Core Viewpoint - Moore Threads has successfully passed the IPO review for the Science and Technology Innovation Board, aiming to raise 8 billion RMB for the development of next-generation AI and graphics chips, as well as to supplement working capital [1] Company Overview - Moore Threads, established in 2020, focuses on the research, design, and sales of GPUs and related products, providing computing acceleration platforms for high-performance computing fields such as AI and digital twins [1] - The company has launched four generations of GPU architectures and has developed a product matrix covering AI intelligent computing, cloud computing, and personal intelligent computing applications [1] Technological Advantages - The company has achieved significant breakthroughs in the domestic GPU field with its self-developed MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, and ultra-high-definition video processing on a single chip [2] - Moore Threads' products, including the S3000 and S4000 models, have shown performance metrics approaching international advanced levels, with the MTT S80 graphics card's single-precision floating-point performance nearing that of NVIDIA's RTX 3060 [2] Financial Performance - For the fiscal years 2023, 2024, and the first half of 2025, Moore Threads reported revenues of approximately 124 million RMB, 438 million RMB, and 702 million RMB, respectively, with net losses of 1.673 billion RMB, 1.492 billion RMB, and 271 million RMB [3][4] - The company anticipates achieving consolidated profitability by 2027, with projected gross margins of 77% for AI intelligent computing and professional graphics acceleration businesses by 2025 [5] Fundraising and Investment Projects - The IPO proceeds will be allocated to the development of next-generation AI training and inference chips, graphics chips, AI SoC chips, and to supplement working capital, totaling 800 million RMB [6][8]

Core Points - The Shanghai Stock Exchange's Listing Review Committee is scheduled to hold its 40th meeting on September 26, 2025, to review the IPO application of Moore Threads Technology (Beijing) Co., Ltd. [1] - Moore Threads aims to raise CNY 800 million for the development of next-generation self-controlled AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [1][3] Company Overview - Moore Threads plans to allocate the raised funds as follows: - CNY 250.96 million for the AI training and inference chip development project [3] - CNY 250.23 million for the graphics chip development project [3] - CNY 198.18 million for the AI SoC chip development project [3] - CNY 100.63 million to supplement working capital [3] Shareholding Structure - As of June 30, 2025, the company has no single shareholder holding more than 30% of the shares, and there is no controlling shareholder [3] - Zhang Jianzhong directly holds 11.06% of the shares and has indirect holdings through various platforms, totaling 12.73% [3] - Zhang Jianzhong, along with the holding platforms, has signed a concerted action agreement, controlling a total of 36.36% of the shares, making him the actual controller of the company [3] Sponsorship - The sponsor for Moore Threads' IPO is CITIC Securities Co., Ltd., with representatives Zhou Zheli and Wu Xiajun [4]

Core Viewpoint - The company, Cambrian, has experienced a significant turnaround, achieving record financial performance driven by the surge in domestic AI demand and supportive policies for self-controlled chips, resulting in a net profit of 1.03 billion yuan in the first half of the year compared to a loss of 533 million yuan in the same period last year [3] Group 1: Financial Performance - Cambrian's revenue increased approximately 43 times year-on-year to 2.9 billion yuan, marking its best performance since going public [3] - The company's market capitalization has doubled in a month to over 600 billion yuan, making it one of the best-performing stocks in A-shares this year [3] Group 2: Market Dynamics - The shift towards domestic AI chips is being accelerated by major internet companies and startups replacing foreign products like Nvidia, driven by regulatory requirements for safety and supply chain risk considerations [3] - High-profile investors, such as Zhang Jianping, have increased their holdings in Cambrian, with his stake valued at approximately 8.089 billion yuan as of August 26 [4] Group 3: Future Outlook - Goldman Sachs has raised its target price for Cambrian to 1,835 yuan, suggesting a potential market capitalization of nearly 770 billion yuan if the target is met [4] - Despite the improved profitability, competition in the industry remains intense, with Nvidia still holding a dominant position and the U.S. government allowing Nvidia and AMD to resume some chip sales to China [4]