摩尔线程，IPO获批文

Core Viewpoint - The article discusses the recent approval of Moores Threads Intelligent Technology (Beijing) Co., Ltd. for its IPO on the Sci-Tech Innovation Board, highlighting its significant revenue growth and strategic focus on AI computing and GPU development [1][2]. Financial Performance - In the first half of 2025, Moores Threads achieved a revenue of 702 million yuan, surpassing the total revenue of 438 million yuan for the entire year of 2024, attributed to increased demand for large model training, inference deployment, and GPU cloud services [1]. - The net loss for the first half of 2025 was 271 million yuan, a decrease of 56.02% year-on-year and 69.07% quarter-on-quarter, indicating an improving financial situation [1]. - The company expects to achieve consolidated profitability by 2027, with government subsidies contributing approximately 20 million yuan, 200 million yuan, and 300 million yuan in 2025, 2026, and 2027, respectively [1]. Product Development and Market Position - Moores Threads focuses on full-function GPU development, with product lines including AI computing, graphics acceleration, and intelligent SoC for edge computing [2]. - The latest "Pinghu" architecture chip S5000 supports FP8 precision and has a threefold increase in inter-chip bandwidth to 800 GB/s, with a maximum memory capacity of 80 GB, compared to NVIDIA's H20 chip [2]. - AI computing products accounted for 94.85% of total revenue in the first half of 2025, up from 77.63% in 2024, with cluster and board card sales being the primary revenue sources [3]. Sales and Market Strategy - In 2025, Moores Threads plans to sell five AI computing clusters, with one being the "Pinghu" cluster, generating nearly 400 million yuan in revenue, representing 57% of total revenue for the first half of the year [4]. - The company is negotiating project contracts exceeding 1.7 billion yuan in the AI computing sector, primarily focused on the Pinghu series clusters [4]. - Despite the growth in AI computing, the graphics acceleration segment is facing challenges, with the first-generation "Sudi" GPU nearing the end of its lifecycle and the second-generation "Chunxiao" product facing competition from NVIDIA [5]. Future Outlook - Moores Threads is working on the development of a new generation of graphics chips to address the declining revenue and market share in the graphics acceleration segment [5].