“国产GPU第一股”，明日申购

Core Viewpoint - Moer Technology, known as the "first domestic GPU stock," is set to launch on the Sci-Tech Innovation Board, with a share price of 114.28 yuan and expected to raise 8 billion yuan in total [1][2]. Group 1: Company Overview - Moer Technology plans to issue 70 million shares, with a total market capitalization projected to reach 53.7 billion yuan upon listing [2]. - The company focuses on the research, design, and sales of full-function GPU products and has become one of the few domestic manufacturers supporting full computational precision from FP8 to FP64 [2]. - Moer Technology was established in June 2020 and has been recognized as a "specialized and innovative" small giant enterprise by the state [2]. Group 2: Financial Performance - The company reported revenues of 0.46 million yuan in 2022, 1.24 million yuan in 2023, and is projected to reach 4.38 million yuan in 2024, while still operating at a loss [3]. - In the first half of 2025, Moer Technology achieved revenues of 7.02 million yuan, surpassing the total revenue of the previous three years [3]. - The net profit for the same periods showed losses of 18.94 million yuan in 2022, 17.03 million yuan in 2023, and 16.18 million yuan in 2024, with a loss of 2.71 million yuan in the first half of 2025 [3]. Group 3: Market Outlook - The company expresses strong confidence in the future of the industry, anticipating explosive growth in demand for GPU and computing infrastructure driven by AI applications [3]. - According to Frost & Sullivan, the Chinese GPU market is expected to grow to 1.363578 trillion yuan by 2029 [3]. - The management team projects that the company could achieve consolidated profitability by 2027 based on market space, product development, and customer engagement [3].