国产GPU第一股：688795，来了！

Core Viewpoint - Moer Thread is set to become the first AI GPU-focused company listed on the Science and Technology Innovation Board in China, with an IPO plan to raise 8 billion yuan [3][6]. Company Overview - Moer Thread was established in June 2020, focusing on GPU computing acceleration platforms in AI and digital twin fields, having launched four generations of GPU architectures and a diverse product matrix [5]. - The company is led by Zhang Jianzhong, who serves as the legal representative and actual controller [5]. IPO Details - The IPO will issue 70 million shares, accounting for 14.89% of the total share capital post-issue, with the initial inquiry date set for November 19 and subscription dates on November 24 and 26 [3][4]. - The IPO is expected to raise 8 billion yuan, with major shareholders including China Mobile Fund, Tencent Investment, and Lenovo Changjiang [6][10]. Financial Performance - Moer Thread has not yet achieved profitability, with cumulative losses of 1.604 billion yuan, but is projected to become profitable by 2027 [6]. - The company has shown rapid growth, with a compound annual growth rate (CAGR) of over 200% in revenue from 2022 to 2024, and a revenue of 702 million yuan in the first half of 2025, reflecting a year-on-year growth of 181.99% [6]. - The expected revenue for the full year of 2025 is projected to be between 1.218 billion and 1.498 billion yuan, representing a year-on-year increase of 177.79% to 241.65% [6]. Investment and Development - The funds raised from the IPO will be allocated to technology research and development, as well as market expansion, supporting the company's growth in the domestic GPU sector [7][10].