记者丨曾静娇 见习记者林健民 编辑丨刘雪莹 12月7日晚间，百度集团港股公告，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。 公司澄清目前正就拟议分拆及上市进行评估。若进行分拆及上市，将须经相关监管审批程序，而公司并 不保证分拆及上市将会进行。 < 融资历程 6 | 2025-07-04 ● 融资金额:未披露 | | | --- | --- | | D轮 | 比亚迪、银河源汇、信达香港、中 | | 相关新闻 > | 信建投资本、国新高层次人才基 | | 金、京国瑞投资、清紫泽源资本、 | | | 中金资本私募、中移和创、招银国 | | | 际资本、科发资本、中信投资控 | | | 股、南网基金、渤海产业投资基 | | | 金、山证投资、中银资产、君泰资 | | | 本 | | | 2024-12-24 | 融资金额:未披露 | | C+轮 | 中信建投资本、清紫泽源资本、工 | | 银投资 | | | 2024-06-05 0 | 融资金额:未披露 | | C轮 | 君联资本、清紫泽源资本、北京市 | | 人工智能产业投资基金、工银投 | | | ...

记者丨曾静娇 见习记者林健民 编辑丨刘雪莹 12月7日晚间，百度集团港股公告，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。 公司澄清目前正就拟议分拆及上市进行评估。若进行分拆及上市，将须经相关监管审批程序， 而公司并不保证分拆及上市将会进行。 天眼查显示， 昆仑芯是由百度内部孵化的AI芯片公司 ，于2021年4月完成独立融资，首轮估 值约130亿元，百度为控股股东，持股比例为59.45%。截至2025年7月，昆仑芯已经历了D轮 融资，投资方包括上河动量资本、山证投资、国新基金下属的高层次人才基金、中移和创 等。 | 企业详情 @天眼查 ( | | --- | | 评分77 昆仑芯（北京）科技有限公 E | | ◎18万+ 91110108576914390R = 发票抬头 | | 存续) 曾用名》 投资机构 · 小微企业 » | | 高新技术企业》 独角兽> 专精特新中小企业> 曲名 - | | 简介:昆仑芯(北京)科技有限公司 (曾用名: 星云融创...更多 | | 法定代表人 注册资本 成立日期 | | 2011-06-10 政府制 2.12 ...

Core Viewpoint - The article highlights the remarkable debut of Moer Thread, the first domestic GPU company, on the STAR Market, with its stock price soaring by 468.78% on the opening day, reflecting strong market enthusiasm for domestic high-end computing chips amid the AI boom [3][4]. Group 1: Company Overview - Moer Thread was founded by Zhang Jianzhong, a veteran in the GPU industry, who previously worked at NVIDIA for 14 years, establishing a complete GPU ecosystem in China [6][8]. - The company has rapidly evolved from a startup to a leading domestic GPU manufacturer within three years, launching its first full-function GPU, Sudi, in just 19 months [8][10]. Group 2: Financial Performance - Moer Thread's revenue structure has shifted significantly, with AI computing products contributing 77.63% of total revenue by 2024, up from 71.44% from desktop graphics acceleration products in 2022 [11]. - The company's revenue grew explosively from 0.46 billion yuan in 2022 to 4.38 billion yuan in 2024, achieving a compound annual growth rate of 208.44% [11]. - Despite cumulative losses exceeding 5 billion yuan from 2022 to 2024, the loss margin is narrowing, with expectations of profitability by 2027 [11]. Group 3: Capital Market Activity - Moer Thread achieved a valuation of over 1 billion USD within 100 days of its establishment, setting a record for the fastest unicorn ascent in the industry [12][15]. - The company has raised over 9 billion yuan in funding from 2021 to 2024, with a valuation reaching around 30 billion yuan [12][15]. Group 4: Future Prospects - The IPO raised approximately 7.576 billion yuan, which will be invested in three core technology projects, including the development of AI training chips and graphics chips [18]. - The global AI chip market is projected to reach 3.62 trillion yuan by 2029, with China's market expected to grow at a compound annual growth rate of 51.1% [20]. - The domestic GPU sector is entering a golden era, with other companies like Muxi and Biran Technology also planning to go public, indicating a competitive landscape [20].

