记者丨刘雪莹 编辑丨曾静娇 12月12日晚间，"国产GPU第一股"摩尔线程（688795.SH）发布公告，拟使用不超过 75亿元 的部分闲置募集资金进行现金管理。消息一出，即引发市场高度关注。 13日早上，据《科创日报》报道，摩尔线程相关负责人对此回应称，公司前期明确披露了募集 资金的项目计划，所募75亿资金有分阶段、明确的研发、技术升级等一系列使用安排，也将严 格按照既定募投项目计划的推进。 12月12日，摩尔线程大幅回调，一度重挫逾19%，最终跌13.41%，累计涨幅仍超过613%。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 出品 | 2 1财经客户端 2 1世纪经济报道 央行定调2026年五大重点任务 2534亿元，全球食品巨头收购案定了 冲刺万亿GDP城市，这座地级市胜算大 SFC 21君荐读 悦 读 · 权 威 · 智能 (凸) (6) (0) 扫码点击下载 " 本次审议的75亿元为现金管理额度上限，并非实际现金管理金额。 实际现金管理金额将明显 小于上限， 后续随着募投项目逐步推进，以及置换前期自有资金投入募投项目的金额，闲置 资金规模将相应减少，现金管理额度也会随之 ...

Group 1 - The company plans to use up to 7.5 billion yuan of idle raised funds for cash management while ensuring the smooth implementation of fundraising projects and safeguarding the funds' safety [2] - The cash management amount is a ceiling and the actual amount will be significantly lower, with the scale of idle funds expected to decrease as projects progress [2] - The company emphasizes continuous R&D investment to accelerate product iteration and overcome core technological barriers, ensuring that cash management does not affect the normal development of main business [2] Group 2 - The first MUSA Developer Conference will be held from December 20 to 21, where the founder will present the full-stack development strategy and future vision centered on MUSA [3] - The company's stock price has surged over 600% since its listing, with the latest price at 814.88 yuan per share and a total market value of 383 billion yuan [3] Group 3 - The company operates in the C39 computer, communication, and other electronic equipment manufacturing industry, with a static P/E ratio of 59.34 and a static P/S ratio of 11.76 [5] - For the first nine months of 2025, the company reported revenue of 785 million yuan and a net loss of 724 million yuan, with projected losses for the full year between 1.168 billion yuan and 730 million yuan [5] - The company acknowledges a gap in R&D strength and core technology accumulation compared to international giants, with new products and architectures still in the research phase [5]

12月12日晚间，"国产GPU第一股"摩尔线程(688795.SH)发布公告，拟使用不超过75亿元的部分闲置募集资金进行现金管理。消息一出，即引发市场高度 关注。 13日早上，据智通财经报道，摩尔线程相关负责人对此回应称，公司前期明确披露了募集资金的项目计划，所募75亿资金有分阶段、明确的研发、技术升 级等一系列使用安排，也将严格按照既定募投项目计划的推进。 "本次审议的75亿元为现金管理额度上限，并非实际现金管理金额。实际现金管理金额将明显小于上限，后续随着募投项目逐步推进，以及置换前期自有 资金投入募投项目的金额，闲置资金规模将相应减少，现金管理额度也会随之动态下降。"该负责人表示，公司将持续加大研发投入，以加速产品快速迭 代、攻坚核心技术壁垒，并构建自主可控的技术与产品体系，绝不会因现金管理影响募投项目的正常实施和公司主营业务的正常发展。 12月5日，摩尔线程在上交所科创板挂牌上市，募资近80亿元，成为今年科创板最大IPO。上市后6个交易日内，摩尔线程股价最高涨幅达723.5%，总市值 曾突破4400亿元。 12月11日晚，摩尔线程发布股票交易风险提示公告，称股价可能存在短期上涨过快出现的下跌风险。公告 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 12月12日晚间，摩尔线程（688795.SH）发布公告，拟使用不超过75亿元的部分闲置募集资金进行现金 管理。 公告披露引起关注，摩尔线程相关负责人表示："公司前期明确披露了募集资金的项目计划，所募75亿 资金有分阶段、明确的研发、技术升级等一系列使用安排，也将严格按照既定募投项目计划的推进。项 目实施周期为三年，资金支出将根据项目进度分阶段拨付。因为项目是分阶段投入，现阶段为提升募集 资金使用效率，在确保募投项目顺利实施、不影响原有资金安排、且保障募集资金安全的前提下，当前 公司拟对部分尚未暂时闲置的募集资金进行现金管理，以合理提高资金收益，符合公司及全体股东的利 益。" 同时，该负责人还表示，本次审议的75亿元为现金管理额度上限，并非实际现金管理金额。实际现金管 理金额将明显小于上限，而且后续随着募投项目逐步推进，以及置换前期自有资金投入募投项目的金 额，闲置资金规模将相应减少，现金管理额度也会随之动态下降。 该负责人强调，公司将持续加大研发投入，以加速产品快速迭代、攻坚核心技术壁垒，并构建自主可控 的技术与产品体系，绝不会因现金管理影响 ...

