2025年，摩尔线程专注全功能GPU研发创新，持续推进产品架构迭代，成功推出旗舰级训推一体全功能GPU智算卡 MTTS5000，产品性能达市场领先水平并实现规模量产。基于该产品搭建的大规模集群已上线服务，可高效支持万亿参数大模 型训练，计算效率达到同等规模国外同代系GPU集群先进水平。 本报讯 （记者李乔宇） 2月27日晚间，摩尔线程智能科技（北京）股份有限公司（以下简称"摩尔线程"）披露2025年度业绩快报。2025年，摩尔 线程实现营业收入15.05亿元，同比增长243.37%；实现归属于母公司所有者的净利润为-10.24亿元，与上年同期相比亏损收 窄。此外，摩尔线程基本每股收益、加权平均净资产收益率同比均有所改善，整体展现出稳健向好的发展态势。 （编辑 张伟） 2026年春节前后，凭借MUSA架构卓越的生态兼容性和广泛的算子库，摩尔线程S5000已高效完成对GLM-5、 MiniMaxM2.5、KimiK2.5、Qwen3.5等SOTA大模型的深度适配。 ...

摩尔线程发布业绩快报，2025年度实现营业总收入15.06亿元，同比增长243.37%；归属于母公司所有者 的净利润亏损10.24亿元，上年同期亏损16.18亿元。报告期内，公司专注全功能 GPU 研发创新，持续推 进产品架构迭代，成功推出旗舰级训推一体全功能 GPU 智算卡 MTTS5000，产品性能达市场领先水平 并实现规模量产。受益于 AI 产业发展及高性能 GPU 市场需求旺盛，公司产品竞争力与市场认可度不 断提升，带动收入及毛利增长，亏损幅度同比收窄。 ...

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 ...

摩尔线程称，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。 资料显示，摩尔线程成立于2020年6月，以全功能GPU为核心，致力于向全球提供加速计算的基础设施 和一站式解决方案,为各行各业的数智化转型提供强大的AI计算支持，2025年12月5日公司以88天创科创 板IPO最快过会纪录，吸引了广泛关注。2025年前三季度，摩尔线程实现营收7.846亿元，同比大幅增长 182%，净亏损7.235亿元。 摩尔线程上市以来备受市场关注。根据此前招股资料，摩尔线程已成功推出四代GPU架构，并形成了覆 盖AI智算、高性能计算、图形渲染、计算虚拟化、智能媒体和面向个人娱乐与生产力工具等应用领域 的多元计算加速产品矩阵，产品线涵盖政务与企业级智能计算、数据中心及消费级终端市场，能够满足 政府、企业和个人消费者等在不同市场中的差异化需求。 1月21日晚间，摩尔线程（688795）发布2025年度业绩预告，经财务部门初步测算，预计公司 ...

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].

Group 1 - The company, Moore Threads, forecasts a revenue of 1.45 billion to 1.52 billion yuan for 2025, representing a year-on-year growth of 230.70% to 246.67% [1] - The net profit attributable to the parent company is expected to be a loss of 950 million to 1.06 billion yuan, indicating a narrowing of losses compared to the previous year [1] - As of January 21, the company's stock closed at 627.3 yuan per share, with a total market capitalization of 294.849 billion yuan [1] Group 2 - The company has successfully launched the MTTS5000, a flagship AI training and inference GPU card, which has achieved market-leading performance and is in mass production [2] - The company maintains high R&D investment and is still in a phase of continuous R&D, with cumulative losses that have not yet been offset [2] - The GPU industry is characterized by high barriers to entry, significant R&D investment, and long development cycles, requiring extensive full-stack R&D capabilities [2] Group 3 - Over the past five years, the company has successfully mass-produced five chips and completed four generations of GPU architecture, creating a comprehensive product matrix that supports various fields including AI, scientific computing, and graphics rendering [3] - The company announced it will use its own funds to meet the funding needs of its projects, ensuring the smooth progress of GPU R&D [3] - The raised funds will be directed towards three core R&D projects: a new generation of self-controlled AI training and inference chip, a new generation of self-controlled graphics chip, and a new generation of self-controlled AISoC chip [3]

