Market Trends & Competition - China is building its own GPU ecosystem, becoming a competitor in the AI chip market [3] - This ecosystem is backed by state capital and retail investment, aiming to create a parallel AI chip stack [3] - Chinese companies are being pushed to adopt domestic accelerators due to export controls [5] - Even if less performant, domestic chips are good enough to replace some US systems within China [5] - A Chinese AI stack is emerging that is accessible and scalable, potentially appealing to those who can't afford Nvidia-level systems [5][6] Companies & Technologies - More Threads, China's first homegrown GPU company, is preparing for a public debut in Shanghai [1] - More Threads' IPO was 4,100 times oversubscribed [2] - Besides More Threads, companies like Huawei, Cambercon, Byron, and Medax are building different parts of the system [3][4] - Chinese companies are clustering domestic accelerators to create powerful AI solutions [9] Challenges & Limitations - China's GPU industry is fragmented and subsidy-dependent [4] - Chinese chips currently lag American chips by generations [4] - More Threads has small sales and billions in losses [4] Nvidia's Perspective - Nvidia warns investors to pay attention to the rise of domestic accelerators in China [5] - Nvidia is seeking permission from Washington to sell more powerful chips in China [8] - If Nvidia takes too long to gain approval, it may be too late [8]

沐曦集成电路（上海）股份有限公司 首次公开发行股票并在科创板上市 招股意向书附录 | 序号 | 文件名称 | 页码 | | --- | --- | --- | | 1 | 发行保荐书 | 1 | | 2 | 财务报告及审计报告 | 29 | | 3 | 发行人审计报告基准日至招股说明书签署日之间的相关财 务报告及审阅报告 | 227 | | 4 | 内部控制审计报告 | 362 | | 5 | 经注册会计师鉴证的非经常性损益明细表 | 369 | | 6 | 法律意见书 | 380 | | 7 | 律师工作报告 | 445 | | 8 | 公司章程（草案） | 859 | | 9 | 中国证监会同意本次发行注册的文件 | 926 | 关于沐曦集成电路（上海）股份有限公司 首次公开发行股票并在科创板上市之 发行保荐书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 1 发行保荐书 华泰联合证券有限责任公司 | 目 录 1 | | --- | | 第一节 本次证券发行基本情况 3 | | 一、保荐人工作人员简介 3 | | 二、发行人基本情况简介 4 | | 三、 ...

Market Overview - On November 26, A-shares showed mixed performance with the three major indices fluctuating, and the total market turnover reached 1.8 trillion yuan, a decrease of 29 billion yuan compared to the previous trading day [1] - Market focus was on sectors such as pharmaceutical commerce and innovative drugs, while the shipbuilding sector declined and aerospace stocks fell [1] Stock Performance - A total of 68 stocks hit the daily limit up, with 21 stocks on consecutive limit up, and 23 stocks failed to hit the limit, resulting in a limit up rate of 75% (excluding ST and delisted stocks) [3] - Notable stocks included: - Shida Group (5 consecutive limit up) [4] - Xinhua Du (4 consecutive limit up) [4] - Special Information (4 consecutive limit up) [4] - Huanrui Century (4 consecutive limit up) [4] Key Stocks Analysis - **Shida Group**: Price at 6.15 yuan, up 10.02%, with a 5-day limit up due to acquisition plans [5] - **Huanrui Century**: Price at 9.75 yuan, up 10.05%, with a focus on AIGC and interactive content [5] - **Xinhua Du**: Price at 10.79 yuan, up 9.99%, involved in AI e-commerce and cross-border e-commerce [5] - **Special Information**: Price at 13.92 yuan, up 10.04%, linked to Shenzhen state-owned assets and optical communication [5] Trading Dynamics - The top three net buying stocks on the daily leaderboard were Dongxin Co., Yongding Co., and Zhongji Group, with net purchases of 373 million yuan, 260 million yuan, and 228 million yuan respectively [6] - The top three net selling stocks were Aerospace Development, Shanghai Port Bay, and Changcheng Military Industry, with net sales of 498 million yuan, 229 million yuan, and 219 million yuan respectively [7] Institutional Activity - Among stocks with institutional involvement, the top net buying stocks were Changguang Huaxin, Zhongji Group, and Zhonghuan Hailu, with net purchases of 232 million yuan, 187 million yuan, and 47 million yuan respectively [8] - The top net selling stocks with institutional involvement were Aerospace Development, Shanghai Port Bay, and Rongji Software, with net sales of 295 million yuan, 203 million yuan, and 101 million yuan respectively [9] Company Highlights - **Dongxin Co.**: Focused on niche storage chip design, with a revenue of 230 million yuan in Q3 2025, a year-on-year increase of 27.03% [10][11] - **Yongding Co.**: Reported a revenue of 3.63 billion yuan in the first three quarters, a year-on-year increase of 22.13%, with a net profit of 329 million yuan, up 474.30% [14] - **Zhongji Group**: Holds a backlog of orders worth approximately 5.55 billion USD in offshore engineering, with expected strong growth in revenue and profit [18] Trading Trends - **Changguang Huaxin**: Achieved a limit up with a turnover rate of 17.64% and a total transaction volume of 3.1 billion yuan [21] - **Zhongji Group**: Also reached a limit up with a turnover rate of 8.46% and a total transaction volume of 1.76 billion yuan [21] - **Aerospace Development**: Experienced a limit down with a turnover rate of 31.2% and a total transaction volume of 6.51 billion yuan [21]

