2025.12.18 本文字数：2523，阅读时长大约4分钟 作者 |第一财经 郑栩彤 近期两只GPU股在科创板上市颇受瞩目。摩尔线程上市首日股价涨超4倍，12月11日收盘股价超900元/ 股，远超发行价114.28元/股。沐曦股份12月17日上市首日，投资者中一签浮盈最高逼近40万元，刷新近 十年A股上市首日单签盈利纪录。两只股票达到股价高点后都有所回调，但市场关注度依然很高。 研发费用高企，是这些GPU厂商陷入亏损的一个重要原因。据梳理，摩尔线程是过去三年研发费用最高 的公司。2022年~2024年，摩尔线程、沐曦的研发费用分别为38.1亿元、22.47亿元，壁仞科技研发开支 共27.3亿元。去年摩尔线程、沐曦研发费用占年营收的比例分别为309.88%、121.24%，壁仞科技研发开 支占年收入的比例为245.5%。 毛利率方面，2024年和今年上半年，摩尔线程的毛利率表现相对较好。2022年~2024年，摩尔线程每年 的综合毛利率分别为-70.08%、25.87%、70.71%；沐曦综合毛利率为24.1%、62.88%、53.43%；壁仞科 技为100%、76.4%、53.2%。今年上半年，摩尔线程、壁 ...

Core Viewpoint - The company Moer Thread, known as the "first domestic GPU stock," has begun its IPO subscription on November 24, 2023, with a high issuance price of 114.28 yuan per share, aiming to raise 8 billion yuan, marking the highest fundraising scale on the Sci-Tech Innovation Board this year [1][12]. Group 1: IPO Details - Moer Thread's issuance price of 114.28 yuan per share results in a market capitalization of 53.715 billion yuan and a price-to-sales ratio of 122.51 times [1][8]. - The IPO attracted significant institutional interest, with 286 offline investors and 7,787 allocation objects participating in the initial inquiry, indicating a high level of engagement from the investment community [1][4]. - The company has undergone rapid growth, completing seven rounds of financing over five years, accumulating over 10 billion yuan in total financing [5][6]. Group 2: Market Perception and Valuation - There is a divergence of opinions among investors regarding the valuation of Moer Thread, with some believing its scarcity and the trend towards self-sufficiency in technology will justify a high premium [2][4]. - Conversely, some institutions argue that the valuation is excessive, suggesting that only a limited number of participants will engage in the IPO [3][9]. - The company has been compared to Nvidia, but it faces significant competition and has a market share of less than 1% in its respective segments [9]. Group 3: Financial Performance - Moer Thread reported revenues of 0.46 million yuan in 2022, with projections of 1.24 million yuan in 2023 and 4.38 million yuan in 2024, reflecting growth rates of 169.01% and 253.65% respectively [12]. - Despite revenue growth, the company has incurred substantial losses, totaling 5.939 billion yuan over the past three years [12][13]. - The company anticipates achieving profitability by 2027, contingent on market acceptance and financial performance [13].

Core Viewpoint - The IPO of Moer Thread (688795.SH) has set a record for the highest issuance price of a new stock in 2023 at 114.28 yuan per share, with a total fundraising amount of 8 billion yuan, marking it as the largest financing scale on the Sci-Tech Innovation Board this year [2][4]. Company Overview - Moer Thread was established in 2020 and has quickly become a leading domestic GPU manufacturer, known for its full computing precision support from FP8 to FP64 and being the first domestic GPU company to launch a DirectX12 graphics acceleration engine [4][5]. - The company has successfully mass-produced five chips and developed four generations of GPU architectures and intelligent SoCs, covering a wide range of computing acceleration products in AI, high-performance computing, and graphics rendering [5]. Financial Performance - Moer Thread reported revenues of 0.46 million yuan in 2022, with projections of 1.24 million yuan in 2023 and 4.38 million yuan in 2024, reflecting year-on-year growth rates of 169.01% and 253.65% respectively. For the first three quarters of 2025, revenue reached 7.85 million yuan, a year-on-year increase of 181.99% [5]. - Despite revenue growth, the company has incurred significant losses, totaling 5.939 billion yuan over the past three years and nine months, with expectations to achieve profitability by 2027 [5]. Market Sentiment and Valuation - The IPO attracted high institutional participation, with 286 offline investors and 7,787 allocation objects involved in the initial inquiry, leading to a final issuance price that is in the upper range of the quoted price [2][4]. - There is a divergence in market sentiment regarding the valuation of Moer Thread, with some investors believing its scarcity and alignment with national strategic industries justify a high premium, while others view the valuation as excessively high given the competitive landscape [7][8]. Competitive Landscape - The domestic GPU market is becoming increasingly competitive, with other companies like Muxi Co., Baidu's Kunlun Chip, and others also advancing in the sector, posing challenges to Moer Thread's market position [9]. - Moer Thread's market share in its respective segments is currently below 1%, indicating significant room for growth but also highlighting the competitive pressures it faces [8][9].

