portion in "trading financial assets" for cash management, and total liabilities amounting to 2.8 billion, primarily from short-term loans [7]. Investment Strategy - The company is utilizing loans for investment in financial products, which allows for easier liquidity compared to traditional financing methods [7]. - The rationale behind this strategy is to manage cash flow effectively during the company's growth phase, where significant capital is required for technology and experience accumulation [7]. Cash Burn and Future Financing - Moore Threads has been burning over 1 billion annually, with projections indicating a cash burn of nearly 2 billion in 2024 and over 2 billion in 2025 [9]. - The recent financing of 7.5 billion is expected to last approximately three years at the current cash burn rate, indicating a need for further financing in the future [9]. Revenue Growth and Profitability - The company has demonstrated an impressive average annual revenue growth rate of 100%, but concerns exist regarding potential deceleration as the company scales [11]. - Despite a trend of narrowing losses, the company has yet to reach breakeven, with cumulative losses exceeding 1.5 billion over the past three years [14]. R&D Expenditure - The company's R&D expenses have been substantial, peaking at 24 times revenue in 2022, but have since decreased to 1.1 times revenue in the first three quarters of 2025 [17]. - The overall operating expenses have also decreased, indicating a positive trend towards financial management [17]. Government Support and Industry Challenges - Government subsidies are minimal and unlikely to significantly impact profitability, as the company relies heavily on investor funding for its operations [19]. - The company faces technological challenges that require collaboration across the industry to overcome, particularly in advanced chip manufacturing processes [20].
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