2025年12 月13日， 摩尔线程智能科技的标志。视觉中国 图 12月12日，摩尔线程公告称，公司及实施募投项目的子公司计划使用最高不超过人民币75亿元的闲置募 集资金进行现金管理，使用期限自董事会审议通过之日起12个月内有效。在上述额度及期限范围内，资 金可以循环滚动使用。资金来源为IPO募集的资金75.7亿元，已经在2025年11月28日全部到位。 智通财经记者 周玲 日前，摩尔线程拟将IPO募集的资金不超过75亿元用于投资理财引发了广泛的关注。有投资者质疑摩尔 线程把募资拿去理财而不是投入原披露的项目计划。 12月13日，摩尔线程相关负责人做出解释称，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。 这位负责人表示，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 ...

12月7日，百度集团港股公告称，公司注意到，于2025年12月5日有媒体报道公司拟分拆非全资附属公司昆仑芯（北京）科技有限公司进行独立上市。公司 表示，目前正就拟议分拆及上市进行评估。倘进行拟议分拆及上市，将须经相关监管审批程序，而公司并不保证拟议分拆及上市将会进行。 当天，受此利好消息影响，百度港股股价大涨5%。 资料显示，昆仑芯是百度旗下专注于AI芯片研发的半导体子公司，其产品主要应用于数据中心、云计算及自动驾驶等领域。 综合自：公司公告、长安街知事 12月5日，有媒体援引知情人士消息称，百度旗下AI芯片企业昆仑芯（北京）科技有限公司已正式启动香港上市筹备工作，计划最早于2026年一季度向港 交所递交上市申请，目标在2027年初完成IPO，其最新一轮融资估值已达约210亿元人民币（约合29.7亿美元）。 （文章来源：证券时报） ...

格隆汇12月5日｜摩尔线程首日上市高开468.78%，报650元，最新市值突破3000亿元，中一签盈利近27 万元。公司主要从事GPU及相关产品的研发、设计和销售，本次募集资金总额近80亿元，主要投向新一 代自主可控AI训推一体芯片研发项目、新一代自主可控图形芯片研发项目、新一代自主可控AISoC芯片 研发项目以及补充流动资金。 ...

记者丨朱芷葵 同时，摩尔线程发布本次发行最终战略配售数量结果，包括中证投资，中信证券资管摩尔线程员工参与 科创板战略配售1号集合资产管理计划，天翼资本控股有限公司等获配。 据招股说明书，公司本次发行募集资金将用于摩尔线程新一代自主可控AI训推一体芯片研发项目、摩 尔线程新一代自主可控图形芯片研发项目、摩尔线程新一代自主可控AI SoC 芯片研发项目及补充流动 资金。 公司官网显示，摩尔线程成立于2020年，以全功能GPU为核心，致力于向全球提供加速计算的基础设施 和一站式解决方案，为各行各业的数智化转型提供强大的AI计算支持。 编辑丨江佩霞 11月20日，摩尔线程公告，本次发行股份数量为7000万股，全部为公开发行新股。 公告显示，本次网上发行与网下发行将于2025年11月24日（T日）分别通过上交所交易系统和互联网交 易平台实施。发行价格为114.28元/股。本次募投项目预计使用募集资金为80亿元，按本次发行价格 114.28元/股和7000万股的新股发行数量计算，预计发行人募集资金总额为79.996亿元，扣除发行费用， 预计募集资金净额为75.76亿元。 | 序 | 参与战略配售的投资 | 参与战略配售的 ...

Core Insights - The domestic GPU manufacturer Moore Threads has officially released its IPO prospectus for the Sci-Tech Innovation Board, aiming to issue 70 million shares, which will account for 14.89% of the total share capital post-issue [2] - Another domestic GPU company, Muxi Co., has received approval from the China Securities Regulatory Commission for its IPO application after passing the listing committee's review [3][4] Company Summaries Moore Threads - Revenue projections for Moore Threads from 2022 to 2025 (first half) are approximately 0.46 million, 1.24 million, 4.38 million, and 7.02 million respectively, indicating a compound annual growth rate of 208.44% [2] - The company plans to raise 8 billion for projects including the development of a new generation of AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [2] Muxi Co. - Revenue figures for Muxi Co. from 2022 to 2025 (first half) are 426,400, 53,021,200, 743,071,600, and 914,931,000 respectively, with net profits showing losses of -777,965,200, -871,158,200, -1,408,879,400, and -185,893,300 [3] - The company aims to raise 3.9 billion, with 2.459 billion allocated for the development and industrialization of new high-performance general-purpose GPUs, 453 million for AI inference GPU projects, and 991 million for high-performance GPU technology research [3]

