Core Viewpoint - Moer Technology has officially announced its IPO on the Sci-Tech Innovation Board, setting the issue price at 114.28 yuan per share, making it the highest-priced new stock of the year and the only stock priced over 100 yuan in 2023 [2][3]. Group 1: IPO Details - The total number of shares issued by Moer Technology is 70 million, with an expected total fundraising amount of 7.9996 billion yuan and a net amount of approximately 7.576 billion yuan, positioning it as the second-largest IPO in A-shares this year [2]. - The funds raised will primarily be used for the development of new generation self-controlled AI training and inference integrated chips, graphics chips, and AI SoC chips, as well as to supplement working capital [2]. Group 2: Company Overview - Moer Technology is a leading domestic GPU company, focusing on the research, design, and sales of GPUs and related products since its establishment in 2020 [3]. - The company has launched four generations of GPU architectures and has developed a product matrix covering AI intelligent computing, cloud computing, and personal computing applications [3]. Group 3: Financial Performance - As of the announcement date, Moer Technology has not yet achieved profitability, with projected revenues of 46 million yuan, 124 million yuan, and 438 million yuan for 2022, 2023, and 2024 respectively, and net losses of 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan for the same years [3]. - The revenue growth rate from 2022 to 2024 is 208.44%, indicating a strong upward trend despite ongoing losses [3]. - Research and development expenses have been significantly high, accounting for 2422.51%, 1076.31%, 309.88%, and 79.33% of total expenses during the reporting period from 2022 to the first half of 2025 [3]. Group 4: Future Outlook - As of June 30, 2025, Moer Technology's cumulative unabsorbed losses amount to 1.604 billion yuan, which is expected to persist post-IPO, limiting the company's ability to distribute cash dividends to shareholders for a certain period [4]. - If the company remains unprofitable at the time of listing, it will be classified under the Sci-Tech Growth Tier [5].

Group 1 - The core point of the article is that Moer Thread has successfully launched its IPO on the Sci-Tech Innovation Board, raising approximately 79.996 billion yuan, making it the second-largest IPO in A-shares this year [1][2] - The company has set its IPO price at 114.28 yuan per share, which is the highest issuance price for a new stock this year and the only stock priced over 100 yuan [1] - Moer Thread's fundraising will primarily support the development of its next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as supplement working capital [1][2] Group 2 - Moer Thread specializes in the research, design, and sales of GPUs and related products, focusing on providing computing acceleration platforms for AI, digital twins, and scientific computing [2] - The company has not yet achieved profitability, with projected revenues of 0.46 billion yuan in 2022, 1.24 billion yuan in 2023, and 4.38 billion yuan in 2024, while incurring net losses of 18.94 billion yuan, 17.03 billion yuan, and 16.18 billion yuan respectively [2] - The revenue compound annual growth rate from 2022 to 2024 is 208.44%, indicating significant growth potential [2] - Research and development expenses have been substantial, with R&D expenditure as a percentage of revenue being 2422.51%, 1076.31%, 309.88%, and 79.33% over the respective periods [2] - As of June 30, 2025, the company has accumulated unremedied losses of 16.04 billion yuan, which may prevent cash dividends to shareholders for a certain period post-IPO [2][3]

Core Viewpoint - Moer Technology has announced its initial public offering (IPO) and plans to list on the Sci-Tech Innovation Board, aiming to raise approximately 8 billion yuan with a share price of 114.28 yuan per share [1][2]. Company Overview - The full name of the issuer is Moer Technology (Beijing) Co., Ltd., with the stock code 688795 [2]. - The company primarily engages in the research, design, and sales of GPUs and related products, focusing on high-performance computing fields such as AI and digital twins [4]. Financial Performance - In the first half of 2025, the company reported revenue of 702 million yuan, surpassing the total revenue of the previous three years, but recorded a net loss of 271 million yuan [3]. - Revenue figures for 2022, 2023, and 2024 were 46.088 million yuan, 124 million yuan, and 438 million yuan, respectively, with net losses of 1.84 billion yuan, 1.673 billion yuan, and 1.492 billion yuan [4]. IPO Details - The IPO will consist of 70 million shares, representing 14.89% of the total share capital post-IPO, which will amount to approximately 5.3715 billion yuan in market capitalization at the offering price [1][2]. - The offering price is set at 114.28 yuan per share, with a projected net fundraising amount of 757.6 million yuan after deducting issuance costs [1][2]. Market Position - Moer Technology is recognized as the "first domestic GPU stock," having developed a comprehensive GPU product matrix since its establishment in 2020 [4].

