摩尔线程主要从事以全功能GPU为核心的GPU芯片及相关产品的研发、设计和销售。目前，公司已推出 四代GPU架构和智能SoC，能够覆盖AI智算、高性能计算、图形渲染等领域丰富完整的计算加速产品矩 阵，产品实现了"云-边-端"全栈AI产品线的布局。 在辅导摩尔线程上市期间，我们见证了摩尔线程的高速发展，深刻感受到公司坚持创新的发展文化，也 对管理团队坚韧不拔的奋斗精神感到由衷的钦佩。我们非常荣幸能将摩尔线程这样一家优秀的企业推荐 给中国资本市场！作为摩尔线程IPO的保荐人和主承销商，我们将持续督促摩尔线程不断加强公司治理 与信息披露，早日实现盈利，以优异的业绩回报广大投资者。 最后，预祝本次网上路演圆满成功！再次感谢各位投资者对摩尔线程的关注。谢谢大家！ 大家好！ 作为本次发行的保荐人和主承销商，我谨代表中信证券股份有限公司，对所有参与摩尔线程智能科技 （北京）股份有限公司首次公开发行股票并在科创板上市网上投资者交流活动的嘉宾和投资者表示热烈 的欢迎和衷心的感谢！ 尊敬的各位嘉宾、各位网友： ...

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering (IPO) registration of Muxi Integrated Circuit (Shanghai) Co., Ltd., which plans to raise 3.904 billion yuan on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1]. Group 1: Company Overview - Muxi Integrated Circuit specializes in the research, design, and sales of full-stack GPU products used in artificial intelligence training and inference, general computing, and graphics rendering [1]. - The company has launched several GPU product lines, including the Xisi N series for intelligent inference, the Xiyun C series for training and general computing, and is developing the Xicai G series for graphics rendering [1]. Group 2: Business Applications - Muxi Integrated Circuit is one of the few GPU suppliers that have achieved large-scale commercial applications of thousands of card clusters and is working on the implementation of ten thousand card clusters [1]. - The company has successfully supported the full pre-training of large models, such as the 128B MoE model, and has extensive compatibility with upstream and downstream ecosystems, including server hardware, operating systems, management platforms, mainstream AI frameworks, and major large models [1].

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully passed the listing review and submitted its prospectus for registration, aiming to raise approximately 3.904 billion yuan for GPU research and development projects [1][3]. Company Overview - Muxi Integrated Circuit focuses on the research, design, and sales of high-performance GPU products for artificial intelligence training, general computing, and graphics rendering [6]. - The company was established in September 2020 and transformed into a joint-stock company in January 2025, with a registered capital of 360 million yuan [8]. Financial Performance - Muxi's revenue for the years 2022, 2023, and 2024, as well as the first quarter of 2025, were approximately 426,400 yuan, 53.0212 million yuan, 743 million yuan, and 320 million yuan, respectively [6]. - The net losses for the same periods were approximately 777 million yuan, 871 million yuan, 1.409 billion yuan, and 233 million yuan [6]. Fundraising and Investment Plans - The company plans to use the raised funds for several projects, including: - New high-performance general-purpose GPU R&D and industrialization, with a total investment of approximately 34.0992 billion yuan and planned fundraising of about 24.5919 billion yuan [4]. - Next-generation AI inference GPU R&D and industrialization, with a total investment of approximately 5.7813 billion yuan and planned fundraising of about 4.5305 billion yuan [4]. - High-performance GPU technology R&D for emerging applications, with a total investment of approximately 10.2115 billion yuan and planned fundraising of about 9.9141 billion yuan [4]. Competitive Landscape - Muxi's main domestic competitors include companies like Haiguang Information, Tensu Zhixin, Biran Technology, and Moer Thread, which are involved in general-purpose computing architecture [6]. - The company aims to leverage its compatibility with the CUDA ecosystem to enhance its competitive advantages in the GPU market [5]. Management Team - The management team includes several executives with backgrounds in AMD, a major semiconductor company, indicating strong industry expertise [8].

