Core Viewpoint - Moores Threads has officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming China's first fully functional GPU company to enter the capital market, which signifies a significant milestone in the domestic GPU industry [2][3]. Group 1: Company Overview - Moores Threads, established in 2020, is a leading domestic full-function GPU enterprise that focuses on independent innovation and has aligned its development with national strategies for technological self-reliance and a secure computing power system [4]. - The company has achieved significant technological breakthroughs with its MUSA unified system architecture, enabling a single chip to support AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding and decoding [6]. Group 2: Financial Performance - In the first half of this year, Moores Threads reported a revenue of 702 million yuan, surpassing the total revenue from 2022 to 2024, which was approximately 608 million yuan [9]. - The company's gross margin has dramatically improved from -70.08% in 2022 to 69.14% in the first half of 2025, indicating a significant enhancement in product competitiveness and market recognition [9]. Group 3: Research and Development - Moores Threads has invested over 4.3 billion yuan in R&D from 2022 to June 2025, with over 77% of its workforce dedicated to research, leading to substantial innovation outcomes [10]. - The company has obtained 514 authorized patents as of June 2025, positioning it among the top GPU enterprises in China, which strengthens its technological moat based on continuous independent innovation [10]. Group 4: Strategic Positioning - The listing on the Sci-Tech Innovation Board coincides with a historical opportunity, as the raised funds will focus on the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, aiming to solidify and expand the company's technological leadership in AI computing and graphics [11]. - Moores Threads is committed to advancing the computing industry towards more general and intelligent directions, contributing to the national digital economy and the mission of technological self-reliance [11].
摩尔线程正式登陆科创板：市值超2700亿元，筑牢AI时代的高端国产算力基座