Core Viewpoint - The IPO applications of domestic GPU chip companies Moore Threads and Muxi have been accepted by the Shanghai Stock Exchange, aiming to raise 80 billion yuan and 39.04 billion yuan respectively, indicating progress in their IPO processes amidst competition in the AI chip sector [1] Company Overview: Moore Threads - Moore Threads was established in October 2020 and has a workforce of 1,126 as of the end of 2024 [2] - The actual controller, Zhang Jianzhong, holds 11.06% of the shares directly and controls 36.36% through holding platforms [2] - The company plans to use the IPO funds for R&D of AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [4] - Moore Threads has chosen the second set of listing standards on the Sci-Tech Innovation Board, with an expected market value of no less than 1.5 billion yuan [4] - The company’s revenue is projected to grow from 0.46 billion yuan in 2022 to 4.38 billion yuan in 2024, with a compound annual growth rate (CAGR) of 208.44% [5] - Despite rapid revenue growth, the company reported net losses of approximately 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan from 2022 to 2024 [5][6] - Moore Threads anticipates achieving profitability by 2027 based on future product sales and cost forecasts [6] - The company has established four product lines, with AI computing products contributing 77.63% of revenue in 2024 [6] - The gross margin for its products in 2024 is 70.71%, with AI computing and professional graphics acceleration products having higher margins [7] - The company faces risks related to high customer concentration, with the top five customers contributing over 80% of revenue from 2022 to 2024 [7] Company Overview: Muxi - Muxi was founded in September 2020 and has a workforce of 870 as of March 2023 [8] - The founder, Chen Weiliang, has nearly 20 years of experience in GPU chip design and controls 22.94% of the voting rights [8][9] - Muxi aims to raise funds for the R&D of high-performance general-purpose GPU chips and AI inference GPU chips [9] - The company has chosen the fourth set of listing standards on the Sci-Tech Innovation Board, with an expected market value of no less than 3 billion yuan [9] - Muxi's revenue is projected to grow from 0.424 million yuan in 2022 to 7.43 billion yuan in 2024, with a staggering CAGR of 4,074.52% [9] - The revenue heavily relies on the C500 series training and inference chip, which accounted for 97.28% of revenue in 2024 [9][10] - Muxi's gross margin for 2024 is 53.43%, with the training and inference GPU board having a margin of 56.21% [13] - The company reported net losses of approximately 0.777 billion yuan, 0.871 billion yuan, and 1.409 billion yuan from 2022 to 2025 [13][14] - Muxi also faces high customer concentration risks, with the top five customers contributing 71.09% and 88.35% of revenue in 2024 and the first three months of 2025, respectively [11]

Core Viewpoint - The company, Moore Threads, has officially submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 8 billion yuan for the development of next-generation AI and graphics chips, enhancing its competitive edge in the GPU market [1][4]. Group 1: Company Overview - Moore Threads specializes in the research, design, and sales of GPUs and related products, focusing on high-performance computing areas such as AI, digital twins, and scientific computing since its establishment in 2020 [1]. - The company has successfully launched four generations of GPU architectures, creating a diverse product matrix that covers various applications including AI intelligence, high-performance computing, graphics rendering, and personal entertainment tools [1][2]. Group 2: Product Lines - The AI computing product line includes AI training and inference cards, AI supernode servers, and KUAE computing clusters, designed to meet the needs of AI computing centers and cloud service platforms [2]. - Professional graphics acceleration products are aimed at high-end applications such as industrial design and video editing, featuring various GPU series and integrated solutions [3]. - Desktop graphics acceleration products cater to AI PCs, gaming PCs, and office PCs, supporting multiple operating systems and CPU platforms [3]. - Intelligent SoC products are designed for AI PCs, edge intelligence, and smart vehicles, providing integrated solutions for AI training and inference needs [3]. Group 3: Fundraising and Strategic Goals - The IPO aims to raise 8 billion yuan for projects focused on the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [4]. - The fundraising projects are aligned with the company's development plans, aimed at enhancing GPU performance, driving product innovation, and expanding the company's business scale [4]. - Moore Threads aims to become a leading GPU enterprise with international competitiveness, providing robust AI computing support for digital transformation across various industries [4].