Core Viewpoint - Moer Technology is progressing with its IPO on the Sci-Tech Innovation Board, with the listing review committee scheduled to meet on September 26, 2025, to discuss the company's initial public offering [1] Company Overview - Moer Technology focuses on the research, design, and sales of full-function GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI, digital twins, and scientific computing [3] - The company offers a diverse product range that spans from cloud to edge, applicable in areas like large model training and inference, digital twins, consumer electronics, digital office, and cloud computing, serving key industries including cloud data centers and intelligent computing centers [3] Technology and Product Development - Established in 2020, Moer Technology has chosen a full-function GPU route from the outset, achieving technological breakthroughs with its self-developed MUSA architecture that supports AI computing acceleration, graphics rendering, physical simulation, and scientific computing on a single chip [4] - The company has successfully mass-produced five chips and has accumulated comprehensive R&D and industrialization experience on its full-function general-purpose GPU technology route and self-developed MUSA software stack [5] - Moer Technology has invested over 4.3 billion yuan in R&D, employing nearly 900 staff, with over 75% holding master's degrees or higher, and many core members coming from international tech giants [5] Financial Performance - The company's revenue from 2022 to 2024 was 0.46 billion yuan, 1.24 billion yuan, and 4.38 billion yuan, respectively, with a compound annual growth rate of 208.44%. In the first half of 2025, Moer Technology achieved revenue of 0.702 billion yuan [6] - The net losses from 2022 to the first half of 2025 were 1.84 billion yuan, 1.67 billion yuan, 1.49 billion yuan, and 0.271 billion yuan, respectively, indicating a continuous narrowing of losses [7] Future Prospects - The funds raised from the IPO will primarily be used for the development of next-generation AI chips, graphics chips, and AI SoC chips, further enhancing the company's industrial ecosystem [7] - The recent "1+6" policy on the Sci-Tech Innovation Board is expected to provide stronger support for high-growth potential hard-tech companies to access capital markets, enhancing market inclusivity and reinforcing the capital market's role in supporting national strategies [7]

Investment Rating - The industry investment rating is "Overweight" [6] Core Insights - The report highlights the launch of four generations of GPU architectures by the company, which includes solutions for AI computing, professional graphics acceleration, desktop graphics acceleration, and intelligent SoC products [1][2][25] - The company aims to provide a comprehensive computing acceleration infrastructure and one-stop solutions globally, focusing on AI computing support for various industries [17][25] - The company has achieved significant revenue growth, with AI computing products projected to contribute 3.36 billion yuan, accounting for 77.63% of total revenue in 2024 [1][2] Summary by Sections Section 1: Company Overview - The company has undergone three development phases, focusing on full-function GPUs to support digital transformation across industries [17] - The company has successfully launched four generations of GPU architectures from 2021 to 2024, with products catering to various market needs [1][28] Section 2: AI Computing Products - The company’s AI computing products are expected to generate significant revenue, with a projected 42.42% of total revenue coming from AI computing clusters in 2024 [1][2] - The company has developed a diverse product line, including AI computing boards and modules, with a focus on high-performance applications [1][2][25] Section 3: Technological Advancements - The company has advanced its manufacturing capabilities, achieving rapid iteration from 12nm to 7nm processes and enhancing its domestic supply chain [2][7] - The company has developed a heterogeneous computing architecture integrating GPU, CPU, NPU, and VPU, leading to the successful production of the "Yangtze" SoC chip [2][32] Section 4: Market Performance - The report provides insights into the performance of the electronic industry, comparing it with the CSI 300 index, indicating a competitive landscape [3][4] - The company has established a strong investor base, having completed six rounds of financing totaling over 4.5 billion yuan, with notable investors including Sequoia China and Tencent [8][9]

Core Insights - NVIDIA's CEO Jensen Huang emphasized the critical role of artificial intelligence in graphics rendering, allowing only 10% of pixels to be rendered while the rest are predicted by AI, leading to smooth high frame rate displays [1] - The technology, known as DLSS (Deep Learning Super Sampling) and neural rendering, has evolved over ten years alongside advancements in artificial intelligence, marking a "truly groundbreaking" achievement in computer graphics technology [1] - The GeForce RTX 50 series has been highlighted as the most successful launch in the company's history, indicating the fastest release speed ever achieved [1]