Core Viewpoint - Moer Technology has successfully passed the IPO review process in just 88 days, marking a significant milestone for the company and the domestic GPU industry [1] Group 1: Company Overview - Moer Technology, established in 2020, focuses on developing full-function GPUs aimed at high-performance computing fields such as AI, digital twins, and scientific computing [1] - The company has launched four generations of GPU architectures and has expanded its product matrix to cover AI intelligent computing, cloud computing, and personal intelligent computing applications [1] Group 2: Financial Performance - Since its establishment, Moer Technology has invested over 4.3 billion yuan in R&D, with R&D personnel accounting for over 75% of its workforce [2] - The company's revenue has shown significant growth, with figures of 0.46 million yuan in 2022, 1.24 million yuan in 2023, and 4.38 million yuan in 2024, resulting in a compound annual growth rate of 208.44% [2] - In the first half of 2025, Moer Technology's revenue reached 7.02 million yuan, surpassing the total revenue of the previous three years [2] - The gross margin improved dramatically from -70.08% in 2022 to 70.71% in 2024, with a gross margin of 69.14% reported in the first half of 2025 [2] Group 3: Industry Impact - The successful IPO of Moer Technology is expected to benefit the entire industry chain, including IP suppliers, packaging and testing manufacturers, system integrators, and software companies [1] - The company aims to enhance innovation project R&D investments in response to national strategies for promoting key technology independence and building new computing infrastructure [2] Group 4: Partnerships and Collaborations - Several listed companies have disclosed their shareholding in Moer Technology, indicating a growing interest in the company [3] - Strategic cooperation agreements have been signed with various companies to explore new applications and business models in intelligent computing [3][4]

Group 1 - The company held an online performance briefing on May 16, discussing the progress of its computing power resources, which are divided into co-construction and computing network access models [1] - In the co-construction model, the company leases IDC cabinets and purchases its own computing servers, storage devices, and network equipment, entrusting IDC service providers for equipment hosting [1] - The "Inner Mongolia New Computing Power Base" is a data center and computing center constructed by Inner Mongolia Xindongjitai Technology Co., Ltd. in the Hohhot New District, serving as one of the company's computing service suppliers [1] Group 2 - The company introduced the "Computing Sea Plan," aimed at building ultra-large-scale single clusters for model training in collaboration with computing construction partners [1] - The first phase of the "Computing Sea Plan" is set to go live in May 2024, with basic infrastructure construction nearly completed and multiple partners, including the company, already utilizing the facilities [1] - Regarding the Hainan underwater computing power project, the company announced the completion of the underwater intelligent computing cabin on February 18, 2025, marking the official launch of the underwater computing center [2] Group 3 - The company leverages its experience in operating ultra-large-scale computing clusters and autonomous intelligent management technology to provide comprehensive operational support for the underwater computing center [2] - In the context of carbon neutrality and the era of artificial intelligence large models, the demand for intelligent computing power is increasing, prompting service providers to consider sustainable computing service supply systems [2] - The underwater data center represents a new type of computing infrastructure, utilizing seawater as a natural cooling source, which inherently possesses green, low-carbon, and sustainable characteristics [2]