2025.11. 24 本文字数：2293，阅读时长大约4分钟 作者 | 第一财经 魏中原 时隔两年，科创板再度迎来百元新股。"GPU第一股"摩尔线程（688795.SH）11月24日迎来新股 申购，发行价为114.28元/股，创下了今年A股IPO市场的最高发行纪录。 元，主要用于新一代自主可控AI训推一体芯片、新一代自主可控图形芯片研发项目及补充流动资金。 公司在招股书中强调，将继续加大在高性能计算、人工智能等领域的投入，强化国产GPU的生态建 设。 根据发行公告披露，摩尔线程的初步询价阶段共有267家网下投资者提交有效报价，涉及配售对象共 计7555个，有效申购总量达到704.06亿股，网下有效申购倍数高达约1571.56倍，显示出机构投资 者对其高涨的认购热情。 公私募基金参与配售摩尔线程的积极性相当高，据记者不完全统计， 公募基金是本次申购的主力， 涵盖绝大多数主流基金公司，超过80家；120余家私募基金也积极参与，多以量化、多策略产品形 式出现；此外还有保险、券商自营、养老基金、QFII等多类机构投资者。 从战略配售结果来看，国家级大型投资基金中国保险投资基金（有限合伙）（下称"中保投"）获配 摩尔 ...

时隔两年，科创板再度迎来百元新股。"GPU第一股"摩尔线程（688795.SH）11月24日迎来新股申购， 发行价为114.28元/股，创下了今年A股IPO市场的最高发行纪录。 作为国产GPU领域的头部厂商，摩尔线程的IPO备受市场关注。在其申购启动之际，第一财经记者梳理 今年上市新股的首日表现。截至11月24日，今年已经上市的96只新股中，首日涨幅平均达254.68%，近 六成新股首日涨幅超过200%，4只新股首日涨逾5倍。具体到科创板，12只年内上市的新股平均首日涨 幅超过200%，个别新股涨逾3倍。在此背景下，发行价高、题材稀缺、所处半导体热门赛道的摩尔线程 能否成为今年又一只"大肉签"，成为投资者关注的焦点。 但也需注意，涨幅居前的新股普遍发行价徘徊在10元左右，多只发行价接近百元的高价新股，其上市首 日涨幅明显低于平均值。 年内首只百元新股遭机构疯抢 摩尔线程发行价114.28元，A股96只新股平均首日涨幅254.68%、科创板新股首日平均涨幅207.73%计 算，对应首日收盘价分别为291.05元、237.4元，即每股分别浮盈176.7元、123.12元，中一签盈利分别为 8.84万元、6.16万 ...

其中，公私募基金的参与热度尤为突出。据智通财经记者不完全统计，参与有效报价的机构中，公募基 金多达86家，私募机构亦有124家，另有30家券商、13家保险机构旗下产品加入报价队列。 智通财经11月24日讯（记者 吴雨其）在全球AI产业链加速本土替代的大背景下，国产GPU企业迎来了 资本市场的高光时刻。 11月24日，被誉为"国产GPU第一股"的摩尔线程正式启动科创板发行，发行价定为114.28元/股，创下 2025年以来A股新股发行价新高。摩尔线程此次发行获得机构投资者高度关注。初步询价阶段，共有 267家网下投资者参与报价，涉及配售对象多达7555个，总申购股数超700亿股，网下申购倍数高达1572 倍。 一位华南地区公募人士指出，"国产高性能GPU+AI算力赛道"正处于机构高关注区间，而摩尔线程作为 代表性公司，在技术栈、产业落地与政策红利的多重交集下，具备吸引力。此外，摩尔线程的IPO进程 亦颇具示范效应——从6月底获受理到10月底注册完成，仅用时122天，成为今年科创板最快过会上市的 项目之一。 有基金公司内部人士表示，公司旗下产品不仅积极参与了此次报价，还对摩尔线程的研发路线图、产品 毛利空间及GP ...

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]