【导读】 " 国产GPU第一股 " 摩尔线程IPO 成功过会 中国基金报记者 卢鸰 从 IPO申请获 受理到 成功 过会，摩尔线程 用 时仅88天。 据上海证券交易所官网披露，上海证券交易所上市审核委员会2025年第40次审议会议于9月26日召开 。 会议审议结果显示， 摩尔线程的 IPO符合发行条件、上市条件和信息披露要求。 上市委会议现场问询的主要问题包括：结合目前市场GPU相关产品主要厂商的技术路线差异、市场竞争格局和贸易环境影响，说明公司的 竞争优劣势，未来经营存在的潜在风险和应对措施；结合报告期内主要客户情况、收入确认时点和方式、经销商采购和产品消化情况、终 端客户使用情况等，说明相关产品收入确认是否准确，是否符合《企业会计准则》规定。 摩尔线程此次IPO速度相当快，从6月30日正式 获得 受理到9月26日 上交所 上市委会议审核通过， 用 时仅88天。这给市场传递了鲜明的 信号。 "今天恰逢证监会科创板'1+6'改革政策发布后的第100天。"在市场人士看来，科创板"1+6"改革政策发布后，科创板审核质效显著提升， 体现了服务"国之大者"的科创板速度，反映出对科技创新企业的支持力度。 摩尔线程是国内 ...

将投中网设为"星标⭐"，第一时间收获最新推送 疯狂一幕正在上演。 作者丨 鲁智高 来源丨 投中网 还未上市，摩尔线程的朋友圈却已经赚翻了。 在这家国产 GPU 公司要上会的消息广为流传后，包括和而泰等多家 A 股上市公司纷纷告诉外界，自己投资了摩尔线程。最 终，众多投资者迅速行动起来，导致与摩尔线程相关的多个概念股连续猛涨。 这不由得令人感慨："中国英伟达"的造富效果真是惊人。 摩尔线程还没有上市，二级市场就已经如此"热闹"，这要是真成功 IPO ，怕是会带来一场超豪华的财富盛宴。随着 9 月 26 日，摩尔 线程 上会，经过 88 天等待的他们已迈出上市的关键一步，开启登陆 A 股的倒计时。 在"国产 GPU 第一股"即将诞生的期待中，累计投资摩尔线程上百亿元的红杉中国、深创投、纪源资本、五源资本、洪泰基 金、招商局创投、厚雪资本、腾讯、字节跳动、小马智行、中关村科学城、和而泰、联美控股等，也终于迎来收获期。 "中国英伟达"，要 IPO 了 让我们回到故事的起点。 2020 年 6 月，为了"打造中国最好的全功能 GPU "，张建中与伙伴组建了一支拥有英伟达、微软、英特尔、 AMD 、 ARM 等背景的团队 ...

Core Viewpoint - The focus is on the upcoming IPO of domestic GPU company Moore Threads, which is expected to raise 8 billion yuan and potentially become the "first domestic GPU stock" [1][8]. Group 1: IPO and Market Reaction - Moore Threads is set to undergo IPO review on September 26, with an expected fundraising of 8 billion yuan [1]. - Several stocks related to Moore Threads have experienced significant price increases, with companies like Heertai and Lianmei Holdings seeing consecutive trading limits [3]. - The market's enthusiasm has led to other companies, such as Zhangjiang Hi-Tech and Ultrasonic Electronics, clarifying their lack of investment in Moore Threads [3]. Group 2: Industry Background - The domestic GPU industry, including Moore Threads, emerged around seven years ago, primarily due to U.S. sanctions against Chinese tech companies, which created a shortage of high-end GPU chips [6]. - Notable figures from international companies like NVIDIA and AMD have returned to China to contribute to the development of domestic GPU firms [6][4]. Group 3: Company Development - Moore Threads was founded by Zhang Jianzhong, a former key figure at NVIDIA China, who quickly assembled a team of top talents from various tech giants [4]. - The company has raised over seven rounds of financing since its inception, with early investors like Heertai participating in seed funding [8][9]. Group 4: Financial Performance and Future Outlook - Moore Threads has reported cumulative losses of approximately 5 billion yuan from 2022 to 2024, with expectations to achieve profitability by mid-2027 [13]. - The overall GPU market is experiencing a surge in demand, driven by the rapid growth of artificial intelligence, as evidenced by NVIDIA's market valuation increasing 15 times in just 24 months [6][8].

