一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 量化派 港股｜挂牌上市 据IPO早知道消息，量化派控股有限公司（以下简称"量化派"）于2025年11月27日正式以"2685"为 股票代码在港交所主板挂牌上市。 作为一家专注于中国消费领域的线上市场运营商，量化派持续深耕电商、汽车零售 O2O 等高频消费 场景，逐步构建起"用户—商品/服务—消费场景"的高效整合体系，为业务伙伴带来持续增长与协同 效应。 依托在消费领域的多年深耕，量化派沉淀了深厚的行业认知，并持续扩大用户与业务伙伴的覆盖范 围。截至 2025 年 5 月 31 日，量化派已连接超6,030万注册终端客户及2,646家业务伙伴，平台规 模稳步增长。 在业务规模不断扩大的同时，量化派的技术体系也持续深化——量化派自主研发的 "量星球" AI 技术 平台将运营、算法、营销等五大系统深度整合，为业务伙伴提供模块化、全链路的数字化解决方案， 助力提升获客效率、转化效果及整体运营能力。 在智能技术方面，量化派已构建起成熟的用户画像与分析体系，累计取得 9 项专利及 58 项软件著 作权，技术团 ...

在国产GPU赛道风起云涌、技术封锁与生态壁垒双重夹击的背景下，一家成立仅5年的企业，正以"全功 能GPU"的独特定位在国产芯片的浪潮中强势突围。11月20日晚间，摩尔线程进一步披露上市的细节： 此次发行股份数量为7000万股，发行价格为114.28元/股，一举拿下今年科创板募资规模最大IPO及科创 板新股发行价新高两个头衔。 摩尔线程的认购火爆程度远超预期。11月24日启动申购后，网上有效申购倍数已超出4000倍，网下初步 询价吸引了286家投资者，7787个配售对象参与，拟申购数突破700亿股，网下申购倍数超1572倍，创下 年内最高纪录。 11月25日，摩尔线程网下配售名单出炉，包括中信证券资管计划、国家级产业基金、互联网大厂等机构 集体下场，堪称"全明星阵容"。11月27日，摩尔线程公布新股发行结果，网上最终发行量1680万股，中 签率为0.036%，网下发行3920万股，战略配售数量为1400.00万股。其中，网下投资者全额认购，网上 放弃认购数量仅为29302股，此部分由保荐人(主承销商)包销，包销比例约0.04%，远低于市场常见水 平，显示市场投资者对于摩尔线程的高度认可与乐观预期。 市场的热情， ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025 年，中国算力产业正站在一个历史性的转折点上：大模型全面爆发，智算需求以指数级速度攀 升，而与此同时，围绕算力的全球科技竞争，正把GPU推向前所未有的战略高度。 正因如此，国产GPU的价值也迎来了重估。而即将成为"国产GPU第一股"的摩尔线程，无疑是最受关注 的标的之一。 近日，摩尔线程（688795）在科创板正式发行，114.28元/股的发行价成为今年最"贵"新股。据公告，本 次网上发行有效申购户数达到482.66万户，有效申购股数高达462.17亿股。由于本次网上初步有效申购 倍数约为 4，126.49 倍，高于 100 倍，发行人和保荐人决定启动回拨机制。回拨机制启动后，网上发行 最终中签率为 0.03635054%。 投资者对摩尔线程的热情令人毫不意外。事实上，从IPO申请获得受理到成功过会，摩尔线程仅用时88 天，同样创下2025年科创板过会最快纪录。 AI的每一次技术跃迁，背后都是算力形态的变革。作为中国少数走通全功能 GPU 路线的企业，摩尔线 程正在成为这场时代浪潮的关键变量。 对标英伟达，"全功能GPU"的含金 ...

Core Viewpoint - Moer Thread has successfully completed its initial public offering (IPO) and strategic placement, with a total of 70 million shares issued, of which 14 million shares (20%) were allocated for strategic investors [1][2]. Group 1: IPO Details - The IPO price was set at 114.28 yuan per share, with a total of 1.6 billion yuan raised from strategic placements [3][7]. - Strategic investors include CITIC Securities, Southern Industrial Asset Management, and China Insurance Investment Fund, among others [1][2]. Group 2: Company Performance and Market Potential - Moer Thread's revenue has shown significant growth, increasing from 46 million yuan in 2022 to 438 million yuan in 2024, representing a compound annual growth rate (CAGR) of over 208% [5]. - The global GPU market is projected to reach 3.62 trillion yuan by 2029, with China's market expected to grow to 1.36 trillion yuan, capturing a market share increase from 15.6% in 2024 to 37.8% [5]. Group 3: Technological Advancements - The company has successfully mass-produced five chip models and completed four GPU architecture iterations, covering various applications such as AI computing, high-performance computing, and graphics rendering [5][6]. - Moer Thread has invested over 4.3 billion yuan in R&D from 2022 to mid-2025, with over 77% of its workforce dedicated to research and development [6]. Group 4: Future Plans - The funds raised from the IPO will primarily be used for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [7].

