Core Viewpoint - The recent release of the Torch-MUSA v2.7.0 deep learning framework by Moole Thread marks a significant advancement in the company's MUSA ecosystem, showcasing its commitment to rapid iteration and performance optimization in GPU computing [1][4]. Group 1: Product Development - Moole Thread has successfully updated the Torch-MUSA framework twice within a month, indicating strong investment and development capabilities in the MUSA ecosystem [4]. - The new version, v2.7.0, includes over 1,050 operators and features enhancements such as Dynamic Double Cast and Distributed Checkpoint, improving performance and stability for large model training and inference [5][9]. - The MUSA architecture integrates GPU hardware and software into a unified system, enhancing the efficiency of complex computational tasks and optimizing memory usage with support for Unified Memory [9][12]. Group 2: Market Position and Strategy - Moole Thread's MUSA architecture is positioned to potentially replace the dominant GPU ecosystem led by NVIDIA and CUDA, providing a comprehensive software stack for developers [15]. - The company is rapidly advancing its business development alongside its IPO process, which has seen a swift approval timeline of 88 days, with an expected fundraising total of 8 billion yuan [16]. - A strategic partnership with the National Information Center aims to foster collaboration in the field of computing power, contributing to the development of a national integrated computing network [18].

Core Viewpoint - Moer Technology, known as the "Chinese version of Nvidia," is set to launch its initial public offering (IPO) on the Sci-Tech Innovation Board, with a total of 70 million shares being offered, accounting for 14.89% of the post-issue total share capital [1] Company Overview - Moer Technology focuses on the research, design, and sales of full-function GPU products, making it one of the few domestic companies that integrate graphics rendering and AI computing [1][2] - The company has successfully launched four generations of GPU architectures and has developed a comprehensive product matrix covering AI computing, cloud computing, and personal computing [2] Market Position - Moer Technology is a leading player in the domestic GPU sector, having achieved significant technological breakthroughs with its self-developed MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, and scientific computing on a single chip [3] - Despite its advancements, the company acknowledges a gap in comprehensive R&D capabilities and product ecosystem compared to international giants like Nvidia [3] Fund Utilization - The funds raised from the IPO will be allocated to the development of next-generation self-controlled AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [4] Financial Performance - From 2022 to 2024, Moer Technology's revenue is projected to grow from 46 million to 438 million, with a compound annual growth rate of 208.44%; for the first half of 2025, revenue reached 702 million [4] - The company has not yet achieved profitability, reporting net losses of 1.894 billion, 1.703 billion, 1.618 billion, and 271 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [4]

Core Viewpoint - Moole Technology, known as the "Chinese version of Nvidia," is set to launch its IPO on the STAR Market, aiming to raise funds for the development of advanced AI and graphics chips, while positioning itself as a leader in the domestic GPU industry [1][2][4]. Group 1: Company Overview - Moole Technology focuses on the research, design, and sales of full-function GPUs, being one of the few domestic companies that integrate graphics rendering and AI computing [2][3]. - The company has successfully launched four generations of GPU architectures and has developed a comprehensive product matrix covering AI computing, cloud computing, and personal computing [3][4]. - Moole Technology is recognized for its MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, and scientific computing on a single chip [4]. Group 2: Financial Performance - From 2022 to 2024, Moole Technology's revenue is projected to grow from 46 million to 438 million, with a compound annual growth rate of 208.44%. In the first half of 2025, the revenue reached 702 million [5]. - Despite rapid revenue growth, the company has not yet achieved profitability, reporting net losses of 1.894 billion, 1.703 billion, 1.618 billion, and 271 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [5]. - The company maintains high R&D expenditures to ensure technological advancement, with R&D expenses of 1.116 billion, 1.334 billion, 1.359 billion, and 557 million for the same periods [5]. Group 3: IPO Details - The IPO will consist of 70 million shares, accounting for 14.89% of the total share capital post-issue, with the initial inquiry date set for November 19 and the subscription date for November 24 [2][4]. - The funds raised will be allocated to the development of new AI chips, graphics chips, and AI SoC chips, as well as to supplement working capital [4].