Core Viewpoint - Since its listing, Moores Threads (688795) has experienced a significant increase in stock price, prompting a risk warning announcement due to the rapid rise exceeding that of related indices [1][2]. Group 1: Stock Performance - Moores Threads' stock price surged by 425.46% on its listing day, December 5, and has seen increases of 5.73%, 16.98%, and 28.04% in the following three trading days [4]. - As of December 11, the stock price reached 941.08 CNY, with a market capitalization of 442.3 billion CNY, ranking 27th in the A-share market [4]. - The stock has increased by 723.49% compared to its issue price of 114.28 CNY within just five trading days [4]. Group 2: Financial Performance - For the period of January to September 2025, the company reported a revenue of 785 million CNY and a net loss attributable to shareholders of 724 million CNY [1]. - The projected net loss for the full year of 2025 is estimated to be between 1.168 billion CNY and 730 million CNY [1]. Group 3: Market Position and Risks - The static price-to-earnings ratio for the computer, communication, and other electronic equipment manufacturing industry is 59.34, while Moores Threads has a negative P/E ratio and a significantly high price-to-sales ratio of 1008.84 [2]. - The company is investing heavily in R&D based on its self-developed MUSA architecture, but it still lags behind international competitors in terms of R&D capabilities and product ecosystem [2]. - New products are still in the research phase, and revenue generation will take time, with potential risks related to market competition and product development [1][2].

Group 1 - The core viewpoint is that Moore Threads, regarded as the "first domestic GPU stock," reached a historic high stock price of 941.08 yuan per share on December 11, 2023, after breaking through 900 yuan during trading [1] - Moore Threads was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2023, with an initial offering price of 114.28 yuan per share. The company has successfully launched four generations of GPU architectures, creating a diverse product matrix covering AI computing, high-performance computing, graphics rendering, computing virtualization, and intelligent media [3] - Another domestic GPU company, Muxi Co., disclosed its IPO results, with online investors subscribing to 9.6452 million shares for a total of 1.009 billion yuan, and offline investors subscribing to 22.8291 million shares for a total of 2.389 billion yuan [3] Group 2 - Several listed companies have established connections with Moore Threads. For instance, A-share company Guangdian Yuntong indicated that its subsidiary has integrated Moore Threads graphics cards into some of its server products. Century Huatong announced that it indirectly holds shares in Moore Threads through a fund held by its wholly-owned subsidiary, which is expected to impact the company's net profit in Q4 2025 [3] - Moore Threads announced the first MUSA Developer Conference to be held in Beijing on December 19-20, where the founder and CEO Zhang Jianzhong will elaborate on the full-stack development strategy centered around MUSA [4]

自12月11日早盘开始，摩尔线程股价便开始"狂飙"，随着涨幅持续放大，最终收涨28.04%！一方面，公 司股价成功突破900元关口，达到941.08元/股，高出A股股价第四名的源杰科技（663元/股）近四成； 另一方面，公司市值也随之飙升至超过4400亿元，进入A股总市值榜单的前30名内，体量位于海王信息 与五粮液之间。 摩尔线程收盘价涨至941.08元/股 据Wind 来源：市场资讯 来源：金融投资报 金融投资报记者 陈雨禾 林珂 在一众机构短期震荡调整的预期下，12月11日，沪指最终仍失守3900点，走出"三连阴"行情。截至收 盘，上证综指报收3873.32点，微跌0.70%；深证成指报收13147.39点，下跌1.27%；创业板指报收 3163.67点，下跌1.41%。 值得注意的是，虽然大盘持续回调，但成交数据已开始放量，全天沪深两市成交额为1.86万亿元，较上 一个交易日放量786亿元。在部分市场人士眼中，A股"三连阴"通常也被视为"回调极限"，而从A股历史 表现来看，也的确少有出现"四连阴"的情况。此外，虽然周四全天有近4400只个股出现下跌，但市场之 中仍有不少亮点涌现。 摩尔线程股价持续"狂飙 ...

