与国际龙头仍存差距 摩尔线程成立于2020年6月，主要从事GPU（图形处理器）及相关产品的研发、设计和销售。 此次IPO拟募资80亿元，将应用于摩尔线程新一代自主可控AI训推一体芯片研发项目、摩尔线程新一代 自主可控图形芯片研发项目、摩尔线程新一代自主可控AISoC芯片研发项目及补充流动资金。 该公司有多位核心高管曾在英伟达任职。其中，摩尔线程创始人、实际控制人张建中，曾于2006年4月 至2020年9月期间担任英伟达全球副总裁、大中华区总经理；联合创始人、职工董事周苑，曾担任英伟 达市场生态高级总监；联合创始人、董事、副总经理张钰勃，曾担任英伟达GPU架构师；联合创始人、 副总经理王东，曾任英伟达销售总监；副总经理宋学军，曾在英伟达任高级销售经理；副总经理杨上 山，曾在英伟达任GPU架构师。 全市场近期最关注的一件事。 被称为"中国版英伟达"的摩尔线程智能科技（北京）股份有限公司（下称"摩尔线程"），从提交IPO申 请到过会并提交注册，只用了88天，正向"注册关"冲刺，成为全市场近期最关注的一件事。 该公司的IPO申请于今年6月30日获得受理，回复两轮问询后，便于9月26日过会并提交注册。该公司此 次冲刺科 ...

Core Viewpoint - The article discusses the rapid progress of Moer Thread Technology in the A-share market, highlighting its successful IPO approval and its strategic shift towards AI computing products, positioning it as a leading domestic GPU company [4][11]. Company Overview - Moer Thread Technology was established in June 2020 and began operations in October 2020. The founder, Zhang Jianzhong, has a significant background with NVIDIA, having served as a global vice president and general manager for Greater China for 14 years [5][6]. - The company has a strong leadership team with multiple executives having experience at NVIDIA, which enhances its technological capabilities [6]. Financial Performance - In the first half of this year, Moer Thread achieved a revenue of 701 million yuan, surpassing the total revenue of the past three years. However, the net profit attributable to shareholders was a loss of 317 million yuan, with cumulative losses reaching 1.478 billion yuan by mid-year [7]. - The gross margin has shown improvement, with figures of -70.45%, 27.84%, 72.32%, and 69.17% from 2022 to the first half of 2025, indicating a positive trend [7]. Product Strategy - The company has shifted its focus from desktop graphics acceleration to higher-margin AI computing and professional graphics acceleration products, with AI computing products expected to account for 77.63% and 94.85% of revenue in 2024 and the first half of 2025, respectively [8]. - The demand for AI computing products has surged due to increased needs for large model training and GPU cloud services [8]. Market Position and Competition - Moer Thread is positioned as one of the earliest and fastest domestic GPU companies to commercialize its products. The company has developed a diverse product matrix covering various applications, including AI computing and high-performance computing [11]. - The competitive landscape is intense, with other GPU companies also seeking IPOs, which may affect market dynamics and valuations [12][13]. Future Outlook - The company plans to raise 8 billion yuan through its IPO to fund the development of new AI training and inference chips, as well as graphics chips, aligning with national strategies for technological independence [13]. - The AI computing GPU market in China is projected to reach 10,333.40 billion yuan by 2029, with a compound annual growth rate of 56.7% [10].

Core Viewpoint - Dongxin Semiconductor Co., Ltd. (Dongxin) announced an investment of approximately 500 million RMB in Shanghai Lisan Technology Co., Ltd. (Lisan), with Dongxin contributing about 210 million RMB, increasing its stake to approximately 35.87% [1][7] Investment Details - The investment in Lisan is based on a pre-investment valuation of 3.5 billion RMB, raising Lisan's valuation to 4.21 billion RMB post-investment [1] - Dongxin previously invested 200 million RMB in Lisan in August 2024, acquiring a 37.88% stake [1] - After the new investment, Lisan's registered capital will increase from 13.464 million RMB to 16.1973 million RMB [1] Product Development - Lisan's first GPU product, the "7G100" series, has garnered significant attention, with claims of being fully designed in-house based on the TrueGPU architecture [2] - The 7G100 series is manufactured using TSMC's 6nm process and supports major APIs, although it does not support ray tracing [2] - Performance benchmarks show that the GPU outperforms the RTX 4060 by approximately 10% in OpenCL tests [2][4] Market Reaction - Following the GPU launch, Dongxin's stock price surged from 37.35 RMB to 119.57 RMB, marking a nearly 220% increase over 24 trading days [4] - The stock price volatility has attracted regulatory scrutiny, leading to a temporary suspension of trading for Dongxin [7] Company Background - Lisan was founded in April 2022 and focuses on high-performance GPU development [1] - The founding team has extensive experience in the GPU industry, with backgrounds in leading companies and significant contributions to GPU technology [6] Financial Performance - Lisan reported zero revenue and a net loss of approximately 20.95 million RMB for 2024, with a negative net asset value of 8.63 million RMB as of July 2025 [8] - The company faces significant competition from established players like NVIDIA and AMD, as well as emerging domestic GPU manufacturers [9] Future Outlook - Lisan plans to launch its Lisuan eXtreme series, which includes professional and consumer versions, with sample delivery expected in August 2025 and mass production starting in September 2025 [9] - The company acknowledges various risks, including market competition and product certification uncertainties, which could impact its commercialization efforts [9]

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company is firmly investing in GPU research and development, aiming to enter the edge AI chip market. The growth of the domestic ecosystem and the increasing demand for computing power driven by AI technology are expected to accelerate the company's chip business growth [6][10]. - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue of 193 million yuan, down 44.78% year-on-year, and a net loss of 88 million yuan, down 356.51% year-on-year. The gross margin was 45.03%, a decrease of 7.9 percentage points [2][4]. Financial Performance Summary - In 2025H1, the company achieved revenue of 193 million yuan, a year-on-year decrease of 44.78%. The net profit attributable to the parent company was -88 million yuan, a decrease of 356.51%. The net profit after deducting non-recurring items was -96 million yuan, down 550.44%. The gross margin was 45.03%, down 7.9 percentage points [2][4]. - In Q2 2025, the company reported revenue of 91 million yuan, a year-on-year decrease of 62.42%, with a net profit of -33 million yuan, down 171.70%. The gross margin increased to 59.31%, up 10.8 percentage points [2][4]. Business Development Insights - The company's core business in graphics control is developing steadily, with a solid competitive landscape. The introduction of high-performance intelligent computing modules and products targeting AI training and inference is expected to drive growth in the chip business [6][10]. - The company is making a strategic investment of 220 million yuan in Chengheng Microelectronics to gain control over the company, which specializes in edge AI chip design and development [6][10].