Core Viewpoint - The IPO of Moer Thread (688795.SH) has garnered significant attention, with an issuance price of 114.28 yuan per share and a total fundraising amount of 8 billion yuan, marking it as the most expensive new stock of the year and the largest fundraising on the Sci-Tech Innovation Board in 2023 [1][2]. Group 1: IPO Details - Moer Thread's IPO journey has been smooth, with the company completing the IPO review process in just 122 days, the shortest among companies that passed the review this year [2][3]. - The company aims to raise 8 billion yuan for the development of next-generation AI chips, graphics chips, and AISoC chips [4]. Group 2: Financial Performance - Moer Thread has shown rapid growth in revenue, with 2022 revenue at 46 million yuan, increasing to 124 million yuan in 2023 and projected to reach 438 million yuan in 2024, representing year-on-year growth rates of 169.01% and 253.65% respectively [4]. - Despite revenue growth, the company has incurred significant losses, totaling 5.939 billion yuan over the past three years and nine months, with a net loss of 724 million yuan in the first three quarters of 2025 [4][5]. Group 3: Market Position and Competition - Moer Thread is recognized as one of the few domestic GPU manufacturers capable of supporting a full range of computing precision and has been dubbed "China's NVIDIA" due to its competitive architecture [3][7]. - The company faces intense competition in the domestic market, with other players like Muxi Co., Baidu's Kunlun Chip, and others also vying for market share in the GPU sector [8].

Core Viewpoint - The IPO of Moer Thread (688795.SH) is set at an issue price of 114.28 CNY per share, aiming to raise a total of 8 billion CNY, marking it as the most expensive new stock of the year and the largest fundraising on the Sci-Tech Innovation Board this year, second only to Huadian New Energy's 18.171 billion CNY fundraising in July [1][10]. Group 1: IPO Details - Moer Thread's IPO attracted significant institutional interest, with 286 offline investors and 7,787 allocation objects participating in the initial inquiry, with a price range from 88.79 CNY to 159.57 CNY per share [1]. - The final issue price results in a price-to-sales ratio of 122.51 times, giving the company a total market value of 53.715 billion CNY [1]. - The company has experienced a smooth IPO journey, with a total of 122 days from application acceptance to approval, the shortest among companies on the Sci-Tech Innovation Board this year [4]. Group 2: Company Background and Financials - Founded in 2020, Moer Thread has become one of the few domestic GPU manufacturers capable of supporting full computing precision from FP8 to FP64 and is recognized as "China's NVIDIA" due to its competitive architecture and founder's background [4][10]. - The company has reported rapid revenue growth, with revenues of 0.46 million CNY in 2022, projected to reach 1.24 million CNY in 2023 and 4.38 million CNY in 2024, representing year-on-year growth rates of 169.01% and 253.65% respectively [5]. - Despite revenue growth, the company has incurred significant losses, totaling 5.939 billion CNY over the past three years and nine months, with expectations to achieve profitability by 2027 [6][5]. Group 3: Market Position and Competition - Moer Thread has gained substantial investor interest amid a trend towards self-sufficiency in technology, having completed seven rounds of financing totaling over 10 billion CNY within five years [9]. - The competitive landscape is intense, with other domestic GPU leaders like Muxi Co., Baidu's Kunlun Chip, and others also advancing in the market, indicating a challenging environment for Moer Thread [11]. - The company's market share in its respective segments remains below 1%, highlighting the competitive pressures it faces against established players like NVIDIA [10].

Core Viewpoint - The article discusses the recent approval of Moores Threads Intelligent Technology (Beijing) Co., Ltd. for its IPO on the Sci-Tech Innovation Board, highlighting its significant revenue growth and strategic focus on AI computing and GPU development [1][2]. Financial Performance - In the first half of 2025, Moores Threads achieved a revenue of 702 million yuan, surpassing the total revenue of 438 million yuan for the entire year of 2024, attributed to increased demand for large model training, inference deployment, and GPU cloud services [1]. - The net loss for the first half of 2025 was 271 million yuan, a decrease of 56.02% year-on-year and 69.07% quarter-on-quarter, indicating an improving financial situation [1]. - The company expects to achieve consolidated profitability by 2027, with government subsidies contributing approximately 20 million yuan, 200 million yuan, and 300 million yuan in 2025, 2026, and 2027, respectively [1]. Product Development and Market Position - Moores Threads focuses on full-function GPU development, with product lines including AI computing, graphics acceleration, and intelligent SoC for edge computing [2]. - The latest "Pinghu" architecture chip S5000 supports FP8 precision and has a threefold increase in inter-chip bandwidth to 800 GB/s, with a maximum memory capacity of 80 GB, compared to NVIDIA's H20 chip [2]. - AI computing products accounted for 94.85% of total revenue in the first half of 2025, up from 77.63% in 2024, with cluster and board card sales being the primary revenue sources [3]. Sales and Market Strategy - In 2025, Moores Threads plans to sell five AI computing clusters, with one being the "Pinghu" cluster, generating nearly 400 million yuan in revenue, representing 57% of total revenue for the first half of the year [4]. - The company is negotiating project contracts exceeding 1.7 billion yuan in the AI computing sector, primarily focused on the Pinghu series clusters [4]. - Despite the growth in AI computing, the graphics acceleration segment is facing challenges, with the first-generation "Sudi" GPU nearing the end of its lifecycle and the second-generation "Chunxiao" product facing competition from NVIDIA [5]. Future Outlook - Moores Threads is working on the development of a new generation of graphics chips to address the declining revenue and market share in the graphics acceleration segment [5].

