一场集结了国资机构、市场化创投、产业CVC的资本盛宴。 GPU研发是典型的高投入、长周期、高风险赛道，企业发展进程与资金供给深度绑定。作为中国芯片产业面对供应链挑战背景下诞生的硬科技企业，摩尔线程由前 英伟达全球副总裁、大中华区总经理张建中于2020年6月创立。5年来，摩尔线程将持续注入的融资转化为巨额研发投入，成长为国内唯一实现全功能GPU量产的企 业：2022年至2025年三季度，摩尔线程累计研发投入46.7亿元，同时累计亏损59.39亿元。不过，其成长态势已逐步显现——2025年前三季度，公司营收同比增长 181.99%，达到7.85亿元。据摩尔线程预测，当公司2027年收入达到59.83亿元，同时整体毛利率达到61%，即有望实现合并报表盈利。 摩尔线程此次上市将为早期投资方带来丰厚回报空间。根据招股书，上市后持股4.24%的深圳明皓是公司最大外部股东，以8000万元投资换回发行后约23亿元账面 回报，其背后GP（普通合伙人）是累计管理基金规模超400亿元的善达投资。同样位居前十大股东之列的红杉中国、国盛资本等机构，也均将实现超15亿元的投资 回报。 善达投资收益颇丰 盐城国资隐性受益 摩尔线程的资本故 ...

据了解，摩尔线程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。自 2020年成立至今仅用5年时间，该公司便完成了商业化与资本化的双重跨越。而这一成就背后，离不开红杉中国、深创投、国盛资 本、腾讯创业投资、和而泰（002402）等超80家早期股东，8轮累计94.98亿元资金的鼎力支持，为摩尔线程在创业阶段突破技术瓶 颈、实现量产突围提供了坚实保障。 GPU研发是典型的高投入、长周期、高风险赛道，企业发展进程与资金供给深度绑定。作为中国芯片产业面对供应链挑战背景下诞 生的硬科技企业，摩尔线程由前英伟达全球副总裁、大中华区总经理张建中于2020年6月创立。5年来，摩尔线程将持续注入的融资 转化为巨额研发投入，成长为国内唯一实现全功能GPU量产的企业：2022年至2025年三季度，摩尔线程累计研发投入46.7亿元，同 时累计亏损59.39亿元。不过，其成长态势已逐步显现——2025年前三季度，公司营收同比增长181.99%，达到7.85亿元。据摩尔线 程预测，当公司2027年收入达到59.83亿元，同时整体毛利率达到61%，即有望实现合并报表盈利。 摩尔线程此次上市 ...

Core Insights - The company "Moore Threads," known as the first domestic GPU stock, has successfully listed on the Sci-Tech Innovation Board, achieving commercialization and capitalization in just five years since its establishment in 2020 [1][11] - The company has received substantial support from over 80 early investors, accumulating 9.498 billion yuan in funding through eight rounds, which has facilitated its technological breakthroughs and mass production [1][11] - Moore Threads has become the only domestic company to achieve mass production of full-function GPUs, with a cumulative R&D investment of 4.67 billion yuan and a total loss of 5.939 billion yuan from 2022 to the third quarter of 2025 [1] Investment Returns - The listing of Moore Threads is expected to yield significant returns for early investors, with the largest external shareholder, Shenzhen Minghao, projected to achieve a book return of approximately 2.3 billion yuan from an 8 million yuan investment [2] - Other major shareholders, including Sequoia China and Guosheng Capital, are also expected to realize returns exceeding 1.5 billion yuan [2] Founding Team and Early Investments - The founding team of Moore Threads consists of former key members from NVIDIA, including Zhang Jianzhong, who has nearly 15 years of experience with the company [3] - The company secured significant early funding of 81.9048 million yuan within three months of its establishment, facilitated by early investors such as Peixian Qianyao and Shenzhen Minghao [3][4] Capital Structure and Gains - Early investors like Peixian Qianyao and Shenzhen Minghao have realized substantial gains, with Peixian Qianyao achieving nearly 2 billion yuan in total returns from its investment [4][5] - The Salt City Big Data Fund, indirectly benefiting from Moore Threads, has also seen returns of 460 million yuan [6] Support from State-Owned Enterprises - The rapid growth of Moore Threads has been supported by state-owned investment institutions from Shanghai and Shenzhen, with Shenzhen Capital Group being one of the earliest investors [7][8] - Guosheng Capital, representing Shanghai state-owned assets, has contributed over 600 million yuan to the company, becoming its second-largest external shareholder [8] Market Dynamics and Future Prospects - The capital landscape of Moore Threads includes both market-oriented institutions and corporate venture capital (CVC), with Sequoia China being a prominent player [9][10] - The company is expected to receive an additional 8 billion yuan in funding from the secondary market post-IPO, aimed at advancing the development of next-generation AI training chips and graphics chips [11]

