近期，致力于国产高性能GPU研发的摩尔线程智能科技（北京）股份有限公司（以下简称"摩尔线程"）向科创板提交 的首次公开募股（IPO）申请正式获受理。此举标志着这家本土科技新锐即将登陆资本市场，其发展路径与核心竞争 力也随之揭幕。 资本市场的关注点，在于摩尔线程交出的"成长答卷"。 公司最新披露的招股说明书（申报稿），首次全面展示了其深 耕全功能GPU领域的技术积累与商业化潜力，尤其是其构建的全栈技术壁垒和亮眼的增长曲线，成为市场审视其"破 局"实力的关键窗口。 一、技术优势构筑自主GPU"护城河" 这份"答卷"的首要亮点，在于摩尔线程构建了从芯片到集群的全栈技术壁垒。 摩尔线程的"杀手锏"在于其全功能GPU架构MUSA，该架构涵盖统一的芯片架构、指令集、编程模型、软件运行库及 驱动程序框架等关键要素。基于自主研发的MUSA架构，摩尔线程率先实现了在单芯片架构同时支持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，并且在FP8技术研发上取得系统性突破，成为国内少 数掌握该项技术的GPU厂商。 自2020年成立以来，摩尔线程共发布5颗芯片，快速完成了四代全功能GPU架构的迭代和智能SoC ...

然而，数据显示，应届毕业生相对整体失业率的上升趋势，早在生成式AI兴起之前的2009年便已开 始。并且，他们当前的实际失业率（约4%）仍处于历史较低水平。若将此归咎于AI，显然缺乏足够依 据。 更广泛的就业数据显示，即便在那些被认为最易受AI影响的白领岗位（如办公室文员、财务操作、销 售支持等），也未出现因AI应用而导致岗位显著减少的迹象。事实上，过去一年，美国白领职业的就 业占比甚至略有上升。 从整体失业率来看，美国依然维持在4.2%左右的低位，薪资增长保持稳健。其他主要经济体如英国、 欧元区和日本，收入增长也呈现积极态势。经济合作与发展组织（OECD）成员国的整体就业率在2024 年更是创下历史新高。 这些现象背后，可能存在两种主要解释： 一、AI为什么还没有替代你的工作？ 根据经济学人的观察，尽管一些学者指出了自动化与特定行业（如翻译）需求下降之间的关联，但美国 官方数据却显示，从事口译、翻译等相关职业的人数，在过去一年中反而实现了7%的增长。这表明， 至少在某些领域，AI的出现不仅没有造成岗位的净流失，反而可能因为提升了行业效率或拓展了服务 边界，间接刺激了新的需求。 另一个值得关注的现象来自企业层面 ...

Financial Data and Key Metrics Changes - Consolidated revenue for Q1 2025 was $28.3 million, an increase of 8.4% compared to $26.2 million in Q1 2024 [16] - Consolidated adjusted EBITDA declined by $800,000 year-over-year, reflecting lower profitability in the extended warranty segment and higher holdcoat costs [16] - Trailing twelve month adjusted run rate EBITDA for the businesses, including recent acquisitions, stands at approximately $18 million to $19 million [15] Business Line Data and Key Metrics Changes - In the Kingsway Search Accelerator (KSX) segment, revenue was $11.7 million, up 23.3% year-over-year, with adjusted EBITDA also increasing by 23.3% [18] - Extended warranty segment revenue was flat at $16.7 million compared to Q1 2024, but cash sales increased by 3.7% year-over-year [21] - Adjusted EBITDA for the extended warranty segment was $800,000, down from $1.4 million in the prior year [22] Market Data and Key Metrics Changes - Cash sales in the extended warranty segment showed a sequential increase of 9.3% from year-end [21] - Trailing twelve month modified cash EBITDA for the extended warranty segment was up 11.7% year-over-year [22] Company Strategy and Development Direction - The company aims to compound long-term shareholder value through a decentralized management model and acquisitions of high-quality service companies [5] - Recent acquisitions, including Bud's Plumbing and Viewpoint, are expected to enhance the KSX platform and provide additional growth levers [10][9] - The company is focused on expanding its deal pipeline, which is currently the most active it has ever been [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory of the KSX segment, indicating that many businesses are nearing an inflection point for accelerated growth [13] - The extended warranty segment is entering a more favorable phase of recovery, with positive signs of cash sales growth [14] - Management highlighted the importance of patience in realizing value creation from investments in growth [40] Other Important Information - The company appointed two new independent directors to strengthen corporate governance [11] - A $6 million private placement was completed to fund the Bud's Plumbing acquisition, increasing total debt to $59.5 million [28] Q&A Session Summary Question: Can you provide any color on the Viewpoint acquisition and its strategic fit? - The acquisition was sourced by Drew at SPI and strategically fits by providing a cloud-native software solution for smaller resort operators in North America while expanding geographic reach [33] Question: Can you explain the J curve with search acquisitions? - The J curve represents the initial negative impact on profitability due to investments in talent and technology, followed by a period of growth as these investments pay off [37] Question: Can you share more about the robust deal pipeline? - The company has experienced operators building their M&A pipelines and is excited about potential acquisitions in fragmented markets [41] Question: Why is the owner of Bud's staying on for a one-year transition? - This is typical and desirable in search acquisitions to ensure a smooth transition of customer relationships and institutional knowledge [43] Question: Are there other industries targeted for platforms? - The company evaluates industries based on growth potential and operator fit, considering sectors like insurance brokerage and wealth management for future platforms [46]