哈喽，大家好，今天小墨这篇评论，主要来分析华尔街资金大挪移，谷歌如何逆袭英伟达。 最近的科技圈和资本圈简直炸开了锅，一场围绕AI芯片的"王座之争"正在激烈上演。曾经的AI芯片霸主英伟达突然失宠，市值在一个月内蒸发超6000 亿美元。 而谷歌则一路高歌猛进，市值暴涨5300亿美元，差点就坐稳了4万亿美元市值的宝座。这背后到底发生了什么，咱们今天就好好说道说道。 市值大挪移：一则传闻引发的连锁反应 这场风波的导火索，是一则关于英伟达核心客户Meta"倒戈"的传闻。有消息称Meta正和谷歌深度磋商，计划2027年斥资数十亿美元采购谷歌TPU芯 片，部署到自家数据中心。 更关键的是Meta可能从2026年起，就通过租用谷歌云TPU算力的方式提前布局。要知道Meta一直是英伟达GPU的忠实用户，它的算力需求曾高度依赖 英伟达产品。 这则消息一出，资本市场立刻有了反应。英伟达股价当天就急挫2.59%，盘中一度重挫逾7%，单日市值蒸发超过1150亿美元。反观谷歌则一路走高， 股价在过去六周单独上涨35%，相当于短时间内增加了约1万亿美元市值。 面对这样的局面，英伟达官方X账号发文回应，主打一个先礼后兵。先是"为谷歌的成功感 ...

华夏时报记者 张玫 北京报道 "炒股30年了，收益不如中一签摩尔。"12月5日，有股民在股吧感叹。 "市场情绪溢价严重，上涨后预计会有较长的回调过程，切勿轻易在高位盲目参与。"大同证券首席投资顾问张诚 在接受《华夏时报》记者采访时表示。 随着A股新股市场持续回暖。Wind数据显示，2025年以来上市的101只新股，至今保持着上市首日"零破发"的纪 录。《华夏时报》记者12月5日多次致电摩尔线程信披部门电话，电话始终未能接通。 申购"近乎疯狂" 摩尔线程的IPO进程堪称"神速"。从6月30日IPO获得受理，到9月26日成功过会，仅用了88天，创下了科创板IPO 过会速度的新纪录。 摩尔线程本次IPO募集资金总额为80亿元，扣除发行费用后，预计募集资金净额为75.76亿元，这一募资规模亦创 下了2025年科创板最大IPO纪录。 根据招股书，此次募集的资金将主要投入到芯片研发项目中：25.1亿元用于新一代自主可控AI训推一体芯片研发 项目；25.02亿元用于新一代自主可控图形芯片研发项目；19.82亿元用于新一代自主可控AISoC芯片研发项目； 10.06亿元用于补充流动资金。 摩尔线程为什么被市场如此追捧？从大背 ...

Core Viewpoint - The successful IPO of Moore Threads, dubbed the "Chinese version of Nvidia," marks a significant milestone for the domestic GPU industry, with a market capitalization exceeding 300 billion yuan at its peak, highlighting the growing interest and investment in China's semiconductor sector [2][3]. Company Overview - Moore Threads was founded in 2020 amid international restrictions on domestic chip production, with a mission to develop China's own GPU industry, led by former Nvidia executives [3][4]. - The company has raised over 10 billion yuan in funding prior to its IPO, achieving a valuation close to 30 billion yuan [3]. - The IPO raised 8 billion yuan, attracting significant institutional investors, including major insurance and asset management firms [3][4]. Financial Performance - Moore Threads has produced five chips and iterated four generations of GPU architecture, with revenue projected to grow from 46 million yuan in 2022 to 438 million yuan in 2024, reflecting a compound annual growth rate of over 208% [5]. - Despite substantial revenue growth, the company has not yet turned a profit, with cumulative losses reaching 5.7 billion yuan, although losses are narrowing [5][10]. Market Context - The IPO of Moore Threads has initiated a wave of listings for domestic GPU companies, with other firms like Muxi Integration and Biran Technology also preparing for public offerings [6]. - The AI chip market in China is expected to grow significantly, with projections indicating a rise from 142.5 billion yuan in 2024 to 1.3367 trillion yuan by 2029, with GPUs expected to capture an increasing market share [8]. Competitive Landscape - Domestic GPU companies face challenges in technology and market positioning compared to established players like Nvidia, which has a significant advantage in product performance and ecosystem development [8][9]. - The industry consensus acknowledges the high technical barriers to developing autonomous GPUs, necessitating long-term investment and comprehensive technological accumulation [9][10].

本文源自：金融界AI电报 美股开盘，道指涨0.08%，标普500指数涨0.17%，纳指涨0.26%。百度(BIDU.O)涨约6%，AI芯片部门昆 仑芯被曝计划赴港IPO。 ...