一个由产业资本、国家队和头部投资人共同构筑的资本与产业共同体浮出水面： | 序号 | 发起人 | 持股数(万股) | 持股比例(%) | | --- | --- | --- | --- | | 1 | 南京神做 | 5,818,6082 | 17.6321 | | 2 | 张虚中 | 4,424,2122 | 13,4067 | | 3 | 就拥华做 | 2,692,7569 | 8.1599 | | de | 深圳明皓 | 2,264,7803 | 6,8630 | | 3 | 国篮资本 | 1.958.8689 | 6.9360 | | 6 | 红杉资本 | 1.915.4406 | 5,8044 | | 7 | 流悬乾燥 | 1,699,8680 | 5.1511 | | 8 | 国名泉事 | 1.155.5696 | 3.5017 | | 9 | 中移服会 | 849 4444 | 2.5744 | | 10 | 杭州直营 | 804.2239 | 2.4370 | | 11 | 统州设做 | 804.2239 | 2.4370 | | 12 | 和谐健康 | 679,6458 | 2.0595 | ...

本周一，国产GPU黑马摩尔线程开始申购，招股说明书显示，摩尔线程发行价为114.28元/股，是今年以 来发行价最高的新股，本次发行股票数量为7000万股，发行后总股本约4.7亿股，按114.28元/股的发行 价计算，上市时总市值将达537亿元。 摩尔线程本次IPO预计募集资金总额为80亿元，将成为今年以来A股第二大IPO项目，仅次于7月16日在 沪市主板上市的华电新能，也是年内最大规模的科创板IPO。 | 序号 | 发起人 | 持股数(万股) | 持股比例(%) | | --- | --- | --- | --- | | 23 | 招商局创投 | 304.3704 | 0.9223 | | 24 | 纪源皓月 | 292.1954 | 0.8854 | | 25 | 腾讯创业投资 | 289.3554 | 0.8768 | | 26 | 福建拓锋 | 268.0751 | 0.8123 | | 27 | 博时招商 | 266.5125 | 0.8076 | | 28 | 深圳一创 | 259.9904 | 0.7878 | | 29 | 洪泰基金 | 254.8673 | 0.7723 | | 30 | 域峰 ...

11月24日晚间，摩尔线程智能科技(北京)股份有限公司(以下简称"摩尔线程")公布首次公开发行股票的 网上申购情况及中签率。数据显示，本次网上发行有效申购户数达482.66万户，由于本次网上发行初步 有效申购倍数约为4126.49 倍，超过 100 倍，发行人和保荐人(主承销商)决定启动回拨机制，最终网上 发行股数为 1680 万股，网上中签率为0.03635054%。 其二，在AI浪潮汹涌而来的当下，全功能GPU凭借"AI+图形"的双线突破，确立了其核心壁垒。以英伟 达和摩尔线程为代表的全功能GPU具备功能完备性与计算精度完整性，在工作效率、生态完整多样性以 及兼容性等方面更具优势。与其他类型的加速芯片相比，全功能GPU可满足更广泛的应用需求，在科学 计算、世界模型、具身智能、物理AI等未来AI的发展趋势下，全功能GPU将拥有显著的竞争优势。 其三，摩尔线程的技术研发与创新能力走在行业前列。据悉，摩尔线程已成功推出四代 GPU 架构和智 能SoC产品，并形成了覆盖 AI 智算、高性能计算、图形渲染、计算虚拟化、智能媒体和面向个人娱乐 与生产力工具等应用领域的多元计算加速产品矩阵，产品线涵盖政务与企业级智能计 ...

