格隆汇12月17日｜据一财，沐曦股份联合创始人、CTO兼首席硬件架构师彭莉表示，GPU是一个超级复 杂的系统工程，研发动辄上千人，需要所有事情都做对才能成功，有一件事做错了，就是一个失败品。 而沐曦股份目前已经基于曦云、曦思、曦彩三大系列产品构建了全栈式的GPU的IP体系，接下来也会通 过进一步对MXMACA软件栈进行开源开放，希望打造世界一流的GPU芯片及计算平台。 ...

来源：市场资讯 （来源：IPO热点） 终于来了。 今日（12月5日），摩尔线程正式登陆科创板，成为"国产GPU第一股"，此次IPO发行价为114.28元/股，募资80亿元，开盘暴涨468%，中一签可赚近27万 元，收盘市值超2800亿元。 至此，摩尔线程成为今年迄今为止A股发行价最高新股，也是科创板年内最大IPO。 坐落于北京的摩尔线程，创投圈并不陌生。背后的掌舵者在芯片圈赫赫有名，正是前英伟达全球副总裁、大中华区总经理张建中。他带领摩尔线程历经五 年时间，从一家初创公司崛起为"国产GPU四小龙"之一，并率先撞线IPO。 自成立以来，摩尔线程便始终专注于全功能GPU的研发与创新。基于自主研发的MUSA架构，率先实现单芯片同时支持AI计算加速、图形渲染、物理仿真 和科学计算、超高清视频编解码的技术突破。 时至今日，摩尔线程已成功量产五颗芯片，完成四次GPU架构迭代，形成了覆盖AI智算、高性能计算、图形渲染、计算虚拟化、智能媒体和面向个人娱 乐与生产力工具等应用领域的多元计算加速产品矩阵，同时实现了"云-边-端"全栈AI产品线的布局。 这无疑是具有风向标意义的一幕。眼下，GPU独角兽们集体冲向IPO，几乎所有VC ...

明日（12月5日），摩尔线程将在科创板上市，同日，另一家国产GPU公司沐曦股份将开启申购。 沐曦股份同日开启申购 同日，另一家国产GPU公司沐曦股份将开启申购，发行价格为104.66元／股，对应的2024年摊薄后静态 市销率为56.35倍。按此发行价格，预计上市时市值约为418.74亿元。 沐曦股份称，本次发行数量为4010万股，占发行后公司总股本比例为10.02%。若本次发行成功，预计 募集资金总额41.97亿元，将用于投资"新型高性能通用GPU研发及产业化项目""新一代人工智能推理 GPU研发及产业化项目"和"面向前沿领域及新兴应用场景的高性能GPU技术研发项目"。 据招股书，沐曦股份是国内高性能通用GPU产品的主要领军企业之一，致力于自主研发全栈高性能GPU 芯片及计算平台。公司旗舰产品曦云C系列训推一体GPU芯片，基于全自研的GPU IP、指令集和架构， 在通用性、单卡性能、集群性能及稳定性、生态兼容与迁移效率等方面均达到国内领先水平，具备较强 的综合竞争力。根据Bernstein Research以销售金额口径测算的数据并结合IDC数据，以算力规模口径测 算的结果，沐曦股份在2024年中国AI芯片市 ...

Core Viewpoint - The company is one of the few in China with comprehensive GPU research and development capabilities, having successfully launched four generations of GPU architecture and expanded its product matrix in computing acceleration applications [2][2]. Business Highlights - The MTTS80 graphics card has single-precision floating-point performance close to that of the MTTS5000 product, which constructs a thousand-card GPU intelligent computing cluster with high efficiency [2][2]. - Based on its self-developed GPU architecture, the company is actively developing SoCs (System on Chips) [2][2]. Financial Metrics - The issuance price is 114.28 yuan, with a total market value of 457.2 billion yuan and an issuance price-to-earnings ratio of 27.06 [2][2]. - The subscription rate is 0.036351% [2][2].

