Core Viewpoint - The company, known as "China's Nvidia," is rapidly advancing its IPO process on the Sci-Tech Innovation Board, having responded to the Shanghai Stock Exchange's inquiry letter and expects significant revenue growth from its AI computing products by 2025 and 2026 [1][7]. Financial Performance - The company anticipates an order amount of approximately 2 billion yuan, with a significant portion expected from AI computing business revenues in 2025 and 2026 [1]. - For the first half of 2025, the revenue breakdown is projected as follows: cluster products at 555.10 million yuan (79.12%), board cards at 98.23 million yuan (14.00%), and integrated machines at 12.10 million yuan (1.73%) [4]. - The total revenue from AI computing is expected to reach 665.44 million yuan, accounting for 94.85% of the total revenue for the first half of 2025, compared to 335.59 million yuan (77.63%) in 2024 [4]. Product Development - The company is focusing on large-scale cluster projects, with significant interest from clients in testing new generation products [1]. - The performance of the new products, such as the Pinghu and Quyuan series, is expected to show substantial improvements compared to previous versions, leading to higher prices and gross margins [2][6]. IPO Details - The company plans to raise 8 billion yuan through its IPO, which is notable as it represents one-fifth of the total fundraising amount for A-shares in the first half of the year [7][9]. - The IPO is being sponsored by CITIC Securities, and the company has undergone several rounds of financing, accumulating tens of billions in total funding [10]. Market Position - The company has established itself as a leader in GPU technology, with a focus on AI computing acceleration and various applications, holding 425 authorized patents, ranking high among domestic GPU companies [10].

回复提到，报告期内，发行人图形加速产品的复购率表现相对较高，例如 S3000、S50等产品已形成良 好的复购表现；AI 智算产品的复购率处于提升阶段，集群客户普遍表达了对发行人新一代产品的测试 意愿。公司预计订单水平更能反映公司业绩预期，截至本回复出具日，公司预计订单金额约20亿元，其 中订单金额占比较大的AI智算业务收入预计将于2025年及2026年实现，智能SOC、专业图形加速及桌面 图形加速业务收入预计于2025年实现。在AI智算领域，公司正在洽谈的项目均系规模较大的集群项 目，项目主要为平湖系列板卡为核心的集群，项目已取得采购意向并于2025年上半年完成部分产品交 付，已完成产品测试或阶段性评测，订单的可实现性较高。 责任编辑：钟离 上交所于2025年7月17日出具的《关于摩尔线程智能科技（北京）股份有限公司首次公开发行股票并在 科创板上市申请文件的审核问询函》已收悉，摩尔线程、保荐机构中信证券、竞天公诚律师和安永会计 师对问询函中的相关问题逐项进行了研究和落实，现回复问询函问题。 ...