公司的竞争力已不止于芯片设计。其打造的 "夸娥"（KUAE）智算集群已实现万卡级（10,240个GPU） 互联，具备支撑前沿大模型预训练的系统能力。这标志着摩尔线程完成了从硬件供应商向算力基础设施 平台的战略跃升，打开了更大的市场天花板。 光明的未来与现实的挑战 摩尔线程成立于2020年，创始团队成员均具有英伟达背景，创始人张建中曾任英伟达全球副总裁、大中 华区总经理。公司在短短四年内快速完成了四代GPU架构迭代，从"苏堤"、"春晓"到"曲院"、"平湖"， 产品覆盖 AI 智算、云计算和个人智算等高性能计算领域，产品出货形态包括、芯片、板卡、一体机、 集群。 财务数据展现出强劲的增长势头：营收从2022年的4600万元飙升至2024年的4.38亿元，三年复合增长率 超过200%，2025年上半年营收已达7.02亿元，接近去年全年的1.6倍。更引人注目的是，2024年至2025 年上半年，公司毛利率稳定在70%左右。显示出较强的产品竞争力。 然而，亮眼业绩的背后是持续的巨额研发投入。2022-2024 年，公司研发费用分别为 11.16、13.34、 13.59 亿元，为净亏损的主要原因。 本次发行定价充分体现 ...

Core Viewpoint - The company "Moore Threads" is set to launch its IPO on the Sci-Tech Innovation Board, with a total share issuance of 70 million shares at a price of 114.28 yuan per share, aiming to raise approximately 8 billion yuan in total funds [1][2]. Group 1: Company Overview - Moore Threads was established in June 2020 and officially began operations in October 2020, recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise by the state [2]. - The company specializes in the research, design, and sales of full-function GPU-related products and is one of the few domestic manufacturers capable of supporting full computational precision from FP8 to FP64 [2]. - The founder and actual controller, Zhang Jianzhong, has over ten years of experience at NVIDIA, where he served as global vice president and general manager for China [2]. Group 2: Financial Information - After the issuance, the total share capital of Moore Threads will be 470 million shares, leading to an estimated market capitalization of 53.7 billion yuan at the IPO price [2]. - The company has shown significant revenue growth but remains in a loss-making phase, with revenues of 0.46 million yuan in 2022, 1.24 million yuan in 2023, and projected 4.38 million yuan in 2024, while net losses were 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan respectively [3]. - In the first half of 2025, the company achieved revenues of 702 million yuan, surpassing the total revenue of the previous three years, with a net loss of 271 million yuan [3]. Group 3: Market Outlook - The company expresses strong confidence in the future development of the industry, anticipating explosive growth in demand for GPU and computing infrastructure driven by the increasing application of AI [3]. - According to Frost & Sullivan, the GPU market in China is expected to grow to 1.363578 trillion yuan by 2029, indicating a positive outlook for the development of computing infrastructure [3]. - The management team estimates that the company could achieve consolidated profitability as early as 2027 based on market space, product development, and customer engagement [3].

Core Viewpoint - The article highlights that Moer Technology is set to become the first A-share listed company with "full-function GPU" as its core asset, marking a significant milestone in the domestic high-end AI chip sector [2][3]. Company Overview - Founded in 2020, Moer Technology focuses on the independent research and design of full-function GPUs, positioning itself as a leading player in the domestic high-end AI chip market [4]. - The company's strategic choice of "full-function GPU" distinguishes it from competitors that focus on AI computing, such as GPGPU or ASIC chips, by integrating multiple functionalities into a single chip [5]. Product and Technology - The full-function GPU integrates four major engines: AI computing acceleration, graphics rendering, physical simulation, and ultra-high-definition video encoding/decoding, catering to diverse computing needs [6]. - The MUSA unified system architecture, developed by Moer Technology, serves as the technical foundation for its full-function GPUs, ensuring compatibility with mainstream ecosystems and allowing developers to migrate existing models without rewriting code [6]. - Moer Technology has launched four generations of GPU architecture chips since its inception, with the latest "Pinghu" architecture featuring 8,192 shading cores and 512 tensor cores, supporting FP8 precision and a memory bandwidth of 800 GB/s [7]. Financial Performance - In the first half of 2023, Moer Technology achieved a revenue of 702 million yuan, nearly 1.6 times its projected full-year revenue for 2024, and surpassing the total revenue from 2022 to 2024 [7]. - The company has shown a trend of narrowing losses from 2023 to 2024, indicating improved commercial conversion efficiency and initial scale effects [8]. - The revenue from AI computing products has rapidly increased, with a total of 1 billion yuan generated from 2022 to 2024, reflecting a strategic focus on the high-growth AI computing sector [8]. Market Position and Ecosystem - Moer Technology's KUAE intelligent computing cluster, based on its self-developed full-function GPU, supports interconnectivity of up to 10,240 GPUs, showcasing its capability to provide large-scale computing infrastructure [9][10]. - The company has initiated the "Moer Academy" developer program and completed compatibility certification for over a hundred domestic software solutions, enhancing its ecosystem and attracting more developers [10]. - The initiation of Moer Technology's IPO signifies a systematic valuation assessment of domestic GPU enterprises in the capital market, amidst increasing global competition for AI computing resources [11].