◎记者 严晓菲 这种看似矛盾的现象，源于各方对国产GPU市场广阔前景的共识。据国际数据公司（IDC）预测，到 2029年，中国加速服务器市场规模将超过千亿美元。交银国际研报认为，国产算力芯片行业未来将呈现 百花齐放态势，技术上取得长足进步，包括晶圆代工、存储器、半导体设备等在内的国产算力产业链有 望持续受益。 12月以来，国产GPU领域的两位主要玩家——摩尔线程和沐曦股份，先后叩开了资本市场的大门。这两 家成立均仅5年的公司，正以超预期的市场表现，点燃投资者的巨大热情。 沐曦股份上市首日便坐上A股史上"最赚钱新股"的宝座，股价一度飙涨到逼近900元/股，总市值也已突 破3300亿元。在此之前，摩尔线程在上市后短短几个交易日内，股价最高涨到941.08元/股。 在这两家公司的背后，是两份密密麻麻的出资方名单：沐曦股份股东超过120家，摩尔线程股东超过80 家。在这场从"非共识"到"共识"的转变中，这些"耐心资本"为何能如此守得住寂寞？ 高光时刻： 亏损与高估值反差折射广阔前景 在国产GPU的高光时刻，难以无视的是这两家公司依旧严峻的财务现实。根据招股书，它们都仍处于持 续亏损的状态。 沐曦股份2022至2024 ...

Core Points - Moer Technology, known as the "first domestic GPU stock," officially listed on the Sci-Tech Innovation Board on December 5, 2025, with an opening price of 650 CNY per share, marking a 468.78% increase from its IPO price of 114.28 CNY [1][3] - The company aims to raise 8 billion CNY through this IPO, primarily for the development of next-generation AI training and inference chips, as well as other GPU projects [7][10] - Moer Technology has raised over 10 billion CNY in total funding since its inception, with a notable investor base including Sequoia Capital and Tencent [8][10] Company Overview - Moer Technology was founded in June 2020 by Zhang Jianzhong, a former vice president of NVIDIA, and has quickly gained attention in the GPU market [8][10] - The company has launched four generations of GPU architecture chips from 2021 to 2024, with plans to release an intelligent SoC chip named "Changjiang" in 2024 [7][10] - As of the latest financial reports, Moer Technology has not yet achieved profitability, with projected revenues of 0.46 billion CNY, 1.24 billion CNY, and 4.38 billion CNY for 2022 to 2024, respectively [10][12] Market Position - Moer Technology's full-function GPU is positioned to compete directly with NVIDIA, offering unique advantages in AI training, rendering, and high-performance computing [15] - The company has a low subscription rate of approximately 0.0363% for its IPO, indicating high demand but limited access for individual investors [5][10] - The competitive landscape is intensifying, with other domestic companies like Muxi Technology also pursuing IPOs, which could impact Moer Technology's market share [14][15]

Core Viewpoint - The company, Moore Threads, has emerged as a significant player in the GPU market, being recognized as the "first domestic GPU stock" in China, with a market capitalization of 53.7 billion yuan and a high issuance price of 114.28 yuan, attracting substantial institutional interest [1][2]. Company Overview - Moore Threads was founded in 2020 and has quickly gained recognition in the GPU sector, launching four generations of GPU architectures within four years, from the first generation "Sudi" in 2021 to the fourth generation "Pinghu" expected in 2024 [2]. - The company’s product line spans AI computing, graphics rendering, and scientific computing, achieving a comprehensive "cloud-edge-end" layout [2]. - Despite rapid revenue growth, the company has not yet turned a profit, reporting revenues of 0.46 million yuan in 2022, projected to reach 4.38 million yuan in 2024, and 7.85 million yuan in the first three quarters of 2025, a year-on-year increase of 182% [2]. Financial Performance - The company has incurred significant losses, with net losses of 1.894 billion yuan in 2022, 1.703 billion yuan in 2023, 1.618 billion yuan in 2024, and 724 million yuan in the first three quarters of 2025, totaling nearly 6 billion yuan over three years and nine months [2]. - Research and development investments have exceeded 4.6 billion yuan, reflecting the high upfront costs typical in the technology sector [2]. Market Environment - The demand for GPUs is experiencing explosive growth due to advancements in artificial intelligence and the increasing need for self-sufficient GPU products in key industries amid current international dynamics [4]. - However, the company faces challenges, including intense competition from established players like NVIDIA, which holds over 80% of the market share, and AMD with about 10%, while Moore Threads currently has less than 1% market share domestically [4]. - The competitive landscape is further complicated by the emergence of other domestic GPU companies, such as Muxi Technology, which recently received approval for an IPO [4]. Valuation Concerns - The market is divided on the valuation of Moore Threads, with supporters highlighting its status as a leading domestic GPU player amid a trend towards self-sufficiency, while skeptics point to its high valuation, with a price-to-sales ratio of 122.5 times [3].

