Core Points - Moore Threads debuted on the A-share market on December 5, opening with a 468% increase, reaching a market capitalization of nearly 305.5 billion yuan, with a share price of 650 yuan [1] - The stock peaked at 688 yuan during trading, with a profit exceeding 280,000 yuan for a single lot, and closed at 590 yuan, reflecting a 416.28% increase [1][2] - The IPO price was set at 114.28 yuan per share, marking the highest price for a new stock listed on the A-share market in the past year, with a total issuance of 70 million shares [2][3] Company Overview - Moore Threads, established in June 2020, specializes in the research, design, and sales of full-function GPU chips, including data center-level and desktop-level GPUs, as well as related software systems [3] - The company’s self-developed MUSA architecture integrates four major engines for AI computing acceleration and graphics rendering, with products like the MTT S4000 intelligent computing acceleration card supporting training of large models with hundreds of billions of parameters [3] Financial Performance - Revenue is projected to grow from 124 million yuan in 2023 to 438 million yuan in 2024, with 702 million yuan already achieved in the first half of 2025 [3] - The total funds raised from the IPO are nearly 8 billion yuan, aimed at developing next-generation AI training and inference chips, graphics chips, and AISoC chips, as well as supplementing working capital [3] Market Impact - The successful listing of Moore Threads signifies further recognition of domestic computing chip enterprises in the capital market and injects new momentum into the GPU industry [3] - Since 2025, 12 new stocks have listed on the Sci-Tech Innovation Board, with an average first-day increase of 207.74%, indicating a positive trend for new listings in the sector [3]

"国产GPU第一股"，来了。 12月5日，来自北京的摩尔线程（688795.SH）在上交所科创板正式上市。公司上市首日较发行价114.28元高开468.78%报650元/股，总市值约3000亿元。 成立于2020年的摩尔线程，是一家专注于全功能GPU芯片自主研发与设计的硬科技企业。公司创始人兼CEO张建中为前英伟达全球副总裁、中国区总经 理。成立五年内，公司已实现五代芯片的量产，构建了覆盖人工智能计算加速、图形渲染等多种工作负载的产品矩阵。 作为国内全功能GPU领域的代表性企业，摩尔线程的上市标志着国产算力芯片进一步获得资本市场认可。其此次IPO募资总额达到80亿元，这一金额不仅 为2025年科创板最大规模的IPO，也是今年A股市场的第二大IPO。此次IPO募集资金，摩尔线程将主要用于新一代自主可控AI训推一体芯片、图形芯片及 AI SoC芯片的研发项目，旨在突破高端GPU核心技术瓶颈。 值得关注的是，摩尔线程此次IPO不仅创下科创板年内最高纪录，其114.28元的发行价也是2025年新股定价之最。此外，公司从IPO申请获受理到成功上 市仅用4个月，也刷新了科创板上市效率纪录。 摩尔显示上市进程恰逢重要的产业 ...

Core Viewpoint - Moore Threads has officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the first fully functional GPU company in China to enter the capital market [1] Group 1: Company Overview - Moore Threads was established in 2020 and has positioned itself as a leading domestic full-function GPU enterprise, focusing on independent innovation and aligning with national strategies for technological self-reliance [3][4] - The company has developed a unified system architecture called MUSA, enabling significant technological breakthroughs in AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding [3][4] Group 2: Product Development and Innovation - Over five years, Moore Threads has successfully mass-produced five chips and iterated four generations of GPU architectures and intelligent SoC products, creating a comprehensive product matrix that supports AI, scientific computing, and graphics rendering [4][6] - The company has launched the domestic first gaming graphics card, MTT S80, which can smoothly run top-tier AAA games, and has developed a graphics acceleration engine compatible with major graphics and computing ecosystems [5] Group 3: Financial Performance - From 2022 to 2024, the company's revenue compound annual growth rate reached 208.44%, with the first half of 2025 achieving revenue of 702 million yuan, surpassing the total of the previous three years [6] - The AI computing business contributed 94.73% of the revenue, reflecting the company's focus and leading advantage in its core sector [6] Group 4: Strategic Alignment and Future Plans - The national strategy emphasizes high-end chips as a key area for development, positioning GPUs as essential for industrial upgrades and future competitiveness [7] - The funds raised from the IPO will be directed towards the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, aiming to strengthen the company's technological leadership in AI computing and graphics [7]

