一场集结了国资机构、市场化创投、产业CVC的资本盛宴。 摩尔线程此次上市将为早期投资方带来丰厚回报空间。根据招股书，上市后持股4.24%的深圳明皓是公司最大外部股东，以8000万 元投资换回发行后约23亿元账面回报，其背后GP（普通合伙人）是累计管理基金规模超400亿元的善达投资。同样位居前十大股东 之列的红杉中国、国盛资本等机构，也均将实现超15亿元的投资回报。 善达投资收益颇丰 盐城国资隐性受益 摩尔线程的资本故事，始于创始团队的亮眼履历以及善达投资主导的早期布局。 结合公开资料，摩尔线程创始团队成员均源自英伟达核心体系。除张建中拥有近15年的任职履历外，公司联合创始人周苑、张钰 勃、王东，亦曾长期服务于英伟达，其间分别深耕渠道生态、技术、销售等领域，形成了优势互补的核心创业团队。 硬核的团队背景叠加国产GPU替代的时代风口，使摩尔线程在成立的第3个月便斩获8190.48万元大额融资，这笔融资由沛县乾曜兴 科技合伙企业（有限合伙，简称"沛县乾曜"）、深圳市明皓新科技合伙企业（有限合伙，简称"深圳明皓"）联合完成——沛县乾曜 作为摩尔线程最早期的外部投资人，为后者引入深圳明皓，因此在该次增资中，前者以100 ...

一场集结了国资机构、市场化创投、产业CVC的资本盛宴。 GPU研发是典型的高投入、长周期、高风险赛道，企业发展进程与资金供给深度绑定。作为中国芯片产业面对供应链挑战背景下诞生的硬科技企业，摩尔线程由前 英伟达全球副总裁、大中华区总经理张建中于2020年6月创立。5年来，摩尔线程将持续注入的融资转化为巨额研发投入，成长为国内唯一实现全功能GPU量产的企 业：2022年至2025年三季度，摩尔线程累计研发投入46.7亿元，同时累计亏损59.39亿元。不过，其成长态势已逐步显现——2025年前三季度，公司营收同比增长 181.99%，达到7.85亿元。据摩尔线程预测，当公司2027年收入达到59.83亿元，同时整体毛利率达到61%，即有望实现合并报表盈利。 摩尔线程此次上市将为早期投资方带来丰厚回报空间。根据招股书，上市后持股4.24%的深圳明皓是公司最大外部股东，以8000万元投资换回发行后约23亿元账面 回报，其背后GP（普通合伙人）是累计管理基金规模超400亿元的善达投资。同样位居前十大股东之列的红杉中国、国盛资本等机构，也均将实现超15亿元的投资 回报。 善达投资收益颇丰 盐城国资隐性受益 摩尔线程的资本故 ...

Core Insights - The company "Moore Threads," known as the first domestic GPU stock, has successfully listed on the Sci-Tech Innovation Board, achieving commercialization and capitalization in just five years since its establishment in 2020 [1][11] - The company has received substantial support from over 80 early investors, accumulating 9.498 billion yuan in funding through eight rounds, which has facilitated its technological breakthroughs and mass production [1][11] - Moore Threads has become the only domestic company to achieve mass production of full-function GPUs, with a cumulative R&D investment of 4.67 billion yuan and a total loss of 5.939 billion yuan from 2022 to the third quarter of 2025 [1] Investment Returns - The listing of Moore Threads is expected to yield significant returns for early investors, with the largest external shareholder, Shenzhen Minghao, projected to achieve a book return of approximately 2.3 billion yuan from an 8 million yuan investment [2] - Other major shareholders, including Sequoia China and Guosheng Capital, are also expected to realize returns exceeding 1.5 billion yuan [2] Founding Team and Early Investments - The founding team of Moore Threads consists of former key members from NVIDIA, including Zhang Jianzhong, who has nearly 15 years of experience with the company [3] - The company secured significant early funding of 81.9048 million yuan within three months of its establishment, facilitated by early investors such as Peixian Qianyao and Shenzhen Minghao [3][4] Capital Structure and Gains - Early investors like Peixian Qianyao and Shenzhen Minghao have realized substantial gains, with Peixian Qianyao achieving nearly 2 billion yuan in total returns from its investment [4][5] - The Salt City Big Data Fund, indirectly benefiting from Moore Threads, has also seen returns of 460 million yuan [6] Support from State-Owned Enterprises - The rapid growth of Moore Threads has been supported by state-owned investment institutions from Shanghai and Shenzhen, with Shenzhen Capital Group being one of the earliest investors [7][8] - Guosheng Capital, representing Shanghai state-owned assets, has contributed over 600 million yuan to the company, becoming its second-largest external shareholder [8] Market Dynamics and Future Prospects - The capital landscape of Moore Threads includes both market-oriented institutions and corporate venture capital (CVC), with Sequoia China being a prominent player [9][10] - The company is expected to receive an additional 8 billion yuan in funding from the secondary market post-IPO, aimed at advancing the development of next-generation AI training chips and graphics chips [11]