Core Viewpoint - Moole Technology is set to undergo an IPO review on the Sci-Tech Innovation Board, marking a record speed in the IPO process in less than three months, with a fundraising target of 8 billion yuan and a valuation of 25.5 billion yuan, reshaping the valuation system for tech companies in the A-share market [1][11][13]. Group 1: Company Overview - Moole Technology is recognized as a leading enterprise in the domestic full-function GPU sector, often referred to as "China's NVIDIA" due to its executive team's extensive experience at NVIDIA [3][4]. - The company has developed the MUSA architecture, achieving significant technological breakthroughs that support AI computing acceleration, graphics rendering, and more [4][7]. Group 2: Financial Performance - From 2022 to 2024, Moole Technology's revenue grew from 46 million yuan to 438 million yuan, with a compound annual growth rate of 208.44%, and the first half of 2025 saw revenue of 702 million yuan, surpassing the total revenue of the previous three years [4][5]. - Despite high revenue growth, the company reported substantial losses, with net profits of -1.84 billion yuan in 2022, -1.67 billion yuan in 2023, and -1.49 billion yuan in 2024, totaling an unrecouped loss of 1.21 billion yuan [5][6]. Group 3: Market Impact and Strategy - The IPO is expected to inject strong momentum into the domestic GPU industry, facilitating the development of a collaborative ecosystem and driving technological advancements [8][10]. - Moole Technology's dual strategy of "compatibility + open-source" aims to adapt to the existing CUDA ecosystem, enhancing its product's marketability [7][10]. Group 4: Capital Market Effects - The IPO is anticipated to activate the tech sector's vitality and reshape valuation logic, providing a template for other high-growth tech companies seeking to go public [11][13]. - The successful listing of Moole Technology could attract more capital into the sector, benefiting related companies and enhancing market activity [10][14]. Group 5: Future Outlook - The IPO represents a pivotal moment for the domestic high-end chip technology landscape, influencing investor confidence in the GPU industry and the broader AI computing ecosystem [15][16].

Group 1 - The core point of the article is that Moer Thread is rapidly advancing towards its IPO, aiming to become the first domestic GPU company to go public, with a significant fundraising target of 8 billion yuan [1][5][9] - Moer Thread's IPO application was accepted on June 30, 2025, and it will be reviewed on September 26, 2025, marking a swift process of less than three months [3][4] - The company has developed a full-stack technology breakthrough with its self-developed MUSA GPU architecture, achieving compatibility with over 150 industry software and mainstream frameworks [3][5] Group 2 - Moer Thread plans to use the raised funds for the development of next-generation AI training chips, graphics chips, and AI SoC chips, as well as to supplement working capital [5] - The company has invested approximately 4.366 billion yuan in R&D over three and a half years, with a significant portion of its workforce (77.81%) dedicated to R&D [6][7] - Moer Thread's revenue has shown rapid growth, with reported revenues of approximately 46.09 million yuan in 2022, 124 million yuan in 2023, and 438 million yuan in 2024, while continuing to reduce net losses [6][7] Group 3 - The domestic GPU market is heating up, with Moer Thread's upcoming IPO contributing to a surge in stock prices for other GPU-related companies [10][11] - The overall outlook for the domestic GPU industry is positive, as it transitions from the "0 to 1" stage to the "1 to N" phase of growth, driven by increasing demand for AI computing power [11]

