一GPU企业科创板IPO获受理！3年累计亏损46亿拟募资80亿，创始人曾任职英伟达

Core Viewpoint - The company, Moore Threads, is a GPU chip design enterprise that has achieved significant advancements in performance metrics, positioning itself as a competitive player in the GPU market, particularly in AI and high-performance computing applications [2][4]. Group 1: Company Overview - Moore Threads was established on June 11, 2020, and transitioned to a joint-stock company on October 28, 2024, with a registered capital of over 400 million yuan and 1,126 employees by the end of 2024 [1]. - The company operates under a Fabless model, outsourcing wafer manufacturing, packaging, testing, and other processes to specialized firms [2]. Group 2: Product Development - The company has developed a full range of GPUs, achieving breakthroughs in critical areas, with its MTT S80 graphics card's single-precision floating-point performance nearing that of NVIDIA's RTX 3060 [4]. - The product matrix includes four generations of GPU architectures, catering to AI, cloud computing, and personal computing applications [3]. Group 3: Financial Performance - The company reported revenues of 46.09 million yuan in 2022, 123.98 million yuan in 2023, and 438.46 million yuan in 2024, with cumulative net losses of 4.6 billion yuan during the same period [8][9]. - The net cash flow from operating activities has been negative across the reporting years, totaling -4.39 billion yuan [9]. Group 4: R&D and Innovation - The company has invested heavily in R&D, with R&D expenses accounting for 309.88% of revenue in 2024, and cumulative R&D investment over the last three years reaching 626.03% of total revenue [10]. - As of December 31, 2024, the company holds 402 domestic invention patents applicable to its main business [10]. Group 5: Customer Concentration - The company has a high customer concentration, with the top five customers accounting for 98.16% of total sales in 2024 [11][13]. Group 6: IPO and Fundraising - The company plans to raise 8 billion yuan through its IPO, with 1 billion yuan allocated for working capital and the remainder for three specific projects [14]. Group 7: Regulatory Challenges - In October 2023, the company was placed on the U.S. Entity List, which imposes restrictions on sourcing materials and technologies from the U.S., potentially impacting its operations and revenue [14].