12月5日，开盘，摩尔线程股价暴涨468.78%，以开盘价（650元/股）计算，中一签（500股）账面盈利超过26万元，成为年内最赚钱新股。 | N 摩尔-U | | 17. Q | | | --- | --- | --- | --- | | 688795 科创板 | | | | | 650.00 今年 650.00 看高 650.00 最低 | | 650.00 | | | 468.78% 535.72 狭手 | 7.61% 总手 | 22360 金额 14.53亿 | | | 总值 3055亿 流值 191.0亿 市盈利~316.70 | | 重零 | | | 分时 | 五日 日Ｋ 周Ｋ 月 月 K 更多 , | હ | | | 最新: 650.00 535.72 468.78% | | (?) 大单模式 | | | 650.00 | 468.78% | 五档 大単 分价 | | | | | 卖5 655.65 | | | | | 変す 655.55 | 2 | | | | 할 3 655.00 | 2 | | | | を２ 654.00 | | | 414.28 | | 卖1 651.00 | 2 | ...

Company Overview - Moore Threads officially listed on the STAR Market on December 5, 2023, becoming the first domestic GPU stock, with an opening price of 650 CNY per share, a significant increase of 468.78% from the issuance price of 114.28 CNY [1] - The stock reached a peak of 688 CNY during trading, with a closing price of 600.5 CNY, resulting in a total market capitalization of 282.25 billion CNY [1] - The company raised approximately 7.9996 billion CNY in its IPO, with a net amount of 7.576 billion CNY after deducting issuance costs, primarily for R&D projects related to AI chips and graphics chips [1] Financial Performance - Moore Threads has shown rapid revenue growth, with a compound annual growth rate (CAGR) of 208.44% from 2022 to 2024, and reported revenue of 785 million CNY in the first three quarters of 2025, a year-on-year increase of 181.99% [2] - Despite the revenue growth, the company remains in a loss position, with net losses of 1.894 billion CNY, 1.703 billion CNY, 1.618 billion CNY, and 724 million CNY from 2022 to the first three quarters of 2025 [2] - The management anticipates achieving profitability by 2027 [2] Industry Outlook - The AI chip market in China is expected to grow rapidly, with a forecasted market size increasing from 142.54 billion CNY in 2024 to 1.3368 trillion CNY by 2029, representing a CAGR of 53.7% from 2025 to 2029 [2] - The GPU segment is projected to experience the fastest growth, with its market share expected to rise from 69.9% in 2024 to 77.3% in 2029 [2] - Globally, the GPU market is predicted to reach 36.119 trillion CNY by 2029, with China's GPU market size expected to reach 13.635 trillion CNY, increasing its global market share from 15.6% in 2024 to 37.8% in 2029 [3]

Core Viewpoint - The debut of Moer Technology, the first domestic GPU company listed on the Sci-Tech Innovation Board, was marked by a volatile stock price, initially soaring before experiencing a rapid decline, highlighting investor sentiment and market dynamics [1][3]. Group 1: Stock Performance and Market Reaction - Moer Technology's initial public offering (IPO) price was set at 114.28 yuan per share, with the opening price skyrocketing to 650 yuan, representing a 468.78% increase from the issue price [1]. - The stock reached an intraday high of 688 yuan, allowing investors who subscribed for 500 shares to realize a profit exceeding 280,000 yuan, making it the most profitable new stock of the year [1]. - By the end of the trading day, the stock price settled at 585 yuan, reflecting a 412% increase, with a total market capitalization of approximately 274.5 billion yuan [1]. Group 2: Subscription and Demand - The subscription for Moer Technology was exceptionally high, with 4.8266 million valid online applications and a total of 46.217 billion shares applied for, resulting in a subscription multiple of 4,126.49 times [1][3]. - The offline institutional participation was also robust, with 267 investors and 7,555 allocation targets, achieving a subscription multiple of 1,572 times [1]. Group 3: Financial Performance and Growth - Moer Technology's revenue is projected to grow from 46.088 million yuan in 2022 to 438 million yuan in 2024, and further to 702 million yuan in the first half of 2025, indicating rapid growth [4]. - Approximately 80% of Moer Technology's revenue is derived from AI computing products, while other segments like graphics rendering and consumer GPUs are still in early development stages [5]. - Despite revenue growth, the company reported significant net losses of 1.84 billion yuan in 2022, 1.673 billion yuan in 2023, and 1.492 billion yuan in 2024, totaling over 5 billion yuan in losses [6]. Group 4: Market Position and Competitive Landscape - Moer Technology is positioned as a leader in the domestic GPU market, but faces challenges in terms of financial structure, product ecosystem maturity, and market acceptance [3][20]. - The company’s technology path is closely associated with its founders' backgrounds at NVIDIA, influencing its decision to pursue a full-featured general-purpose GPU route rather than specialized ASIC designs [10]. - The competitive landscape includes other domestic players like Nuxi, which is also preparing for an IPO, highlighting the growing interest and competition in the domestic GPU sector [17]. Group 5: Future Prospects and Challenges - The domestic AI chip market is expected to grow significantly, with projections indicating an increase from 142.5 billion yuan in 2024 to 1.34 trillion yuan by 2029, presenting opportunities for Moer Technology [8]. - However, the company must overcome substantial gaps in technology performance and market share compared to established players like NVIDIA, which holds over 80% of the global GPU market [20]. - Moer Technology's customer concentration is high, with over 98% of revenue coming from its top five clients, indicating potential risks in revenue stability [20].

