Core Viewpoint - The stock price of Moore Threads has surged significantly since its IPO, raising concerns about potential short-term volatility and risks for investors, despite no major changes in the company's fundamentals [1][3]. Group 1: Stock Performance - As of December 11, Moore Threads' stock price reached 941.08 CNY per share, with a total market capitalization of 442.3 billion CNY, reflecting a cumulative increase of 723.49% from its initial offering price of 114.28 CNY per share within five trading days [1][3]. - On its first trading day, the stock opened with a remarkable increase of 468.78%, peaking at 688 CNY per share, and closing at 600.50 CNY, marking a single-day rise of 425.46% [2]. - The stock's trading volume was exceptionally high, with a turnover rate of 85.49% on the first day, indicating strong market interest in the stock [2]. Group 2: Market Sentiment and Demand - The overwhelming demand for Moore Threads is attributed to the surge in AI computing power needs and the acceleration of domestic alternatives, reflecting a broader market interest in China's self-sufficiency in computing power [2]. - The company experienced a low subscription rate during its IPO, with only 0.0364% of applicants successfully obtaining shares, highlighting the intense competition among investors [2]. Group 3: Upcoming Events - Moore Threads is set to hold its first MUSA Developer Conference on December 19-20, where the CEO will outline the company's full-stack development strategy and unveil a new GPU architecture [3]. - The company anticipates that this event will not have a significant short-term impact on its operational performance [3]. Group 4: Financial Performance and Risks - For the first nine months of 2025, Moore Threads reported revenues of 785 million CNY and a net loss of 724 million CNY, with projections indicating a continued loss for the year [5]. - The company has emphasized the risks associated with ongoing losses due to high R&D expenditures necessary for maintaining technological advancement, which may delay profitability [5][6]. - Moore Threads has set a long-term goal to achieve profitability by 2027, with projected revenues of 5.983 billion CNY and a gross margin of 61%, although it currently faces significant challenges compared to industry peers [6].

Core Viewpoint - The company, Moer Technology, has issued a risk warning regarding its stock, indicating potential market overheating and irrational speculation, urging investors to be cautious and invest rationally [1][3]. Group 1: Stock Performance - As of December 11, the closing price of Moer Technology's stock was 941.08 CNY per share, representing a 723.49% increase from its issuance price [1]. - The company's recent trading days saw price increases of 5.73%, 16.98%, and 28.04% respectively, indicating significant volatility [3]. - The company's static price-to-earnings (P/E) ratio is negative, while its price-to-sales (P/S) ratio stands at 1008.84, significantly higher than the industry averages of 59.34 for P/E and 11.76 for P/S [1]. Group 2: Financial Performance and Risks - For the period of January to September 2025, the company reported revenues of 785 million CNY and a net loss of 724 million CNY, with projected net losses ranging from 1.168 billion CNY to 730 million CNY for the full year [4]. - The company faces risks of slow revenue growth and potential ongoing losses, with uncertainties surrounding product certification, customer onboarding, and mass production [4]. Group 3: Company Overview and Innovations - Moer Technology, established in 2020, has emerged as a leading domestic full-function GPU enterprise, becoming the first of its kind to be listed on the Shanghai Stock Exchange's STAR Market [5][6]. - The company has developed the MUSA unified system architecture, achieving breakthroughs in supporting AI computing acceleration, graphics rendering, and other computational tasks on a single chip [7]. - As of June 2025, Moer Technology holds 514 authorized patents, ranking among the top domestic GPU companies in terms of patent quantity [8].

企业名称上海海思领航医疗科技有限公司法定代表人徐俊注册资本500万人民币国标行业制造业>计算 机、通信和其他电子设备制造业>电子器件制造地址上海市闵行区剑川路940号B幢3层（集中登记地） 企业类型有限责任公司(自然人投资或控股的法人独资)营业期限2025-12-11至无固定期限登记机关闵行 区市场监督管理局 序号股东名称持股比例1江苏正济药业股份有限公司100% 来源：市场资讯 天眼查显示，近日，上海海思领航医疗科技有限公司成立，法定代表人为徐俊，注册资本500万人民 币，由江苏正济药业股份有限公司全资持股。 经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；人工智能理论与算法软 件开发；可穿戴智能设备制造；可穿戴智能设备销售；第一类医疗设备租赁；第一类医疗器械销售；互 联网销售（除销售需要许可的商品）；远程健康管理服务；信息系统集成服务；数据处理和存储支持服 务；计算机软硬件及辅助设备零售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） ...

