炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月11日晚，摩尔线程发布股票交易风险提示公告。公司提示，截至目前，公司生产经营情况正常，内 外部经营环境未发生重大变化，内部生产经营秩序正常，不存在影响公司股票交易价格波动的重大事 宜，不存在应披露未披露的重大信息。 摩尔线程在公告中表示，公司目前新产品和新架构均处于在研阶段，新产品尚未产生收入，产品实现销 售尚需要经过产品认证、客户导入、量产供货等环节，均存在不确定性。此外，公司将于近期召开首届 MUSA开发者大会，预计短期内对公司经营业绩不会产生重大影响。 具体来看，摩尔线程于2025年12月5日在上海证券交易所科创板上市，截至12月11日，公司股票收盘价 格较发行价格涨幅为723.49%。其中，摩尔线程12月11日当日涨幅超28%。 摩尔线程表示，公司股票价格涨幅较大。公司股价涨幅显著高于科创综指、科创50等相关指数涨幅。 公开信息显示，摩尔线程自2020年成立以来，始终专注于全功能GPU的自主研发与设计。基于完全自主 研发的MUSA统一系统架构，摩尔线程率先实现了单芯片同时支持AI计算加速、图形渲染、物理仿真和 科学计算、超 ...

Core Viewpoint - Moore Threads has officially launched on the STAR Market, becoming the first domestic GPU stock, with an IPO price of 114.28 yuan per share and raising 8 billion yuan, marking the highest IPO price in A-shares this year and the largest IPO on the STAR Market [1][2] Company Overview - Moore Threads was founded by Zhang Jianzhong, a former NVIDIA executive, and has rapidly grown from a startup to one of the "Four Little Dragons" of domestic GPUs in five years [1][3] - The company focuses on the development and innovation of full-function GPUs, utilizing its self-developed MUSA architecture to achieve significant technological breakthroughs [4] Financial Performance - Moore Threads has successfully mass-produced five chips and completed four iterations of its GPU architecture, creating a diverse product matrix covering various application fields [6] - Revenue projections show significant growth, with expected revenues of 460.883 million yuan in 2022, 1.24 billion yuan in 2023, and 4.38 billion yuan in 2024, with the first half of 2024 already reaching 700 million yuan [6][8] - The company anticipates revenues of 1.218 billion to 1.498 billion yuan for the full year of 2025, representing a growth of 177.79% to 241.65% compared to 2024 [6] Market Position and Future Outlook - The AI computing products are expected to become the core products of Moore Threads, with revenue contributions of 77.63% in 2024 and 94.85% in the first half of 2025, driven by increased market demand for large model training and GPU cloud services [7] - Despite ongoing losses, with net profits projected to remain negative until at least 2027, the company is optimistic about its future trajectory following its IPO [8]

Core Viewpoint - The newly listed company "Moore Threads" has created significant wealth effects, with both current and former secretaries of the board (known as "Dongmi") becoming billionaires due to their shareholdings following the company's IPO [6]. Group 1: Key Individuals and Their Holdings - Current Secretary - Xue Yansong holds an indirect shareholding of 0.3041%, valued at approximately 163 million RMB based on the company's post-IPO market capitalization of about 53.7 billion RMB [2]. - Former Secretary - Wang Dong holds an indirect shareholding of 4.8894%, valued at approximately 2.626 billion RMB under the same market conditions [2]. - Xue Yansong joined the company over two years ago and has been the financial head for more than a year, while Wang Dong is a co-founder who has been with the company since its inception in 2020 [2][9]. Group 2: Company Background and Market Position - Moore Threads is recognized as a potential "NVIDIA of China," focusing on GPU and related product development, design, and sales [6][29]. - The company has successfully launched four generations of GPU architectures, targeting high-performance computing fields such as AI and digital simulation [29]. - The company operates under a Fabless model, outsourcing manufacturing and assembly processes while focusing on R&D and design [31]. Group 3: Financial Performance and Future Plans - The company reported significant revenue growth, with a compound annual growth rate of 208.44% over the last three years [39]. - The company plans to use the funds raised from its IPO for various R&D projects, including AI training chips and graphics chips, to enhance its competitive position in the market [49][51]. - The company aims to become a leading GPU enterprise with international competitiveness, providing robust AI computing support for digital transformation across various industries [51].