【国产GPU第一股诞生！摩尔线程正式登陆科创板】智通财经12月5日电，摩尔线程智能科技（北京） 股份有限公司（简称：摩尔线程，股票代码：688795.SH）正式在上海证券交易所科创板挂牌上市，成 为中国首家登陆资本市场的全功能GPU企业。摩尔线程作为国内稀缺的全功能GPU领军企业，始终以自 主创新为根基，以前瞻视野为导向，持续深耕全功能GPU芯片的设计与研发。公司的发展道路，与国家 推动高水平科技自立自强、构建安全可靠算力体系的战略方向同频共振。 依托"全功能+MUSA"协同驱 动的技术体系，摩尔线程构建了坚实的差异化优势与全栈技术能力。这不仅确立了公司在行业中的独特 地位与竞争力，更使其具备了应对具身智能、数字孪生、物理AI及AI for Science等未来计算场景的关键 架构能力，实现从芯片、计算卡到智算集群的多元布局，形成了覆盖人工智能、科学计算与图形渲染等 完整的计算加速产品矩阵，全面支持"云-边-端"全场景。 转自：智通财经 ...

Core Insights - Moore Threads officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025, becoming the first fully functional GPU company in China to enter the capital market, marking a significant milestone in its five-year entrepreneurial journey [1] - The listing is a recognition of the company's commitment to independent innovation and rapid product iteration in the GPU computing power sector, symbolizing a new starting point for the independent development of high-end GPUs in China [1][4] Company Development - Since its establishment in 2020, Moore Threads has focused on independent innovation and has made significant advancements in the design and research of fully functional GPU chips, aligning with national strategies for technological self-reliance and building a secure computing power system [4][5] - The company has successfully mass-produced five chips and iterated four generations of GPU architectures and intelligent SoC products, creating a comprehensive product matrix that supports AI, scientific computing, and graphics rendering across various scenarios [5][8] Technological Advancements - Moore Threads has developed the MUSA unified system architecture, achieving breakthroughs that allow a single chip to support AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding [5] - The company has established a strong differentiation advantage and full-stack technical capability, positioning itself uniquely in the industry and enabling it to address future computing scenarios such as embodied intelligence and AI for Science [5][6] Market Performance - From 2022 to 2024, the company's revenue grew at a compound annual growth rate of 208.44%, with 2025's first half revenue reaching 702 million yuan, surpassing the total of the previous three years [8] - The AI computing business contributed 94.73% of the revenue, reflecting the company's focus and leading advantage in its core sector [8] Strategic Positioning - The national strategy emphasizes high-end chips as a key area for development, establishing GPUs as essential components in driving industrial upgrades and shaping future competitiveness [10] - The funds raised from the IPO will be directed towards the research and development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, aiming to strengthen the company's technological leadership in AI computing and graphics [10]

