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]

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]