IT之家 12 月 5 日消息，摩尔线程智能科技（北京）股份有限公司发行的人民币普通股股票今天在上海证券交易所科创板上市，证券代码"688795"。 摩尔线程上市后开盘报价 650 元每股，相较发行价 114.28 元每股上涨 468.78%，总市值在 9 点 25 分左右突破 3000 亿元，截至IT之家发稿，股价为 612.85 元，总市值回落至 2880.57 亿元。 结合IT之家此前报道，摩尔线程发行后总股本为 47,002.8217 万股，其中本次新股上市初期的无限售流通股数量为 2,938.2386 万股，占本次发行后总股本的 比例为 6.25%。 作为参考，摩尔线程主要从事 GPU 及相关产品的研发、设计和销售。自 2020 年成立以来，公司以自主研发的全功能 GPU 为核心，致力于为 AI、数字孪 生、科学计算等高性能计算领域提供计算加速平台。公司已成功推出四代 GPU 架构，并拓展出覆盖 AI 智算、云计算和个人智算等应用领域的计算加速产 品矩阵。摩尔线程本次上市也被视为"国产 GPU 第一股"。 目前摩尔线程的消费端产品主要有 MTT S80、MTT S70 等游戏显卡，支持海光、龙芯、飞 ...

公开资料显示，摩尔线程为国家"专精特新"小巨人企业，已成为国内少数能够提供从FP8到FP64全计算 精度支持的GPU厂商之一，也是国内率先推出支持DirectX12图形加速引擎的国产GPU企业。 摩尔线程成立于2020年，自创立之初就选择了技术门槛极高，但战略意义重大的全功能GPU路线。基于 自主研发的MUSA架构，摩尔线程率先实现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、超高清编解码的技术突破。 公司已推出四代GPU架构和智能SOC，形成覆盖AI智算、高性能计算、图形渲染等领域丰富完整的计算 加速产品矩阵，实现了"云—边—端"全栈AI产品线的布局。其产品在部分性能指标上已经接近或达到国 际先进水平，实现了对部分"卡脖子"领域核心产品的突破。中经记者 孙汝祥 夏欣 北京报道 【科创板年内最大IPO诞生 "国产GPU第一股"摩尔线程开盘市值超3000亿】12月5日，摩尔线程正式登 陆科创板，成为"国产GPU第一股"。 摩尔线程本次发行价为114.28元/股，开盘上涨468%，开盘市值超3000亿元。由此，摩尔线程成为年内 A股发行价最高新股，也是科创板年内最大IPO。 6月30日，摩尔线程 ...

【#摩尔线程回应登陆科创板# 】12月5日，被誉为"#国产英伟达#"的#摩尔线程#（688795.SH）正式登 陆科创板，自上市之日起纳入科创成长层。这家成立仅5年的GPU龙头企业，从6月30日IPO申请获受理 到10月30日完成注册，全程仅用122天，其中受理至过会更是创下88天的科创板过会纪录。摩尔线程相 关负责人对记者表示，作为一家专注于全功能GPU自主研发与设计的硬科技企业，公司有两点突出感 受：首先，科创板自设立以来，为包括摩尔线程在内的大量处于关键成长期、尚未盈利的科技创新企业 提供了不可或缺的资本支持；其次，科创板"1+6"政策的迅速出台与落实，生动展现了从顶层设计到具 体执行令人瞩目的"中国速度"。这种高效务实的政策执行力，不仅极大地提振了市场信心，也为科技企 业锚定了清晰的发展方向，营造了鼓励长期主义、潜心攻关的有利环境。（经济参考报）@密度财经 转自：贝壳财经 ...