Group 1: New Stock Offerings - Two new stocks will be available for subscription on the Sci-Tech Innovation Board next week: Moer Thread on November 24 and Bai Ao Sai Tu on November 28 [1] - Moer Thread's offering price is set at 114.28 yuan per share, making it the highest IPO price this year, with a total fundraising target of 8 billion yuan [1][2] - Moer Thread is expected to become the "first domestic GPU stock" upon listing, with a total market capitalization projected to reach 53.7 billion yuan [2] Group 2: Moer Thread Company Overview - Moer Thread focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins [2] - The company has launched four generations of GPU architectures since its establishment in 2020, but has not yet achieved profitability, reporting losses from 2022 to 2025 [2] Group 3: Bai Ao Sai Tu Company Overview - Bai Ao Sai Tu is a leading company in the field of model animals, focusing on preclinical research and biotechnology services [3] - The company utilizes its proprietary gene editing technology to provide innovative model animals and drug development services, and has been listed in Hong Kong since 2022 [3] - Bai Ao Sai Tu has shown revenue growth from 5.34 billion yuan in 2022 to an expected 9.80 billion yuan in 2024, with a net profit turning positive in 2025 [3]

Core Viewpoint - The company, Moer Thread, has set its IPO price at 114.28 yuan per share, with a total issuance of 70 million shares, aiming to raise approximately 8 billion yuan [1]. Summary by Sections IPO Details - The online and offline subscription for Moer Thread will commence on November 24, 2025, with the subscription code 787795 [1][5]. - The maximum subscription requires a market value of 110,000 yuan in Shanghai, with a theoretical winning rate of only about 0.04%, indicating a need for approximately 12.5 million yuan in market value to secure 500 shares [1][6]. Subscription Mechanics - Investors must have opened the Sci-Tech Innovation Board trading permissions and also the Sci-Tech Growth Layer permissions due to the company's current unprofitability [6]. - The subscription quantity must be in multiples of 500 shares, with a maximum of 11,000 shares for top-tier subscriptions, requiring a market value of 110,000 yuan [8]. Market Interest and Allocation - The initial strategic allocation is 14 million shares, accounting for 20% of the total issuance, with only 1.12 million shares available for public investors, leading to a very low winning rate [11][13]. - If the subscription exceeds 100 times, a mechanism will be activated to increase the online issuance by 560,000 shares [12][13]. Company Performance - Moer Thread, established in 2020, has shown significant revenue growth, with revenues increasing from 46.09 million yuan in 2022 to 438 million yuan in 2024, representing a compound annual growth rate of 208.44% [17]. - The company has not yet achieved profitability, with net losses of 1.894 billion yuan in 2022, 1.703 billion yuan in 2023, and 1.618 billion yuan in 2024 [19][20]. Fundraising Purpose and Valuation - The IPO aims to raise 8 billion yuan, with net proceeds expected to be around 7.576 billion yuan after deducting issuance costs [22]. - The high issuance price reflects market expectations regarding the company's future growth potential and scarcity, as it is currently unprofitable [22].

