"摩尔线程，哪个时段申购中签率会高一些？"3天前，中小投资者张亮（化名）在社交平台上发出了这样的疑问。 11月24日，有着"中国版英伟达"之称的摩尔线程（688795.SH）正式启动科创板公开申购。如张亮一般，众多投资者的"打新"热情早已被点燃。随着 申购通道开启，市场讨论的焦点也从"是否参与打新"转向"如何提高中签几率"，各路投资者纷纷分享着自己的"申购心得"。 作为国产GPU领域的代表性企业，摩尔线程此次IPO备受资本市场关注。根据此前公告，公司本次公开发行7000万股，发行价格定为114.28元/股，预 计募集资金总额达80亿元，募资规模位居今年科创板新股首位。 | 序号 | 芯片架构 | 流片成功/ 发布时间 | 基本情况 | | --- | --- | --- | --- | | | 赤堤 | 2021 年 | 公司第一代 GPU 芯片,内置了全功能 GPU 的四大引擎, 即拥有 AI 计算加速、图形渲染、物理仿真和科学计算、 | | | | | 超高清视频编解码引擎 | | 2 | 春晓 | 2022 年 | 公司第二代 GPU 芯片,在提升芯片性能的同时,针对云 | | | | | 计算以及 G ...

公司的竞争力已不止于芯片设计。其打造的 "夸娥"（KUAE）智算集群已实现万卡级（10,240个GPU） 互联，具备支撑前沿大模型预训练的系统能力。这标志着摩尔线程完成了从硬件供应商向算力基础设施 平台的战略跃升，打开了更大的市场天花板。 光明的未来与现实的挑战 摩尔线程成立于2020年，创始团队成员均具有英伟达背景，创始人张建中曾任英伟达全球副总裁、大中 华区总经理。公司在短短四年内快速完成了四代GPU架构迭代，从"苏堤"、"春晓"到"曲院"、"平湖"， 产品覆盖 AI 智算、云计算和个人智算等高性能计算领域，产品出货形态包括、芯片、板卡、一体机、 集群。 财务数据展现出强劲的增长势头：营收从2022年的4600万元飙升至2024年的4.38亿元，三年复合增长率 超过200%，2025年上半年营收已达7.02亿元，接近去年全年的1.6倍。更引人注目的是，2024年至2025 年上半年，公司毛利率稳定在70%左右。显示出较强的产品竞争力。 然而，亮眼业绩的背后是持续的巨额研发投入。2022-2024 年，公司研发费用分别为 11.16、13.34、 13.59 亿元，为净亏损的主要原因。 本次发行定价充分体现 ...

市场或迎国产GPU第一股：成长与商业化是关键 11月24日，摩尔线程智能科技（北京）股份有限公司正式启动科创板IPO申购，A股或将迎来首家以"全 功能GPU"为核心资产的上市公司。 近年来，关于算力的话题几乎无处不在：大模型训练爆发、推理赶超、大规模智算中心建设落地、政策 密集出台、产业链全线提速——而GPU始终处于这一系列变革的核心位置。在AI算力日益成为全球战 略资源、科技竞争白热化的当下，资本市场终于迎来对国产GPU企业的首次系统性价值评估。 中国需要自己的英伟达，摩尔线程领跑全功能GPU 摩尔线程等一众AI芯片企业，自发展初期，便被市场赋予"中国版英伟达"的行业期待。 全球科技竞争格局正在重塑，高性能GPU算力，已成为数字经济时代的"石油"。然而，GPU领域技术壁 垒高、研发投入大、产业链条长，攻克难度极大。因此，无论是产业界还是资本市场，均需形成共识： 必须对这一领域的长期性与艰巨性有充分认知。 在此背景下，摩尔线程选择的"全功能GPU"路径，使其在国内厂商中展现出独特的战略定位。与专注于 AI计算的GPGPU或ASIC芯片不同，公司的核心产品是具备"功能完备性"与"精度完整性"的全功能 GPU。这 ...