Core Viewpoint - The article discusses the IPO of Moer Thread, the first GPU company listed on the Sci-Tech Innovation Board, which has attracted significant market attention due to its high issuance price and the performance of newly listed stocks in 2023 [3][4]. Summary by Sections IPO Details - Moer Thread's IPO was launched on November 24, 2023, with an issuance price of 114.28 yuan per share, marking the highest issuance record in the A-share IPO market for the year [3][5]. - The public offering scale is 70 million shares, with a market value of approximately 53.715 billion yuan at listing, requiring an investment of about 57,100 yuan for one subscription [5]. Market Performance of New Stocks - As of November 24, 2023, 96 new stocks listed this year have an average first-day increase of 254.68%, with nearly 60% of them rising over 200% on their debut [3][6]. - In the Sci-Tech Innovation Board, 12 new stocks have an average first-day increase exceeding 200%, with some stocks rising over three times their issuance price [3][6]. Investor Interest - The initial inquiry phase saw 267 institutional investors submit valid bids, with a total effective subscription amount reaching 70.406 billion shares, resulting in a subscription multiple of approximately 1571.56 times, indicating strong interest from institutional investors [6][7]. - Public funds were the main participants in the subscription, with over 80 major fund companies involved, alongside more than 120 private equity funds [6]. Strategic Allocation - The China Insurance Investment Fund was the largest strategic investor, acquiring 4.3752 million shares, corresponding to an investment of 500 million yuan [7]. Profit Expectations - The article highlights the high profit expectations for investors who successfully subscribe to Moer Thread, with potential earnings calculated based on the average first-day performance of new stocks [9][11]. - Moer Thread's issuance price of 114.28 yuan suggests potential first-day closing prices of 291.05 yuan and 237.4 yuan based on average increases, leading to significant profits for investors [9][11]. Company Growth and Market Position - Moer Thread has shown rapid revenue growth, with projected revenues of 0.46 billion yuan, 1.24 billion yuan, and 4.38 billion yuan for 2022, 2023, and 2024 respectively, and 7.02 billion yuan for the first half of 2025 [11]. - Despite not yet being profitable, the company is recognized for its technological advancements and strategic positioning in the domestic GPU market, focusing on high-performance computing and AI applications [11].