Core Viewpoint - Jinli Permanent Magnet (300748.SZ) has indirectly participated in investments in 71 high-tech enterprises through the Chengdu Jiaozi Venture Capital Fund, focusing on sectors such as GPUs, chips, semiconductors, new energy vehicles, and robotics, indicating potential for future collaborations with downstream companies [1] Group 1: Investment Activities - Jinli Permanent Magnet acquired a 1% stake in the Chengdu Jiaozi Venture Capital Fund through its wholly-owned subsidiary, Jinli Permanent Magnet (Ningbo) Investment Co., Ltd, becoming a limited partner in the fund, which holds a 0.71% stake in the leading domestic GPU company, Muxi Integrated [1] - Jinli Permanent Magnet has a direct 2.84% shareholding from Goldwind Technology (002202.SZ), which previously facilitated Jinli's wind power supply chain and accounted for over 40% of its revenue from related transactions between 2015 and 2017 [1] Group 2: Strategic Partnerships - The ongoing strategic partnership between Jinli Permanent Magnet and Goldwind Technology is expected to provide critical support for Jinli's wind power business in the long term [1]

Core Viewpoint - The domestic GPU industry is at a critical juncture, with significant developments such as the IPO approval of Muxi Integrated Circuit (Shanghai) Co., Ltd., which aims to raise 3.904 billion yuan for advanced GPU research and development, signaling a strong rise in the domestic GPU sector [1][3] Group 1: Industry Developments - Muxi's IPO approval aligns with the ongoing listing guidance for another domestic GPU company, Suiruan Technology, highlighting the collective rise of domestic GPU "four little dragons" [1] - The domestic GPU market is experiencing a historic opportunity due to external market shifts, particularly the exit of NVIDIA from the Chinese market, creating a vacuum for local companies [3][4] - The global GPU market is projected to reach 3.6 trillion yuan by 2029, with China's GPU market expected to grow significantly, indicating robust growth opportunities for domestic players [3] Group 2: Policy and Market Support - The Chinese government has provided strong policy support for the integrated circuit industry, including tax incentives and procurement policies favoring domestic products [4] - Recent procurement by major state-owned enterprises shows a significant shift towards domestic computing power, with over 90% of the budget allocated to domestic chips [4] Group 3: Company Performance - Muxi's revenue is expected to increase by over 400% year-on-year for the first three quarters of 2025, demonstrating its rapid commercialization progress [1][6] - Suiruan Technology has achieved significant deployment of its products, with over 70,000 units of its inference chip deployed in the past year, indicating strong market acceptance [6] Group 4: Strategic Partnerships - Both Muxi and Suiruan are backed by strategic investor Kunyuan Asset, which plays a crucial role in their growth through capital support and ecosystem development [2][5] - The collaboration between Muxi and other partners within the Kunyuan ecosystem aims to create a comprehensive domestic computing power solution, enhancing their competitive edge [5] Group 5: Future Outlook - The focus of the domestic GPU industry is shifting from mere import substitution to value creation and market leadership, with strategic capital playing a vital role in this transition [7][9] - The domestic GPU sector is expected to move towards large-scale implementation and profitability, driven by continuous technological innovation and ecosystem building [9]