Core Viewpoint - The company, Moore Threads, has experienced a significant stock price increase, raising concerns about potential risks associated with rapid price fluctuations and ongoing operational losses [2][4][10]. Group 1: Stock Price and Market Performance - The company's stock price has risen by 723.49% since its listing on December 5, 2025, significantly outperforming related indices such as the Sci-Tech Innovation Index and the Sci-Tech 50 [4]. - Recent trading days have shown substantial price increases of 5.73%, 16.98%, and 28.04%, indicating high volatility and potential for a market correction [9]. Group 2: Financial Performance and Projections - For the first nine months of 2025, the company reported revenues of 785 million yuan and a net loss of 724 million yuan, with projected net losses for the full year ranging from 1.168 billion yuan to 730 million yuan [5][10]. - The company is facing risks of slow revenue growth and sustained losses, which may hinder its ability to achieve profitability within the expected timeframe [10]. Group 3: Product Development and Market Position - The company is focused on maintaining high research and development investments based on its proprietary MUSA architecture, although it currently lacks competitive advantages in terms of R&D capabilities and market presence compared to international giants [3][11]. - New products are still in the development stage and have not yet generated revenue, with uncertainties surrounding product certification, customer onboarding, and mass production [5][6]. Group 4: Industry Comparisons - As of December 11, 2025, the company's static price-to-earnings ratio is negative, and its price-to-sales ratio stands at 1,008.84, significantly higher than the industry averages of 59.34 and 11.76, respectively [3][8].

Core Viewpoint - Since its listing, Moores Threads (688795) has experienced a significant increase in stock price, prompting a risk warning announcement due to the rapid rise exceeding that of related indices [1][2]. Group 1: Stock Performance - Moores Threads' stock price surged by 425.46% on its listing day, December 5, and has seen increases of 5.73%, 16.98%, and 28.04% in the following three trading days [4]. - As of December 11, the stock price reached 941.08 CNY, with a market capitalization of 442.3 billion CNY, ranking 27th in the A-share market [4]. - The stock has increased by 723.49% compared to its issue price of 114.28 CNY within just five trading days [4]. Group 2: Financial Performance - For the period of January to September 2025, the company reported a revenue of 785 million CNY and a net loss attributable to shareholders of 724 million CNY [1]. - The projected net loss for the full year of 2025 is estimated to be between 1.168 billion CNY and 730 million CNY [1]. Group 3: Market Position and Risks - The static price-to-earnings ratio for the computer, communication, and other electronic equipment manufacturing industry is 59.34, while Moores Threads has a negative P/E ratio and a significantly high price-to-sales ratio of 1008.84 [2]. - The company is investing heavily in R&D based on its self-developed MUSA architecture, but it still lags behind international competitors in terms of R&D capabilities and product ecosystem [2]. - New products are still in the research phase, and revenue generation will take time, with potential risks related to market competition and product development [1][2].

Core Viewpoint - The company has experienced a significant stock price increase, which raises concerns about potential short-term volatility and risks for investors [1][4]. Group 1: Financial Performance - For the period of January to September 2025, the company's revenue was 785 million yuan, with a net loss attributable to shareholders of 724 million yuan [1]. - The company projects a net loss for 2025 to be between 1.168 billion yuan and 730 million yuan [1]. - There is a risk of slow revenue growth or inability to sustain growth, leading to continued losses in the near future [1]. Group 2: Market Position and Valuation - The static price-to-earnings (P/E) ratio for the industry (C39) is 59.34 times, while the company's latest static P/E ratio is negative, indicating a challenging valuation environment [2]. - The company's static price-to-sales (P/S) ratio is significantly higher than the industry average at 1008.84 times [2]. - The company is investing heavily in R&D based on its self-developed MUSA architecture, but it still lags behind international competitors in terms of R&D capabilities and technology accumulation [2]. Group 3: Product Development and Market Risks - The company is in the process of developing new products, which have not yet generated revenue and face uncertainties in certification, customer onboarding, and mass production [1][2]. - There are potential risks related to market competition, technological obsolescence, and challenges in securing key customers, which could adversely affect overall business performance [1].

股价突破900元大关，公司提示风险。 摩尔线程（688795）12月11日发布关于股票交易风险提示公告。公告称，近期，公司股票涨幅较大，显著高于科创综指、科创50 等相关指数涨幅。股票价格可能存在短期上涨过快出现的下跌风险，投资者参与交易可能面临较大风险。公司基本面未发生重大 变化，也不存在其他应披露而未披露的重大信息。 盘面上， 摩尔线程今日大涨28.04%，最新股价报941.08元/股，总市值为4423亿元。上市仅5个交易日，该股已累计大涨超700%。 如果投资者中签摩尔线程新股且能持有至今，按收盘价计算，单签浮盈将超过40万元。 根据中证指数有限公司发布的数据，公司所处的C39计算机、通信和其他电子设备制造业最新静态市盈率为59.34倍。根据Wind资 讯数据，公司所处的C39计算机、通信和其他电子设备制造业最新静态市销率为11.76倍。截至2025年12月11日，公司最新静态市 盈率为 负，市销率为1008.84倍。公司静态市销率显著高于行业水平。 12月9日，摩尔线程发布消息称，12月19日至20日，摩尔线程首届MUSA开发者大会（MUSA Developer Conference）将在北京中关 村 ...