Core Viewpoint - The IPO of Moer Thread, known as the "first GPU stock," has attracted significant market attention with an issuance price of 114.28 yuan per share, setting a record for the highest IPO price in the A-share market this year [1][2] Group 1: IPO Details - Moer Thread's IPO aims to raise approximately 8 billion yuan, primarily for the development of next-generation AI training and inference chips and graphics chips, as well as to supplement working capital [2][6] - The company has a market capitalization of about 53.715 billion yuan at the time of listing, with an estimated investment of around 57,100 yuan required for one subscription [2][3] - The initial inquiry phase saw 267 institutional investors submit valid bids, resulting in a total effective subscription amount of 70.406 billion shares, indicating a subscription multiple of approximately 1571.56 times [2][3] Group 2: Market Performance and Expectations - The average first-day increase for the 96 new stocks listed this year is 254.68%, with nearly 60% of them seeing gains exceeding 200% [1][4] - Moer Thread's issuance price positions it among high-priced new stocks, which historically have lower first-day performance compared to lower-priced stocks [5][6] - Despite the high issuance price, Moer Thread is expected to perform well due to its unique position as a domestic GPU leader and the current market sentiment favoring hard technology stocks [6] Group 3: Financial Projections - Moer Thread's projected revenues for 2022 to 2024 are 46 million yuan, 124 million yuan, and 438 million yuan, respectively, with a rapid growth trajectory anticipated [6] - The company has not yet achieved profitability, but its technological advancements and strategic positioning in the domestic GPU market are viewed positively by investors [6]

Core Viewpoint - The domestic GPU company, Moer Thread, has officially launched its IPO on the Sci-Tech Innovation Board, with a share price set at 114.28 yuan, marking a new high for A-share IPO prices since 2025. The offering has garnered significant attention from institutional investors, reflecting the growing interest in the domestic GPU market amid the global AI industry's rapid local replacement trend [1][8]. Group 1: IPO Details - Moer Thread's IPO has attracted 267 institutional investors, with a total of 7.04 billion shares applied for, resulting in a subscription multiple of 1572 times, significantly higher than most new stocks this year [2][9]. - The company plans to issue 70 million shares, which would bring its total market capitalization to approximately 53.7 billion yuan on the first day of trading [8][9]. - The IPO process was notably efficient, taking only 122 days from acceptance to registration, making it one of the fastest approvals on the Sci-Tech Innovation Board this year [1][9]. Group 2: Investor Participation - The participation of public and private funds was particularly prominent, with 86 public funds and 124 private funds involved in the bidding process, indicating strong institutional interest in the "domestic high-performance GPU + AI computing power" sector [1][2]. - Major public funds, such as Southern Fund and E Fund, utilized multiple products to enhance their chances of winning shares, with Southern Fund using 404 products to apply for a total of 5.285 billion shares [5][6]. - The bidding price range during the inquiry phase varied from 88.79 yuan to 159.57 yuan, with some investors willing to pay a premium, reflecting high expectations for the company's growth potential [3][4]. Group 3: Company Performance and Market Outlook - Moer Thread has not yet turned a profit, reporting revenues of 46 million yuan in 2022, projected to grow to 438 million yuan in 2024, while net losses are expected to decrease from 1.894 billion yuan in 2022 to 1.618 billion yuan in 2024 [9]. - The company has developed a comprehensive computing acceleration platform, focusing on GPU technology, with applications in AI computing centers, digital twin rendering, industrial simulation, and high-performance computing [8][9]. - Institutional investors are optimistic about Moer Thread's growth potential and long-term profitability, viewing it as a strategic asset similar to early investments in companies like Cambrian and SMIC [9].

