Core Viewpoint - The Shanghai Stock Exchange will review the IPO application of Moore Threads on September 26, 2025, marking a significant step for the company in its pursuit of public listing [1] Company Overview - Moore Threads is primarily engaged in the research, design, and sales of GPU and related products [1] - The company’s IPO application was accepted on June 30, 2025, and it entered the inquiry phase on July 17, 2025 [1] Fundraising Goals - Moore Threads aims to raise approximately 8 billion yuan through its IPO [1] - The raised funds will be allocated to the development of next-generation self-controlled AI training and inference integrated chips, next-generation self-controlled graphics chips, next-generation self-controlled AI SoC chips, and to supplement working capital [1]

Core Viewpoint - Moer Technology is seeking to raise approximately 8 billion yuan through its IPO on the Sci-Tech Innovation Board, focusing on the development of next-generation AI and graphics chips [1] Company Overview - Moer Technology specializes in the research, design, and sales of GPUs and related products [1] - The company’s IPO application was accepted on June 30, 2025, and entered the inquiry phase on July 17, 2025 [1] Fundraising Purpose - The funds raised will be allocated to the development of a new generation of self-controlled AI training and inference integrated chips, a new generation of self-controlled graphics chips, a new generation of self-controlled AI SoC chips, and to supplement working capital [1] Regulatory Inquiry - The first round of inquiry raised questions regarding the company's product and market competition, core technology, lack of profitability, customer concentration, and distribution model [1]

Core Viewpoint - The domestic GPU "unicorn" Moole Technology has officially received approval for its IPO application on the Sci-Tech Innovation Board, aiming to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC projects, marking a significant milestone in the domestic GPU sector [1] Group 1: Company Overview - Moole Technology was founded in 2020 by a team of former Nvidia executives and has rapidly developed into a leading player in the GPU market, achieving a record speed in the development of its first full-function GPU, "Sudi," within 11 months [2] - The company has adopted a "full-stack breakthrough" strategy with its self-developed MUSA architecture, integrating AI computing, graphics rendering, scientific computing, and video encoding/decoding engines, overcoming the limitations of domestic GPUs in AI computing power [2] - By the end of 2024, Moole Technology aims to have a complete product line covering desktop-level (MTT S series) and data center-level (MTT T series) GPUs, with a market share exceeding 60% in the domestic trust and innovation market [2] Group 2: Financial Performance - From 2022 to 2024, Moole Technology's revenue is projected to grow from 46 million yuan to 438 million yuan, with a compound annual growth rate of 208.44%, while net losses are expected to total nearly 5 billion yuan over the same period [3] - The company's R&D expenditure is projected to exceed 300% of its revenue, with R&D costs reaching 1.359 billion yuan in 2024, indicating a strong focus on innovation despite financial losses [3] - Moole Technology has raised over 6.5 billion yuan through multiple funding rounds, with a pre-IPO valuation of 24.62 billion yuan, ranking 261st on the 2024 Hurun Global Unicorn List [3] Group 3: Market Position and Strategy - Moole Technology is implementing a dual-track strategy of "compatibility + open-source" to compete with Nvidia's CUDA ecosystem, allowing for zero-cost migration of CUDA code and attracting over 100,000 developers to its open-source community [4] - The company is building a "ten-thousand card cluster" to enhance its computing infrastructure, which is expected to improve GPU utilization by 40% and reduce fault recovery time to under 5 minutes [4] - The domestic GPU market is experiencing significant growth, with the share of domestic computing power in China's data center accelerator market expected to rise from 15% in 2022 to over 50% by the end of 2025 [5] Group 4: Future Plans and Challenges - Of the 8 billion yuan to be raised, 1.98 billion yuan will be allocated to the development of AI SoC chips, with the "Yangtze" series chips already integrated with CPU, GPU, NPU, and VPU architectures, targeting the automotive chip market [6] - Moole Technology faces challenges including a performance gap of over two generations compared to Nvidia, a developer base significantly smaller than CUDA's, and high customer concentration risk, with the top five clients accounting for over 98% of revenue [5][6]