Core Viewpoint - Moer Thread, known as the "first domestic GPU stock," has launched its IPO on the Sci-Tech Innovation Board with a record issuance price of 114.28 yuan per share, raising 8 billion yuan, and achieving a staggering offline subscription multiple of 1571 times, indicating strong market enthusiasm [1][5]. Group 1: Company Overview - Moer Thread was established on June 11, 2020, by Zhang Jianzhong, a former NVIDIA executive with 15 years of experience [3]. - The core team has a strong "NVIDIA gene," with co-founders having extensive backgrounds at NVIDIA, including roles in marketing and GPU architecture [3]. - The company has developed the MUSA architecture, focusing on a full-function GPU route, covering both graphics and AI fields [3]. Group 2: Financial Performance - Moer Thread's revenue has shown explosive growth, increasing from 46 million yuan in 2022 to a projected 1.24 billion yuan in 2024, with a compound annual growth rate of 208.44% [5]. - In the first half of 2025, the company reported revenue of 702 million yuan, surpassing the total revenue of the previous three years [5]. - Despite high growth, the company has incurred significant losses, with net profits of -1.84 billion yuan in 2022, -1.67 billion yuan in 2023, and -1.49 billion yuan in 2024 [5][6]. Group 3: Market Position and Competition - The Chinese GPU market is projected to grow from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, with an annual growth rate of 53.7% [16]. - Moer Thread's strategy contrasts with that of Cambricon, which focuses on ASIC chips for specific applications, while Moer Thread aims for a versatile platform targeting various markets [9][12]. - Both companies have demonstrated compatibility with domestic large models, indicating their capability to adapt to cutting-edge AI applications [9]. Group 4: Challenges and Ecosystem - Building a robust developer ecosystem is a significant challenge for Moer Thread, as NVIDIA's CUDA ecosystem dominates the market [12]. - Moer Thread has introduced the MUSA architecture to lower migration costs for enterprises and attract developers to its ecosystem [12]. - The company faces risks such as high R&D costs, potential inclusion on the U.S. entity list, and a lack of profitability, with expectations of achieving profitability by 2027 [16].