Core Viewpoint - The China Securities Regulatory Commission has approved the IPO registration application for Moore Threads Intelligent Technology (Beijing) Co., Ltd., indicating a significant step for the company in the capital market [1]. Company Overview - Moore Threads focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI, digital twins, and scientific computing since its establishment in 2020 [2]. - The company has launched four generations of GPU architectures and has developed a diverse product matrix covering various applications, including AI intelligent computing, high-performance computing, graphics rendering, and more [2]. - The product line serves different markets, including government, enterprise, and consumer sectors, with ongoing R&D for next-generation architectures and high-performance GPU chips [2]. Financial Performance - According to the prospectus, the company expects to achieve revenue of 702 million yuan and a net profit of -271 million yuan in the first half of 2025 [2]. - From 2022 to 2024, the company reported revenues of 46 million yuan, 124 million yuan, and 438 million yuan, respectively, with net profits of -1.84 billion yuan, -1.67 billion yuan, and -1.49 billion yuan, indicating a trend of increasing revenue and narrowing losses [2]. Revenue Growth Drivers - The revenue growth of Moore Threads is primarily driven by the increase in AI intelligent computing product sales, which reached 665 million yuan in the first half of 2023, accounting for 94.85% of total revenue [3]. - The AI intelligent computing chip "Quyuan" launched in 2023 generated sales of 336 million yuan in 2024, while the latest product "Pinghu" achieved nearly 400 million yuan in sales in the first half of 2025 [3]. - The company is in discussions for expected orders totaling approximately 2.004 billion yuan, with over 1.7 billion yuan in project contracts in the AI intelligent computing sector [3]. - Moore Threads anticipates achieving consolidated profitability by 2027 [3].