国产GPU第一股来了！这家被称为 "中国版英伟达" 的公司，火了！ 今天我们要聊这家备受关注的科技公司——摩尔线程。它一上市就创下了两个记录：一是成为 了"国产GPU第一股"，二是以114.28元的发行价， 成为了今年最贵的新股，总市值达537亿 元。 那么，这家突然冒出来的芯片公司到底是什么来头？为何能吸引286家机构抢购？又凭什么市 值高达537亿元？今天，我们就来一探究竟。 最关键的问题是，537亿元的市值，到底贵不贵？ 市场也在产生分歧，看好者认为，作为国产GPU龙头，在自主可控的发展趋势下，其稀缺性很 强。然而，谨慎者则关注到了它比较高的估值水平，摩尔线程此次发行市销率高达122.5倍。 那么，摩尔线程面临的究竟是什么样的市场环境呢？ 先说机遇：随着人工智能等新技术的发展，GPU的需求正在爆发式增长。而且在当前国际形势 下，自主创新的需求越来越迫切，政府部门、国有企业、关键行业，都需要自主可控的GPU产 品。 要说摩尔线程的上市之路，可谓是顺风顺水。从2025年6月30日科创板IPO获受理，到9月26日 成功过会，仅用时88天， 成为今年科创板从受理到过会用时最短的企业。 摩尔线程到10月30 日获 ...

Group 1 - Chip concept stocks showed active performance on November 24, with multiple stocks hitting the daily limit up, including Pingao Co., which rose by 19.99%, and Guofeng New Materials, Leike Defense, and Mengtian Home, which all reached the limit up [1] - Moer Thread, known as the "first domestic GPU stock," officially launched its IPO subscription on the Sci-Tech Innovation Board, with an issue price of 114.28 yuan per share, marking the highest issue price for a new stock this year [1] - The IPO of Moer Thread is expected to raise a total of 8 billion yuan, potentially becoming the second-largest IPO in A-shares this year and the largest Sci-Tech Innovation Board IPO of the year [1] Group 2 - Several listed companies have disclosed their shareholding in Moer Thread or related cooperation dynamics on investor interaction platforms [2] - Moer Thread is recognized as a significant player in the domestic GPU sector, and its development is expected to drive the entire industry chain, benefiting upstream and downstream enterprises such as IP suppliers, packaging and testing manufacturers, system integrators, and software companies [2]

