Core Viewpoint - Moer Technology has achieved the fastest IPO record on the Sci-Tech Innovation Board, with a total of 122 days from registration to approval, and is set to become the first domestic GPU stock in the A-share market [2][4][5]. Group 1: IPO Details - The company plans to raise 8 billion yuan through its IPO, with the public offering date set for November 24, 2025 [3]. - Moer Technology will issue 70 million new shares, with 11.2 million shares for online initial issuance and 44.8 million shares for offline initial issuance [3]. - The funds raised will be allocated to various AI and GPU chip development projects, with 1.006 billion yuan earmarked for working capital [3]. Group 2: Financial Performance - Moer Technology has not yet achieved profitability, reporting a cumulative loss of 5.939 billion yuan since 2022, with a loss of 724 million yuan in the first three quarters of 2025 [2][9]. - The company’s revenue has shown significant growth, with 2022 revenue at 46 million yuan, increasing to 1.24 billion yuan in 2023 and 4.38 billion yuan in 2024, representing year-on-year growth rates of 169.01% and 253.65% respectively [9]. - The company anticipates reaching profitability by 2027, projecting revenues of 5.983 billion yuan and a gross margin of 61% [10]. Group 3: Investment and Valuation - Moer Technology's valuation has reached approximately 30 billion yuan prior to its IPO, with early investors seeing returns of up to 1020 times their initial investment [7][8]. - The company has undergone seven rounds of financing, raising over 10 billion yuan in total [6]. - The shareholder base includes notable investors such as China Mobile, Sequoia Capital, and Tencent Investment, with a total of 82 shareholders [7]. Group 4: Market Position and Technology - Moer Technology is often referred to as the "Chinese version of NVIDIA," leveraging the expertise of its founder, who previously held a senior position at NVIDIA [8]. - The company has developed a full-stack technology approach, covering AI computing, professional graphics acceleration, and desktop graphics acceleration [9]. - Moer Technology has successfully mass-produced five generations of full-function GPU chips, positioning itself as a key innovator in the domestic GPU sector [9].

Core Insights - At the 2025 World Artificial Intelligence Conference (WAIC), Moore Threads showcased its full-featured GPU as the core of its "cloud-edge-end" full-stack AI products and solutions [1] - The company's full-featured GPU chip is based on the self-developed MUSA architecture, achieving breakthroughs in multi-technology integration on a single chip, supporting AI computing, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding and decoding [1] Company Developments - Since its establishment in 2020, Moore Threads has launched four generations of GPU architectures and intelligent SoC products, creating a comprehensive matrix of computing acceleration products to meet diverse market and scenario needs [1] - The company presented the Kuai'e (KUAE) intelligent computing cluster solution, which uses full-featured GPUs as the hardware core, providing system-level support for large-scale GPU computing power construction and operation management, with support for expansion to tens of thousands of cards [1] Product Offerings - The showcased products include the full-featured GPU OAM module, AI large model integrated machine MCCX D800 X2, large model computing acceleration card MTT S4000, cloud rendering card MTT S3000, desktop graphics card MTT S80, and edge AI computing module, covering intelligent computing, graphics acceleration, and desktop applications [1][2]