募资80亿元，75亿用于理财，上市仅一周的摩尔线程，开局竟是保守理财？

Core Viewpoint - The announcement by Moer Thread, known as the "first domestic GPU stock," to utilize up to 7.5 billion yuan of idle raised funds for cash management has sparked significant market discussion, raising questions about the necessity of such financing given the company's recent IPO and substantial capital raised [2][3]. Fund Utilization - Moer Thread plans to use a maximum of 7.5 billion yuan of its idle IPO funds for cash management, investing in safe, liquid principal-protected products for a period of 12 months [2][3]. - The company raised approximately 8 billion yuan through its IPO, with a net amount of 7.576 billion yuan after deducting issuance costs [3]. - The initial funding plan included allocations for various R&D projects and working capital, totaling 8 billion yuan [3][4]. R&D Investment - Over the past three years, Moer Thread has invested approximately 4.368 billion yuan in R&D, with projected expenditures of about 1.116 billion yuan in 2022, 1.334 billion yuan in 2023, and 1.359 billion yuan in 2024 [5][6]. - The company has outlined specific R&D projects, including AI training chips and graphics chips, with total planned investments of 2.509 billion yuan, 2.502 billion yuan, and 1.982 billion yuan respectively [4][5]. Market Performance - Following its IPO on December 5, Moer Thread's stock price surged, reaching a peak of 941.08 yuan, making it the third highest in the A-share market with a market capitalization exceeding 440 billion yuan [7][8]. - The stock experienced a significant drop of 6.13% on December 15, closing at 764.90 yuan, reflecting a nearly 20% decline from its peak [2][10]. - The static price-to-sales ratio of Moer Thread is reported to be over 820 times, which is exceptionally high compared to other semiconductor stocks [10]. Financial Performance - Moer Thread has recorded continuous losses, with net profits of -1.894 billion yuan in 2022, -1.703 billion yuan in 2023, and projected losses of -1.618 billion yuan in 2024 [9]. - The company reported total revenues of approximately 1.31 billion yuan from 2022 to mid-2025, with a significant increase in revenue to 702 million yuan in the first half of 2025 [9][10].