沐曦股份(688802.SH)发布公告，公司拟使用募集资金总额不超过2亿元向全资子公司沐曦集成电路(南 京)有限公司(以下简称"南京沐曦")提供借款以实施募投项目"新型高性能通用GPU研发及产业化项目" ...

格隆汇12月17日｜据一财，沐曦股份联合创始人、CTO兼首席硬件架构师彭莉表示，GPU是一个超级复 杂的系统工程，研发动辄上千人，需要所有事情都做对才能成功，有一件事做错了，就是一个失败品。 而沐曦股份目前已经基于曦云、曦思、曦彩三大系列产品构建了全栈式的GPU的IP体系，接下来也会通 过进一步对MXMACA软件栈进行开源开放，希望打造世界一流的GPU芯片及计算平台。 ...

Core Viewpoint - Moore Threads has officially launched on the STAR Market, becoming the first domestic GPU stock, with an IPO price of 114.28 yuan per share and raising 8 billion yuan, marking the highest IPO price in A-shares this year and the largest IPO on the STAR Market [1][2] Company Overview - Moore Threads was founded by Zhang Jianzhong, a former NVIDIA executive, and has rapidly grown from a startup to one of the "Four Little Dragons" of domestic GPUs in five years [1][3] - The company focuses on the development and innovation of full-function GPUs, utilizing its self-developed MUSA architecture to achieve significant technological breakthroughs [4] Financial Performance - Moore Threads has successfully mass-produced five chips and completed four iterations of its GPU architecture, creating a diverse product matrix covering various application fields [6] - Revenue projections show significant growth, with expected revenues of 460.883 million yuan in 2022, 1.24 billion yuan in 2023, and 4.38 billion yuan in 2024, with the first half of 2024 already reaching 700 million yuan [6][8] - The company anticipates revenues of 1.218 billion to 1.498 billion yuan for the full year of 2025, representing a growth of 177.79% to 241.65% compared to 2024 [6] Market Position and Future Outlook - The AI computing products are expected to become the core products of Moore Threads, with revenue contributions of 77.63% in 2024 and 94.85% in the first half of 2025, driven by increased market demand for large model training and GPU cloud services [7] - Despite ongoing losses, with net profits projected to remain negative until at least 2027, the company is optimistic about its future trajectory following its IPO [8]

Group 1: Moer Technology IPO - Moer Technology is set to be listed on the Sci-Tech Innovation Board on December 5, with an issue price of 114.28 yuan per share, corresponding to a projected market value of approximately 53.715 billion yuan at listing [2] - The company plans to raise a net amount of 7.576 billion yuan from the IPO, which will be the highest fundraising amount for a new stock on the Sci-Tech Innovation Board this year [2] - Moer Technology's revenue is projected to grow from 46 million yuan in 2022 to 438 million yuan in 2024, while net losses are expected to decrease from 1.894 billion yuan in 2022 to 1.618 billion yuan in 2024 [2] Group 2: Muxi Co., Ltd. Subscription - Muxi Co., Ltd. will also open subscriptions on the same day, with an issue price of 104.66 yuan per share, leading to an estimated market value of about 41.874 billion yuan at listing [3] - The company aims to raise a total of 4.197 billion yuan, which will be used for the development and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [3] - Muxi Co., Ltd. is recognized as a leading domestic enterprise in high-performance general-purpose GPU products, with a projected market share of approximately 1% in China's AI chip market in 2024 [3][4] Group 3: Financial Performance - Muxi Co., Ltd. reported revenues of 426,400 yuan in 2022, increasing to 740 million yuan in 2025 Q1, but has not yet achieved profitability, with net losses of 777 million yuan in 2022 and 2.32 billion yuan in 2025 Q1 [4]

Core Viewpoint - The company is one of the few in China with comprehensive GPU research and development capabilities, having successfully launched four generations of GPU architecture and expanded its product matrix in computing acceleration applications [2][2]. Business Highlights - The MTTS80 graphics card has single-precision floating-point performance close to that of the MTTS5000 product, which constructs a thousand-card GPU intelligent computing cluster with high efficiency [2][2]. - Based on its self-developed GPU architecture, the company is actively developing SoCs (System on Chips) [2][2]. Financial Metrics - The issuance price is 114.28 yuan, with a total market value of 457.2 billion yuan and an issuance price-to-earnings ratio of 27.06 [2][2]. - The subscription rate is 0.036351% [2][2].