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index down by 0.15% closing at 3864.18 points, while the Shenzhen Component Index increased by 1.02% to 12907.83 points. The ChiNext Index rose by 2.14% to 3044.69 points, and the STAR 50 Index gained 0.99% to close at 1315.04 points. Overall, there were 1689 stocks that rose, while 3591 stocks fell, with 168 stocks remaining unchanged. The total trading volume in the Shanghai and Shenzhen markets was 17833 billion, a decrease of 288 billion from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, the sectors that performed well included telecommunications, comprehensive, electronics, and retail, with gains of 4.64%, 1.79%, 1.58%, and 1.11% respectively. Conversely, the sectors that lagged included defense and military, social services, media, and petroleum and petrochemicals, with declines of 2.25%, 0.97%, 0.82%, and 0.80% respectively [1][2]. Concept Sector Performance - The leading concept sectors today included optical modules (CPO), optical communications, optical chips, SPD, cultivated diamonds, smart speakers, consumer electronics OEM, excavators, third-generation semiconductors, servers, GPUs, and MCU chips. In contrast, sectors such as the China Shipbuilding Industry Corporation system, aquatic products, aircraft carriers, the top ten military industrial groups, military information technology, military-civilian integration, large aircraft, and commercial aerospace experienced a pullback [2].

AI Chip Landscape - Tensor Processing Units (TPUs) are purpose-built for AI and deep learning, offering lower total costs and greater power efficiency compared to GPUs [1] - Google has been developing TPUs for some time, aiming for efficiency and supply chain diversification beyond Nvidia [2][3] - Google's full-stack approach, from chip to application, provides significant efficiencies of scale [5][6] - Diversifying chip base is crucial, as different chips excel in different tasks, similar to diversifying cloud providers [10][11] Market Demand and Competition - The AI market is projected to reach a $7 trillion market cap by 2030, indicating substantial demand [8] - The market demand is large enough to accommodate multiple players, suggesting it's not a zero-sum game between CPU and GPU [8][9] - Hyperscalers not directly competing with Google, pharmaceutical giants, energy companies, and governments are potential adopters of TPUs [13][14] - AMD and Google are positioned to provide alternatives to Nvidia's dominance in the AI chip market [15] Google's AI Capabilities - Gemini 3 is competitive with other leading large language models like ChatGPT, Claude, and Perplexity, excelling in various use cases [16][17] - Sovereign AI and companies building data centers/physical AI will drive market headlines in 2026 [24] Nvidia's Outlook - Models suggest Nvidia has the potential for another $1 trillion in sovereign AI market cap and another $1 trillion in physical AI market cap, potentially peaking around $6.5 to $7 trillion market cap [22][23]

Core Viewpoint - Dongxin Semiconductor Co., Ltd. has shown significant stock price volatility and performance metrics, with a notable increase in stock price year-to-date, but recent declines in the short term [1][2]. Financial Performance - As of September 30, 2025, Dongxin Semiconductor reported a revenue of 573 million yuan, representing a year-on-year growth of 28.09%. However, the net profit attributable to shareholders was -146 million yuan, a decrease of 12.16% year-on-year [2]. - The company has cumulatively distributed 135 million yuan in dividends since its A-share listing, with 55.72 million yuan distributed over the past three years [3]. Stock Market Activity - On November 25, the stock price increased by 2.02% to 98.00 yuan per share, with a trading volume of 683 million yuan and a turnover rate of 1.59%, resulting in a total market capitalization of 43.34 billion yuan [1]. - Year-to-date, the stock price has surged by 293.57%, but it has experienced a decline of 9.90% over the last five trading days [1]. Shareholder Composition - As of September 30, 2025, the number of shareholders increased by 168.45% to 51,300, while the average circulating shares per person decreased by 62.75% to 8,627 shares [2]. - Among the top ten circulating shareholders, notable changes include a decrease in holdings by the third-largest shareholder, and new entries from Hong Kong Central Clearing Limited and Guolian An Semiconductor ETF [3].