Core Viewpoint - Baidu's AI chip business, Kunlun, has completed a new funding round with a valuation nearing $3 billion and is preparing for an IPO in Hong Kong by early 2027 [1] Group 1: Company Developments - Baidu's stock rose over 6% to $126.42 following the news of Kunlun's funding and IPO plans [1] - Kunlun aims to submit its IPO application to the Hong Kong Stock Exchange in the first quarter of 2026 [1] Group 2: Financial Highlights - The recent funding round has valued Kunlun at approximately $3 billion [1]

Core Viewpoint - Kunlunxin, a subsidiary of Baidu, is preparing for an IPO in Hong Kong, having completed a new financing round of $283 million, with a post-money valuation of $2.97 billion (approximately 21 billion RMB) [2][3][4] Group 1: IPO Plans and Market Reaction - The IPO preparation for Kunlunxin has entered the preliminary stage, with potential application to the Hong Kong Stock Exchange as early as Q1 2026 [3] - Following the IPO news, Baidu's stock price surged by 7.77%, indicating a market reassessment of its AI computing assets [3] - This is not the first time Kunlunxin has been rumored to go public, but the current preparations appear more substantial [4] Group 2: Company Background and Growth - Kunlunxin originated from Baidu's internal smart chip and architecture department, which became independent in 2021 with an initial valuation of approximately 13 billion RMB [4] - Over four years, Kunlunxin's valuation has increased by nearly 60%, reflecting changing market perceptions of domestic AI chip assets [4][6] - The latest financing round included state-owned entities, enhancing Kunlunxin's credibility for its IPO [5] Group 3: Strategic Considerations for Baidu - Baidu's decision to spin off Kunlunxin aims to unlock value, as the company's market valuation has been hampered by its advertising business [6] - An independent listing could allow Kunlunxin to be revalued according to technology stock metrics, potentially supporting Baidu's second growth curve [6] - The IPO coincides with a critical moment for domestic AI chip companies, as several are also pursuing public listings [6] Group 4: Technological Advancements - Kunlunxin's revenue is projected to exceed 1 billion RMB in 2024, outpacing competitors like Cambricon and Moore Threads [6] - The company showcased its technological capabilities at the Baidu World Conference, introducing new products optimized for large-scale inference and training [7] - The P800 series, a third-generation product, has achieved performance metrics that compete with international giants like NVIDIA [7][8] Group 5: Market Validation and Expansion - Kunlunxin secured a significant order from China Mobile for AI computing devices, marking a milestone in its market penetration [10] - The company has expanded its client base across various sectors, including telecommunications, finance, and energy [12] - Its unique position as a subsidiary of Baidu provides a testing ground for its products, facilitating market entry and product refinement [12][14] Group 6: Challenges and Competitive Landscape - Despite high valuations, concerns about the sustainability of Kunlunxin's revenue model and market competition persist [17][19] - The company faces challenges in building a robust developer ecosystem and competing with established players like NVIDIA [18][22] - Geopolitical and supply chain risks remain relevant, as Kunlunxin relies on global supply chains for chip manufacturing [20] Group 7: Future Outlook and Industry Impact - Kunlunxin's IPO is seen as a litmus test for the maturity of the domestic AI chip industry, with implications for future financing and market confidence [24] - The company must balance technological innovation, ecosystem development, and commercialization to convert valuation expectations into sustainable enterprise value [25]

Core Viewpoint - The investment in Moer Thread has yielded significant returns for early investors, with some seeing their investments increase over eightfold within a year, driven by the growing demand for GPUs in the AI industry and the company's unique positioning in the market [3][4][11]. Industry Overview - The global AI industry is experiencing rapid growth, leading to an explosive demand for computing power, particularly for GPUs, which is expected to exceed $100 billion this year and grow to over a trillion dollars by 2030, with a compound annual growth rate of around 30% [5][6]. - The Chinese GPU market is projected to grow from 163.8 billion yuan last year to 1.36 trillion yuan by 2029, supported by national policies favoring domestic chip development [8]. Company Insights - Moer Thread's appeal to investors is partly due to its scarcity and the strong background of its core team, many of whom have experience at NVIDIA, including the CEO who worked there for 14 years [10][11]. - The company focuses on developing domestic full-function GPUs and related products, which is a niche area with limited competition in China [10]. Financial Performance - Despite the high market enthusiasm, Moer Thread is currently operating at a loss, with a projected net loss of 1.618 billion yuan in 2024, and its price-to-sales ratio is significantly higher than that of established competitors like NVIDIA [12]. Competitive Landscape - Moer Thread faces substantial challenges in overcoming the technological barriers established by NVIDIA over the past two decades, particularly in chip architecture and software ecosystem development [13][14]. - The company is still in the early stages of building its software ecosystem and developer support, which are critical for competing effectively in the GPU market [13].