"国产GPU第一股"摩尔线程今日登陆科创板。这家专注于全功能GPU领域的企业，自2020年成立至今仅 用5年时间，便完成了商业化与资本化的双重跨越。而这一成就背后，离不开红杉中国、深创投、国盛 资本、腾讯创业投资、和而泰等超80家早期股东，8轮累计94.98亿元资金的鼎力支持，为摩尔线程在创 业阶段突破技术瓶颈、实现量产突围提供了坚实保障。 GPU研发是典型的高投入、长周期、高风险赛道，企业发展进程与资金供给深度绑定。作为中国芯片产 业面对供应链挑战背景下诞生的硬科技企业，摩尔线程由前英伟达全球副总裁、大中华区总经理张建中 于2020年6月创立。5年来，摩尔线程将持续注入的融资转化为巨额研发投入，成长为国内唯一实现全功 能GPU量产的企业：2022年至2025年三季度，摩尔线程累计研发投入46.7亿元，同时累计亏损59.39亿 元。不过，其成长态势已逐步显现——2025年前三季度，公司营收同比增长181.99%，达到7.85亿元。 据摩尔线程预测，当公司2027年收入达到59.83亿元，同时整体毛利率达到61%，即有望实现合并报表 盈利。 摩尔线程此次上市将为早期投资方带来丰厚回报空间。根据招股书，上市后持股 ...

"国产GPU第一股"摩尔线程今日登陆科创板。这家专注于全功能GPU领域的企业，自2020年成立至今仅 用5年时间，便完成了商业化与资本化的双重跨越。而这一成就背后，离不开红杉中国、深创投、国盛 资本、腾讯创业投资、和而泰等超80家早期股东，8轮累计94.98亿元资金的鼎力支持，为摩尔线程在创 业阶段突破技术瓶颈、实现量产突围提供了坚实保障。 摩尔线程的资本故事，始于创始团队的亮眼履历以及善达投资主导的早期布局。 结合公开资料，摩尔线程创始团队成员均源自英伟达核心体系。除张建中拥有近15年的任职履历外，公 司联合创始人周苑、张钰勃、王东，亦曾长期服务于英伟达，其间分别深耕渠道生态、技术、销售等领 域，形成了优势互补的核心创业团队。 硬核的团队背景叠加国产GPU替代的时代风口，使摩尔线程在成立的第3个月便斩获8190.48万元大额融 资，这笔融资由沛县乾曜兴科技合伙企业（有限合伙，简称"沛县乾曜"）、深圳市明皓新科技合伙企业 （有限合伙，简称"深圳明皓"）联合完成——沛县乾曜作为摩尔线程最早期的外部投资人，为后者引入 深圳明皓，因此在该次增资中，前者以1000万元投前估值的优惠价格投资190.48万元；后者则是以 ...