Core Viewpoint - Moore Threads has successfully launched its IPO on the Sci-Tech Innovation Board, with an issue price of 114.28 yuan per share, resulting in a post-issue market capitalization of approximately 53.7 billion yuan, marking it as the largest IPO project on the Sci-Tech Innovation Board since 2025 [2][3][4]. Group 1: Financial Performance - The company achieved significant revenue growth, with 7.02 billion yuan in revenue for the first half of 2025, up from 4.38 billion yuan in 2024 and just over 40 million yuan in 2022 [6][12]. - Despite the rapid revenue increase, the company has incurred substantial losses, totaling 5.486 billion yuan over the past three and a half years, necessitating the 8 billion yuan raised from the IPO to support ongoing high-intensity technology iterations and to address liquidity needs [3][8]. - The company reported a net cash flow from operating activities of -1.164 billion yuan for the first half of 2025, leading to increased short-term borrowings from 0 at the end of 2022 to 1.217 billion yuan by mid-2025 [8][9]. Group 2: Customer Structure and Market Position - Moore Threads has a highly concentrated customer base, with the top five customers accounting for 98.29% of revenue in the first half of 2025, primarily from large B-end clients such as telecom operators and intelligent computing centers [11][12]. - The company’s revenue structure indicates that it earns not only from selling graphics cards but also from integrated computing devices, with significant contributions from major clients [7][12]. Group 3: Research and Development - The company has invested heavily in R&D, with cumulative expenditures reaching 3.81 billion yuan from 2022 to 2024, which exceeds its revenue during the same period [8]. - The company aims to achieve profitability by 2027, projecting revenues of 5.983 billion yuan and a gross margin of 61%, although this includes approximately 307 million yuan in government subsidies [14][15][16]. Group 4: Technology and Market Outlook - The founder emphasized the competitive advantages of the MUSA architecture, which integrates GPU hardware and software, offering superior versatility and market adaptability compared to other technologies like ASIC and GPGPU [18][20]. - The GPU market is expected to grow significantly, with forecasts predicting the Chinese GPU market to reach 1.363 trillion yuan by 2029, driven by increasing demand across various applications [28][30]. - The company plans to focus on six key areas for future development in computing services, including deep integration of hardware and software, expansion into international markets, and sustainable development initiatives [30][31]. Group 5: Market Valuation - At the IPO price of 114.28 yuan, Moore Threads has a market valuation exceeding 53.7 billion yuan, corresponding to a static price-to-sales ratio of 122.51 for 2024, raising questions about whether this valuation is sustainable [32]. - The funds raised from the IPO will primarily be allocated to three R&D projects: next-generation AI training and inference chips, new graphics chips, and AI SoC chips [32].

Core Viewpoint - Moore Threads, known as the "Chinese version of Nvidia," has set its IPO price and is nearing its listing on the STAR Market, marking a significant milestone for domestic GPU companies [1][4]. Group 1: IPO Details - The company announced an issuance of 70 million shares at a price of 114.28 yuan per share, aiming to raise a total of 8 billion yuan, with a net amount expected to be 7.576 billion yuan after deducting issuance costs [4]. - This IPO is the largest fundraising project in the A-share market this year and will position Moore Threads as the first domestic GPU stock upon listing [4][5]. Group 2: Financial Performance - In the first half of 2025, the company's revenue reached 702 million yuan, surpassing the total revenue of the previous three years combined, with a compound annual growth rate exceeding 208% [4][7]. - The gross profit margin is projected to rise from -70.08% in 2022 to 70.71% in 2024, indicating a significant improvement in market acceptance of its products [7]. Group 3: Technological Advancements - Since its establishment in 2020, Moore Threads has focused on the independent research and development of full-function GPUs, achieving breakthroughs in AI computing acceleration, graphics rendering, and other areas [6]. - The company has successfully mass-produced five chips and completed four GPU architecture iterations, creating a diverse product matrix for various applications [6]. Group 4: Market Position and Future Prospects - The management anticipates achieving consolidated profitability by 2027, with expected orders exceeding 2 billion yuan from clients as of June 30, 2025 [5]. - The company has invested over 4.3 billion yuan in R&D from 2022 to mid-2025, with a workforce comprising over 77% R&D personnel, and holds 514 authorized patents [8].

