Core Viewpoint - Moer Thread, founded by former Nvidia executives, is set to launch its IPO on the STAR Market, aiming to raise approximately 8 billion yuan [1][3]. Company Overview - Moer Thread was established in June 2020 by Zhang Jianzhong, a former Nvidia executive, and has a registered capital of about 400 million yuan [3][4]. - The company focuses on the research, design, and sales of GPUs and related products, targeting high-performance computing fields such as AI and digital twins [5]. IPO Details - The IPO will open for subscription on November 24, 2025, with an issue price of 114.28 yuan per share and a total issuance of 70 million shares, raising around 8 billion yuan [3]. - The funds raised will be allocated to various R&D projects, including AI training chips and graphics chips, with approximately 25.10 billion yuan for AI chip development and 25.02 billion yuan for graphics chip development [3]. Financial Performance - Moer Thread's revenue for 2022, 2023, and 2024 is projected to be approximately 46.09 million yuan, 124 million yuan, and 438 million yuan, respectively, with net losses of about 1.84 billion yuan, 1.67 billion yuan, and 1.62 billion yuan [6][8]. - As of the first half of 2025, the company reported revenue of approximately 702 million yuan, with a net loss of about 271 million yuan [7]. R&D Investment - The company has significantly increased its R&D investment, with expenses of approximately 1.12 billion yuan, 1.33 billion yuan, and 1.36 billion yuan for 2022, 2023, and 2024, respectively [8]. - Moer Thread anticipates achieving profitability by 2027, with projected revenue of 5.98 billion yuan and a gross margin of 61% [8].

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].