作为"国产GPU第一股"，摩尔线程近期动作频频。12月19日至20日，摩尔线程首届MUSA开发者 大会将在北京中关村国际创新中心拉开帷幕。 如果您希望可以时常见面，欢迎标星收藏哦~ 截止今日收盘，摩尔线程股价大涨28%，公司市值也突破4400亿，再创新高。 12月5日，被称为"国产GPU第一股"摩尔线程上市之后股价迭创新高，12月10日盘中最高涨至 797.97元/股，总市值超3500亿元。这意味着在短短几天的时间里，公司市值已经暴涨近千亿。值 得一提的是，如果投资者中签摩尔线程新股且能持有至今，按其今日收盘价计算，单签浮盈将超过 41万元。 摩尔线程定位是一家全功能GPU的芯片公司，这在国内GPU企业中是较为少见的。基于自主研发 的MUSA架构，摩尔线程率先实现了单芯片架构同时支持AI计算加速、图形渲染、物理仿真和科 学计算、超高清视频编解码的技术突破。同时，摩尔线程通过MUSA社区开发者计划与摩尔学院， 构建自主开放生态，为开发者提供全套开发工具与技术支持，推动国产GPU生态的繁荣发展，加 速GPU自主可控进程。 根据招股资料，摩尔线程已成功推出四代GPU架构，并形成了覆盖AI智算、高性能计算、图形渲 染 ...

Core Viewpoint - Moore Threads' stock price has reached a historic high, closing at 941.08 yuan per share with a gain of 28.04% on December 11, 2023, reflecting strong market demand for the company [1][5]. Group 1: Stock Performance - Moore Threads' stock price has seen a significant increase since its IPO, which was priced at 114.28 yuan, with the stock price surpassing 600 yuan on its first trading day, closing up 425.46% [3][7]. - The stock has continued to rise, with notable daily increases, including a 5.73% rise on the third trading day and a 16.98% increase when it broke the 700 yuan mark [3][8]. - The stock's performance has been characterized by high turnover rates, making it difficult for investors to hold onto shares since the IPO [1][5]. Group 2: Market Context - Moore Threads is recognized as the "first domestic GPU stock," benefiting from the growing popularity of domestic GPU concepts this year [3][8]. - The company has successfully launched four generations of GPU architecture, creating a diverse product matrix that covers various applications, including AI computing, high-performance computing, and graphics rendering [3][8]. - The product line caters to different market segments, including government, enterprise-level intelligent computing, data centers, and consumer-grade terminals, addressing the differentiated needs of various customers [3][8]. Group 3: Upcoming Competitors - Another domestic GPU company, Muxi Co., is preparing to enter the A-share market, with significant subscription amounts reported from both online and offline investors [4][8].

来源：金石随笔 12月11日，国产GPU龙头摩尔线程继续狂飙，从114.28元的发行价一路狂飙，首日上市最高688元，如 今再度突破700元、800元和900元，向1000元大关迈进。其中，有多大泡沫相信大家都知道。 根据公司财报，2022年至2024年，公司分别实现收入4609万、1.24亿和4.38亿，近三年研发投入38.1 亿，是公司营收的6.26倍。由于高投入、高研发，公司持续处于亏损状态。 根据招股书，2022年至24年，公司分别亏损18.4亿、16.73亿以及14.92亿，三年亏损50亿，而沐曦股份 三年亏损大约30亿，摩尔线程亏损更进一步。经营活动现金流量净额来看，三年分别流出14亿、11亿、 18亿；三年的研发投入11.16亿、13.34亿以及13.59亿，三年研发投入38亿。 最新招股书更新了2025年中期数据，营收大约7亿，亏损2.71亿，虽然依旧在烧钱，但大幅收窄。 | | | | | 早例: 月儿 | | --- | --- | --- | --- | --- | | 项目 | 2025年1-6月 | 2024年度 | 2023年度 | 2022年度 | | | /2025年6月末 | ...

