Core Viewpoint - The announcement by Moore Threads to use up to 7.5 billion yuan of idle raised funds for cash management has sparked significant debate on social media, especially given the company's substantial losses exceeding 720 million yuan in the first three quarters of 2025 [1][3]. Group 1: Event Background - On December 12, Moore Threads announced plans to use up to 7.5 billion yuan of idle raised funds for cash management, which quickly became a focal point in the investment community [3]. - Investors expressed concerns that using raised funds for financial management rather than core technology development contradicts the company's strategic positioning as a leading domestic GPU manufacturer [3][5]. Group 2: Company Response - In response to market concerns, Moore Threads clarified that the 7.5 billion yuan is a maximum limit for cash management, not the actual amount to be invested, which will be significantly lower [5][6]. - The company emphasized that its funding plan is clear and that cash management will not affect its core business or research and development efforts [5][6]. Group 3: Investment Direction - Moore Threads plans to invest in low-risk, high-liquidity, and capital-protected financial products, including various types of deposits and conservative financial products [8]. - The company has stated that cash management investments will not include stocks or derivatives, and there will be dedicated personnel to monitor these investments [8]. Group 4: Market Performance - Moore Threads' stock price surged over 600% from its initial offering price, reaching 814.88 yuan per share, with a total market capitalization of 383 billion yuan [9]. - Despite the strong stock performance, the company reported a net loss of 724 million yuan for the first three quarters of 2025, with an expected full-year loss between 730 million yuan and 1.168 billion yuan [9][10]. Group 5: Latest Developments - Moore Threads is set to hold its first MUSA Developer Conference on December 19-20, where the CEO will present the new GPU architecture and the company's future vision [12]. - The conference aims to strengthen the developer ecosystem and accelerate the commercialization of domestic GPUs in various applications [12]. Group 6: Industry Benchmark - The practice of using idle raised funds for cash management is not unique to Moore Threads and is common among listed companies, especially during the initial phases of project implementation [14]. - This approach is seen as a way to enhance fund efficiency and increase company returns while ensuring project progress and fund safety [14].

Core Viewpoint - Moer Technology plans to use up to RMB 7.5 billion of idle raised funds for cash management, effective for 12 months from board approval, to enhance fund utilization efficiency and ensure project implementation safety [1][3] Fundraising and Financial Performance - The company recently completed its IPO, raising approximately RMB 7.9996 billion, with a net amount of about RMB 7.576 billion after expenses [1][3] - In the first six trading days post-IPO, Moer Technology's stock price surged by 723.49%, reaching a peak of RMB 941.08 per share, with a market cap exceeding RMB 440 billion [1] - On December 12, the stock experienced a significant drop of over 19%, closing at RMB 814.88, but still reflecting a cumulative increase of over 613% [1] Investment Allocation - The raised funds will be allocated to three core technology projects: - New generation AI training and inference integrated chip project (approximately RMB 2.51 billion) - New generation graphics chip project (approximately RMB 2.50 billion) - New generation AI SoC chip project (approximately RMB 1.98 billion) - An additional RMB 1 billion is designated for working capital [3][4][5] Cash Management Strategy - The cash management plan aims to invest in high-security, liquid principal-protected products, including but not limited to time deposits and structured deposits, without affecting the ongoing projects [3][5] - The company emphasizes that this strategy will not impact daily operations or project progress while aiming to enhance cash asset returns for shareholders [3] Market Reaction and Future Outlook - Following the announcement of the cash management plan, investor reactions were mixed, with some questioning the decision while others supported it as a means to ensure liquidity and increase revenue [3] - Moer Technology is set to release a new generation GPU architecture on December 19-20, which has generated investor enthusiasm, leading to stock price increases of 5.73%, 16.98%, and 28.04% over three consecutive trading days [5] - The company has acknowledged the need for continued high R&D investment and product iteration, while recognizing existing gaps compared to international competitors [5][6] Financial Status - As of the first half of 2025, Moer Technology reported revenue of RMB 702 million, surpassing total revenue from 2022 to 2024, but still incurred a net loss of RMB 271 million [6] - The company anticipates achieving profitability by 2027 at the earliest, with cumulative losses of approximately RMB 1.48 billion as of June 30, 2025 [6]

Core Viewpoint - The recent performance of Moer Technology, known as the "first domestic GPU stock," has been strong, with significant stock price increases following the announcement of a new GPU architecture release scheduled for December 19-20, 2023 [1][3] Group 1: Stock Performance - On December 11, Moer Technology's stock opened strongly, reaching a high of 830 CNY per share, and by 10:23 AM, it had increased by over 11.7%, surpassing 800 CNY, with a total market capitalization of 385 billion CNY [1] - The stock price surged from 628.31 CNY on December 9 to 735 CNY on December 10, marking a nearly 17% increase in one day [3] Group 2: Company Financials - For the first half of 2025, Moer Technology reported revenue of 702 million CNY, exceeding the total revenue from 2022 to 2024, but the company still faced a net loss of 271 million CNY during the same period [3] - As of June 30, 2025, the company had accumulated an unremedied loss of approximately 1.48 billion CNY and anticipates achieving consolidated profitability by 2027 at the earliest [3] Group 3: Product Development - Moer Technology has launched four generations of GPU architectures, including Sudi, Chunxiao, Quyuan, and Pinghu, with applications in AI computing, cloud computing, high-performance computing, and graphics rendering [3]

Core Viewpoint - Moore Threads is set to unveil its next-generation GPU architecture at the inaugural MUSA Developer Conference on December 19-20, 2023, where the company's full-stack development strategy and future vision will be presented by founder and CEO Zhang Jianzhong [1] Group 1: Company Developments - Moore Threads, known as the "first domestic GPU stock," officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2023, opening at 650 CNY per share, a 468.78% increase from the issue price of 114.28 CNY per share, and closing at 600.5 CNY per share [1] - Following the announcement of the upcoming conference, Moore Threads' stock rose by 5.73% to 628.31 CNY per share, with a total market capitalization reaching 295.3 billion CNY, although it remains over 8% below its peak of 688 CNY per share since listing [1] - As of now, Moore Threads has launched four generations of GPU architectures (Sudi, Chunxiao, Quyuan, and Pinghu), covering fields such as AI computing, cloud computing, high-performance computing, and graphics rendering [1] Group 2: Financial Performance - In the first half of 2025, Moore Threads achieved a revenue of 702 million CNY, surpassing the total revenue from 2022 to 2024, but still reported a net loss of 271 million CNY during the same period [2] - As of June 30, 2025, the company has accumulated an unrecouped loss of approximately 1.48 billion CNY and expects to achieve consolidated profitability by 2027 at the earliest [2]