Commodity Rating Based on Fundamental Analysis - **Trend Bearish**: No specific commodities mentioned - **Oscillating Bearish**: Fuel oil, Urea, Caustic soda, Alumina, Red dates, Live pigs, Asphalt [2] - **Oscillating**: CSI 300 Index Futures, Industrial silicon, SSE 50 Index Futures, CSI 500 Index Futures, CSI 1000 Index Futures, Liquefied petroleum gas, Polysilicon, Crude oil, 10-year Treasury bond futures, 2-year Treasury bond futures, Cotton, Rubber, 30-year Treasury bond futures, 5-year Treasury bond futures, Lithium carbonate, Cotton yarn, Sugar, Synthetic rubber, Aluminum, Pulp, PTA Ethylene glycol, Offset printing paper, Corn, Bottle chips, p-Xylene, Short fiber, Ferrosilicon, Silicomanganese, Glass, Eggs, Soda ash, Coke, Hot-rolled coil, Rebar, Iron ore, Coking coal, Apples, Methanol, Logs [2] - **Oscillating Bullish**: Plastic [2] - **Trend Bullish**: No specific commodities mentioned Commodity Rating Based on Quantitative Indicators - **Bearish**: Soybean meal 2, Rapeseed meal, Soybean meal, Sugar, Coke, PTA, Silicomanganese [4] - **Oscillating**: Methanol, Soybean meal 1, Corn, Shanghai Lead, Shanghai Silver, Shanghai Aluminum, Shanghai Copper, Polypropylene, Coking coal, Eggs, PVC, Plastic, Corn starch, Iron ore, Hot-rolled coil, Shanghai Zinc, Zhengzhou Cotton, Rebar, Rubber [4] - **Bullish**: Glass, Asphalt, Palm oil, Rapeseed oil, Shanghai Tin, Soybean oil, Shanghai Gold [4] Macroeconomic News - China and the US reached consensus on economic and trade issues, with the US canceling the 10% "fentanyl tariff" on Chinese goods and suspending relevant export control and investigation measures for one year. China will adjust or suspend relevant countermeasures accordingly [8] - The ECB maintained the benchmark interest rate at 2% for the third consecutive time, believing that inflation has reached the 2% target. The Eurozone's Q3 GDP grew better than expected, but member states' performance diverged [9] - The Bank of Japan maintained the benchmark interest rate at 0.5% for the sixth consecutive time, with two policy committee members opposing and suggesting a 25-basis-point rate hike [10] - The CSRC approved the registration of Moore Thread's IPO on the STAR Market, with the company planning to raise 8 billion yuan [9] - The weighted average interest rate of newly issued commercial personal housing loans in Q3 2025 was 3.07% [9] Macro - Financial Market Stock Index Futures - Adopt a strategy of buying on dips and pay attention to index rotation. A - shares fell on heavy volume, but the lithium - battery industry chain was strong. The Q3 reports of A - share listed companies showed that revenue and net profit increased year - on - year, and the profit growth rate in Q3 improved significantly. Monetary policy is expected to be further loosened in Q4 [12] Treasury Bond Futures - Monetary policy loosening is in the implementation stage, and bonds still have upward momentum. The capital market is balanced and loose, and the Fed cut interest rates by 25BP [13][14] Black Metals Steel and Iron Ore - In the short term, the black metal market may adjust slightly and maintain an oscillating trend. Policy has a significant impact on market sentiment. Demand for building materials is weak, while demand for coils is fair. Supply remains high, and steel mill profits are low. The valuation of steel is expected to remain between valley - and peak - electricity costs, and the rebound space of steel prices is limited [15] Coking Coal and Coke - The prices of coking coal and coke may continue to oscillate strongly in the short term. Supply is gradually recovering, but there are still expectations of production checks and environmental protection restrictions. However, the weakening of steel demand in the off - season may limit the price rebound [17] Ferroalloys - It is recommended to take a bearish position on the medium - term trend of ferroalloys and control positions. The prices of ferroalloys rose in the morning and then fell in the afternoon due to the overall market decline [17] Soda Ash and Glass - It is recommended to wait and see. The inventory of soda ash is basically stable, and the supply is high. The inventory of glass decreased slightly, and the spot price is stable. Future attention should be paid to demand in the peak season and fuel upgrade progress [19] Non - Ferrous Metals and New Materials Aluminum and Alumina - It is recommended to wait and see for aluminum. Although the market tension has eased, domestic demand is weak. For alumina, it is recommended to short on rallies as the supply surplus pressure is large, and cost support is weakening [21] Lithium Carbonate - The price of lithium carbonate will continue to oscillate strongly in the short term due to strong demand and a decrease in supply [22] Industrial Silicon and Polysilicon - Industrial silicon will oscillate within a range as the supply - demand contradiction is not prominent. Polysilicon will also oscillate narrowly, with the lower limit supported by spot prices and the upper limit depending on capacity merger policies [23][24] Agricultural Products Cotton - It is recommended to be cautious when operating on the rebound of cotton prices. Supply pressure is increasing, and demand is weak. Although Zhengzhou cotton is supported by cost and basis repair, the overall supply pressure still restricts the rebound space [27] Sugar - It is recommended to either conduct short - rolling operations or wait and see. The global sugar supply is expected to be in surplus, and domestic supply pressure is increasing. However, cost support and import restrictions may limit the decline [28][29] Eggs - It is recommended to wait and see or try short - selling on rallies. The egg industry is in the process of capacity reduction, and the futures market is strong. However, the supply - demand pattern is still loose, and the increase in spot prices may be limited [30] Apples - Apples are expected to oscillate strongly. The prices in the western producing areas are firm, and the national inventory is lower than the same period last year. Future attention should be paid to price changes, inventory progress, and buyer sentiment [33] Corn - It is recommended to be cautious when shorting near - month contracts and consider going long on far - month contracts. Corn prices are oscillating. The support from state - owned grain depots and rigid demand may drive a short - term rebound, but new grain supply pressure and potential wheat substitution may limit the upward movement [34] Red Dates - It is recommended to short on rallies or wait and see. The market price of red dates is stable, and there is an expectation of a lower opening price [35] Live Pigs - It is recommended to short near - month contracts on rallies. The spot price is weakening, and the supply is abundant. The market lacks the conditions for a significant price rebound [35][36] Energy and Chemicals Crude Oil - The price of crude oil is likely to fall as the supply - demand contradiction is becoming more prominent. EIA inventory decreased unexpectedly, but OPEC+ may increase production, and demand may be suppressed [38] Fuel Oil - The price of fuel oil will follow the trend of oil prices. Supply is abundant, and demand is weak. Attention should be paid to the impact of sanctions on Russian supply [39] Plastics - Polyolefins may have an emotional rebound in the short term due to improved market sentiment, but the supply pressure is large, and it is recommended to hedge after the rebound [39] Rubber - Rubber will oscillate as the macro - level benefits have been realized, and there is no obvious fundamental logic. Short - term double - selling strategies can be considered [40] Methanol - It is recommended to adopt an oscillating strategy and consider going long in small amounts after a rebound driver appears. The market is highly volatile due to factors such as Iranian imports and gas restrictions, and inventory is high [41][42] Caustic Soda - It is recommended to take a bearish - oscillating view. The supply of caustic soda exceeds demand, but coal prices may provide some support. The risk of short - selling lies in the cost support after the weakening of liquid chlorine prices [43] Asphalt - Asphalt is expected to oscillate weakly. Oil prices are affected by geopolitical and macro factors, and asphalt demand is entering the end - stage, with production set to increase again [44] Liquefied Petroleum Gas (LPG) - LPG will follow the trend of crude oil in the short term. Supply is abundant, and demand may weaken. There is a possibility that LPG may underperform crude oil in the coming week [47]