Core Viewpoint - Xingchen Technology (301536.SZ) has submitted an application for issuing overseas listed shares (H shares) and listing on the Hong Kong Stock Exchange, with the application materials published on the same day [1]. Group 1: Listing and Shareholder Actions - The joint sponsors for Xingchen Technology's Hong Kong listing are China International Capital Corporation and CITIC Securities International [2]. - As of September 28, 2025, shareholders Kunqiao Capital and its concerted party Kunchen have completed their share reduction plan, selling a total of 9,616,632 shares, reducing their ownership to 3.8364% [2][3]. - The total cash generated from the share reduction between July 1, 2025, and September 28, 2025, is estimated to be between 563 million and 661 million yuan [2]. Group 2: Financial Performance - In 2022, Xingchen Technology reported a revenue of 2.368 billion yuan, down from 2.686 billion yuan in 2021, and a net profit of 564 million yuan, down from 754 million yuan in 2021 [6][7]. - For 2023, the company’s revenue decreased by 14.66% to 2.020 billion yuan, and net profit fell by 63.72% to 205 million yuan [6][7]. - In 2024, the company’s revenue increased by 16.49% to 2.354 billion yuan, and net profit rose by 25.18% to 256 million yuan [8]. - In the first half of 2025, revenue reached 1.403 billion yuan, an increase of 18.63%, while net profit decreased by 7.47% to 120 million yuan [9]. Group 3: Profitability and Margins - The gross margin for 2023 was reported to be declining, with the integrated circuit design segment showing a gross margin of 36.46%, down 4.54% year-on-year [10]. - In 2024, the overall gross margin was approximately 35.79%, a decrease of 0.67% compared to the previous year [11]. - For the first half of 2025, the gross margin for the smart security segment was 31.01%, down 2.57% year-on-year [12].

Core Viewpoint - The Shanghai Stock Exchange will review the IPO application of Moore Threads on September 26, 2025, marking a significant step for the company in its pursuit of public listing [1] Company Overview - Moore Threads is primarily engaged in the research, design, and sales of GPU and related products [1] - The company’s IPO application was accepted on June 30, 2025, and it entered the inquiry phase on July 17, 2025 [1] Fundraising Goals - Moore Threads aims to raise approximately 8 billion yuan through its IPO [1] - The raised funds will be allocated to the development of next-generation self-controlled AI training and inference integrated chips, next-generation self-controlled graphics chips, next-generation self-controlled AI SoC chips, and to supplement working capital [1]

Core Viewpoint - Moer Technology is seeking to raise approximately 8 billion yuan through its IPO on the Sci-Tech Innovation Board, focusing on the development of next-generation AI and graphics chips [1] Company Overview - Moer Technology specializes in the research, design, and sales of GPUs and related products [1] - The company’s IPO application was accepted on June 30, 2025, and entered the inquiry phase on July 17, 2025 [1] Fundraising Purpose - The funds raised will be allocated to the development of a new generation of self-controlled AI training and inference integrated chips, a new generation of self-controlled graphics chips, a new generation of self-controlled AI SoC chips, and to supplement working capital [1] Regulatory Inquiry - The first round of inquiry raised questions regarding the company's product and market competition, core technology, lack of profitability, customer concentration, and distribution model [1]

Core Viewpoint - The domestic GPU "unicorn" Moole Technology has officially received approval for its IPO application on the Sci-Tech Innovation Board, aiming to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC projects, marking a significant milestone in the domestic GPU sector [1] Group 1: Company Overview - Moole Technology was founded in 2020 by a team of former Nvidia executives and has rapidly developed into a leading player in the GPU market, achieving a record speed in the development of its first full-function GPU, "Sudi," within 11 months [2] - The company has adopted a "full-stack breakthrough" strategy with its self-developed MUSA architecture, integrating AI computing, graphics rendering, scientific computing, and video encoding/decoding engines, overcoming the limitations of domestic GPUs in AI computing power [2] - By the end of 2024, Moole Technology aims to have a complete product line covering desktop-level (MTT S series) and data center-level (MTT T series) GPUs, with a market share exceeding 60% in the domestic trust and innovation market [2] Group 2: Financial Performance - From 2022 to 2024, Moole Technology's revenue is projected to grow from 46 million yuan to 438 million yuan, with a compound annual growth rate of 208.44%, while net losses are expected to total nearly 5 billion yuan over the same period [3] - The company's R&D expenditure is projected to exceed 300% of its revenue, with R&D costs reaching 1.359 billion yuan in 2024, indicating a strong focus on innovation despite financial losses [3] - Moole Technology has raised over 6.5 billion yuan through multiple funding rounds, with a pre-IPO valuation of 24.62 billion yuan, ranking 261st on the 2024 Hurun Global Unicorn List [3] Group 3: Market Position and Strategy - Moole Technology is implementing a dual-track strategy of "compatibility + open-source" to compete with Nvidia's CUDA ecosystem, allowing for zero-cost migration of CUDA code and attracting over 100,000 developers to its open-source community [4] - The company is building a "ten-thousand card cluster" to enhance its computing infrastructure, which is expected to improve GPU utilization by 40% and reduce fault recovery time to under 5 minutes [4] - The domestic GPU market is experiencing significant growth, with the share of domestic computing power in China's data center accelerator market expected to rise from 15% in 2022 to over 50% by the end of 2025 [5] Group 4: Future Plans and Challenges - Of the 8 billion yuan to be raised, 1.98 billion yuan will be allocated to the development of AI SoC chips, with the "Yangtze" series chips already integrated with CPU, GPU, NPU, and VPU architectures, targeting the automotive chip market [6] - Moole Technology faces challenges including a performance gap of over two generations compared to Nvidia, a developer base significantly smaller than CUDA's, and high customer concentration risk, with the top five clients accounting for over 98% of revenue [5][6]