Core Viewpoint - The company, Moore Threads, forecasts a significant revenue increase for 2025, driven by the booming AI industry and strong demand for high-performance GPUs, despite expected net profit decline and ongoing research and development investments [1][2]. Financial Performance - Expected revenue for 2025 is projected between 1.45 billion to 1.52 billion yuan, representing a year-on-year growth of 230.70% to 246.67% [1]. - The anticipated net profit is estimated to be between 950 million to 1.06 billion yuan, reflecting a year-on-year decline of 34.50% to 41.30% [1]. - The company expects a non-recurring loss of 1.04 billion to 1.15 billion yuan, which is a reduction of 29.59% to 36.32% year-on-year [1]. Market Position and Competition - Moore Threads positions itself uniquely in the domestic market with its "AI + Graphics" dual-drive strategy, utilizing its MUSA architecture [2]. - The company claims to be the only domestic GPU capable of competing with NVIDIA, integrating AI computation acceleration, graphics rendering, scientific computing, and video codec capabilities [2]. - According to Bernstein Research, NVIDIA and Huawei are expected to dominate the Chinese AI accelerator market with 40% market share each by 2025, while other competitors like Haiguang and Pingtouge hold only 4% [2]. Research and Development - The GPU industry is characterized by high barriers to entry, significant R&D investment, and long development cycles, requiring comprehensive R&D capabilities [3]. - Moore Threads has invested over 4.3 billion yuan in R&D from 2022 to the first half of 2025, compared to 1.07 billion yuan by Cambrian for 2024 [3]. Technological Advancements - The company has achieved market-leading performance with its fourth-generation GPU architecture, the MTT S5000, which has reached a floating-point computing capability of 10 Exa-Flops in a cluster [5]. - The fifth-generation GPU architecture, "HuaGang," supports full precision calculations and will lead to the development of high-performance AI training chips and graphics rendering chips [5]. - Recent collaborations have demonstrated the capabilities of the MTT S5000 in training large models, marking significant advancements in the domestic GPU sector [6]. Funding and Future Projects - Moore Threads announced plans to use its own funds to meet the financial needs of its R&D projects, ensuring the smooth progress of GPU development [6]. - The funding will focus on three core R&D projects: next-generation AI training and inference chips, next-generation graphics chips, and next-generation AI SoC chips [6].
摩尔线程去年预亏10亿，旗舰GPU量产