同时，该负责人还表示，本次审议的75亿元为现金管理额度上限，并非实际现金管理金额。实际现金管 理金额将明显小于上限，而且后续随着募投项目逐步推进，以及置换前期自有资金投入募投项目的金 额，闲置资金规模将相应减少，现金管理额度也会随之动态下降。 该负责人强调，公司将持续加大研发投入，以加速产品快速迭代、攻坚核心技术壁垒，并构建自主可控 的技术与产品体系，绝不会因现金管理影响募投项目的正常实施和公司主营业务的正常发展。 人民财讯12月13日电，12月12日晚间，摩尔线程发布公告，拟使用不超过75亿元的部分闲置募集资金进 行现金管理。 公告披露引起关注，摩尔线程相关负责人表示："公司前期明确披露了募集资金的项目计划，所募75亿 资金有分阶段、明确的研发、技术升级等一系列使用安排，也将严格按照既定募投项目计划的推进。项 目实施周期为三年，资金支出将根据项目进度分阶段拨付。因为项目是分阶段投入，现阶段为提升募集 资金使用效率，在确保募投项目顺利实施、不影响原有资金安排、且保障募集资金安全的前提下，当前 公司拟对部分尚未暂时闲置的募集资金进行现金管理，以合理提高资金收益，符合公司及全体股东的利 益。" ...

【#摩尔线程实际现金管理将远少于75亿#】12月12日晚间，摩尔线程智能科技（北京）股份有限公司发 布公告，拟使用不超过 75 亿元的部分闲置募集资金进行现金管理。公告披露引起关注，《科创板日 报》记者随即向公司相关负责人进行了求证。对此，摩尔线程相关负责人表示，"公司前期明确披露了 募集资金的项目计划，所募75亿资金有分阶段、明确的研发、技术升级等一系列使用安排，也将严格按 照既定募投项目计划的推进。项目实施周期为三年，资金支出将根据项目进度分阶段拨付。因为项目是 分阶段投入，现阶段为提升募集资金使用效率，在确保募投项目顺利实施、不影响原有资金安排、且保 障募集资金安全的前提下，当前公司拟对部分尚未暂时闲置的募集资金进行现金管理，以合理提高资金 收益，符合公司及全体股东的利益。" 同时，上述负责人还表示，本次审议的75亿元为现金管理额度上限，并非实际现金管理金额。实际现金 管理金额将明显小于上限，而且后续随着募投项目逐步推进，以及置换前期自有资金投入募投项目的金 额，闲置资金规模将相应减少，现金管理额度也会随之动态下降。该负责人明确称，公司将持续加大研 发投入，以加速产品快速迭代、攻坚核心技术壁垒，并构建自 ...

对此，摩尔线程相关负责人明确表示：" 公司前期明确披露了募集资金的项目计划，所募75亿资金 有分阶段、明确的研发、技术升级等一系列使用安排，也将严格按照既定募投项目计划的推进。 项 目实施周期为三年，资金支出将根据项目进度分阶段拨付。因为项目是分阶段投入，现阶段为提升募 集资金使用效率，在确保募投项目顺利实施、不影响原有资金安排、且保障募集资金安全的前提下， 当前公司拟对部分尚未暂时闲置的募集资金进行现金管理，以合理提高资金收益，符合公司及全体股 东的利益。" 同时，该负责人还表示 ，本次审议的 75 亿元为现金管理额度上限，并非实际现金管理金额。实际 现金管理金额将明显小于上限 ，而且后续随着募投项目逐步推进，以及置换前期自有资金投入募投 项目的金额，闲置资金规模将相应减少，现金管理额度也会随之动态下降。 该负责人强调， 公司将持续加大研发投入，以加速产品快速迭代、攻坚核心技术壁垒，并构建自主 可控的技术与产品体系 ，绝不会因现金管理影响募投项目的正常实施和公司主营业务的正常发展。 将持续加大研发投入，以加速产品快速迭代、攻坚核心技术壁垒，并构建自主可控的技术 与产品体系。 本文为IPO早知道原创 作者｜ ...

12月12日晚间，摩尔线程智能科技（北京）股份有限公司（688795.SH）发布公告，拟使用不超过 75 亿元的部分闲置募集资金进行现金 管理。公告披露引起关注，《科创板日报》记者随即向公司相关负责人进行了求证。 该负责人明确称， 公司将持续加大研发投入，以加速产品快速迭代、攻坚核心技术壁垒，并构建自主可控的技术与产品体系，绝不会因现 金管理影响募投项目的正常实施和公司主营业务的正常发展。 对此，摩尔线程相关负责人表示 ，"公司前期明确披露了募集资金的项目计划，所募75亿资金有分阶段、明确的研发、技术升级等一系列使 用安排，也将严格按照既定募投项目计划的推进。项目实施周期为三年，资金支出将根据项目进度分阶段拨付。因为项目是分阶段投入，现 阶段为提升募集资金使用效率，在确保募投项目顺利实施、不影响原有资金安排、且保障募集资金安全的前提下，当前公司拟对部分尚未暂 时闲置的募集资金进行现金管理，以合理提高资金收益，符合公司及全体股东的利益。" 同时，上述负责人还表示，本次审议的75亿元为现金管理额度上限，并非实际现金管理金额。实际现金管理金额将明显小于上限，而且后续 随着募投项目逐步推进，以及置换前期自有资金投入募 ...

