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 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 - 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]

Group 1 - The company announced a non-binding letter of intent to acquire a target company focused on developing and selling high-performance, low-power AI system-on-chip (SoC) solutions [2] - The target company has achieved self-research for most of its intellectual property, including ISP, NPU, and analog IP, and provides full-stack solutions primarily in automotive intelligence and edge AI applications [2] - The potential acquisition is expected to enhance the company's ability to offer a full range of automotive-grade computing chips and comprehensive solutions for smart vehicles, as well as expand into broader robotics applications [2] Group 2 - The company is one of the few in China to launch high-performance autonomous driving chip solutions, with its A1000 series chips already in mass production with major automakers like Geely, Dongfeng, and BYD [3] - The A1000 series chips support a high-speed NOA solution that has achieved nationwide highway coverage and coverage in major urban expressways [3] - The Wudang C1200 series chips have completed functional verification for urban no-map NOA and established deep collaborations with companies such as FAW, Dongfeng, Aptiv, Joyson Electronics, and Zebra Smart Mobility [3]