Core Viewpoint - The article discusses the recent approval of Moores Threads Intelligent Technology (Beijing) Co., Ltd. for its IPO on the Sci-Tech Innovation Board, highlighting its significant revenue growth and strategic focus on AI computing and GPU development [1][2]. Financial Performance - In the first half of 2025, Moores Threads achieved a revenue of 702 million yuan, surpassing the total revenue of 438 million yuan for the entire year of 2024, attributed to increased demand for large model training, inference deployment, and GPU cloud services [1]. - The net loss for the first half of 2025 was 271 million yuan, a decrease of 56.02% year-on-year and 69.07% quarter-on-quarter, indicating an improving financial situation [1]. - The company expects to achieve consolidated profitability by 2027, with government subsidies contributing approximately 20 million yuan, 200 million yuan, and 300 million yuan in 2025, 2026, and 2027, respectively [1]. Product Development and Market Position - Moores Threads focuses on full-function GPU development, with product lines including AI computing, graphics acceleration, and intelligent SoC for edge computing [2]. - The latest "Pinghu" architecture chip S5000 supports FP8 precision and has a threefold increase in inter-chip bandwidth to 800 GB/s, with a maximum memory capacity of 80 GB, compared to NVIDIA's H20 chip [2]. - AI computing products accounted for 94.85% of total revenue in the first half of 2025, up from 77.63% in 2024, with cluster and board card sales being the primary revenue sources [3]. Sales and Market Strategy - In 2025, Moores Threads plans to sell five AI computing clusters, with one being the "Pinghu" cluster, generating nearly 400 million yuan in revenue, representing 57% of total revenue for the first half of the year [4]. - The company is negotiating project contracts exceeding 1.7 billion yuan in the AI computing sector, primarily focused on the Pinghu series clusters [4]. - Despite the growth in AI computing, the graphics acceleration segment is facing challenges, with the first-generation "Sudi" GPU nearing the end of its lifecycle and the second-generation "Chunxiao" product facing competition from NVIDIA [5]. Future Outlook - Moores Threads is working on the development of a new generation of graphics chips to address the declining revenue and market share in the graphics acceleration segment [5].

Core Viewpoint - The competition for the title of "first domestic GPU stock" has begun, with major players like Moer Technology and Muxi Integrated Circuit both advancing towards IPOs, indicating a significant move towards capitalizing the domestic GPU market [1][8]. Group 1: Company Overview - Moer Technology is highlighted as the most notable player among the "four little dragons" of domestic GPUs, with a core team primarily from Nvidia [2]. - The company's MTT S80 graphics card has a single-precision floating-point performance close to Nvidia's RTX 3060, and its self-built GPU computing cluster outperforms similar foreign counterparts [2][12]. Group 2: Financial Performance - In 2024, Moer Technology's revenue reached 438 million yuan, representing a year-on-year increase of over 200% [3]. - Despite the revenue growth, the company incurred a net loss of 1.492 billion yuan due to R&D expenses of 1.359 billion yuan, although this loss has decreased by about 10% year-on-year [4]. Group 3: Fundraising and Investment Plans - Moer Technology plans to raise 8 billion yuan for the development of AI training and inference chips, graphics chips, and AI SoC chips, marking the largest fundraising scale among new IPO projects on the Sci-Tech Innovation Board this year [5][6]. Group 4: Product Strategy and Market Position - Moer Technology's product lineup includes AI computing, professional graphics acceleration, desktop graphics acceleration, and intelligent SoC, catering to government, enterprise, and individual consumer needs [9]. - The AI computing products generated 336 million yuan in revenue in 2024, accounting for over 70% of total revenue, benefiting from the rapid growth in demand for large model training and inference deployment [11][12]. Group 5: Competitive Landscape - Moer Technology's revenue in 2024 was only about 60% of Muxi Integrated Circuit's revenue, indicating a competitive challenge [18]. - The company is shifting its strategy to focus more on professional graphics acceleration and AI computing products, as its consumer-grade products have struggled in a competitive market [20][21]. Group 6: Future Outlook - The management anticipates that Moer Technology could achieve profitability as early as 2027, with 440 million yuan in sales contracts already in progress [23][24].