Group 1: Chip ETF Performance - The Chip ETF Tianhong (159310) saw a peak increase of over 5%, currently up 4.53%, with a transaction volume of 18.4087 million yuan [3] - The ETF's net asset value has increased by 123.20% over the past year, ranking first among comparable funds [3] - Key component stocks such as Chip Yuan Co. (688521) rose by 18.02%, Haiguang Information (688041) by 14.17%, and Shengke Communication (688702) by 11.33% [3] Group 2: Sci-Tech Index ETF Performance - The Sci-Tech Index ETF Tianhong (589860) increased by 2.11%, with a turnover rate of 18.23% and a transaction volume of 59.0919 million yuan, indicating active market trading [4] - Major component stocks like Honglida (688330) surged by 20.00%, and Zhongke Lanyun (688332) by 19.02% [4] Group 3: Product Highlights - The Chip ETF Tianhong (159310) tracks the CSI Chip Industry Index, with top holdings including SMIC, Northern Huachuang, and Haiguang Information, with the estimated weight of Cambrian Technology at 12.26% [5] - The Sci-Tech Index ETF Tianhong (589860) covers 97% of the Sci-Tech board's market value, with over 80% allocation to strategic emerging industries such as semiconductors, AI, and biomedicine [5] Group 4: Market News - Moer Thread's IPO on the Sci-Tech board is scheduled for September 26, aiming to raise 8 billion yuan for AI and graphics chip development [5] - Xiaomi's fund has invested in Qichip Microelectronics, marking its fourth investment in the company, which has begun mass production of automotive-grade MCU products [5] - OpenAI and Luxshare Precision have agreed to jointly produce AI hardware devices, with prototypes in development [6]

Core Viewpoint - The Hang Seng Stock Connect China Technology Index (HSSCT) experienced a slight decline of 0.31% as of September 22, 2025, with mixed performance among constituent stocks, indicating a volatile market environment for technology stocks in Hong Kong [1] Market Performance - The Hang Seng Technology 30 ETF (520980) saw a near 1% increase at one point, currently up 0.24%, with a latest price of 1.26 yuan. Over the past week, the ETF has accumulated a 4.32% increase, ranking in the top half among comparable funds [1] - The ETF recorded a turnover rate of 12.15% during trading, with a transaction volume of 550 million yuan, reflecting active market trading. The average daily transaction volume over the past week was 689 million yuan [1] - The latest scale of the ETF reached 4.492 billion yuan, marking a new high since its inception, and it ranks in the top half among comparable funds [1] - The ETF's latest share count reached 3.565 billion shares, also a new high since inception, ranking in the top half among comparable funds [1] Fund Inflows - The Hang Seng Technology 30 ETF has seen continuous net inflows over the past eight days, with a single-day net inflow of 311 million yuan last Friday. The total net inflow over the last eight trading days reached 565 million yuan, averaging 70.61 million yuan per day [2] Company News - The Shanghai Stock Exchange announced that Moore Threads' IPO will be reviewed on September 26, aiming to raise 8 billion yuan for AI and graphics chip development. The company is backed by major shareholders including Tencent and ByteDance [4] - Goldman Sachs recently raised the target price for Semiconductor Manufacturing International Corporation (SMIC) H-shares by 15%, driven by optimism regarding China's IC design demand and AI trends, which are expected to support SMIC's production and average selling prices [4] - Huatai Securities noted that the recent rebound in Hong Kong technology stocks is attributed to accelerated domestic AI developments, with the Hang Seng Technology Index and the Hang Seng Stock Connect Technology Index rising nearly 20% since July's low [4] Investment Strategy - Zhongtai Securities suggests that the Hong Kong market is likely to continue its structural rise in the short term, supported by improving sentiment in the A-share market and ongoing demand for AI. The technology sector is highlighted as a promising investment direction [5] - The Hang Seng Technology 30 ETF is recommended for investors seeking exposure to pure technology attributes, focusing on the TMT sector without the influence of pharmaceuticals or consumer goods, thus aligning better with current technology trends [5]

Group 1 - The core point of the news is that the IPO of Moore Threads, a leading domestic GPU company, is set to be reviewed on September 26, leading to significant stock price movements in related companies [1][2][4] - Related concept stocks, including Heertai, experienced a surge, with Heertai hitting the daily limit at a price of 50.17 yuan per share and a total market capitalization of 464 billion yuan, marking a historical high [1][2] - Moore Threads, founded in 2020 by former NVIDIA global vice president Zhang Jianzhong, focuses on providing autonomous and controllable computing acceleration platforms for AI computing, digital twins, and scientific computing [4] Group 2 - The Shanghai Stock Exchange's listing review committee is scheduled to meet on September 26 to discuss Moore Threads' IPO, indicating that the company is close to entering the capital market [2] - The stock price movements of related companies reflect strong market interest and optimism surrounding Moore Threads' upcoming IPO [1][2][5]