Group 1: Core Insights - The rapid approval of Moore Threads' IPO in 88 days signifies a shift in the Sci-Tech Innovation Board from a "system pilot" to "ecological construction," highlighting strong capital market support for hard technology enterprises [1][9]. - Moore Threads aims to raise 8 billion yuan for the development of new AI and graphics chips, as well as to supplement working capital [2][3]. - The company reported a revenue of 702 million yuan in the first half of this year, with a net loss of 271 million yuan, accumulating a total loss of 1.487 billion yuan by mid-year [2][3]. Group 2: Market and Product Landscape - Moore Threads' market share in its respective segments is currently below 1%, with plans to launch its "Yangtze" SoC for smart automotive cockpits by 2026 [3]. - The high-performance GPU market is entering a strategic opportunity period due to the explosive growth in AI demand and the acceleration of domestic computing power replacement [4]. - The AI chip market in China is projected to grow from 142.537 billion yuan in 2024 to 1.34 trillion yuan by 2029, with a compound annual growth rate of 53.7% from 2025 to 2029 [4]. Group 3: Industry Trends and Developments - Several domestic GPU manufacturers, including Muxi Technology and Biran Technology, are also pursuing IPOs, indicating a collective move towards industry consolidation [5][6]. - The IPOs of domestic GPU companies are seen as a positive signal for accelerating technological research and development, as well as for establishing a self-controlled chip ecosystem [6]. - The competition in the domestic GPU market is intense, and the expansion of companies may lead to a new round of industry reshuffling [6][7]. Group 4: Policy and Regulatory Environment - The rapid approval of Moore Threads is closely linked to supportive policies from the China Securities Regulatory Commission (CSRC), which aims to enhance the inclusivity and adaptability of the capital market for innovative technology companies [8][9]. - Recent reforms in the Sci-Tech Innovation Board have facilitated the listing of unprofitable technology companies, reflecting a broader trend of supporting high-quality tech enterprises [8][10]. - The CSRC's focus on improving the capital market ecosystem is expected to accelerate China's competitiveness in fields such as artificial intelligence and commercial aerospace [9][10].

Core Viewpoint - The successful review of Moer Thread's IPO application by the Shanghai Stock Exchange marks a significant step for the company, which aims to become the first domestic GPU stock in China, with plans to raise 8 billion yuan for AI and graphics chip development projects [1][2][3]. Company Overview - Moer Thread was established on June 11, 2020, with a registered capital of approximately 400 million yuan, led by Zhang Jianzhong, a former NVIDIA executive with nearly 20 years of experience in the GPU industry [1][2]. - The company has launched four generations of GPU architectures, covering various fields such as AI computing, cloud computing, and high-performance computing [2]. IPO and Market Position - The company’s IPO application was accepted on June 30, 2023, and it took only 88 days to pass the review, the shortest time among this year's new IPOs on the Sci-Tech Innovation Board [1]. - Moer Thread is valued at 25.5 billion yuan, ranking 261st in the 2024 Global Unicorn List by Hurun Research Institute [2]. Product Development and Strategy - Moer Thread has achieved significant technological breakthroughs with its self-developed MUSA architecture, enabling simultaneous support for AI computing acceleration and graphics rendering [3]. - The company plans to invest the raised funds into the development of next-generation AI chips and graphics chips [1]. Financial Performance - For the first half of 2025, Moer Thread reported a revenue of 702 million yuan, surpassing its total revenue for the years 2022 to 2024, but still recorded a net loss of 271 million yuan [8]. - The company’s gross margin has shown an upward trend, with figures of -70.45%, 27.84%, 72.32%, and 69.17% from 2022 to the first half of 2025 [8]. Market Challenges - Moer Thread faces competition from industry leaders like NVIDIA, with concerns about how it will respond to this competition [4][5]. - The company acknowledged that it still has gaps in comprehensive R&D strength and product ecosystem compared to international giants [5]. Customer Concentration - The company has experienced fluctuations in its customer base, with its largest customer contributing 56.63% of its revenue in the first half of 2025 [9]. - The concentration of revenue from a few major clients raises concerns about stability and sustainability [9]. Future Outlook - Moer Thread aims to enhance its innovation and R&D efforts to align with national strategies for technological independence and the development of new computing infrastructure [6]. - The company has completed eight rounds of financing, attracting investments from notable institutions, indicating strong market interest [10].