Core Viewpoint - The IPO progress of domestic chip companies, specifically Moer Technology and Muxi Co., is advancing, with Moer Technology disclosing its intention to list on the Sci-Tech Innovation Board and Muxi Co. receiving approval for its IPO registration, intensifying the competition for the title of "first domestic GPU stock" [1][3]. Group 1: IPO Details - Moer Technology plans to issue 70 million shares, accounting for 14.89% of the total share capital post-issuance, with the initial inquiry date set for November 19 and subscription date for November 24 [3][4]. - The company will adopt a mixed issuance method, combining strategic placement for investors and public offerings for eligible investors [4]. - Muxi Co. has received approval from the China Securities Regulatory Commission for its IPO registration, with Huatai United Securities as the sponsor [4][5]. Group 2: Company Performance - Both companies were established in 2020 and have shown strong revenue growth, with Moer Technology achieving revenue of 702 million yuan in the first half of this year, surpassing the total revenue of 608 million yuan from 2022 to 2024 [9][10]. - Muxi Co. reported a revenue of 915 million yuan in the first half of this year, a year-on-year increase of 404.51%, also exceeding its total revenue from the previous three years [10]. - Despite the revenue growth, both companies have not yet turned profitable, with Moer Technology's net losses for 2022 to 2024 being 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan respectively, while Muxi Co.'s losses were 777 million yuan, 871 million yuan, and 1.409 billion yuan [10][11]. Group 3: R&D Investment - Moer Technology's R&D investments from 2022 to 2024 were 1.116 billion yuan, 1.334 billion yuan, and 1.359 billion yuan, while Muxi Co. invested 648 million yuan, 699 million yuan, and 901 million yuan in the same period [11]. - Post-IPO, Moer Technology plans to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, while Muxi Co. aims to raise 3.9 billion yuan for high-performance general-purpose GPUs and AI inference GPUs [11].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the initial public offering (IPO) application of Mu Xi Integrated Circuit (Shanghai) Co., Ltd., which aims to raise 3.904 billion yuan for various GPU development projects [1] Group 1: Company Overview - Mu Xi Integrated Circuit focuses on the independent research and development of high-performance GPU chips and computing platforms, providing foundational computing power for national AI public computing platforms and commercial intelligent computing centers [1] - The company's main products include the Xi Si N series GPUs for intelligent computing inference, the Xi Yun C series GPUs for training and general computing, and the upcoming Xi Cai G series GPUs for graphic rendering [1] Group 2: Market Position and Partnerships - Minsheng Securities views Mu Xi and Moer Thread as leaders in the domestic GPU market, breaking the overseas computing power monopoly and accelerating growth in the domestic computing chip sector [1] - Mu Xi is recognized as a domestic authorized agent brand for China Electronics Port, currently collaborating on GPU product business [2] - Donggang Co., Ltd. has a strategic partnership with Mu Xi through its subsidiary Beijing Ruihong, which is involved in printing, coating, and technical services [2]

Core Viewpoint - The approval of Mu Xi Integrated Circuit (Shanghai) Co., Ltd. for its initial public offering on the Sci-Tech Innovation Board highlights the support of the domestic capital market for "hard technology" enterprises, particularly in the GPU sector [1][4]. Industry Overview - The GPU design industry has high technical barriers, requiring expertise across hardware architecture, IP/SoC chips, packaging, software architecture, and driver programs, with a typical R&D to mass production cycle of 2-3 years [2]. - The global GPU market is characterized by a duopoly, with IDC projecting the domestic accelerated computing server market to reach $22.1 billion in 2024, with GPUs accounting for 69% of this market [2]. - By 2029, the market size is expected to exceed $100 billion, emphasizing the strategic value of domestic GPU companies as they seek controllable solutions in response to international market pressures [2]. Company Development - Mu Xi focuses on the general GPU sector for data centers, which is the highest value segment of the industry chain, and aims to match international standards with its products [3]. - The company's flagship product, the Xi Yun C500, has received feedback indicating its performance is on par with or exceeds that of international competitors [3]. - As of March 2025, Mu Xi has sold over 25,000 GPUs, with applications in various intelligent computing clusters across major cities [3]. - The company reported a compound annual growth rate of 4074.52% in revenue over the past three years, with projected revenue of approximately 900 million yuan in the first half of 2025, surpassing the total revenue for 2024 [3]. - As of September 5, 2025, Mu Xi's order backlog reached 1.43 billion yuan, nearly double the total revenue for 2024, indicating strong future growth potential [3]. Market Dynamics - The current capital market environment is resonating with the hard technology sector, providing a supportive framework for long-cycle R&D and validating the investment value of hard technology through breakthroughs in core technologies and commercialization capabilities [4]. - The institutional support is crucial for Mu Xi to accelerate technological iterations and market expansion, contributing to the domestic GPU localization process and the autonomy of computing power infrastructure [4].