Core Viewpoint - The company, Moore Threads, anticipates a net loss of between 950 million to 1.06 billion yuan for the year 2025, indicating a year-on-year reduction in losses of 34.50% to 41.30% [1]. Group 1: Financial Performance - The expected net profit attributable to shareholders for 2025 is projected to be a loss of 950 million to 1.06 billion yuan, with a year-on-year reduction in losses of 34.50% to 41.30% [1]. - The expected net profit excluding non-recurring gains and losses is projected to be a loss of 1.04 billion to 1.15 billion yuan, with a year-on-year reduction in losses of 29.59% to 36.32% [1]. - As of January 21, the company's stock closed at 627.3 yuan, with a market capitalization of 294.8 billion yuan [2]. Group 2: Product Development and Market Position - The company has focused on the research and innovation of full-function GPUs, successfully launching the flagship MTTS5000 GPU, which has achieved market-leading performance and has entered mass production [1]. - A large-scale cluster based on the MTTS5000 has been completed and is operational, efficiently supporting the training of trillion-parameter large models, with computational efficiency on par with advanced international GPU clusters of the same generation [1]. - Despite the growth in revenue and gross profit due to the booming AI industry and strong demand for high-performance GPUs, the company still faces gaps in R&D strength, core technology accumulation, and product customer ecosystem compared to international giants [2]. Group 3: Research and Development Investment - The company maintains high R&D investment levels and is still in a phase of continuous R&D investment, indicating it has not yet achieved profitability and has accumulated unrecouped losses [2].

Core Viewpoint - The company, Moore Threads, anticipates significant revenue growth in 2025, projecting revenues between 1.45 billion to 1.52 billion yuan, representing a year-on-year increase of 230.70% to 246.67% while expecting a reduced net loss compared to the previous year [1] Group 1: Financial Performance - The company forecasts a net loss of 950 million to 1.06 billion yuan for 2025, a decrease from the previous year's loss of 1.618 billion yuan, indicating a reduction in loss by 34.50% to 41.30% [1] - For the first three quarters of 2025, the company reported revenues of 784.6 million yuan, a substantial year-on-year increase of 182%, with a net loss of 723.5 million yuan [2] Group 2: Product Development and Market Position - The company focuses 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 [1] - The large-scale clusters built on this product have been completed and are operational, efficiently supporting the training of trillion-parameter large models, matching the performance of equivalent international GPU clusters [1] - Despite these advancements, the company acknowledges existing gaps in comprehensive R&D capabilities, core technology accumulation, and product customer ecosystem compared to international giants [1] Group 3: Market Dynamics and Future Outlook - The company benefits from the booming artificial intelligence industry and strong market demand for high-performance GPUs, which has enhanced its competitive advantage and increased market recognition, contributing to revenue and gross profit growth [1] - The company maintains high R&D investment levels and is still in a phase of continuous R&D expenditure, indicating it has not yet achieved profitability and has accumulated unremedied losses [1] Group 4: Stock Performance - Since its listing, the company's stock price has increased by approximately 449%, with the latest stock price at 627.3 yuan per share and a total market capitalization of 294.8 billion yuan as of January 21, 2026 [3]

公告指出，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。 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。 1月21日截至收盘，摩尔线程涨1.97%，报627.3元/股，最新总市值约2948亿元。摩尔线程于2025年12月 5日在科创板上市，上市后股价最高达941.08元/股。 摩尔线程-U(688795) < W 闭市 01-21 15:30:17 融 成 627.30 额 16.7亿 股本 4.70亿 市盈"" -203 万得 盘口 12.09 1.97% ...

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。 1 月 21 日 晚 间 ， 摩尔线程发布2025年业绩预告。公告显示，公司预计2025年年度实现营业收入14.5亿元到15.2亿元，同比增长230.70%到 246.67%。2025年年度归属于母公司所有者的净利润预计将出现亏损，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%。 1月21日截至收盘， 摩尔线程涨1.97%，报627.3元/股，最新总市值约2948亿元。摩尔线程于2025年12月5日在科创板上市，上市后股价最高达 941.08元/股。 公告指出， 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， ...