Financial Challenges - The company has accumulated losses exceeding 3.2 billion yuan, with net profit losses reaching 3.057 billion yuan from 2022 to 2024, and the trend of increasing losses continues into 2025 with a single-quarter loss of 233 million yuan in Q1 2025 [2][3][4] - Operating cash flow has been persistently negative, with net cash outflow increasing from 666 million yuan in 2022 to 2.148 billion yuan in 2024, totaling over 3.8 billion yuan [4][6] - The company has high accounts receivable, with a value of 615 million yuan in Q1 2025, accounting for 191.96% of that quarter's revenue, significantly exceeding industry norms [5] Business Risks - The company's revenue is heavily reliant on a single product, the Xiyun C500 series GPU, which contributed 97.28% of total revenue in 2024 and increased to 97.87% in Q1 2025 [9][10] - Prior revenue sources, such as the Zhisi N100 series and IP licensing, have seen significant declines, with revenues dropping 74.64% and 95.49% respectively in 2024 [12] - Customer concentration is high, with the top five customers accounting for 91.58%, 71.09%, and 88.35% of revenue from 2023 to Q1 2025, raising concerns about revenue quality due to the involvement of shareholders as customers [15][16] Technical Pathways - The company relies on a certain degree of outsourced R&D, with cumulative outsourced R&D expenses nearing 200 million yuan from 2022 to Q1 2025, which raises questions about its core technological independence [18] - The company adopts a dual strategy of "independent instruction set + CUDA compatibility," which may lead to resource dilution and challenges in maintaining competitive efficiency against CUDA [20][21] - The company faces external supply chain risks, relying on foreign foundries and suppliers for critical components, which poses challenges in the current geopolitical climate [25][26] Corporate Governance - The company has incurred significant share-based payment expenses totaling 602 million yuan, which has contributed to its expanding losses [29] - There are concerns regarding the fairness of the equity incentive program and potential over-incentivization towards executives [30][31] - The compliance of the current financial officer has been questioned due to past regulatory issues, raising concerns about the company's internal controls [32] Conclusion - The company's IPO journey reflects the broader challenges faced by domestic GPU enterprises, highlighting the need for substantial investment in technology while building a sustainable market ecosystem [33]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights the upcoming IPO of Muxi Integrated Circuit (Shanghai) Co., Ltd., which aims to raise 3.904 billion yuan for GPU research and industrialization [4] - Muxi has made significant advancements with its domestic general-purpose GPU, the Xiyun C600, which is expected to enter risk production by the end of 2025 [5] - The company is actively expanding its customer base in the internet and telecommunications sectors, with a current order backlog of 1.43 billion yuan [6][8] Summary by Relevant Sections Industry Basic Situation - Closing index level is 5228.93, with a 52-week high of 5841.52 and a low of 3963.29 [1] Market Performance - Muxi's market share is currently around 1%, but it is expected to grow significantly due to the acceleration of domestic substitution trends [6] Investment Recommendations - The report suggests focusing on companies related to Muxi, including Yidu International Holdings, Ruisheng Intelligent, and others in the domestic computing power sector [9]

Core Viewpoint - The article discusses the rising interest and investment in Moer Thread, a Chinese GPU company, as it approaches its IPO, drawing parallels with Nvidia and highlighting the dynamics of the investment landscape surrounding it [2][8]. Group 1: Investment Dynamics - A character referred to as A represents an investment professional who discusses Moer Thread at a high-profile dinner, indicating the company's growing prominence in the investment community [2][3]. - Moer Thread is compared to Nvidia, being labeled as "China's Nvidia," and has generated significant buzz in the market, leading to increased stock prices for related companies [7][8]. - The article notes that Moer Thread's stock has attracted interest from both institutional investors and high-net-worth individuals, indicating a diverse investor base [5][6]. Group 2: Financial Performance and Projections - Moer Thread has achieved a revenue compound annual growth rate (CAGR) exceeding 200% over the past few years, with projections of over 10 billion RMB in revenue for 2024 and over 50 billion RMB for 2025, reflecting a growth rate of over 500% [12]. - The company has completed multiple rounds of financing, with significant investments from notable firms, and has established itself as a unicorn within a short period after its founding [8][9]. - The article highlights that Moer Thread's valuation is currently around 255 billion RMB, positioning it favorably compared to other companies in the sector, such as Cambrian, which has seen its market cap soar [9][12]. Group 3: Market Position and Product Development - Moer Thread is positioned as a key player in the domestic GPU market, focusing on developing full-function GPUs and AI computing solutions, which are critical in the current AI wave [11]. - The company has made significant advancements in product development, having completed the R&D of its first domestic full-function GPU within 300 days and has built a comprehensive product line from chips to software [11]. - Moer Thread has also secured 425 authorized patents, placing it among the top GPU companies in terms of patent ownership in China [11].

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]