Group 1: Company Overview - Moores Threads has submitted its IPO prospectus to the Sci-Tech Innovation Board, aiming to issue no less than 44.45 million shares, which will account for at least 10% of the total shares post-issue [1] - The company operates under a Fabless model, focusing on the research, design, and sales of full-function GPU chips, while outsourcing manufacturing and testing processes [1] Group 2: Financial Performance - In 2024, the company's revenue exceeded 400 million yuan, with a compound annual growth rate (CAGR) of over 200% in the last three years [2] - Despite rapid revenue growth, the company has not yet achieved profitability, with net losses reported at 1.84 billion yuan in 2022, 1.67 billion yuan in 2023, and 1.49 billion yuan in the most recent period [8] Group 3: Technological Advancements - The company has developed the MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, and ultra-high-definition video processing on a single chip [2][3] - Moores Threads' products are designed to be highly compatible with existing global GPU application ecosystems, significantly reducing migration costs and ensuring stable technology application [3] Group 4: Market Position and Competition - The global integrated circuit industry is dominated by a few foreign companies, with Nvidia and AMD holding significant market shares [2] - The Chinese GPU market has grown rapidly, from 38.48 billion yuan in 2020 to an expected 163.82 billion yuan in 2024, driven by increasing demand for AI applications [7] Group 5: Future Prospects and Challenges - The funds raised from the IPO will be allocated to the development of new AI training and inference chips, graphics chips, and AISoC chips, as well as to supplement working capital [6] - The company faces challenges due to being placed on the U.S. Entity List, which restricts its ability to procure U.S. materials and technologies, potentially impacting its operations [8]

Group 1 - Muxi Integrated Circuit (Shanghai) Co., Ltd. has completed its listing guidance, with Huatai United as the advisory institution [2] - Moore Threads has also completed its listing guidance, with CITIC Securities as the advisory institution [3] - Both companies are preparing to submit their prospectuses for an A-share listing [4] Group 2 - Moore Threads focuses on the research and design of full-featured GPU chips and related products, supporting AI computing acceleration, 3D graphics rendering, ultra-high-definition video encoding and decoding, physical simulation, and scientific computing [4] - The company aims to meet the growing demand for large model training and inference, facilitating the application of large models, AIGC, scientific computing, digital twins, physical simulation, and the metaverse across various industries [4] - The founder and CEO of Moore Threads, Zhang Jianzhong, controls 44.07% of the company and emphasizes the vast computational power needed for future AI applications beyond just large language models [4][6] Group 3 - Muxi, established in September 2020 in Shanghai, has set up wholly-owned subsidiaries and R&D centers in several cities including Beijing, Nanjing, Chengdu, Hangzhou, Shenzhen, Wuhan, and Changsha [5] - Muxi is dedicated to providing full-stack GPU chips and solutions for heterogeneous computing, applicable in intelligent computing, smart cities, cloud computing, autonomous driving, digital twins, and the metaverse [5] - The company has launched various GPU product lines, including the Xisi® N series for intelligent computing inference, the Xiyun® C series for general computing, and the Xicai® G series for graphics rendering, focusing on high efficiency and versatility [5]

以全功能GPU为核心。 在过去这一年内，摩尔线程亦取得了多项突破——2023年年末，摩尔线程首个全国产千卡千亿模型 训练平台揭幕，宣告国内首个以国产全功能GPU为底座的大规模算力集群正式落地；今年7月，摩尔 线程又宣布其AI旗舰产品夸娥（KUAE）智算集群解决方案实现重大升级，从千卡级别大幅扩展至万 卡规模。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，摩尔线程智能科技(北京)股份有限公司（以下简称"摩尔线程"）于2024年11月6 日与中信证券签署辅导协议，正式启动A股IPO进程。 这意味着， 摩尔线程 成为短期内第三家与券商签署辅导协议并完成备案的" AI 芯片独角兽"——今 年8月2 3 日和9月1 0 日， 燧原科技 和 壁仞科技 已分别与中金公司和国泰君安证券签署 A 股辅 导协议。 成立于2020年的摩尔线程以全功能GPU为核心，致力于向全球提供加速计算的基础设施和一站式解 决方案，为各行各业的数智化转型提供强大的AI计算支持。 具体来讲， 摩尔线程 的 全功能GPU芯片及相关产品 可支 持AI计算加速、3D图形渲染、超高清视 频编解 ...