"国产GPU第二股"沐曦股份于12月17日登陆科创板，上市首日高开568.83%至700元，按开盘价计算，中签投资者单签盈利29.77万元。盘中一度涨超600%， 股价报733元/股，中一签最高可赚31.41万元。这一表现延续了国产半导体明星企业的上市热潮，凸显市场对自主可控芯片产业的高度关注。 公司此次发行价格为104.66元/股，对应市值约418.74亿元，市销率为56.35倍，仅为同类企业摩尔线程122.51倍市销率的一半。网上发行最终中签率为 0.03348913%，即每万名申购投资者中不足4人中签，中签率低于2025年科创板新股0.04%的平均水平。 沐曦股份主要从事自主研发全栈高性能GPU芯片及计算平台，产品包括用于智算推理的曦思N系列GPU、用于训推一体和通用计算的曦云C系列GPU，以及 正在研发用于图形渲染的曦彩G系列GPU。 公司营收保持高速增长。2022年至2024年，沐曦股份营业收入分别为42.64万元、5302.12万元、7.43亿元，最近三年营业收入复合增长率达4074.52%。2025 年1月至9月营收同比增长453.52%，达12.36亿元。 | Ｎ 沐曦-Ｕ | | | | | ...

"国产GPU第二股"沐曦股份于12月17日登陆科创板，上市首日高开568.83%至700元，按开盘价计算，中 签投资者单签盈利29.77万元。这一表现延续了国产半导体明星企业的上市热潮，凸显市场对自主可控 芯片产业的高度关注。 公司此次发行价格为104.66元/股，对应市值约418.74亿元，市销率为56.35倍，仅为同类企业摩尔线程 122.51倍市销率的一半。网上发行最终中签率为0.03348913%，即每万名申购投资者中不足4人中签，中 签率低于2025年科创板新股0.04%的平均水平。 国家人工智能产业投资基金、中国电信、京东、美团等众多战略投资者参与认购，显示产业资本对国产 GPU芯片前景的强烈信心。公司共发行4010万股，占发行后总股本的10.02%，扣除发行费用后预计募 集资金净额为38.99亿元。 沐曦股份尚未实现盈利，自上市之日起将纳入科创成长层。根据公司测算，最早将于2026年达到盈亏平 衡。 申购热度超预期，中签率低于行业均值 沐曦股份的申购热度位居近期科创板新股第一梯队。根据上交所数据，网上发行有效申购户数达517.52 万户，有效申购股数为288.62亿股。回拨机制启动后，网下最终发 ...

Core Viewpoint - Moer Technology is set to go public on the Sci-Tech Innovation Board with an IPO date of November 24, 2023, at a price of 114.28 yuan per share, resulting in a projected market capitalization of approximately 53.715 billion yuan at listing [1][2]. Group 1: IPO Details - The IPO will involve the issuance of 70 million shares, with 11.2 million shares for online initial issuance, 44.8 million shares for offline initial issuance, and 14 million shares for initial strategic placement [2]. - The expected total fundraising amount is 8 billion yuan, with a net amount of approximately 7.576 billion yuan after deducting issuance costs [2]. - The funds raised will primarily be used for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [2]. Group 2: Subscription and Demand - The offline subscription saw an effective demand exceeding 1500 times, with 284 offline investors managing 7766 allocation objects, leading to a total effective subscription amount of 70.406 billion shares [2][3]. - The effective subscription multiple before strategic placement adjustment was 1571.56 times the initial offline issuance scale [3]. Group 3: Strategic Placement - The strategic placement list includes 10 investors, with total allocations accounting for 20% of the issuance, indicating strong interest from state-owned enterprises and local government capital [4]. - Notable participants in the strategic placement include China Telecom's wholly-owned Tianyi Capital and Beijing Electric Control Industry Investment Co., Ltd., which is backed by state capital [4]. Group 4: Financial Performance - Moer Technology has shown significant revenue growth, with projected revenues increasing from 46 million yuan in 2022 to 438 million yuan in 2024, reflecting a compound annual growth rate of 208.44% [5]. - Despite revenue growth, the company has not yet achieved profitability, with net losses of 1.894 billion yuan in 2022, 1.703 billion yuan in 2023, and 1.618 billion yuan in 2024, with a projected loss of approximately 271 million yuan in the first half of 2025 [5]. - The company anticipates the earliest potential for consolidated profitability by 2027 [5].

