Core Viewpoint - The stock price of Moer Thread (688795), known as the "first domestic GPU stock," experienced a significant decline, dropping over 15% and falling below the 800 yuan mark shortly after a risk warning announcement was issued by the company [1][3]. Group 1: Stock Performance - Since its listing on December 5, Moer Thread's stock price surged by 723.49% over five trading days, reaching a closing price of 941.08 yuan on December 11, with a market capitalization exceeding 442.3 billion yuan [3]. - On December 11, the stock price increased by 28.04% in a single day, with a trading volume of 12.448 billion yuan and a turnover rate of 51.44%, indicating high market activity [3]. Group 2: Risk Warning Announcement - The company issued a risk warning on December 11, highlighting that its stock price had risen significantly compared to the Sci-Tech Innovation Index and the Sci-Tech 50 Index, with recent three-day increases of 5.73%, 16.98%, and 28.04% [3]. - The announcement cautioned about the potential for a rapid decline due to excessive short-term price increases and irrational speculation [3]. Group 3: Financial Performance and Valuation - As of December 11, the company's static price-to-earnings ratio was negative, while its price-to-sales ratio was 1008.84, significantly higher than the industry average of 11.76 [5]. - For the period from January to September 2025, the company reported revenues of 785 million yuan and a net loss of 724 million yuan, with an expected annual net loss ranging from 1.168 billion to 730 million yuan [5]. Group 4: Future Prospects - Moer Thread plans to hold its first MUSA Developer Conference from December 19 to 20, where it will unveil a new generation of GPU architecture and related products, although these developments are not expected to have a significant short-term impact on financial performance [5]. - The company acknowledged that its new products have not yet generated revenue and face uncertainties in certification, customer onboarding, and mass production, which could adversely affect future performance [5].
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