2.请发行人代表结合报告期内主要客户情况、收入确认时点和方式、经销商采购和产品消化情况、 终端客户使用情况等，说明相关产品收入确认是否准确，是否符合《企业会计准则》规定。请保荐代表 人发表明确意见。 需进一步落实事项 中国经济网北京9月27日讯 上交所上市审核委员会2025年第40次审议会议于2025年9月26日召开， 审议结果显示，摩尔线程智能科技（北京）股份有限公司（以下简称"摩尔线程"）首发符合发行条件、 上市条件和信息披露要求。这是今年过会的第55家企业。 摩尔线程本次的保荐机构为中信证券股份有限公司，保荐代表人周哲立、吴霞娟。这是中信证券今 年保荐成功的第6单IPO项目。此前，2月21日，中信证券保荐的江苏汉邦科技股份有限公司过会；4月 18日，中信证券保荐的广州瑞立科密汽车电子股份有限公司过会；7月11日，中信证券保荐的北矿检测 技术股份有限公司过会；8月14日，中信证券保荐的西安奕斯伟材料科技股份有限公司过会；9月19日， 中信证券保荐的苏州市新广益电子股份有限公司过会。 摩尔线程成立于2020年6月11日。公司系Fabless模式的GPU芯片设计企业，专注于全功能GPU产品 的研发、设计及销售 ...

兄弟们出大事了！ 周末最大的消息就是有关摩尔线程IPO的消息 9月19日，摩尔线程智能科技（北京）股份有限公司（简称"摩尔线程"）科创板IPO迎来新进展。上交所 公告，摩尔线程将于9月26日上会。 值得一提的是，摩尔线程从IPO受理到上会短短3个月时间。摩尔线程2025年6月30日科创板IPO申请获 上交所受理，7月17日进入问询阶段，9月份进行两轮审核问询函回复，9月26日正式上会。 根据招股说明书显示，摩尔线程基于自主研发的MUSA架构，已经发布了"苏堤、春晓、曲院、平湖"四 代GPU架构，形成了芯片、板卡、一体机、集群四条产品线，产品线涵盖了政务与企业级智能计算、数 据中心及消费级市场。 | 分类 | | 芯片 | 板卡/模组 | 一体机 | 集群设备 | | --- | --- | --- | --- | --- | --- | | AI 智算 服务 | 企业级 | 第四代GPU"平湖" | S5000 | D800 X1/X | KUAE2 | | | | 第三代GPU"曲院" | S4000 | | KUAEI | | 器级 专业图 | 企业级 | 第二代GPU"春晓" | S3000 | D20 ...

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]

中国经济网北京9月22日讯 据上交所网站消息，上交所上市审核委员会定于2025年9月26日（周 五）召开2025年第40次上市审核委员会审议会议，审议摩尔线程智能科技（北京）股份有限公司（以下 简称"摩尔线程"）的首发事项。 摩尔线程成立于2020年6月11日。公司系Fabless模式的GPU芯片设计企业，专注于全功能GPU产品 的研发、设计及销售，通过向晶圆厂采购晶圆代工服务，向封测厂采购芯片封装、测试服务获取芯片产 品。 截至招股说明书签署日，公司无单一持股30%以上的股东，不存在控股股东；截至2025年6月30 日，张建中直接持有公司11.06%的股份，通过南京神傲间接持有公司1.62%的股份，通过杭州华傲、杭 州众傲和杭州京傲三家员工持股平台合计间接持有公司0.05%的股份，合计持有公司12.73%的股份；同 时张建中与持股平台南京神傲、杭州华傲签署一致行动人协议（一致行动期限至任何一方不再持有公司 股权之日），并担任杭州华傲、杭州众傲及杭州京傲三家员工持股平台的执行事务合伙人（持股比例较 低，但根据合伙协议的约定，拥有对三家员工持股平台持续稳定的控制权），合计控制公司36.36%的 股份，为公司实际 ...

Core Viewpoint - The competition for the title of "first domestic GPU stock" has begun, with major players like Moer Technology and Muxi Integrated Circuit both advancing towards IPOs, indicating a significant move towards capitalizing the domestic GPU market [1][8]. Group 1: Company Overview - Moer Technology is highlighted as the most notable player among the "four little dragons" of domestic GPUs, with a core team primarily from Nvidia [2]. - The company's MTT S80 graphics card has a single-precision floating-point performance close to Nvidia's RTX 3060, and its self-built GPU computing cluster outperforms similar foreign counterparts [2][12]. Group 2: Financial Performance - In 2024, Moer Technology's revenue reached 438 million yuan, representing a year-on-year increase of over 200% [3]. - Despite the revenue growth, the company incurred a net loss of 1.492 billion yuan due to R&D expenses of 1.359 billion yuan, although this loss has decreased by about 10% year-on-year [4]. Group 3: Fundraising and Investment Plans - Moer Technology plans to raise 8 billion yuan for the development of AI training and inference chips, graphics chips, and AI SoC chips, marking the largest fundraising scale among new IPO projects on the Sci-Tech Innovation Board this year [5][6]. Group 4: Product Strategy and Market Position - Moer Technology's product lineup includes AI computing, professional graphics acceleration, desktop graphics acceleration, and intelligent SoC, catering to government, enterprise, and individual consumer needs [9]. - The AI computing products generated 336 million yuan in revenue in 2024, accounting for over 70% of total revenue, benefiting from the rapid growth in demand for large model training and inference deployment [11][12]. Group 5: Competitive Landscape - Moer Technology's revenue in 2024 was only about 60% of Muxi Integrated Circuit's revenue, indicating a competitive challenge [18]. - The company is shifting its strategy to focus more on professional graphics acceleration and AI computing products, as its consumer-grade products have struggled in a competitive market [20][21]. Group 6: Future Outlook - The management anticipates that Moer Technology could achieve profitability as early as 2027, with 440 million yuan in sales contracts already in progress [23][24].

Core Viewpoint - Moer Technology is set to become the largest IPO on the Sci-Tech Innovation Board this year, focusing on GPU development and related products, with plans to raise approximately 8 billion yuan for various AI and chip development projects [1][2] Group 1: Company Overview - Moer Technology specializes in the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins [1] - The company was established in 2020 and has developed a fully functional GPU as its core product [1] Group 2: Financial Performance - The company has shown steady revenue growth, with projected revenues of approximately 46.09 million yuan, 124 million yuan, and 438 million yuan for the years 2022, 2023, and 2024 respectively [1] - Corresponding net profits are projected to be approximately -1.84 billion yuan, -1.67 billion yuan, and -1.49 billion yuan for the same years, indicating a reduction in losses [1] Group 3: R&D Investment - Moer Technology maintains a high R&D expenditure ratio, with rates of 2422.51%, 1076.31%, and 309.88% for the years 2022, 2023, and 2024 respectively [2] Group 4: Ownership Structure - As of the signing date of the prospectus, Moer Technology does not have a single shareholder holding more than 30% of the shares, and there is no controlling shareholder [2] - Zhang Jianzhong directly holds 11.06% of the shares and, through agreements with other platforms, controls a total of 36.36% of the shares, making him the actual controller of the company [2]