Core Viewpoint - Moore Threads, known as the "Chinese version of Nvidia," has set its IPO price and is nearing its listing on the STAR Market, marking a significant milestone for domestic GPU companies [1][4]. Group 1: IPO Details - The company announced an issuance of 70 million shares at a price of 114.28 yuan per share, aiming to raise a total of 8 billion yuan, with a net amount expected to be 7.576 billion yuan after deducting issuance costs [4]. - This IPO is the largest fundraising project in the A-share market this year and will position Moore Threads as the first domestic GPU stock upon listing [4][5]. Group 2: Financial Performance - In the first half of 2025, the company's revenue reached 702 million yuan, surpassing the total revenue of the previous three years combined, with a compound annual growth rate exceeding 208% [4][7]. - The gross profit margin is projected to rise from -70.08% in 2022 to 70.71% in 2024, indicating a significant improvement in market acceptance of its products [7]. Group 3: Technological Advancements - Since its establishment in 2020, Moore Threads has focused on the independent research and development of full-function GPUs, achieving breakthroughs in AI computing acceleration, graphics rendering, and other areas [6]. - The company has successfully mass-produced five chips and completed four GPU architecture iterations, creating a diverse product matrix for various applications [6]. Group 4: Market Position and Future Prospects - The management anticipates achieving consolidated profitability by 2027, with expected orders exceeding 2 billion yuan from clients as of June 30, 2025 [5]. - The company has invested over 4.3 billion yuan in R&D from 2022 to mid-2025, with a workforce comprising over 77% R&D personnel, and holds 514 authorized patents [8].

Core Viewpoint - Pingao Co., Ltd. plans to invest 400 million RMB in Jiangyuan Technology, valuing the company at 2.4139 billion RMB pre-investment, which will increase its stake to approximately 15.4182% after the capital increase [1] Company Summary - Pingao Co., Ltd. will subscribe to an additional registered capital of 268,727 RMB in Jiangyuan Technology, raising the latter's total registered capital from 1,621,702 RMB to 1,890,429 RMB post-investment [1] - Jiangyuan Technology specializes in computing power chips based on 12-inch wafer technology, primarily delivering products in the form of computing power cards for AI integrated machine clients and computing servers [1] - The company has successfully completed the first generation chip product D1 and has launched the D10 computing power card based on D1 in mass production, with plans to introduce the D20 card by November 2025 [1] - Jiangyuan Technology is currently developing its second-generation chip product T800, which is expected to achieve mass production by 2026 [1] - The products of Jiangyuan Technology are domestically produced and focus on self-controllable chips, serving key clients including Xinchuang clients, internet companies, and local computing power centers [1]

Core Viewpoint - Pingao Co., Ltd. plans to invest 400 million RMB in Jiangyuan Technology, valuing the company at 2.4139 billion RMB pre-investment, which will increase Pingao's stake in Jiangyuan from 1.2031% to 15.4182% after the capital increase [1] Investment Details - The investment will be made through a capital increase, resulting in the subscription of 26,872.7 RMB in new registered capital for Jiangyuan Technology [1] - After the capital increase, Jiangyuan's registered capital will rise from 162.1702 million RMB to 189.0429 million RMB [1] Company Profile - Jiangyuan Technology specializes in computing power chips based on 12-inch wafer technology, primarily delivering products in the form of computing power cards [1] - The company has completed the first generation of chip product D1 and has achieved mass application of the computing power card product D10 based on D1 [1] - Jiangyuan plans to launch a second computing power card product D20 based on the first generation chip by November 2025 and is currently developing the second generation chip T800, expected to achieve mass production by 2026 [1] Market Position - Jiangyuan Technology's products are domestically produced, focusing on self-controlled chips, with core clients including clients from the information technology sector, internet companies, and local computing power centers [1]

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]