【导读】摩尔线程登陆科创板，盘初一度涨超500% 中国基金报记者 李智 12月5日，被称为"国产GPU第一股"的摩尔线程登陆科创板。 今日开盘， 摩尔线程竞价高开468%， 一度大涨超500 %， 随后震荡调整。截至发稿，该 股报604.99元/股，总市值为2844亿元。投资者 中一签 可 盈利近2 7 万元。 | W | N摩尔-U(688795) | | | | --- | --- | --- | --- | | 交易中 12-05 09:32:28 融 | | | | | 604.99 8 46.66亿 | 股本 4.70亿 | | 市盈 -196 万得 | | 490.71 429.39% 换 24.58% | 市值1 2844亿 | 盘口 市净 24.70 V | | | 分时 王日 | 周Ｋ | 月K | 更多 ◎ | | 叠加 | | 均价:646.13 盘口 资金 | | | 688.00 A. | | 502.03% 卖五 606.89 | 14 | | | | 卖四 606.00 | 7 | | | | 卖三 605.99 | 35 | | | | 【】 Hak 605.07 | 4 | ...

Core Viewpoint - The article discusses the remarkable journey of Moer Thread, known as the "first domestic GPU stock" in China, highlighting its rapid rise in the semiconductor industry and its recent IPO on the STAR Market, which set multiple records in terms of subscription rates and market valuation [2][3][19]. Financing Journey - Moer Thread completed two rounds of financing within three months of its establishment in 2020, achieving a valuation of over $1 billion, setting a record for the fastest unicorn in the industry [7][8]. - The first round of financing in September 2020 involved investors like Peixian Qianyao and Shenzhen Minghao, with Peixian Qianyao's initial investment of 1.9 million yuan now valued at approximately 11.898 billion yuan, yielding a return of over 6262 times [4][8]. - The angel round in December 2020 attracted top-tier investors, despite the company not having a prototype at that time, primarily due to its exceptional team [9][10]. Team and Technology - The founder, Zhang Jianzhong, previously served as a key executive at NVIDIA, contributing to the establishment of a complete GPU ecosystem in China [10][13]. - The team consists of members from leading tech companies like NVIDIA, Microsoft, Intel, AMD, and ARM, with an average of over ten years of experience [10][13]. Product Development and Market Performance - Moer Thread's first chip was delivered on time, with subsequent iterations accelerating, achieving a milestone of three chips in three years [14][15]. - The company reported revenues of 1.24 billion yuan in 2023, a 169% increase from 2022, demonstrating its commercial viability [15]. Challenges and Resilience - In October 2023, Moer Thread was placed on the U.S. Entity List, posing significant challenges, yet the management committed to increasing R&D investment and product development [17][18]. - Following this, the company secured several hundred million yuan in B+ round financing, indicating strong market confidence despite external pressures [18]. IPO and Market Reception - Moer Thread's IPO process began in November 2024, with significant interest from investors, leading to a pre-IPO round that raised 5.225 billion yuan at a valuation of 24.62 billion yuan [20][22]. - The company’s stock price surged, reflecting the market's renewed interest in its potential as a "Chinese version of NVIDIA" [20][24]. Future Outlook - The founder emphasized the ongoing efforts to enhance product performance and the importance of domestic GPU development in light of external restrictions and market demands [24].

12月5日，被称为"国产GPU第一股"，科创板IPO从受理到过会耗时仅88天的摩尔线程(688795)登陆上交所科创板，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。 | < 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 图口 | | | 535.72 468.78% 换 7.61% 市值 3055亿 市净" 26.53 | | | | | 分时 | 五日 周K | 目K | 部 | | | 壹加 650.00 | 均价:650.00 盘口 468.78% | | | 资金 | | | | | | 成交统计 | | | 动 章 | | | 动 | | 114.28 | 0.00% 超大 | | | 0元 0.00% | | | 大单 | | | 070 0.00% | | | 中中 | | | 0元 0.0 ...

11月24日，摩尔线程启动申购，发行价为114.28元/股，对应的发行人2024年摊薄后静态市销率为122.51倍，高于同行业可比公司2024年静态市销率平均水 平。申购结果显示，摩尔线程此次发行网下申购倍数高达1572倍，267家机构参与报价，总申购股数超700亿股，最终仅获配3920万股，超额认购倍数达 1796倍；网上发行有效申购户数为482.66万户，有效申购股数高达462.17亿股，回拨后中签率约万分之三点六。 齐鲁晚报·齐鲁壹点记者 黄寿赓 实习生 李名洋 12月5日，"国产GPU第一股"摩尔线程（688795.SH）科创板首秀，早盘高开468.78%。报650元/股，按发行价为114.28元/股计算，投资者中一签可产生浮 盈26.79万元。 公开信息显示，摩尔线程成立于2020年，主要从事GPU及相关产品研发、设计和销售，由于其兼容CUDA的MUSA架构设计，直接对标英伟达数据中心 GPU产品线，且其创始人有英伟达的任职经历，摩尔线程一直享有"中国英伟达"的美名。 | N摩尔-U | | | | | | | | --- | --- | --- | --- | --- | --- | --- | ...