Group 1: Company Overview - Moer Thread is a leading company in the domestic GPU sector, recognized for its full-function GPU R&D capabilities, and will become the "first domestic GPU stock" upon listing [1][2] - The company has successfully launched four generations of GPU architecture, covering various application fields including AI computing, high-performance computing, and graphics rendering [2] - Baiaosaitu is a preclinical CRO and biotechnology company that provides innovative animal models and preclinical drug development services based on its proprietary gene editing technology [3][4] Group 2: Financial Performance - Moer Thread's projected revenues for 2022, 2023, and 2024 are 0.46 billion, 1.24 billion, and 4.38 billion respectively, with net losses of -1.894 billion, -1.703 billion, and -1.618 billion [2] - Baiaosaitu's projected revenues for the same years are 0.534 billion, 0.717 billion, and 0.98 billion, with net losses of -0.602 billion, -0.383 billion, and a profit of 0.034 billion in 2024 [4] Group 3: Fundraising and Investment Plans - Moer Thread plans to use the funds raised for the development of next-generation AI training and inference chips, graphics chips, and AISoC chips, as well as to supplement working capital [2] - Baiaosaitu intends to invest the raised funds in early-stage drug development service platform construction, antibody drug R&D and evaluation projects, and preclinical R&D projects [4]

Core Viewpoint - The IPO application of Moore Threads has been approved by the Shanghai Stock Exchange, indicating strong support for domestic GPU innovation and positioning the company as a potential leader in the market [1][3][9]. Company Overview - Moore Threads specializes in the research, design, and sales of full-function GPU products, focusing on high-performance computing areas such as AI, digital twins, and scientific computing since its establishment in 2020 [6][10]. - The company is one of the few domestic GPU manufacturers capable of supporting full computational precision from FP8 to FP64 and has launched four generations of GPU architectures and intelligent SoC products [7][10]. Market Position and Product Line - Moore Threads has developed a comprehensive product matrix covering AI computing, high-performance computing, and graphics rendering, with a full-stack AI product line from cloud to edge [7][10]. - The company has achieved significant technological breakthroughs, including a single-chip architecture that supports AI computing acceleration and graphics rendering [7][10]. Financial Performance - In the first half of 2025, Moore Threads reported revenue of 702 million yuan, with a net loss of 271 million yuan. The revenue has shown a consistent increase from 46 million yuan in 2022 to 438 million yuan in 2024, while losses have gradually narrowed [10][11]. - The company anticipates significant revenue growth from AI computing products starting in 2024, with projected orders in the AI computing sector amounting to approximately 2 billion yuan [10][11]. IPO Details - The IPO aims to raise 8 billion yuan, with funds allocated for the development of next-generation AI chips, graphics chips, and to supplement working capital [6][10]. - The approval process for the IPO took only 88 days, reflecting improved efficiency in the review process for technology innovation companies on the Sci-Tech Innovation Board [9]. Leadership and Shareholding - The founder and CEO, Zhang Jianzhong, holds 11.06% of the company shares and has a significant influence over the company through various holding platforms, controlling a total of 36.36% of the shares [11][12]. - Zhang has extensive experience in the GPU industry, having previously served as NVIDIA's global vice president and general manager for China [12].

Core Viewpoint - Moer Technology is progressing with its IPO on the Sci-Tech Innovation Board, with the listing review committee scheduled to meet on September 26, 2025, to discuss the company's initial public offering [1] Company Overview - Moer Technology focuses on the research, design, and sales of full-function GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI, digital twins, and scientific computing [3] - The company offers a diverse product range that spans from cloud to edge, applicable in areas like large model training and inference, digital twins, consumer electronics, digital office, and cloud computing, serving key industries including cloud data centers and intelligent computing centers [3] Technology and Product Development - Established in 2020, Moer Technology has chosen a full-function GPU route from the outset, achieving technological breakthroughs with its self-developed MUSA architecture that supports AI computing acceleration, graphics rendering, physical simulation, and scientific computing on a single chip [4] - The company has successfully mass-produced five chips and has accumulated comprehensive R&D and industrialization experience on its full-function general-purpose GPU technology route and self-developed MUSA software stack [5] - Moer Technology has invested over 4.3 billion yuan in R&D, employing nearly 900 staff, with over 75% holding master's degrees or higher, and many core members coming from international tech giants [5] Financial Performance - The company's revenue from 2022 to 2024 was 0.46 billion yuan, 1.24 billion yuan, and 4.38 billion yuan, respectively, with a compound annual growth rate of 208.44%. In the first half of 2025, Moer Technology achieved revenue of 0.702 billion yuan [6] - The net losses from 2022 to the first half of 2025 were 1.84 billion yuan, 1.67 billion yuan, 1.49 billion yuan, and 0.271 billion yuan, respectively, indicating a continuous narrowing of losses [7] Future Prospects - The funds raised from the IPO will primarily be used for the development of next-generation AI chips, graphics chips, and AI SoC chips, further enhancing the company's industrial ecosystem [7] - The recent "1+6" policy on the Sci-Tech Innovation Board is expected to provide stronger support for high-growth potential hard-tech companies to access capital markets, enhancing market inclusivity and reinforcing the capital market's role in supporting national strategies [7]