Group 1: Infrastructure and Investment - Major projects in various regions are progressing, which is crucial for expanding effective investment and supporting infrastructure investment growth [1] - Experts anticipate continued policy support for "two heavy" projects, which will further bolster economic stability [1] Group 2: Automotive Industry - The automotive market is experiencing a "promotion frenzy" with nearly 20 car manufacturers offering purchase tax subsidies to consumers who lock in orders by the end of 2025 [2] - This initiative is a response to upcoming adjustments in purchase tax and marks the beginning of year-end sales efforts by car companies [2] Group 3: Fund Management and Market Trends - In the fourth quarter, mutual funds are implementing purchase limits to manage large inflows and ensure stable operations [3] - New funds are also controlling their fundraising scales amid increasing uncertainties in the market [3] - The launch of "China's first domestic GPU" by Moore Threads on the STAR Market is seen as a significant step for both the company and the domestic computing power industry [3] Group 4: Commercial Aerospace - The domestic commercial aerospace sector is witnessing a dual breakthrough in technology and scale, with significant developments showcased at the 2025 Commercial Aerospace Forum [4] - The opening of major space projects to commercial entities is creating unprecedented opportunities in the industry [4] Group 5: Capital Market Support - Local governments are increasingly implementing measures to support capital market development, focusing on nurturing listed companies and facilitating financing for tech firms [5] - Policies from provinces like Shaanxi, Guangdong, and Zhejiang aim to guide capital towards innovation and emerging industries [5] Group 6: Phosphate Industry - Phosphate rock prices remain high due to a sustained price increase in chemical products, with market prices reported at 1016 CNY/ton for 30% grade [6] - Companies like Batian and Xingfa are actively acquiring phosphate resources, indicating an expansion in production capacity [6] Group 7: AI Glasses Market - The smart glasses market is experiencing a surge with new product launches from companies like Li Auto and Alibaba, indicating a growing interest in AI-integrated eyewear [7] - This trend is expected to have a profound impact on the AI glasses supply chain from both supply and demand perspectives [7] Group 8: Private Equity and Market Research - Private equity firms are actively conducting research to identify new investment opportunities, with a total of 1.3 million research sessions reported in the fourth quarter [8] - The electronics, healthcare, and integrated circuit sectors are among the most researched areas by private equity firms [8] Group 9: Lithium Iron Phosphate Industry - The lithium iron phosphate industry is seeing price increases as leading companies plan to raise processing fees by 3000 CNY/ton starting in 2026 [9] - The industry is expected to transition to a new phase focused on technology and value, moving away from intense competition [9] Group 10: Photovoltaic Industry - The photovoltaic supply chain is experiencing a decline in production across multiple segments, attributed to insufficient end-user demand [9] - Production reductions include a 0.96% decrease in polysilicon and a 15.95% decrease in silicon wafers for December [9]

来源：市场资讯 （来源：国金证券第5小时） | 申购价格 | 所属行业 | 发行市盈率 | 行业最近一个月平 均静态市盈率 | | --- | --- | --- | --- | | 83.06元 | 计算机、通信 和其他电子设 | 不适用 | 58.25倍 | | | 各生 半小 | | | 出川上一 | | | 可比公司 | | | --- | --- | --- | --- | | 证券简称 | 市盈率 (倍) | 市值(亿元) | 近一月涨跌 | | 卓胜微 | -190.44 | 370.07 | -0.04% | | 唯捷创芯 | 972.07 | 165.20 | 4.35% | 公司主营业务介绍 公司是一家专注于射频、模拟领域的集成电路设计企业,是国 家级专精特新重点"小巨人"企业。公司主要从事射频前端芯 片、射频SoC芯片及其他模拟芯片的研发、设计与销售。自成 立以来,公司通过持续的研发投入和技术积累,不断进行产品 高效迭代,为客户提供高性能、高可靠性、低功耗、高集成度 的射频及模拟芯片产品。 | | | 主要财务数据 | | | --- | --- | --- | --- | | | 20 ...