至此，摩尔线程成为科创板"1+6"政策发布后受理的科技企业中首家过会并上市的企业，也是2022年以来审核最快的科创板IPO，从受理到过会仅用时88 天，从受理到今日上市用时不到半年。 这家顶着"中国英伟达"光环的企业，此刻掀开了新的篇章。 摩尔线程成立于2020年6月，2023年获授国家级专精特新"小巨人"企业，是极少数支持从FP8到FP64等全计算精度的国产GPU厂商，也是国内极少数同时 布局B端与C端市场的GPU企业。 该公司注册资本为4亿元，无控股股东，多位创始人及高管曾在英伟达任职。 张建中， 法定代表人、实际控制人、 创始人、董事长、总经理，曾任英伟达全球副总裁、大中华区总经理； 科创板年内最大IPO，来了！ 智东西12月5日报道，刚刚，北京GPU龙头摩尔线程正式在科创板敲钟上市，成为科创板"国产GPU第一股"，以及2024年以来科创板最大规模IPO。 摩尔线程拟发行新股7000万股，占发行后总股本的14.89%，每股发行价格为114.28元。其开盘价为650.00元/股，大涨468.78%，总市值为3055亿元，跻身 科创板市值TOP3，仅次于寒武纪（5648亿元）、海光信息（4951亿元）。 | ...

Core Viewpoint - Moore Threads has officially listed on the Science and Technology Innovation Board, becoming the first domestic GPU stock, with a significant market response on its debut, achieving a market capitalization of approximately 305.5 billion yuan at opening [1][2]. Group 1: IPO Highlights - The IPO process for Moore Threads took only 88 days from acceptance to approval, setting multiple records [2]. - The company issued 29,382,386 new shares, raising a net amount of 8 billion yuan, marking the largest IPO scale on the Science and Technology Innovation Board in nearly two years [2]. - The initial offering price was 114.28 yuan per share, resulting in a 2024 diluted static price-to-sales ratio of 122.51 times, which is higher than the industry average but lower than Cambricon's 478.25 times [2]. Group 2: Company Background - Founded in 2020, Moore Threads is led by Zhang Jianzhong, a former NVIDIA executive who significantly increased NVIDIA's market share in China [3][4]. - The company aims to develop domestic GPUs to support AI infrastructure, with a goal of achieving profitability by 2027 [2][11][15]. - Moore Threads has built a strong team by recruiting core engineers from major tech companies like NVIDIA, Intel, AMD, and Microsoft [5]. Group 3: Product Development and Market Position - The company has developed a comprehensive product matrix, including four generations of GPUs, targeting various applications such as AI computing, high-performance computing, and gaming [12]. - Moore Threads' self-developed MUSA architecture allows developers to use a unified development environment across its GPU series, indicating a focus on creating a proprietary computing platform [6]. - The company is currently positioned primarily for domestic market replacement, competing directly with NVIDIA [7]. Group 4: Financial Performance - Moore Threads has shown a trend of increasing revenue, with reported revenues of 46.08 million yuan in 2022, 124 million yuan in 2023, and projected revenues of 438 million yuan in 2024 [12]. - Despite the revenue growth, the company has also reported significant net losses, which are gradually narrowing, with losses of 1.894 billion yuan in 2022 and 1.703 billion yuan in 2023 [12][14]. - The company has committed to substantial R&D investments, with expenditures of 1.116 billion yuan in 2022 and 1.334 billion yuan in 2023, representing a high ratio of R&D costs to revenue [11].

摩尔线程成立于2020年，核心研发团队占比超75%，创始人张建中曾任英伟达全球副总裁。公司自主研 发的MUSA架构支持全计算精度，是国内少数具备图形渲染与AI计算能力的GPU企业，其产品已进入多 个省级智算中心采购清单。 （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。） 0:00 2025年12月5日，有着"国产GPU第一股"之称的摩尔线程正式登陆科创板。该股首日高开468.78%，报 650元/股；截至10时12分，涨幅回落至407.53%，股价报580元/股，对应总市值达2726.16亿元，跻身A 股芯片股市值前五，规模相当于寒武纪总市值的一半。 ...

"中国版英伟达"正式登陆A股。 12月5日，新股摩尔线程（688795.SH）在科创板上市，开盘报650元/股，较发行价114.28元/股上涨468.78%，总市值突破3000亿元，单签盈利高达26.786 万元。 | V W | N摩尔-U(688795) | | | | | | --- | --- | --- | --- | --- | --- | | | 交易中 12-05 09:25:01 融 成 | | | | | | | 650.00 额 14.5亿 股本 4.70亿 市盈"" -210 | | | | 万得 20 | | | 535.72 468.78% 换 7.61% 市值 3055亿 市净 26.53 | | | | | | 分时 五日 | 日K | 周K | 月K | 更多 | | | 一直加 | | | 均价:650.00 | 配 | 资金 | | 650.00 | | | 468.78% | 成交统计 | | | | | | 动 | | 动 | | 114.28 | | | 0.00% | | | | | | | 超大 | | 0元 0.00% | | | | | 大单 | | 0元 ...