记者丨李益文 被誉为"国产GPU第一股"的摩尔线程正式登陆科创板，首日高开表现亮眼，市值达3055亿元，成为科创 板第4大芯片股，报650元/股，较114.28元/股的发行价上涨468.78%。 以此计算，中一签投资者盈利近27万元，超越今年7月上市的同宇新材，登顶年内最赚钱新股宝座。 这一亮眼表现的背后，是其创纪录的发行规模与市场狂热的认购氛围。公开资料显示，摩尔线程此次 IPO从受理到过会仅用时88天，创下科创板审核最快纪录，其114.28元/股的发行价创下2025年A股新股 发行价新高。 | | | | 2025年上市新股"肉签"前20 | | | | --- | --- | --- | --- | --- | --- | | 证券名称 | 发行价(元) | 同市首目 | 上市首日 | 中一等 上市首日最高可赚 | 嘉集资金 净额(亿元) | | | | 最高价(元) | 涨跌幅(%) | (元) | | | 摩尔线程 | 114.28 | 650 (开盘价) | 468.78 | 267860 | 75.76 | | | | | (开盘涨幅) | (按开盘价计算) | | | 同宇新材 | 84.00 ...

记者丨李益文 编辑丨叶映橙 2025年12月5日，A股三大指数开盘涨跌不一，汽车拆解、玻纤、HBM等板块指数涨幅居前， 有色·锑、林业、铁矿石等板块指数跌幅居前。 被誉为"国产GPU第一股"的摩尔线程正式登陆科创板，首日高开表现亮眼，市值达3055亿元， 成为科创板第4大芯片股，报650元/股，较114.28元/股的发行价 上涨468.78%。 以此计算，中一签投资者盈利近27万元，超越今年7月上市的同宇新材，登顶年内最赚钱新股 宝座。 这一亮眼表现的背后，是其创纪录的发行规模与市场狂热的认购氛围。公开资料显示，摩尔线 程此次IPO从受理到过会仅用时88天，创下科创板审核最快纪录，其114.28元/股的发行价创下 2025年A股新股发行价新高。 | | | | 2025年上市新股"肉签"前20 | | | | --- | --- | --- | --- | --- | --- | | 证券名称 | 发行价(元) | 上市首日 | 上市首日 | 第一任 市直昌最高可赚 | 泉景资金 | | | | 最高价(元) | 涨跌幅(%) | | 净额(亿元) | | | | | | (元) | | | 摩尔线程 | 1 ...

截至目前，摩尔线程尚未实现盈利，所以并没有市盈率等指标作为参考。从市场的估值定价分析，更多机构投资者倾向于市销率进行估值定价，从当时的初 步询价报价信息来看，普遍机构投资者给出的报价区间为88.79元至159.57元/股。 虽然摩尔线程仍未实现盈利，但从营收与研发投入的金额分析，却呈现出几何式增长的态势。 以营业收入为例，2022年至2024年，摩尔线程的营收分别为0.46亿元、1.24亿元和4.38亿元。2025年前三季度，摩尔线程营收为7.85亿元，同比增长幅度高达 181.99%。 从研发投入的角度分析，2022年至2024年摩尔线程的累计研发投入为38.10亿元，占最近三年累计营收比例约为626.03%。 在营收与研发投入持续高增长的背景下，也给了摩尔线程带来了更多的想象空间。 作为"国产GPU四小龙"之一的摩尔线程，将于12月5日正式上市交易，发行价格为每股114.28元，上市市值约为537亿元人民币。 如今，摩尔线程上市时的市值约为537亿元人民币，上市首日市值破千亿元基本上是确定性的事情，摩尔线程上市首日可否突破2000亿元市值，则取决于当 天的市场投资情绪。 很多投资者愿意把摩尔线程与寒武纪进 ...