Core Viewpoint - The analysis focuses on the potential risks and business realities of Moore Threads as it approaches its IPO, highlighting its financial performance, strategic shifts, and market challenges [2][4]. Group 1: Financial Performance - Moore Threads plans to raise 8 billion yuan to support its unprofitable operations, reporting a revenue of 702 million yuan in the first half of 2025, which exceeds the total revenue of the past three years, but still incurred a loss of 271 million yuan, leading to a cumulative loss of 1.478 billion yuan [6]. - The company achieved a remarkable turnaround in gross margin from -70.08% in 2022 to 70.71% in 2024, indicating a fundamental shift in its strategic direction [8][9]. Group 2: Ownership Structure - The ownership structure of Moore Threads is characterized by a unique phenomenon of "high dispersion and high concentration," with no single shareholder holding more than 30% of the shares, while founder Zhang Jianzhong controls 36.36% through various means [6][8]. - The stability of this structure is questioned due to a joint action agreement with other parties that could lead to control instability if disagreements arise [8]. Group 3: Strategic Shifts - Initially targeting both consumer and enterprise GPU markets, the company faced significant challenges and shifted focus to the high-margin B-end market, particularly in AI computing and professional graphics acceleration, where the gross margin for AI computing products reached 73.12% in 2024 [10][12]. - Despite the improvement in gross margins, the company is now heavily reliant on large B-end clients, raising concerns about the stability and sustainability of these customer relationships [12][13]. Group 4: Market Position and Competition - As of June 30, 2025, Moore Threads is negotiating approximately 2 billion yuan in expected orders, but these orders lack legal binding, raising questions about their reliability [13][14]. - The company holds less than 1% market share in its respective segments, which complicates its ability to secure large orders [14]. Group 5: Technological Challenges - Moore Threads has launched four generations of GPU architectures, but faces significant competition from Nvidia, which holds an 88% market share in the global GPU market [17][18]. - The compatibility of its MUSA architecture with existing GPU applications is uncertain due to Nvidia's restrictions on CUDA compatibility, posing a risk to its competitive strategy [18]. Group 6: Profitability and Government Support - Management forecasts profitability by 2027, but this projection relies heavily on government subsidies, indicating weak self-sustaining capabilities [19][20]. - The overall gross margin is expected to decline from 2025 to 2027, contrary to typical trends in technology firms, suggesting concerns about future market competition [21]. Group 7: Human Resources and R&D Efficiency - Moore Threads is a talent-intensive company with 77.81% of its 1,122 employees in R&D roles, but it reported low revenue per employee at 389,400 yuan and a loss per employee of 132,500 yuan, indicating inefficiencies [22][23]. - The company has invested 3.81 billion yuan in R&D, which is 626.03% of its total revenue, raising questions about the sustainability of such high investment levels [23]. Group 8: Risks from Strategic Investors - The presence of strategic investors like Tencent and China Mobile may lead to potential related-party transaction issues, impacting the company's independence in customer acquisition [27][28]. - Maintaining fair and independent business relations with these strategic investors post-IPO will be a focal point for regulators and investors [28][29].

Group 1 - The core narrative revolves around Dongxin Co., a semiconductor company that experienced a dramatic stock price surge of over 200% within a month, despite reporting losses of 1.11 billion yuan in the first half of the year and a total loss of 3.06 billion yuan in 2023 [1][2] - Dongxin Co. made significant investments in a rising domestic GPU company, Lisan Technology, totaling 2 billion yuan in August 2024 and an additional 2.11 billion yuan in August 2023, which contributed to its stock price recovery [2] - Lisan Technology, established only three years ago, launched its first 6nm GPU chip series "7G100" and a new graphics card series, showcasing advanced technology that competes with international leaders like NVIDIA and AMD [2] Group 2 - The situation illustrates that stock market performance is not solely dependent on current financial results but can also be influenced by future potential, particularly in the tech sector [3] - The case of Dongxin Co. serves as a textbook example of risk investment, highlighting the importance of strategic bets on innovative technology [2][3]