Core Viewpoint - Moer Technology has received approval for its IPO on the Sci-Tech Innovation Board, aiming to raise approximately 8 billion yuan for various AI and GPU chip development projects, positioning itself as a potential leader in the domestic GPU market [1][2]. Group 1: IPO and Funding - The company plans to raise around 8 billion yuan through its IPO, with funds allocated for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [1][4]. - Moer Technology ranked 212th in the 2025 Hurun Global Unicorn List, indicating its growing prominence in the tech industry [1]. Group 2: Technology and Product Development - Since its establishment in 2020, the company has focused on developing full-featured GPUs, successfully launching four generations of GPU architectures that cater to high-performance computing needs in AI, digital twins, and scientific calculations [1][2]. - The company has achieved significant breakthroughs in core products in critical areas, with its MTT S80 graphics card's single-precision floating-point performance nearing that of NVIDIA's RTX 3060 [2]. - Moer Technology's MUSA architecture allows for simultaneous support of AI computing acceleration, graphics rendering, physical simulation, and ultra-high-definition video processing on a single chip, enhancing the domestic GPU industry's self-sufficiency [2][3]. Group 3: Market Position and Competitive Advantage - The company's products are designed to meet diverse computing needs across AI, big data processing, digital twins, and high-definition display, showcasing high compatibility with existing global GPU application ecosystems [3]. - As of February 2025, Moer Technology has obtained 470 patents, the highest among domestic GPU companies, covering key areas such as GPU architecture and AI acceleration [3]. Group 4: Financial Performance - The company has not yet achieved profitability, with net losses reported at 1.84 billion yuan in 2022, 1.67 billion yuan in 2023, and projected at 1.49 billion yuan in 2024 [5][6]. - Research and development expenses have been significant, amounting to 1.116 billion yuan in 2022, 1.334 billion yuan in 2023, and 1.359 billion yuan in 2024, reflecting a high R&D intensity relative to revenue [5][6].

Core Viewpoint - Moer Technology plans to raise 8 billion yuan through its IPO on the Sci-Tech Innovation Board, focusing on self-developed GPUs for high-performance computing applications in AI, digital twins, and scientific calculations [2][6]. Company Overview - Founded in 2020, Moer Technology specializes in developing full-function GPUs and has launched four generations of GPU architectures, covering various applications such as AI computing, high-performance computing, graphics rendering, and smart media [2]. - The company has established R&D and technical support centers in major cities like Beijing, Shanghai, Chengdu, and Shenzhen to quickly respond to customer needs [4]. Technology and Product Development - Moer Technology's MUSA architecture allows a single chip to support AI computing acceleration, graphics rendering, physical simulation, and scientific computing, marking a significant technological breakthrough in the domestic GPU industry [2][3]. - Compared to other AI acceleration products, the MUSA architecture offers stronger computing versatility, better technological evolution capability, and broader market adaptability [3]. Market Applications - In the intelligent computing market, Moer Technology's products support various high-end applications, including large language models and medical imaging, with solutions like the MTT S4000 and S5000 series [5]. - The company's products are also widely used in high-performance graphics workstations for industrial design and simulation, contributing to the optimization of the domestic high-performance graphics market [5]. Financial Performance - Moer Technology's revenue from 2022 to 2024 is projected to grow from 46 million yuan to 438 million yuan, with a compound annual growth rate exceeding 200% [5]. - The company has maintained high R&D investment, with over 3.8 billion yuan allocated from 2022 to 2024, and employs a workforce where 78.69% are R&D personnel [6]. Future Plans - The funds raised from the IPO will be used for the development of new self-controlled AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [6].

Core Insights - Alibaba Cloud announced a comprehensive upgrade of its AI and cloud infrastructure at the 2025 Alibaba Cloud AI Momentum Conference, launching the new ECS g9i enterprise-level instance powered by Intel® Xeon® 6 performance core processors, aimed at enhancing intelligent applications across various industries [1][3] Performance Enhancements - The ECS g9i instance marks the 15th anniversary of Alibaba Cloud's elastic computing, showcasing significant performance improvements with up to 20% increase in computing power, 50% enhancement in cache, and a maximum all-core turbo frequency of 3.6GHz, while also supporting elastic temporary disks with a maximum single disk throughput of 4GB/s [3] - Performance improvements in specific application scenarios include a 20% increase for web applications, 17% for database scenarios, and 15% for online gaming, alongside a 5% price reduction compared to the previous generation, making it a compelling choice for enterprise users [3] AI Computing Acceleration - The ECS g9i features Intel® AMX advanced matrix computing acceleration engine and new FP16 instruction acceleration support, significantly enhancing execution efficiency in AI data preprocessing scenarios, ensuring fast and stable computations [4] Customer Recognition - During the testing phase, the g9i instance received widespread acclaim from customers, such as Ant Group's ZOLOZ Anti-Deepfake interactive system, which achieved approximately 10% performance improvement and a 23% reduction in facial recognition failure rates due to optimizations from Intel® AMX FP16 [5][7] Innovation and Growth - The launch of ECS g9i provides higher performance and more accessible productivity tools for enterprise users and developers, with Alibaba Cloud planning to deepen collaborations with partners like Intel to help millions of cloud customers seize growth opportunities in the AI era [7]