市值2800亿，2025科创板迎来最大IPO！“中国英伟达”背后的资本天团

Core Viewpoint - The article highlights the successful IPO of Moore Threads, marking it as the first domestic general-purpose GPU stock in China, with significant fundraising and market potential amidst the backdrop of increasing demand for AI chips and the exit of NVIDIA from the Chinese market [3][4][5]. Company Overview - Moore Threads, founded by Zhang Jianzhong, went public on the STAR Market with an issuance price of 114.28 CNY per share, raising 8 billion CNY, making it the largest IPO on the STAR Market in 2025 by fundraising amount [3][4]. - The company has a current market valuation of 280 billion CNY, with Zhang Jianzhong holding approximately 11% of the shares, translating to a personal wealth of 30.8 billion CNY [4][5]. Market Context - The exit of NVIDIA from the Chinese market due to U.S. export controls has created a significant gap in the AI chip market, with a projected shortfall of 16.8 billion USD in 2025 [5][39]. - Domestic AI chip companies, including Moore Threads, are facing challenges in meeting this demand due to supply chain limitations and the need for further technological advancements [5][39][42]. Financial Performance - Moore Threads has maintained high R&D investments, with projected losses of approximately 19 billion CNY, 17 billion CNY, and 16 billion CNY from 2022 to 2024, respectively [12][13]. - The company’s revenue has shown significant growth, with 2023 revenue reaching 785 million CNY, surpassing the total revenue of the previous three years [26]. Product Development - Moore Threads has developed a range of products, including general-purpose GPUs for AI computing and desktop GPUs, with a focus on rapid iteration and performance improvement [25][26]. - The latest product, the "Pinghu" S5000, has achieved a computing power of 32 TFlops, surpassing NVIDIA's A100 [25]. Competitive Landscape - The article discusses the emergence of four major domestic GPU companies, including Moore Threads, which are competing in the AI chip market, each with distinct focuses and product offerings [30][31]. - Despite the growth of domestic players, the market remains dominated by NVIDIA and AMD, with NVIDIA holding an 88% market share globally [48]. Investment and Support - Moore Threads has received substantial backing from government and venture capital, raising over 10 billion CNY prior to its IPO, with ongoing support from various institutional investors [12][19]. - The company has also benefited from government subsidies, totaling 585 million CNY over two and a half years [13][14]. Future Outlook - The article emphasizes that while the IPO is a significant milestone, it is merely the beginning of a long journey for Moore Threads and other domestic AI chip companies as they strive to compete with global giants [48].