Core Viewpoint - The rapid development of artificial intelligence (AI) has made AI chips a global discussion hotspot, with NVIDIA dominating the market due to its GPU advantage, leading to record-high performance and market capitalization. AMD's CEO predicts that the market for AI and large computing system accelerators will exceed $500 billion in a few years [1] Group 1: Full-Function GPU Development - The evolution of computing power is closely tied to the development of full-function GPUs, which have transitioned from single-task graphics cards to versatile processors that support various applications, including AI [2] - Full-function GPUs have four core engines: AI computing acceleration, modern 3D graphics rendering, physical simulation and scientific computing, and ultra-high-definition video encoding and decoding [3] Group 2: Moore Threads' Innovations - Moore Threads, established in 2020, has developed a complete computing acceleration system, launching four generations of GPU architectures and intelligent SoC products, covering AI intelligence, professional graphics acceleration, and desktop graphics acceleration [5] - The company aims to build an "AI factory" to enhance the efficiency of advanced model production, addressing the bottlenecks in large model training for the AGI era [6] Group 3: AI Factory Efficiency - The efficiency of the "AI factory" is determined by five core elements: generality of accelerated computing, effective chip computing power, single-node efficiency, cluster efficiency, and cluster stability [7] - Moore Threads emphasizes the importance of full-function GPUs and full precision in achieving high efficiency in AI model training [9] Group 4: Technical Breakthroughs - The self-developed MUSA architecture allows for significant improvements in resource utilization and reduces the development cost of new chips, achieving a 30% performance increase in Transformer computing [11] - Innovations in memory systems and communication have led to a 50% bandwidth saving and a 60% reduction in latency, enhancing the effective computing power of single chips [12] Group 5: Cluster Solutions - The "KUA" cluster, based on full-function GPUs, aims to provide a comprehensive system-level solution for large-scale GPU computing, supporting over 1,000 computing nodes with ultra-low communication latency [17] - The KUA cluster incorporates advanced technologies to enhance training efficiency and stability, achieving over 99% effective training time [19] Group 6: Industry Applications - Moore Threads' full-function GPUs are driving innovations across various sectors, including physical simulation, AIGC, scientific computing, and intelligent manufacturing, with a vision to empower developers and serve multiple industries [21][25]

Core Insights - The article highlights the emergence of domestic GPU companies, particularly Moores Threads, as they approach a new phase of technological and capital convergence, with the company preparing for an IPO on the Sci-Tech Innovation Board [1][10] - Moores Threads has established itself as a significant player in the semiconductor industry by focusing on self-developed "full-function GPUs," which are gradually reaching international standards in terms of computing power, versatility, and ecosystem compatibility [1][3] Industry Overview - The global GPU market is projected to reach 36,119.74 billion yuan by 2029, with China's GPU market expected to grow to 13,635.78 billion yuan, increasing its global market share from 30.8% in 2024 to 37.8% in 2029 [1] - The AI chip market in China is anticipated to surge from 1,425.37 billion yuan in 2024 to 13,367.92 billion yuan by 2029, with a compound annual growth rate of 53.7% [8] Company Development - Moores Threads has developed the MUSA architecture, which is the first domestic architecture to support AI computing, graphics acceleration, and physical simulation on a single chip, marking a significant technological breakthrough [4][6] - The company has launched several products, including the MTT S80 consumer graphics card and the MTT S5000 AI computing card, which have shown competitive performance against international counterparts [4][5] Financial Performance - Moores Threads' revenue has increased from 45.84 million yuan in 2022 to 432 million yuan in 2024, reflecting a compound annual growth rate of 208% [9] - The company's AI computing business accounts for 77.6% of its revenue, driven by the demand for large model training and GPU cloud services [9] Strategic Positioning - The company has a strong focus on R&D, with an investment of 1.359 billion yuan in 2024, resulting in a research expense ratio of 309.88% [6] - Moores Threads has secured 450 patents, including 442 domestic patents, which positions it well within the GPU intellectual property landscape [6] Market Opportunities - The company is well-positioned to capitalize on the growing demand for GPUs in various sectors, including AI, digital twins, autonomous driving, and virtual reality [8][11] - The ongoing IPO process is expected to provide Moores Threads with additional capital and resources to support its technological advancements and market expansion [10][11]