今日(12月11日)午后，摩尔线程股价进一步走高，盘中股价突破900元。截至收盘，摩尔线程股价报941.08元/股，涨幅为28.04%，再度刷新历史高点。如 果投资者中签摩尔线程新股且能持有至今，按收盘价计算，单签浮盈将超过40万元。不过，数据显示，由于摩尔线程上市后换手率一直较高，中签后能一 直持有至今的投资者或极少。 摩尔线程发行价为114.28元。行情数据显示，摩尔线程上市以来受到市场强烈追捧，股价连续上涨，上市首日股价即突破600元，当天收盘大涨425.46%； 上市第二个交易日摩尔线程股价微跌1.04%；周二(上市第三日)开始，摩尔线程股价开启连续上涨：周二摩尔线程上涨5.73%；周三涨势进一步加速，股价 突破700元，当天收盘大涨16.98%；今天上午，摩尔线程股价突破800元，下午再突破900元，涨幅超过28%。 摩尔线程被市场视为"国产GPU第一股"，其上市以来被市场追捧或与今年以来国产GPU概念大热有关。 根据招股资料，摩尔线程已成功推出四代GPU架构，并形成了覆盖AI智算、高性能计算、图形渲染、计算虚拟化、智能媒体和面向个人娱乐与生产力工 具等应用领域的多元计算加速产品矩阵，产品线涵盖政务 ...

今日（12月11日）午后，摩尔线程股价进一步走高，盘中股价突破900元。截至收盘，摩尔线程股价报941.08元/股，涨幅为28.04%，再度刷新历史高点。如果投资 者中签摩尔线程新股且能持有至今，按收盘价计算，单签浮盈将超过40万元。不过，数据显示，由于摩尔线程上市后换手率一直较高，中签后能一直持有至今的投 资者或极少。 摩尔线程发行价为114.28元。行情数据显示，摩尔线程上市以来受到市场强烈追捧，股价连续上涨，上市首日股价即突破600元，当天收盘大涨425.46%；上市第二 个交易日摩尔线程股价微跌1.04%；周二（上市第三日）开始，摩尔线程股价开启连续上涨：周二摩尔线程上涨5.73%；周三涨势进一步加速，股价突破700元，当 天收盘大涨16.98%；今天上午，摩尔线程股价突破800元，下午再突破900元，涨幅超过28%。 摩尔线程股价再创历史新高。 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红 ...

12月11日，摩尔线程延续强劲表现，大幅高开，股价站上850元关口，再度刷新上市以来的历史新高，截至午盘，其股价大涨16.69%，总市值突破4000亿 元。 C摩尔-U(688795) W 交易中 12-11 11:30:01 融 成 额 81.9亿 股本 4.70亿 -278 市盈™ 力得 官口 市值 4031亿 换 35.32% 35.01 市净 122.70 16.69% 分时 月K 日K 周K 童多 五日 < 0) 叠加 均价:789.78 盘口 资金 878.78 19.56% 卖五 857.99 5 卖四 857.97 | 3 卖三 857.96 6 卖二 857.82 6 11 857.80 | -- 0.00% 857.70 | 3 士一 买二 857.00 3 856.00 买三 6 855.08 2 云园 买五 855.02 | 3 591.22 -19.56% 9:30 11:30/13:00 15:00 11:29 855.80 17 总量:10.38万 11:29 855.09 13 5311 11:29 857.00 16 11:29 856.99 14 2656 11:30 85 ...

Core Viewpoint - The company, Moore Threads, a full-featured GPU chip manufacturer, has achieved significant stock price increases following its IPO, reflecting strong market interest and potential for growth in the domestic GPU sector [2]. Group 1: Company Overview - Moore Threads is recognized as a leading domestic GPU company, notable for its self-developed MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding and decoding [1]. - The company has established an open ecosystem through the MUSA community developer program and Moore Academy, providing comprehensive development tools and technical support to developers, thereby promoting the prosperity of the domestic GPU ecosystem [1]. Group 2: Stock Performance - Following its listing, Moore Threads' stock price reached a peak of 797.97 CNY per share on December 10, with a total market capitalization exceeding 350 billion CNY [2]. - The stock price increased by 17.69% from the previous close of 735 CNY, with a trading volume of 90,500 lots and a turnover rate of 30.81% [1]. Group 3: Investment Impact - Zhejiang Century Huatong Group, a leading gaming company, announced an indirect investment in Moore Threads, reporting a floating profit exceeding 600 million CNY from its stake [2]. - Century Huatong's subsidiary holds a 7.3121% share in a private investment fund that owns approximately 4.1676% of Moore Threads post-IPO, with an estimated impact of 640 million CNY on the company's net profit for Q4 2025, representing about 53% of its audited net profit for 2024 [2].