Core Viewpoint - The company Moer Thread is set to launch the largest IPO on the Sci-Tech Innovation Board this year, with an issue price of 114.28 yuan per share, resulting in a market capitalization exceeding 50 billion yuan, generating significant excitement and anticipation in the market [1] Group 1: IPO Details - The company plans to issue 70 million shares at a price of 114.28 yuan per share, aiming to raise approximately 8 billion yuan, with a net amount of about 7.576 billion yuan after expenses [1] - The total share capital is estimated to be around 470 million shares, leading to an estimated market value of approximately 53.715 billion yuan at the issue price [1] - The subscription date for both online and offline investors is set for November 24, 2025, with the results to be announced on November 28, 2025 [1] Group 2: Financial Performance and Valuation - Moer Thread has not yet achieved profitability, and its pricing is based on a high price-to-sales ratio of 122.51 times for 2024, which is considered high compared to industry peers [1][2] - The company has met the Sci-Tech Board's financial thresholds, including a projected market value of no less than 1.5 billion yuan and recent annual revenue of no less than 200 million yuan [2] - The company reported a significant increase in revenue from 0.46 billion yuan in 2022 to an expected 4.38 billion yuan in 2024, with a compound annual growth rate exceeding 200% [3] Group 3: Market Position and Strategy - Moer Thread is focused on developing full-function GPUs, with its market share in the domestic GPU market currently below 1%, indicating a long road ahead for growth [3] - The company plans to allocate the raised funds towards several R&D projects, including next-generation AI training and inference chips, graphics chips, and AI SoC chips [3] - The strategic placement of shares includes participation from notable investors such as Sequoia Capital, Tencent, and various investment firms with existing business relationships with Moer Thread [1][4] Group 4: Market Context and Future Outlook - The IPO comes at a time when domestic GPU companies are gaining traction due to export restrictions on Nvidia, creating a favorable environment for local alternatives [6] - Analysts believe that Moer Thread's self-developed full-function GPUs could position the company as an industry benchmark, although the company faces challenges in achieving short-term competitive parity [6] - The rapid timeline from IPO acceptance to approval, taking only 88 days, reflects the recent reforms in the Sci-Tech Innovation Board [4]

11月24日-11月28日新股申购一览 | 公司发行市盈率 | 行业平均市盈率 39.7 | | --- | --- | | 同业可比公司 | 药康生物、南模生物、昭衍新药 | | 一句话亮点 | 公司是一家临床前CRO以及生物技术企业。公司 自主开发的基因编辑技术提供各类创新模式动物 | | | 临床前阶段的医药研发服务。 | *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 未来一周有2只新股分别干周一、周五申购,重点公司方面,摩尔 是公司是国内极少数具备全功能GPU研发能力的企业 | 摩尔线程 (科创板，688795) | | | | | --- | --- | --- | --- | | 申购日期 11月24日 周一 | | 申购代码 | 7877 | | 计算机、通信和其 所属行业 他电子设备制造业 | | 总市值 | 457.2 | | 公司发行市盈率 27.06 | | 行业平均市盈率 | 60.1 | | 同业可比公司 | 海光信息、寒武纪、风神股份 | | | | 句话亮点 | 公司是国内极少数具备全功能GPU研发能力的企 公司MTT S80显卡的单精度浮点算 ...

Core Viewpoint - The rapid IPO process of Moore Threads, dubbed the "Chinese version of Nvidia," has garnered significant market attention, with the company aiming to raise 8 billion yuan through its listing on the Sci-Tech Innovation Board [1][2]. Company Overview - Moore Threads was established in June 2020 and focuses on the research, design, and sales of GPUs and related products [2]. - The company has launched four generations of GPU architectures and has developed a product matrix covering AI computing, cloud computing, and personal computing applications [2]. - Despite rapid revenue growth, the company has not yet achieved profitability, with significant net losses reported [3]. Financial Performance - Revenue figures for Moore Threads from 2022 to 2024 are projected at 46 million yuan, 124 million yuan, and 438 million yuan, respectively, reflecting a compound annual growth rate of 208.44% [3]. - The company reported net losses of 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan for the same period, with a loss of 271 million yuan in the first half of 2025 [3]. - For the first nine months of 2025, projected revenue is between 735 million yuan and 786 million yuan, with expected net losses of 699 million yuan to 733 million yuan [3]. Market Position - Moore Threads holds less than 1% market share in its respective segments within the domestic AI computing market, indicating a significant gap compared to international leaders like Nvidia and AMD [5]. - In the domestic AI chip market, Nvidia, Huawei, and AMD hold market shares of 54.4%, 21.4%, and 15.3%, respectively, highlighting the competitive landscape [4]. Investment and Shareholding - The company has a diverse shareholder base, including notable investors such as Sequoia Capital and Tencent, with a total of 86 shareholders [6]. - The actual controller, Zhang Jianzhong, holds a combined 36.36% stake in the company, while the listed company Heertai holds a direct stake of 1.0262% [6]. Collaborations and Partnerships - There are various inquiries regarding partnerships with other companies, with some firms confirming indirect investments or agency relationships with Moore Threads [8][10]. - Companies like ST Huatuo and Yincheng Technology have acknowledged their indirect stakes in Moore Threads, while others have refrained from disclosing specific partnership details due to confidentiality [7][9].

