Core Viewpoint - Moore Threads (688795.SH) anticipates significant revenue growth for 2025, projecting revenues between 1.45 billion to 1.52 billion yuan, representing an increase of 230.70% to 246.67% compared to the previous year [1] Group 1: Financial Performance - For 2025, the company expects a net loss attributable to shareholders of 950 million to 1.06 billion yuan, which is a reduction in losses by 34.50% to 41.30% year-over-year [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, is projected to be between 1.04 billion to 1.15 billion yuan, with a loss reduction of 29.59% to 36.32% compared to the previous year [1] - Historical financial data shows revenues of 46.09 million yuan in 2022, 123.98 million yuan in 2023, and 438.46 million yuan in 2024, with net losses of 1.89 billion yuan, 1.70 billion yuan, and 1.62 billion yuan respectively [2] Group 2: IPO and Fundraising - Moore Threads went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025, issuing 70 million shares, which is 14.89% of the total post-issue share capital [2] - The total amount raised from the IPO was approximately 799.96 million yuan, with a net amount of 757.61 million yuan after deducting issuance costs, which was 42.39 million yuan less than originally planned [3] - The company plans to use the raised funds for the development of new AI training and inference chips, graphics chips, and AISoC chips, as well as to supplement working capital [3]

Core Viewpoint - Moore Threads is set to launch its initial public offering (IPO) on the STAR Market on November 24, with an issue price of 114.28 yuan per share, resulting in a projected market valuation of approximately 53.715 billion yuan at listing, which is significantly higher than the average static price-to-sales ratio of comparable companies in the industry for 2024 [1][2]. Group 1: IPO Details - The IPO will consist 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 [4]. - The total expected fundraising amount is 8 billion yuan, with a net amount of approximately 7.576 billion yuan after deducting issuance costs [4]. - 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 [4]. Group 2: Market Response - The offline effective subscription multiple exceeded 1500 times, with 284 offline investors managing 7766 allocation objects meeting the conditions set forth in the issuance announcement [3][4]. - The effective subscription amount from offline investors reached 70.406 billion shares, corresponding to an effective subscription multiple of 1571.56 times the initial offline issuance scale before strategic placement adjustments [4]. Group 3: Company Performance - Since its establishment in 2020, Moore Threads has focused on the independent research and design of fully functional GPUs [3]. - The company's revenue has shown continuous growth, increasing from 46 million yuan in 2022 to an estimated 438 million yuan in 2024, reflecting a compound annual growth rate of 208.44% [6]. - Despite revenue growth, the company has not yet achieved profitability, reporting 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 earliest profitability in 2027 [6].

Core Viewpoint - Moores Threads has been accepted for IPO on the Sci-Tech Innovation Board, aiming to raise approximately 8 billion yuan, marking it as the largest IPO accepted this year on the board and the second largest across the Shanghai, Shenzhen, and Beijing exchanges [2]. Group 1: Company Overview - Moores Threads was established in October 2020 with a registered capital of 330 million yuan, focusing on providing AI computing support for digital transformation across various industries [2]. - The company specializes in full-function GPUs and aims to offer accelerated computing infrastructure and one-stop solutions globally [2]. Group 2: Fundraising and Investment Plans - The company plans to invest the raised funds into several key projects, including the development of next-generation autonomous AI training integrated chips, graphics chips, and AI SoC chips, along with supplementing working capital [4][6]. - The total amount of funds intended for investment in these projects is approximately 800 million yuan [3][4]. Group 3: Financial Performance - The company reported revenues of approximately 46.09 million yuan, 124.00 million yuan, and 438.46 million yuan for the years 2022, 2023, and 2024, respectively [7]. - Corresponding net losses were approximately 184 million yuan, 167.33 million yuan, and 149.19 million yuan for the same years, indicating a trend of reduced losses over the reporting period [7]. - The research and development expense ratios were exceptionally high at 2422.51%, 1076.31%, and 309.88% for the years 2022, 2023, and 2024, respectively [7].