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Core Viewpoint - The company Moer Technology is set to launch its IPO on the Sci-Tech Innovation Board, aiming to raise 8 billion yuan with a share price of 114.28 yuan, marking a new high for IPO prices in 2023 [1] Company Overview - Moer Technology was established on June 11, 2020, with a registered capital of approximately 400 million yuan, focusing on the research, design, and sales of GPUs and related products [2] - The founder and CEO, Zhang Jianzhong, has nearly 20 years of experience in the GPU industry, previously serving as NVIDIA's global vice president and general manager for China [2] IPO Details - The IPO will issue 70 million shares, with a total fundraising target of 8 billion yuan, and a net amount expected to be 7.576 billion yuan after deducting issuance costs [1] - As of November 19, 2025, the company received preliminary inquiries from 286 offline investors, with a total subscription amount reaching approximately 70.406 billion shares [1] Product Development and Market Position - The company has developed four generations of GPU architectures, covering various fields such as AI computing, cloud computing, and high-performance computing [8] - The MTT S80 graphics card is claimed to have performance comparable to NVIDIA's RTX 3060, although the company acknowledges the need for further improvements in technology and product performance [4][6] Financial Performance - The company has not yet achieved profitability, with cumulative losses exceeding 1.4 billion yuan as of mid-2025 [9] - Revenue projections show significant growth from 0.46 million yuan in 2022 to an expected 4.38 million yuan in 2024, despite ongoing losses [9] - The gross profit margin has shown an upward trend, with figures of -70.45%, 27.84%, 72.32%, and 69.17% from 2022 to mid-2025 [9] Future Outlook - The company is optimistic about the future demand for GPU infrastructure, predicting explosive growth in the market, which is expected to reach 1.363 trillion yuan by 2029 [8] - The company plans to improve its financial performance through technological breakthroughs, product iterations, market expansion, and cost optimization [9]

Core Viewpoint - The company Moer Thread, known as the "first domestic GPU stock," has launched its IPO subscription on November 24, 2025, with a share price of 114.28 yuan and aims to raise nearly 8 billion yuan [2][4]. Company Basic Information - The stock code for Moer Thread is 688795, and it plans to issue 70 million shares, which will account for 14.89% of the total share capital post-issuance [3]. - The company operates in the computer, communication, and other electronic equipment manufacturing industry [3]. IPO Details - The IPO price of 114.28 yuan per share sets a new record for the highest IPO price in 2025, surpassing the previous record of 93.5 yuan set by Tianyouwei [4]. - Moer Thread's total fundraising of nearly 8 billion yuan ranks first among new stocks on the Sci-Tech Innovation Board in 2025 [5][6]. Market Context - The domestic GPU market is projected to reach 120 billion yuan in 2025, with an 11.8% growth from 2024, driven by AI computing demand and domestic policies [7]. - The AI chip market in China is expected to grow significantly, with a projected market size of 1.3368 trillion yuan by 2029, indicating a compound annual growth rate of 53.7% from 2025 to 2029 [7]. Financial Performance - Moer Thread has shown rapid revenue growth, with projected revenues of approximately 460.88 million yuan in 2022, 1.24 billion yuan in 2023, 4.38 billion yuan in 2024, and 7.02 billion yuan in the first half of 2025 [8]. - Despite the revenue growth, the company has reported continuous losses, with cumulative losses nearing 6 billion yuan over the past three years [9]. Competitive Advantage - Moer Thread's core product, the MTT S80, is positioned to compete with NVIDIA's RTX 3060, and the company's MUSA architecture is compatible with 90% of CUDA syntax, supporting major frameworks like PyTorch and TensorFlow [7][9]. - The management team includes former executives from NVIDIA and AMD, enhancing the company's competitive edge in the GPU market [9].

Core Insights - Dongxin Semiconductor Co., Ltd. has experienced a significant stock price increase of 322.05% year-to-date, with a recent 12.40% rise over the last five trading days [1] - The company reported a revenue of 573 million yuan for the first nine months of 2025, reflecting a year-on-year growth of 28.09%, while the net profit attributable to shareholders was a loss of 146 million yuan, a decrease of 12.16% year-on-year [2] Financial Performance - As of November 21, Dongxin's stock price was 105.09 yuan per share, with a market capitalization of 46.476 billion yuan [1] - The company has seen a net outflow of 35.23 million yuan in principal funds, with large orders accounting for 44.16% of total buying and 46.13% of total selling [1] - Cumulative cash distribution since the A-share listing amounts to 135 million yuan, with 55.72 million yuan distributed over the last three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 168.45% to 51,300, while the average circulating shares per person decreased by 62.75% to 8,627 shares [2] - Major shareholders include the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, which holds 7.0325 million shares, and Hong Kong Central Clearing Limited, a new shareholder with 3.6808 million shares [3]