Core Viewpoint - Moer Technology has officially announced its IPO on the Sci-Tech Innovation Board, setting the issue price at 114.28 yuan per share, making it the highest-priced new stock of the year and the only stock priced over 100 yuan in 2023 [2][3]. Group 1: IPO Details - The total number of shares issued by Moer Technology is 70 million, with an expected total fundraising amount of 7.9996 billion yuan and a net amount of approximately 7.576 billion yuan, positioning it as the second-largest IPO in A-shares this year [2]. - The funds raised will primarily be used for the development of new generation self-controlled AI training and inference integrated chips, graphics chips, and AI SoC chips, as well as to supplement working capital [2]. Group 2: Company Overview - Moer Technology is a leading domestic GPU company, focusing on the research, design, and sales of GPUs and related products since its establishment in 2020 [3]. - The company has launched four generations of GPU architectures and has developed a product matrix covering AI intelligent computing, cloud computing, and personal computing applications [3]. Group 3: Financial Performance - As of the announcement date, Moer Technology has not yet achieved profitability, with projected revenues of 46 million yuan, 124 million yuan, and 438 million yuan for 2022, 2023, and 2024 respectively, and net losses of 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan for the same years [3]. - The revenue growth rate from 2022 to 2024 is 208.44%, indicating a strong upward trend despite ongoing losses [3]. - Research and development expenses have been significantly high, accounting for 2422.51%, 1076.31%, 309.88%, and 79.33% of total expenses during the reporting period from 2022 to the first half of 2025 [3]. Group 4: Future Outlook - As of June 30, 2025, Moer Technology's cumulative unabsorbed losses amount to 1.604 billion yuan, which is expected to persist post-IPO, limiting the company's ability to distribute cash dividends to shareholders for a certain period [4]. - If the company remains unprofitable at the time of listing, it will be classified under the Sci-Tech Growth Tier [5].

Core Viewpoint - Moer Technology has officially announced its IPO on the Sci-Tech Innovation Board, setting the issue price at 114.28 yuan per share, making it the highest-priced new stock of the year and the only stock priced over 100 yuan in 2023 [3][4]. Group 1: IPO Details - The company plans to issue 70 million shares, aiming to raise approximately 7.9996 billion yuan, with a net amount of about 7.576 billion yuan, positioning it as the second-largest IPO in A-shares this year, following Huadian New Energy [3][5]. - The funds raised will primarily be used for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [3][5]. - The IPO expenses (excluding VAT) amount to 424 million yuan, with CITIC Securities as the sponsor and Ernst & Young Hua Ming as the accounting firm [3][5]. Group 2: Company Overview - Moer Technology is a leading domestic GPU manufacturer, and its listing will mark it as the "first domestic GPU stock" [4]. - The company focuses on the research, design, and sales of GPUs and related products, having launched four generations of GPU architectures since its establishment in 2020 [5]. - Moer Technology has not yet achieved profitability, with revenues of 46 million yuan, 124 million yuan, and 438 million yuan from 2022 to 2024, and net losses of 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan during the same period [5]. - The revenue growth rate from 2022 to 2024 is 208.44%, with significant R&D investments, accounting for 2422.51%, 1076.31%, 309.88%, and 79.33% of total revenue during the respective periods [5].

Group 1 - The core point of the article is that Moer Thread has successfully launched its IPO on the Sci-Tech Innovation Board, raising approximately 79.996 billion yuan, making it the second-largest IPO in A-shares this year [1][2] - The company has set its IPO price at 114.28 yuan per share, which is the highest issuance price for a new stock this year and the only stock priced over 100 yuan [1] - Moer Thread's fundraising will primarily support the development of its next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as supplement working capital [1][2] Group 2 - Moer Thread specializes in the research, design, and sales of GPUs and related products, focusing on providing computing acceleration platforms for AI, digital twins, and scientific computing [2] - The company has not yet achieved profitability, with projected revenues of 0.46 billion yuan in 2022, 1.24 billion yuan in 2023, and 4.38 billion yuan in 2024, while incurring net losses of 18.94 billion yuan, 17.03 billion yuan, and 16.18 billion yuan respectively [2] - The revenue compound annual growth rate from 2022 to 2024 is 208.44%, indicating significant growth potential [2] - Research and development expenses have been substantial, with R&D expenditure as a percentage of revenue being 2422.51%, 1076.31%, 309.88%, and 79.33% over the respective periods [2] - As of June 30, 2025, the company has accumulated unremedied losses of 16.04 billion yuan, which may prevent cash dividends to shareholders for a certain period post-IPO [2][3]