科创板今年最大一笔IPO，摩尔线程要上了，发行价定在114.28元，市值超过500亿，这事儿热闹得很， 让人既激动又有点悬念，接下来我把来龙去脉按时间和细节说清楚，让你知道到底发生了什么，好玩儿 的部分留在后面； 2025年11月20日晚上，摩尔线程发了个公告，直接把发行价和发行股数都摆出来了，7000万股，114.28 元一股，预计募资80亿元，净下来约75.76亿元； | 序 | 参与战略配售的投资 | 参与战略配售的投资者 | 获配股数 | 获電股数 占本次发 | 获配金额 | 限售期 | | --- | --- | --- | --- | --- | --- | --- | | ਫੇ | 者名称 | 类型 | (股) | 行数量的 | (元) | (月) | | | | | | 出例 | | | | 1 | 中证投资 | 参与科创板跟投的保存 | 1,400,000 | 2.00% | 159,992,000.00 | 24 | | | | 人相关于公司 | | | | | | | 中信证券资管摩尔线 | 发行人的高级管理人员 | | | | | | 2 | 程员工参与科创板战 | 与核心员工参与本次 ...

11月24日-11月28日新股申购一览 | 公司发行市盈率 | 行业平均市盈率 39.7 | | --- | --- | | 同业可比公司 | 药康生物、南模生物、昭衍新药 | | 一句话亮点 | 公司是一家临床前CRO以及生物技术企业。公司 自主开发的基因编辑技术提供各类创新模式动物 | | | 临床前阶段的医药研发服务。 | *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 未来一周有2只新股分别干周一、周五申购,重点公司方面,摩尔 是公司是国内极少数具备全功能GPU研发能力的企业 | 摩尔线程 (科创板，688795) | | | | | --- | --- | --- | --- | | 申购日期 11月24日 周一 | | 申购代码 | 7877 | | 计算机、通信和其 所属行业 他电子设备制造业 | | 总市值 | 457.2 | | 公司发行市盈率 27.06 | | 行业平均市盈率 | 60.1 | | 同业可比公司 | 海光信息、寒武纪、风神股份 | | | | 句话亮点 | 公司是国内极少数具备全功能GPU研发能力的企 公司MTT S80显卡的单精度浮点算 ...

Core Viewpoint - The rapid IPO process of Moore Threads, dubbed the "Chinese version of Nvidia," has garnered significant market attention, with the company aiming to raise 8 billion yuan through its listing on the Sci-Tech Innovation Board [1][2]. Company Overview - Moore Threads was established in June 2020 and focuses on the research, design, and sales of GPUs and related products [2]. - The company has launched four generations of GPU architectures and has developed a product matrix covering AI computing, cloud computing, and personal computing applications [2]. - Despite rapid revenue growth, the company has not yet achieved profitability, with significant net losses reported [3]. Financial Performance - Revenue figures for Moore Threads from 2022 to 2024 are projected at 46 million yuan, 124 million yuan, and 438 million yuan, respectively, reflecting a compound annual growth rate of 208.44% [3]. - The company reported net losses of 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan for the same period, with a loss of 271 million yuan in the first half of 2025 [3]. - For the first nine months of 2025, projected revenue is between 735 million yuan and 786 million yuan, with expected net losses of 699 million yuan to 733 million yuan [3]. Market Position - Moore Threads holds less than 1% market share in its respective segments within the domestic AI computing market, indicating a significant gap compared to international leaders like Nvidia and AMD [5]. - In the domestic AI chip market, Nvidia, Huawei, and AMD hold market shares of 54.4%, 21.4%, and 15.3%, respectively, highlighting the competitive landscape [4]. Investment and Shareholding - The company has a diverse shareholder base, including notable investors such as Sequoia Capital and Tencent, with a total of 86 shareholders [6]. - The actual controller, Zhang Jianzhong, holds a combined 36.36% stake in the company, while the listed company Heertai holds a direct stake of 1.0262% [6]. Collaborations and Partnerships - There are various inquiries regarding partnerships with other companies, with some firms confirming indirect investments or agency relationships with Moore Threads [8][10]. - Companies like ST Huatuo and Yincheng Technology have acknowledged their indirect stakes in Moore Threads, while others have refrained from disclosing specific partnership details due to confidentiality [7][9].

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].