Core Viewpoint - Moer Technology's IPO application has passed the review by the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant step towards its public listing, with a fundraising target of 8 billion yuan for AI and GPU chip development projects [1][2][3] Company Overview - Moer Technology, established in 2020, is recognized as the "first domestic GPU stock" and focuses on the research, design, and sales of full-function GPU products, being one of the few domestic companies that integrate graphics rendering and AI computing [2] - The company has mass-produced five chips with a cumulative R&D investment exceeding 4.3 billion yuan, targeting applications in large model training, digital twins, consumer electronics, and cloud computing [2] - Moer Technology's market share in its respective segments is currently below 1% as of 2024 [2] IPO Details - The IPO aims to raise 8 billion yuan for projects including the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [2][3] - The IPO application process from acceptance to approval took only 88 days, reflecting the improved efficiency of the Sci-Tech Innovation Board under the "1+6" reform policy [1][3] Financial Performance - Moer Technology reported revenues of 46.09 million yuan in 2022, 124 million yuan in 2023, 438 million yuan in 2024, and 702 million yuan in the first half of 2025, with net losses of 1.84 billion yuan, 1.67 billion yuan, 1.49 billion yuan, and 271 million yuan respectively [4] - As of June 30, 2025, the company had accumulated losses of 1.48 billion yuan [4] Growth Potential - The company has achieved a compound annual growth rate (CAGR) of 208.44% from 2022 to 2024 and anticipates continued revenue growth, with expectations to achieve profitability by 2027 [5]

Core Viewpoint - Moer Thread has successfully passed the IPO review meeting and is expected to become the first domestic GPU stock, with the entire process taking less than three months from application to approval [1][3]. Group 1: IPO Process and Market Reaction - Following the IPO approval, Moer Thread needs to submit registration to the China Securities Regulatory Commission and obtain approval for the IPO registration [3]. - The A-share market has seen the emergence of "Moer Thread concept stocks," with over ten listed companies disclosing investments or business collaborations with Moer Thread, leading to significant stock price increases [3]. Group 2: Financial Performance - In the first half of 2025, Moer Thread achieved revenue of 702 million yuan, surpassing the total revenue of 438 million yuan for the entire year of 2024, attributed to increased demand for large model training, inference deployment, and GPU cloud services [4]. - The net loss for the first half of 2025 was 271 million yuan, a decrease of 56.02% year-on-year and 69.07% quarter-on-quarter, with cumulative net losses from 2022 to 2024 totaling approximately 5 billion yuan, showing a trend of decreasing losses [4]. - Moer Thread anticipates achieving consolidated profitability by 2027, with government subsidies contributing to the expected profits [4]. Group 3: Product Lines and Market Position - Moer Thread focuses on full-function GPU development, with product lines categorized into AI computing, graphics acceleration, and intelligent SoC for edge computing [5]. - The company has launched four generations of chips since its establishment in October 2020, with a shift towards AI computing products starting from the "Quyuan" chip in 2023 [5]. - The latest "Pinghu" architecture chip S5000 supports FP8 precision and has a memory bandwidth of 800 GB/s, compared to NVIDIA's H20 chip with 900 GB/s bandwidth [5]. Group 4: AI Computing and Graphics Acceleration Products - AI computing products accounted for 94.85% of revenue in the first half of 2025, up from 77.63% in 2024, with significant sales of AI computing clusters [6]. - The company is negotiating projects worth over 1.7 billion yuan in the AI computing sector, primarily focused on the Pinghu series [6]. - In contrast, the graphics acceleration products are facing challenges, with revenue share dropping to 4.68% in the first half of 2025 from 22.06% in 2024, as the first two generations of graphics GPUs reach the end of their lifecycle [7]. Group 5: Competitive Landscape - Moer Thread faces intense competition in the domestic AI chip market, with NVIDIA, Huawei HiSilicon, and AMD holding market shares of 54.4%, 21.4%, and 15.3% respectively, while Moer Thread's share is below 1% [8]. - The company is experiencing homogenization in the mid-to-low-end market due to increased competition from both domestic and international players, making it difficult to quickly increase market share [9]. - Moer Thread has been placed on the U.S. "Entity List," which has disrupted its supply chain and limited access to advanced manufacturing processes and key components, impacting its production and R&D capabilities [9].