Core Viewpoint - The article discusses the rapid progress of Moer Thread Technology in the A-share market, highlighting its successful IPO approval and its strategic shift towards AI computing products, positioning it as a leading domestic GPU company [4][11]. Company Overview - Moer Thread Technology was established in June 2020 and began operations in October 2020. The founder, Zhang Jianzhong, has a significant background with NVIDIA, having served as a global vice president and general manager for Greater China for 14 years [5][6]. - The company has a strong leadership team with multiple executives having experience at NVIDIA, which enhances its technological capabilities [6]. Financial Performance - In the first half of this year, Moer Thread achieved a revenue of 701 million yuan, surpassing the total revenue of the past three years. However, the net profit attributable to shareholders was a loss of 317 million yuan, with cumulative losses reaching 1.478 billion yuan by mid-year [7]. - The gross margin has shown improvement, with figures of -70.45%, 27.84%, 72.32%, and 69.17% from 2022 to the first half of 2025, indicating a positive trend [7]. Product Strategy - The company has shifted its focus from desktop graphics acceleration to higher-margin AI computing and professional graphics acceleration products, with AI computing products expected to account for 77.63% and 94.85% of revenue in 2024 and the first half of 2025, respectively [8]. - The demand for AI computing products has surged due to increased needs for large model training and GPU cloud services [8]. Market Position and Competition - Moer Thread is positioned as one of the earliest and fastest domestic GPU companies to commercialize its products. The company has developed a diverse product matrix covering various applications, including AI computing and high-performance computing [11]. - The competitive landscape is intense, with other GPU companies also seeking IPOs, which may affect market dynamics and valuations [12][13]. Future Outlook - The company plans to raise 8 billion yuan through its IPO to fund the development of new AI training and inference chips, as well as graphics chips, aligning with national strategies for technological independence [13]. - The AI computing GPU market in China is projected to reach 10,333.40 billion yuan by 2029, with a compound annual growth rate of 56.7% [10].

Core Viewpoint - Dongxin Semiconductor Co., Ltd. (Dongxin) announced an investment of approximately 500 million RMB in Shanghai Lisan Technology Co., Ltd. (Lisan), with Dongxin contributing about 210 million RMB, increasing its stake to approximately 35.87% [1][7] Investment Details - The investment in Lisan is based on a pre-investment valuation of 3.5 billion RMB, raising Lisan's valuation to 4.21 billion RMB post-investment [1] - Dongxin previously invested 200 million RMB in Lisan in August 2024, acquiring a 37.88% stake [1] - After the new investment, Lisan's registered capital will increase from 13.464 million RMB to 16.1973 million RMB [1] Product Development - Lisan's first GPU product, the "7G100" series, has garnered significant attention, with claims of being fully designed in-house based on the TrueGPU architecture [2] - The 7G100 series is manufactured using TSMC's 6nm process and supports major APIs, although it does not support ray tracing [2] - Performance benchmarks show that the GPU outperforms the RTX 4060 by approximately 10% in OpenCL tests [2][4] Market Reaction - Following the GPU launch, Dongxin's stock price surged from 37.35 RMB to 119.57 RMB, marking a nearly 220% increase over 24 trading days [4] - The stock price volatility has attracted regulatory scrutiny, leading to a temporary suspension of trading for Dongxin [7] Company Background - Lisan was founded in April 2022 and focuses on high-performance GPU development [1] - The founding team has extensive experience in the GPU industry, with backgrounds in leading companies and significant contributions to GPU technology [6] Financial Performance - Lisan reported zero revenue and a net loss of approximately 20.95 million RMB for 2024, with a negative net asset value of 8.63 million RMB as of July 2025 [8] - The company faces significant competition from established players like NVIDIA and AMD, as well as emerging domestic GPU manufacturers [9] Future Outlook - Lisan plans to launch its Lisuan eXtreme series, which includes professional and consumer versions, with sample delivery expected in August 2025 and mass production starting in September 2025 [9] - The company acknowledges various risks, including market competition and product certification uncertainties, which could impact its commercialization efforts [9]