Group 1: IPO Developments - Moer Technology has officially launched its IPO process on the Sci-Tech Innovation Board, with plans to issue shares on November 24, 2023, marking the emergence of China's first domestic GPU stock [2] - The company focuses on the independent research and development of full-function GPUs and has achieved significant technological breakthroughs in AI computing acceleration and graphics rendering [2][3] - Yushu Technology has completed its domestic listing guidance and will soon submit its prospectus, specializing in high-performance robots and robotic components [4][5] Group 2: Company Performance and Market Position - Moer Technology has released four generations of GPU architecture chips since 2021, with products achieving performance levels comparable to international standards, such as the MTT S80 graphics card nearing the performance of NVIDIA's RTX 3060 [3] - Yushu Technology's revenue structure indicates that approximately 65% of sales come from quadruped robots, with a strong focus on research and education applications [5] - Tuda Technology has become the first global supplier to achieve mass production of automotive-grade LiDAR solutions, delivering over 181,131 units in the first three quarters of the year, reflecting a 7.7% year-on-year growth [6] Group 3: Financial Data and Growth - Insilico Medicine has reported revenue growth from $30.15 million in 2022 to an estimated $85.83 million in 2024, with a significant improvement in gross margin from 63.4% to 90.4% over the same period [8] - The company has narrowed its net loss from $222 million in 2022 to $17.1 million in 2024, indicating a dual-engine business model's effectiveness [8] - Tuda Technology has achieved a gross margin of 12.9% in the first five months of the year, with expectations of positive gross margins for four consecutive quarters starting from Q4 2024 [6]

Group 1: IPO Developments - Moer Thread has officially launched its IPO on the Sci-Tech Innovation Board, with a stock code of "688795," and plans to start subscription on November 24, marking a significant step in China's high-end GPU chip sector [3][4] - Moer Thread is recognized as the only domestic company that has achieved mass production of full-function GPUs, with applications in various fields including AI model training, digital twin, and cloud computing [5] - Yushu Technology has completed its domestic IPO counseling and will soon submit its prospectus, focusing on high-performance quadrupedal and humanoid robots [7][8] Group 2: Company Highlights - Moer Thread's MUSA unified system architecture allows for simultaneous support of AI computing acceleration, graphics rendering, and other advanced functions, establishing a key technical benchmark in the domestic high-end AI chip sector [4] - Yushu Technology has reported annual revenues exceeding 1 billion yuan, maintaining profitability since 2020, with a significant portion of its sales coming from quadrupedal robots [9][8] - Insilico Medicine has updated its prospectus for its Hong Kong IPO, focusing on AI-driven drug development and has established partnerships with major pharmaceutical companies [14][15] Group 3: Market Performance - Seyond Holdings Ltd. (Tudatong) has passed its hearing and plans to list on the Hong Kong Stock Exchange on December 10, specializing in automotive-grade LiDAR solutions [11][12] - Tudatong has delivered approximately 181,131 automotive-grade LiDAR units in the first three quarters of the year, reflecting a year-on-year growth of 7.7% [11] - Insilico Medicine's revenue is projected to grow from $30.15 million in 2022 to $85.83 million in 2024, with a significant increase in gross margin from 63.4% to 90.4% over the same period [15]

Core Viewpoint - The article highlights the rapid development of domestic computing power in China, particularly focusing on the IPO of Moore Threads, which is set to become the first domestic GPU company listed on the Sci-Tech Innovation Board, marking a significant step towards building an independent and controllable computing power system in China [2][3]. Group 1: Company Overview - Moore Threads, established in 2020, specializes in the independent research and design of full-function GPUs, aligning with China's strategy for high-level technological self-reliance [3]. - The company has launched four generations of GPU architecture chips from 2021 to 2024, with the latest being the "Changjiang" smart SoC chip in 2024 [4]. - Moore Threads is the only domestic company that has achieved mass production of full-function GPUs, with products applied in various fields such as AI model training, digital twins, and cloud computing [4]. Group 2: Technological Advancements - The company's products have reached or approached international advanced levels in certain performance metrics, with the MTT S80 graphics card's single-precision floating-point performance nearing that of NVIDIA's RTX 3060 [4]. - Moore Threads has invested over 4.3 billion yuan in R&D from 2022 to June 2025, with over 77% of its workforce dedicated to research, resulting in 514 authorized patents in key technology areas [5]. Group 3: Market Potential - The global GPU market is projected to reach 3.62 trillion yuan by 2029, with China's market expected to grow significantly, from 15.6% of the global market share in 2024 to 37.8% by 2029, reflecting a compound annual growth rate of 51.1% [5]. - The IPO funds will primarily support the development of new AI training and inference chips, graphics chips, and AI SoC chips, aligning with national strategies to enhance key technology independence and build new computing infrastructure [6].

