摩尔线程发布上市后首份业绩预告。 摩尔线程（688795）1月21日晚间发布2025年业绩预告，经财务部门初步测算，公司预计2025年实现营 业收入14.5亿元到15.2亿元，与上年同期（法定披露数据，下同）相比，收入增长幅度为230.70%到 246.67%。 公司2025年归属于母公司所有者的净利润预计将出现亏损，归属于母公司所有者的净利润预计亏损9.5 亿元到10.6亿元，与上年同期相比，亏损收窄幅度为34.50%到41.30%。 对于业绩变化的原因，摩尔线程表示，报告期内，公司始终专注于全功能GPU的研发与创新，持续推进 产品架构快速迭代，成功推出旗舰级训推一体全功能GPU智算卡MTTS5000，其性能达到市场领先水 平，并已实现规模量产。基于该产品构建的大规模集群已完成建设并上线服务，可高效支持万亿参数大 模型训练，其计算效率达到同等规模国外同代系GPU集群的先进水平。但与部分国际巨头相比，公司在 综合研发实力、核心技术积累、产品客户生态等方面仍存在一定的差距。 （原标题：摩尔线程2025年业绩预告出炉：营收增长逾230% 归母净利润亏损收窄超3成） 得益于人工智能产业蓬勃发展及市场对高性能GPU的 ...

摩尔线程发布上市后首份业绩预告。 摩尔线程（688795）1月21日晚间发布2025年业绩预告，经财务部门初步测算，公司预计2025年实现营业收入14.5亿元到15.2亿元， 与上年同期（法定披露数据，下同）相比，收入增长幅度为230.70%到246.67%。 公司2025年归属于母公司所有者的净利润预计将出现亏损，归属于母公司所有者的净利润预计亏损9.5亿元到10.6亿元，与上年同期 相比，亏损收窄幅度为34.50%到41.30%。 得益于人工智能产业蓬勃发展及市场对高性能GPU的强劲需求，公司产品竞争优势进一步扩大，市场关注度与认可度持续提升，推 动收入与毛利增长，整体亏损幅度同比收窄。同时，公司依然保持高研发投入，目前仍处于持续研发投入期，尚未盈利且存在累计 未弥补亏损。 摩尔线程于2025年12月5日登陆科创板。当天，摩尔线程开盘大涨468.78%，上市首日股价即突破600元/股，收盘大涨425.46%。上 市第二日股价微跌，接下来几个交易日股价大幅攀升，到上市第五日股价最高报941.08元/股，随后股价震荡回落，截至2026年1月 21日收盘，摩尔线程最新股价报627.3元/股，总市值接近3000亿 ...

Core Viewpoint - Moore Threads (688795) has released its first performance forecast post-IPO, projecting a significant revenue increase for 2025 while still expecting a net loss, albeit a reduced one compared to the previous year [2][4]. Financial Performance - The company anticipates 2025 revenue between 1.45 billion to 1.52 billion yuan, representing a year-on-year growth of 230.70% to 246.67% [2]. - The net loss attributable to shareholders is expected to be between 950 million to 1.06 billion yuan, with a reduction in loss margin of 34.50% to 41.30% compared to the previous year [2]. Product Development and Market Position - Moore Threads has focused on the research and innovation of full-featured GPUs, successfully launching the flagship MTTS5000 GPU, which has achieved market-leading performance and is now in mass production [4]. - The company has built large-scale clusters based on this product, which efficiently supports the training of trillion-parameter large models, matching the performance of comparable international GPU clusters [4]. - Despite these advancements, the company acknowledges existing gaps in R&D strength, core technology accumulation, and product ecosystem compared to international giants [4]. Market Trends and Future Outlook - The growth in the artificial intelligence industry and strong demand for high-performance GPUs have further enhanced the company's competitive advantages, leading to increased market attention and revenue growth [4]. - The company continues to invest heavily in R&D, remaining in a phase of sustained investment without profitability and facing cumulative unrecouped losses [4]. Recent Developments - On January 8, the company released version 1.1 of its open-source distributed training simulation tool, SimuMax, which has undergone significant upgrades to support large model training [6]. - The new version features a user-friendly interface, intelligent parallel strategy search, and improved modeling accuracy for complex communication behaviors in mixed parallel training [6].

Market Overview - The A-share market is showing strong performance, with the Shanghai Composite Index achieving a record of 15 consecutive days of gains despite a slight drop of 0.07% on the last trading day [1][24] - A total of 3730 stocks have risen, contributing to a vibrant market atmosphere, with institutions buying nearly 60 billion [3][26] Index Performance - Since the beginning of 2026, the Shanghai Composite Index has increased by 2.88%, the ChiNext Index by 3.09%, the Sci-Tech Innovation Index by 7.93%, the CSI 300 by 2.33%, and the Dividend Index by 1.38% [5][29] - High-risk investors are focusing on sectors like commercial aerospace, brain-computer interfaces, and controllable nuclear fusion, while risk-averse investors may prefer indices like the SSE 50, SSE 180, ChiNext Index, and CSI 300 [5][29] Foreign Investment - Foreign capital continues to favor Chinese assets, with Goldman Sachs predicting a 20% increase in the MSCI China Index and a 12% rise in the CSI 300 Index by the end of 2026 [6][29] ETF Developments - The largest ETF in the A-share market, the CSI 300 ETF managed by Huatai-PB, has been renamed to "CSI 300 ETF Huatai-PB" and has a current scale of 432.9 billion [7][31] - The renaming is expected to help investors easily identify the fund's tracking index and its issuer, enhancing clarity in a complex market [9][33] Sector Highlights - The controllable nuclear fusion sector has seen a surge, with the wind nuclear fusion index rising over 11% this year and 83% last year, driven by major geopolitical events and energy competition [10][34] - Key stocks in this sector, such as Xue Ren Group and China Nuclear Engineering, have experienced significant gains, with several stocks hitting the daily limit [10][34] GPU Sector Performance - The GPU-related stocks have also shown strength, with companies like Moer Thread and Hanguang Information experiencing substantial price increases due to domestic substitution logic and recent product launches [12][36] Commercial Aerospace Sector - The commercial aerospace sector remains highly active, with notable investments from prominent investors, leading to significant stock price increases [15][39] - Recent trading activity indicates that commercial aerospace stocks have become a lucrative opportunity for short-term investors, with some stocks doubling in value within a short period [14][38]