Core Points - The company Moer Thread has completed its IPO process on the Sci-Tech Innovation Board, becoming the first domestic GPU company to go public in China [1] - The company focuses on 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] - Moer Thread plans to raise approximately 8 billion yuan for the development of new AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [1] Financial Performance - From 2022 to 2024, Moer Thread's revenue is projected to grow significantly, with estimated revenues of approximately 46.09 million yuan, 124 million yuan, and 438 million yuan respectively [2] - The company is expected to continue reducing its net losses, with projected net losses of approximately -1.84 billion yuan, -1.67 billion yuan, and -1.49 billion yuan for the same years [2] - In the first half of 2025, the company achieved revenue of approximately 702 million yuan, with a corresponding net loss of about -271 million yuan [2] Ownership Structure - As of the signing date of the prospectus, Moer Thread does not have a single shareholder holding more than 30% of the shares, indicating the absence of a controlling shareholder [2] - Zhang Jianzhong is the actual controller of the company, holding a total of 36.36% of the shares as of June 30, 2025 [2]

Core Points - The Shanghai Stock Exchange's listing review committee approved the initial public offering (IPO) of Moore Threads Technology (Beijing) Co., Ltd., marking it as the 55th company to pass the review this year [1] - Moore Threads is a fabless GPU chip design company established on June 11, 2020, focusing on the research, design, and sales of full-function GPU products [1][2] - The company plans to raise 800 million yuan for the development of new AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [2] Company Structure - As of June 30, 2025, Zhang Jianzhong is the actual controller of Moore Threads, holding a total of 36.36% of the shares through direct and indirect ownership [2] - The company has no single shareholder holding more than 30% of the shares and does not have a controlling shareholder [2] Market Position and Competition - The listing committee inquired about the company's competitive advantages and potential risks in the GPU market, including the impact of market competition and trade environment [3] - The company was asked to clarify its revenue recognition practices and customer relationships during the reporting period [3]

Core Viewpoint - The recent news highlights the upcoming IPO of Moore Threads, which is set to take place on September 26, 2023, after a rapid approval process by the Shanghai Stock Exchange. The company aims to raise 8 billion yuan for various AI and graphics chip development projects [2][5]. Company Overview - Moore Threads has developed four generations of GPU architectures based on its proprietary MUSA architecture, covering product lines including chips, boards, integrated machines, and clusters, targeting both enterprise and consumer markets [2][3]. Financial Performance - Despite currently operating at a loss, the company's losses are narrowing, and it has a strong order book of 2 billion yuan, with expectations of achieving profitability within the next 1-2 years [4][5]. - The company is projected to generate over 2 billion yuan in revenue for the year 2025, with a valuation around 24 billion yuan, indicating a potential market capitalization of 150-180 billion yuan post-IPO [5]. IPO Details - The IPO will involve the issuance of no less than 44.45 million shares, representing at least 10% of the total share capital post-issue, with expectations of a 200% increase on the first trading day [5]. - Eight A-share listed companies have direct or indirect stakes in Moore Threads, positioning them as potential beneficiaries of the IPO [5]. Product Lines - The company offers a range of products including: - Fourth-generation GPU "Pinghu" for enterprise-level AI computing - Third-generation GPU "Quyuan" and second-generation GPU "Chunxiao" for various applications [3]. Institutional Interest - Institutional investors have shown significant interest, with notable increases in holdings from foreign capital and various funds, indicating a positive outlook on the company's future [7][10][25].

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 Viewpoint - The Shanghai Stock Exchange will review the initial public offering (IPO) of Moore Threads on September 26, 2025, marking a significant step for the company in the GPU chip design industry [1] Company Overview - Moore Threads was established on June 11, 2020, and operates as a fabless GPU chip design company focused on the research, design, and sales of fully functional GPU products [1] - As of June 30, 2025, the company has no single shareholder holding more than 30% of the shares, with Zhang Jianzhong being the actual controller of the company, holding a total of 36.36% of the shares [2] Financial Information - The company plans to raise CNY 800 million (approximately USD 112 million) through its IPO, which will be allocated to various R&D projects and to supplement working capital [3] - The projected allocation of the raised funds includes: - CNY 250.96 million for AI training and inference chip R&D - CNY 250.23 million for graphics chip R&D - CNY 198.18 million for AI SoC chip R&D - CNY 100.63 million for working capital [4] - Revenue figures for the years 2022 to 2025 show a growth trajectory, with revenues of CNY 4.61 million, CNY 12.40 million, CNY 43.85 million, and CNY 70.18 million respectively [4] - The company has reported net losses for the same period, with figures of CNY -183.96 million, CNY -167.33 million, CNY -149.19 million, and CNY -27.09 million [5] R&D Investment - From 2022 to 2024, the company’s cumulative R&D investment reached CNY 3.81 billion, which is approximately 626.03% of its cumulative revenue during the same period [7] - The company meets the listing criteria of the Shanghai Stock Exchange, which requires a market value of no less than CNY 1.5 billion and a minimum revenue of CNY 200 million in the most recent year [7]

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]