New IPOs and Stock Offerings - Two new stocks are available for subscription: Angrui Microelectronics (688790.SH) and Muxi Co., Ltd. (688802.SH), with the listing of Moer Thread (688795.SH) [1][17] Angrui Microelectronics Overview - Angrui Microelectronics specializes in RF and analog integrated circuit design and is recognized as a national-level "little giant" enterprise [2] - The company focuses on the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [2] - The planned fundraising amount is approximately 10.96 billion yuan, with 53.02% allocated to 5G RF front-end chip and module R&D and industrialization projects [4] Financial Metrics of Angrui Microelectronics - The issue price is set at 83.06 yuan per share, with an institutional offering price of 89.40 yuan per share [3] - The company's projected revenue for 2024 is 21.01 billion yuan, with RF front-end revenue accounting for 17.90 billion yuan [5] - The company ranks among the top three domestic RF front-end manufacturers based on revenue [5] Muxi Co., Ltd. Overview - Muxi Co., Ltd. is a leading domestic enterprise in high-performance general-purpose GPU products, focusing on the development of full-stack high-performance GPU chips and computing platforms [6] - The planned fundraising amount is approximately 24.59 billion yuan, with 63.00% allocated to new high-performance general-purpose GPU R&D and industrialization projects [10] Financial Metrics of Muxi Co., Ltd. - The issue price is set at 104.66 yuan per share, with an institutional offering price of 111.53 yuan per share [8] - The company's revenue structure shows a significant increase in the training and inference series GPU board revenue, which accounted for 97.55% of total revenue in Q1 2023 [13] Moer Thread Overview - Moer Thread is recognized as the "first domestic GPU stock" and aims to provide computing acceleration platforms for AI, digital twins, and high-performance computing [15] - The company has established deep cooperative relationships with operators, cloud service providers, AI companies, and research institutions [21] Financial Metrics of Moer Thread - The issue price is set at 114.28 yuan per share, with an institutional offering price of 121.33 yuan per share [18] - The planned fundraising amount includes 25.10 billion yuan for the new generation of AI training and inference integrated chip R&D project [20]

根据发行安排，本次发行采取网下向询价对象询价配售与网上向社会公众投资者定价发行相结合的方式进行。网上申购面 向持有上海市场非限售A股股份及非限售存托凭证市值的投资者，网下配售对象则为符合规定条件的专业机构投资者，发 行人与保荐机构（主承销商）将根据申购及缴款情况推进后续定价与配售工作。 沐曦股份本次发行价格对应公司2024年摊薄后静态市销率约为56.35倍。在前期初步询价过程中，发行人与保荐机构已按照 既定规则对报价区间和申购数量进行筛选，将拟申购价格高于112.68元/股的配售对象，以及拟申购价格为112.68元/股但数 量低于820万股的配售对象予以剔除，共计剔除235个配售对象，对应拟申购总量约1.77亿股。 沐曦股份主要从事高性能通用GPU芯片的研发与产业化，产品面向数据中心算力、人工智能训练与推理、高性能计算及图 形渲染等应用场景，是国内GPU领域的重要参与者之一。公司表示，本次科创板募资将为核心技术迭代、产品生态建设及 产业化能力提升提供资金保障，有助于进一步增强在国产高端芯片市场的综合竞争力。 （文/罗叶馨梅）12月3日，沐曦股份（688802.SH）发布科创板首次公开发行股票相关公告，确定本次 ...

Group 1: New Stock Offerings - Two new stocks available for subscription this week: Beijing Angrui Microelectronics Technology Co., Ltd. and Muxi Integrated Circuit (Shanghai) Co., Ltd. [1] - Muxi is recognized as the "second domestic GPU stock" following Moore Threads, focusing on AI training inference, general computing, and graphics rendering with fully proprietary GPU IP [1][2] Group 2: Company Profiles - Angrui Micro is a leading domestic manufacturer of RF front-end chips, supported by investments from Xiaomi and Huawei, with a market share of approximately 20% in the domestic RF front-end market [1][2] - The company has a comprehensive product line covering all series of RF front-end chips for 5G/4G/3G/2G, achieving performance levels comparable to international competitors [2] - Muxi has established a clear product matrix with three main product lines, including the "Xiyun C series" for AI training and general computing, the "Xisi N series" for AI inference, and the "Xicai G series" for graphics rendering [2] Group 3: Financial Performance - Muxi's revenue is projected to grow from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [3] - Angrui Micro ranks among the top three domestic RF front-end manufacturers with a revenue scale of 2.101 billion yuan in 2024 [2] Group 4: Market Trends - The new stock market has maintained a record of zero first-day price drops, with electronic stocks averaging a first-day increase of 248.04% as of November 28 [3] - Notable first-day performance includes Dingjia Precision on the North Exchange with a 479.12% increase and Tongyu New Materials on the Growth Enterprise Market with a 128.05% increase [3]