Core Viewpoint - The company, Moer Technology, has experienced a significant stock price increase of 723.49% since its listing on the Shanghai Stock Exchange on December 5, 2025, which is substantially higher than related indices like the Sci-Tech Innovation Index and the Sci-Tech 50 [1][5]. Group 1: Financial Performance - For the period of January to September 2025, the company reported a revenue of 785 million yuan and a net loss attributable to shareholders of 724 million yuan [6][11]. - The company anticipates a net loss for the full year 2025 to be between 1.168 billion yuan and 730 million yuan [6][11]. Group 2: Operational Status - The company confirmed that its production and operational conditions are normal, with no significant changes in the internal or external business environment [6][8]. - The company will hold its first MUSA Developer Conference soon, which is not expected to have a significant short-term impact on its operational performance [2][6]. Group 3: Product Development and Market Position - The company is focusing on high R&D investment and product iteration based on its self-developed MUSA architecture, although it faces challenges in comparison to international competitors in terms of R&D strength and technology accumulation [2][4]. - New products are still in the research phase and have not yet generated revenue, with sales dependent on product certification, customer onboarding, and mass production, all of which carry uncertainties [2][6]. Group 4: Market Valuation - As of December 11, 2025, the company's stock price was 941.08 yuan per share, with a negative price-to-earnings ratio and a price-to-sales ratio of 1,008.84, significantly higher than the industry averages of 59.34 for P/E and 11.76 for P/S [4][9].

Core Viewpoint - The stock price of Moer Thread has surged significantly, surpassing 900 yuan, prompting the company to issue a risk warning regarding potential short-term price corrections due to rapid increases in stock value [1][2]. Group 1: Stock Performance - Moer Thread's stock rose by 28.04% today, reaching a price of 941.08 yuan per share, with a total market capitalization of 442.3 billion yuan [2]. - Since its listing, the stock has increased by over 700% in just five trading days [2]. Group 2: Financial Metrics - The static price-to-earnings (P/E) ratio for the computer, communication, and other electronic equipment manufacturing industry is reported at 59.34 times, while the static price-to-sales (P/S) ratio stands at 11.76 times [4]. - Moer Thread's latest static P/E ratio is negative, and its P/S ratio is significantly higher at 1008.84 times compared to industry averages [5]. Group 3: Upcoming Events - Moer Thread will hold its first MUSA Developer Conference from December 19 to 20, where the founder and CEO will outline the company's full-stack development strategy and future vision, including the launch of a new GPU architecture [5]. - The company anticipates that the conference will not have a significant short-term impact on its operating performance, as new products have yet to generate revenue and require various stages of development before market introduction [5]. Group 4: Financial Performance and Projections - For the first nine months of 2025, Moer Thread reported revenues of 785 million yuan and a net loss attributable to shareholders of 724 million yuan [6]. - The company projects a net loss for 2025 to be between 1.168 billion yuan and 730 million yuan, indicating potential challenges in sustaining revenue growth and achieving profitability [6].

Core Viewpoint - The stock price of Moer Thread has surged significantly, raising concerns about potential short-term risks due to rapid price increases, despite no major changes in the company's fundamentals [1][6]. Group 1: Stock Performance - Moer Thread's stock price increased by 28.04% today, reaching 941.08 CNY per share, with a total market capitalization of 442.3 billion CNY [2]. - Since its listing, the stock has risen over 700% in just five trading days, leading to a potential profit exceeding 400,000 CNY for investors who held onto their shares [2]. Group 2: Financial Metrics - The static price-to-earnings (P/E) ratio for the computer, communication, and other electronic equipment manufacturing industry is 59.34, while Moer Thread's static P/E ratio is currently negative, with a price-to-sales (P/S) ratio of 1008.84, significantly higher than the industry average [5]. - For the period of January to September 2025, the company reported revenues of 785 million CNY and a net loss of 724 million CNY, with an expected net loss for the full year ranging from 1.168 billion CNY to 730 million CNY [6]. Group 3: Upcoming Events - Moer Thread will hold its first MUSA Developer Conference from December 19 to 20, where the founder and CEO will outline the company's full-stack development strategy and future vision, including the launch of a new GPU architecture [5][6]. - The company anticipates that the conference will not have a significant short-term impact on its operating performance, as new products have yet to generate revenue and face various uncertainties before market introduction [6].