Group 1: New Stock Offerings - Two new stocks are available for subscription: Angrui Microelectronics (688790.SH) and Muxi Co., Ltd. (688802.SH) [1] - A new stock, Moer Thread (688795.SH), is set to be listed on the Sci-Tech Innovation Board [1] Group 2: Angrui Microelectronics - Angrui Microelectronics specializes in RF and analog integrated circuit design and is recognized as a national-level "little giant" enterprise [2] - The company focuses on the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [2] - Angrui Microelectronics ranks among the top three domestic RF front-end manufacturers based on revenue from transmission products [4][5] - The company has achieved breakthroughs in key core technologies and has successfully commercialized its 5G high-integration module technology with major smartphone brands [4] Group 3: Muxi Co., Ltd. - Muxi Co., Ltd. is a leading domestic enterprise in high-performance general-purpose GPU products, focusing on the development of high-performance GPU chips and computing platforms [6] - The company aims to provide foundational computing power for various sectors, including AI, finance, transportation, and healthcare [6] - Muxi's revenue from its training and inference series GPU boards has significantly increased, while its revenue from IP licensing has decreased [10] - The company employs a combination of direct sales and distribution for its products, with a dedicated sales team for customer engagement [10] Group 4: Moer Thread - Moer Thread is recognized as the "first domestic GPU stock" and is often referred to as the "Chinese version of Nvidia" [11][12] - The company focuses on the research, design, and sales of GPUs and related products, targeting high-performance computing fields [12] - Moer Thread has established deep partnerships with operators, cloud service providers, and AI enterprises to enhance its market responsiveness [17] - The company has a high concentration of sales, with its top five customers accounting for 98.29% of its main business revenue [17]

Core Viewpoint - The domestic GPU leader, Moore Threads, is set to go public on the STAR Market on December 5, with an issue price of 114.28 yuan per share, raising questions about whether this is a gamble on domestic substitution or a value discovery driven by technological innovation [1][3]. Group 1: Market Position and Valuation - Moore Threads is being referred to as the "Chinese Nvidia," with a static price-to-sales ratio of 122.51 times for 2024, significantly higher than the industry average, reflecting market expectations for domestic GPUs and concerns over technological breakthroughs [3]. - The company adopts a full-function GPU approach, integrating AI computing, graphics rendering, and video processing capabilities, with its latest product's performance nearing that of Nvidia's RTX 3060, although it still relies on the CUDA framework for ecosystem compatibility [3]. Group 2: Financial Performance and Challenges - The company has incurred a cumulative net loss of 50.1 billion yuan from 2022 to 2024, with R&D expenditures reaching 38.1 billion yuan, accounting for 626.03% of its revenue, far exceeding the STAR Market's 15% threshold [4]. - By the end of 2024, the company is projected to have unrecouped losses of 12.1 billion yuan, with a negative cash flow from operating activities of 18.3 billion yuan and inventory levels at 6.47 billion yuan [4]. Group 3: Risks and Long-term Value - Moore Threads faces systemic risks, including pressure to catch up technologically, especially after being placed on the U.S. "entity list," which may hinder product iteration speed [5]. - The company relies heavily on a few major clients for revenue, with the top five clients contributing over 80% of its income, raising concerns about its commercial viability [5]. - Governance issues, high reliance on stock incentives for team stability, and significant related-party transactions also pose risks to the company's development [5].

股票简称：摩尔线程 股票代码：688795 摩尔线程智能科技（北京）股份有限公司 （北京市海淀区翠微中里 14 号楼四层 B655） 首次公开发行股票科创板上市公告书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 副主承销商 （深圳市福田区福田街道福华一路 111 号） （上海市浦东新区银城中路 200 号中银 大厦 39 层） （广东省广州市黄埔区中新广州知识城 腾飞一街 2 号 618 室） 二〇二五年十二月 摩尔线程智能科技（北京）股份有限公司 上市公告书 特别提示 摩尔线程智能科技（北京）股份有限公司（以下简称"摩尔线程""本公 司""发行人""公司"）股票将于 2025 年 12 月 5 日在上海证券交易所科创 板上市。 根据《上海证券交易所科创板上市公司自律监管指引第 5 号——科创成长 层》，上市时未盈利的科创板公司，自上市之日起纳入科创成长层。截至本公 告披露日，摩尔线程尚未盈利，自上市之日起将纳入科创成长层。 普通投资者参与科创成长层股票或者存托凭证交易的，应当符合科创板投 资者适当性管理的要求，并按照上海证券交易所有关规定，在首次参与交易前 以纸面或者电子 ...