摩尔线程，网下申购倍数近1600倍

Core Viewpoint - The domestic GPU company, Moore Threads, is experiencing significant attention in the capital market amid the accelerated local replacement in the global AI industry chain, with its IPO on the Sci-Tech Innovation Board marking a new high for A-share IPO prices since 2025 at 114.28 yuan per share [1][10]. Group 1: IPO Details - Moore Threads' IPO has garnered substantial interest from institutional investors, with 267 offline investors participating in the initial inquiry phase, leading to a total subscription of over 700 billion shares and an offline subscription multiple of 1572 times [1][3]. - The company plans to issue 70 million shares, resulting in a market capitalization of approximately 53.7 billion yuan on the first day of trading [10]. - The initial effective subscription multiple for the online issuance was approximately 4126.49 times, prompting the activation of a mechanism to adjust the allocation between offline and online subscriptions [2][11]. Group 2: Institutional Participation - A notable number of public and private funds participated in the subscription, with 86 public funds and 124 private funds involved, indicating a strong interest in the "domestic high-performance GPU + AI computing power track" [2][3]. - Major public funds, such as Southern Fund and E Fund, utilized a significant number of products to enhance their chances of winning allocations, with Southern Fund using 404 products to apply for a total of 5.285 billion shares [6][7]. Group 3: Pricing and Market Sentiment - The price range during the inquiry phase varied from 88.79 yuan to 159.57 yuan, with some institutions willing to offer a premium, reflecting high expectations for the company's growth potential [4][5]. - The highest effective bid came from a public fund at 122.94 yuan per share, indicating differing views on the company's valuation among investors [4]. Group 4: Company Performance and Future Outlook - Moore Threads has not yet achieved profitability, reporting revenues of 46 million yuan, 124 million yuan, and 438 million yuan for 2022, 2023, and 2024 respectively, with net losses of 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan during the same period [11][12]. - The company has developed a comprehensive computing acceleration platform since its establishment in 2020, focusing on GPU technology and related hardware and software systems, with applications in AI computing centers, digital twin rendering, and high-performance computing [10][11].