Core Viewpoint - The successful IPO registration of Moer Thread marks a significant milestone for the domestic GPU industry, aligning with national strategies for technological self-reliance and innovation in the semiconductor sector [2][5]. Company Overview - Moer Thread, established in 2020, focuses on the independent research and design of full-function GPUs, positioning itself as a leading player in China's high-end AI chip market [2][4]. - The company has developed a unified system architecture called MUSA, enabling simultaneous support for AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding and decoding [2]. Product Development - From 2021 to 2024, Moer Thread has launched four generations of GPU architecture chips: "Sudi," "Chunxiao," "Quyuan," and "Pinghu," with the "Changjiang" smart SoC chip set to be released in 2024 [3][4]. - The performance of Moer Thread's products is approaching or matching international advanced levels, with the MTT S80 graphics card's single-precision floating-point performance nearing that of NVIDIA's RTX 3060 [4]. Financial Performance - In the first half of this year, Moer Thread achieved a revenue of 702 million yuan, surpassing the total revenue from 2022 to 2024, which was approximately 608 million yuan [4][5]. - The company's gross margin improved significantly from -70.08% in 2022 to 69.14% in the first half of 2025, indicating enhanced product competitiveness and market recognition [5]. Market Outlook - According to forecasts, the global GPU market is expected to reach 3.6 trillion yuan by 2029, with China's GPU market projected to grow to 1.36 trillion yuan, increasing its market share from 30.8% in 2024 to 37.8% [5]. - The AI chip market in China is anticipated to grow from 142.54 billion yuan in 2024 to 1.34 trillion yuan by 2029, with a compound annual growth rate exceeding 50%, making GPUs one of the fastest-growing segments [5]. Strategic Implications - The registration of Moer Thread's IPO signifies a critical leap from technological breakthroughs to capital market recognition, reinforcing China's autonomous development in the strategic GPU sector [5]. - This development is expected to promote the deep integration of domestic high-end AI general-purpose chips and AI application ecosystems, laying a solid foundation for the high-quality development of the digital economy [5].

Core Viewpoint - The successful IPO application of Moer Technology, known as "the domestic Nvidia," highlights the growing importance of AI and GPU technology in China's digital economy and the government's supportive policies for innovation in this sector [1][2]. Company Overview - Moer Technology was established in 2020 and focuses on the research, design, and sales of full-function GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins [4]. - The company has launched four generations of GPU architecture chips from 2021 to 2024, with products that have achieved performance metrics close to or at international advanced levels [4][5]. Market Context - The global GPU market is projected to reach 3.6 trillion yuan by 2029, with China's GPU market expected to grow from 1.36 trillion yuan in 2024 to 37.8% of the global market share [2]. - The AI chip market in China is anticipated to grow at a compound annual growth rate of over 50%, with GPUs being one of the fastest-growing segments [2]. Financial Performance - In the first half of 2025, Moer Technology achieved a revenue of 702 million yuan, surpassing the total revenue from 2022 to 2024, which was approximately 608 million yuan [7]. - The company has attracted significant investment, with over 10 well-known investment institutions participating, raising more than 10 billion yuan [7]. IPO Details - Moer Technology's IPO application was approved in just 88 days, reflecting the supportive regulatory environment for tech companies [1]. - The company plans to raise 8 billion yuan through its IPO to fund projects related to next-generation AI training and inference chips, graphics chips, and smart SoC chips [9]. Ownership Structure - Moer Technology does not have a single shareholder owning more than 30% of the company, with the founder holding 11.06% directly and controlling 36.36% of the shares through agreements [8].