Group 1 - The core point of the article is that Moer Thread has successfully launched its IPO on the Sci-Tech Innovation Board, raising approximately 79.996 billion yuan, making it the second-largest IPO in A-shares this year [1][2] - The company has set its IPO price at 114.28 yuan per share, which is the highest issuance price for a new stock this year and the only stock priced over 100 yuan [1] - Moer Thread's fundraising will primarily support the development of its next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as supplement working capital [1][2] Group 2 - Moer Thread specializes in the research, design, and sales of GPUs and related products, focusing on providing computing acceleration platforms for AI, digital twins, and scientific computing [2] - The company has not yet achieved profitability, with projected revenues of 0.46 billion yuan in 2022, 1.24 billion yuan in 2023, and 4.38 billion yuan in 2024, while incurring net losses of 18.94 billion yuan, 17.03 billion yuan, and 16.18 billion yuan respectively [2] - The revenue compound annual growth rate from 2022 to 2024 is 208.44%, indicating significant growth potential [2] - Research and development expenses have been substantial, with R&D expenditure as a percentage of revenue being 2422.51%, 1076.31%, 309.88%, and 79.33% over the respective periods [2] - As of June 30, 2025, the company has accumulated unremedied losses of 16.04 billion yuan, which may prevent cash dividends to shareholders for a certain period post-IPO [2][3]

Core Viewpoint - The company, Haoyuan Pharmaceutical, is actively engaged in the innovative drug sector, providing essential services for clinical trial applications and drug production, with a significant number of projects underway across various global markets [1] Group 1: Business Model and Services - The company's innovative drug-related business model includes quality research and sample preparation services for clinical trial applications [1] - It also offers production services for active pharmaceutical ingredients (APIs) or intermediates in preclinical and clinical stages, as well as commercial production of intermediates for patented drugs [1] Group 2: Project Portfolio and Market Presence - As of the end of 2024, the company has undertaken a total of 892 projects, primarily focused on markets in China, Japan, South Korea, the United States, and Europe [1] - The majority of these projects are in the preclinical and Phase I clinical stages, with some products advancing to Phase II, Phase III, or new drug application stages [1] - The ongoing research projects are expected to enhance the global innovative drug development industry [1]