Core Viewpoint - Moer Technology plans to use up to RMB 7.5 billion of idle raised funds for cash management, effective for 12 months from board approval, to enhance fund utilization efficiency and ensure project implementation safety [1][3] Fundraising and Financial Performance - The company recently completed its IPO, raising approximately RMB 7.9996 billion, with a net amount of about RMB 7.576 billion after expenses [1][3] - In the first six trading days post-IPO, Moer Technology's stock price surged by 723.49%, reaching a peak of RMB 941.08 per share, with a market cap exceeding RMB 440 billion [1] - On December 12, the stock experienced a significant drop of over 19%, closing at RMB 814.88, but still reflecting a cumulative increase of over 613% [1] Investment Allocation - The raised funds will be allocated to three core technology projects: - New generation AI training and inference integrated chip project (approximately RMB 2.51 billion) - New generation graphics chip project (approximately RMB 2.50 billion) - New generation AI SoC chip project (approximately RMB 1.98 billion) - An additional RMB 1 billion is designated for working capital [3][4][5] Cash Management Strategy - The cash management plan aims to invest in high-security, liquid principal-protected products, including but not limited to time deposits and structured deposits, without affecting the ongoing projects [3][5] - The company emphasizes that this strategy will not impact daily operations or project progress while aiming to enhance cash asset returns for shareholders [3] Market Reaction and Future Outlook - Following the announcement of the cash management plan, investor reactions were mixed, with some questioning the decision while others supported it as a means to ensure liquidity and increase revenue [3] - Moer Technology is set to release a new generation GPU architecture on December 19-20, which has generated investor enthusiasm, leading to stock price increases of 5.73%, 16.98%, and 28.04% over three consecutive trading days [5] - The company has acknowledged the need for continued high R&D investment and product iteration, while recognizing existing gaps compared to international competitors [5][6] Financial Status - As of the first half of 2025, Moer Technology reported revenue of RMB 702 million, surpassing total revenue from 2022 to 2024, but still incurred a net loss of RMB 271 million [6] - The company anticipates achieving profitability by 2027 at the earliest, with cumulative losses of approximately RMB 1.48 billion as of June 30, 2025 [6]

Mergers and Acquisitions - Moore Threads plans to use no more than 7.5 billion yuan of idle raised funds for cash management [3] - Tian康 Bio intends to acquire 51% equity of Qiangdu Livestock for 1.275 billion yuan [3] - Greenmeadow plans to acquire 16.38% equity of Henan Recycling Group for 400 million yuan [3] - Chongqing Water intends to acquire a sewage treatment project for 382 million yuan [3] - Enjie shares plans to acquire 100% equity of Zhongke Hualian, with stock resuming trading [3] - Rongbai Technology plans to acquire part of the equity of Guizhou Xinren and increase capital to achieve control [3] - Jiahuan Energy plans to merge with its wholly-owned subsidiary Zhejiang Jiahuan Hydrogen Peroxide Co., Ltd. [3] Financing Activities - Guangzhou Development received a registration notice for 8 billion yuan medium-term notes and 6 billion yuan short-term financing bonds [3] - Poly Development plans to issue convertible bonds to raise no more than 5 billion yuan [3] - Liaoning Chengda's 3 billion yuan medium-term notes have been approved for registration [3] - Tianyu Bio's application for issuing A-shares to specific targets in 2025 has been accepted by the Shanghai Stock Exchange [3] - Tonglian Precision's application for issuing convertible bonds to unspecified targets has been approved by the Shanghai Stock Exchange [3] Shareholding Changes - Xice Testing's actual controller plans to transfer 5% of the company's shares through an agreement [3] - China High-Tech's control is set to change, with stock suspension starting December 15 [3] Buybacks and Shareholding Adjustments - Oppein Home's actual controller and concerted actors plan to increase their holdings of company shares by 50 million to 100 million yuan [3] - Maide Medical plans to repurchase shares worth 20 million to 40 million yuan [3] - Xilong Science's private equity intends to reduce its holdings by no more than 1% of the company's shares [3] - Jincheng shares' actual controller and concerted actors plan to reduce their holdings by no more than 0.97% [3] Operational Data - China Merchants Port reported a container throughput of 17.248 million TEUs in November, a year-on-year increase of 6.4% [4] Major Investments - New Fengming plans to invest 280 million USD in a 360,000 tons/year functional fiber project in Egypt [5] - Tian Shun Wind Power plans to raise no more than 1.95 billion yuan for the expansion of the Changfeng New Energy Equipment Manufacturing Base [5] - Lei Sai Intelligent plans to raise no more than 1.144 billion yuan for core components of intelligent equipment motion control [5] - Hainan Development's subsidiary plans to invest 215 million yuan in the second phase of the Zhuhai production base [5]