◎记者 严晓菲 这种看似矛盾的现象，源于各方对国产GPU市场广阔前景的共识。据国际数据公司（IDC）预测，到 2029年，中国加速服务器市场规模将超过千亿美元。交银国际研报认为，国产算力芯片行业未来将呈现 百花齐放态势，技术上取得长足进步，包括晶圆代工、存储器、半导体设备等在内的国产算力产业链有 望持续受益。 12月以来，国产GPU领域的两位主要玩家——摩尔线程和沐曦股份，先后叩开了资本市场的大门。这两 家成立均仅5年的公司，正以超预期的市场表现，点燃投资者的巨大热情。 沐曦股份上市首日便坐上A股史上"最赚钱新股"的宝座，股价一度飙涨到逼近900元/股，总市值也已突 破3300亿元。在此之前，摩尔线程在上市后短短几个交易日内，股价最高涨到941.08元/股。 在这两家公司的背后，是两份密密麻麻的出资方名单：沐曦股份股东超过120家，摩尔线程股东超过80 家。在这场从"非共识"到"共识"的转变中，这些"耐心资本"为何能如此守得住寂寞？ 高光时刻： 亏损与高估值反差折射广阔前景 在国产GPU的高光时刻，难以无视的是这两家公司依旧严峻的财务现实。根据招股书，它们都仍处于持 续亏损的状态。 沐曦股份2022至2024 ...

一边是股价较发行价大涨超600%，另一边是公司前三季度亏损超7亿，摩尔线程的巨额理财计划在社交媒体上引起轩然大波。 12月12日晚间，摩尔线程智能科技（北京）股份有限公司发布公告称，计划使用最高不超过75亿元的闲置募集资金进行现金管理。公告发出后，很快在社交 媒体和投资者社区引发热议。 面对"75亿不好好搞研发，去买理财？""是精打细算还是不务正业？"等投资者质疑，摩尔线程相关负责人向媒体表示，75亿元为现金管理额度上限，并非实 际现金管理金额，实际金额将明显小于上限。 02 公司回应：75亿是上限而非实际金额，研发投入不会减少 面对市场的质疑，摩尔线程相关负责人进行了详细解释。其核心观点是：公司有清晰的资金使用计划，现金管理不会影响主业。 首先，此次公告的75亿元是现金管理额度的上限，而非公司将立即投入理财的具体金额。实际现金管理金额将"明显小于"这个上限。 随着募投项目按计划推进，闲置资金规模将减少，现金管理额度也会"动态下降"。 其次，公司的募投项目周期为三年，资金会根据项目进度分阶段拨付使用。在项目实施初期，确实会形成部分暂时闲置的资金。 01 事件背景：上市后"火速"公告理财，舆论掀起波澜 12月1 ...

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]

据介绍，截至目前，摩尔线程已推出四代GPU架构(苏堤、春晓、曲院、平湖)，产品覆盖AI智算、云计 算、高性能计算、图形渲染等领域。 2025年上半年，摩尔线程实现营业收入7.02亿元，已超过2022年至2024年的营收总和，但仍陷入亏损， 同期实现归母净利润-2.71亿元。截至2025年6月30日，公司累计未弥补亏损约为14.8亿元。公司预计最 早可于2027年实现合并报表盈利。 本文系观察者网独家稿件，未经授权，不得转载。 值得一提的是，摩尔线程流通股只有不到3000万，占总股本的约6%。 12月9日，摩尔线程宣布将于12月19日至20日发布新一代GPU架构。受此消息提振，摩尔线程连日上 涨。消息发布当天，摩尔线程涨5.73%，报628.31元/股；12月10日，更大涨近17%，股价飙升至735元/ 股。 12月11日，近期备受关注的"国产GPU第一股"摩尔线程延续强劲表现，大幅高开，一度涨至830元/股。 截至上午10点23分，摩尔线程大涨超11.7%，股价突破800元大关，现报821元/股，总市值也来到3850 亿。 ...

12月10日，摩尔线程再度成为市场焦点。盘中一度涨超26%，最高触及797.97元/股，总市值超3500亿 元，创上市新高。截至发稿，涨幅达16%，报733.22元/股，成为A股市场第三高价股，仅次于寒武纪和 贵州茅台。 实际上，作为科创板年内最大IPO，摩尔线程自启动上市便备受市场期待。其网上发行阶段共吸引 482.66万户投资者参与抢筹，最终中签率仅0.036%。发行价定为114.28元/股，上市首日开盘即暴涨 468.78%，中一签盈利近27万元，成为年内最赚钱新股。 此次股价创新高的催化剂或是公司即将举行的首届MUSA开发者大会。 据其官微消息，摩尔线程创始人张建中将在12月19日—20日举办的开发者大会上，首次系统阐述以 MUSA为核心的全栈发展战略与未来愿景，并发布新一代GPU架构、推出涵盖产品体系、核心技术及 行业解决方案的完整布局。 行业层面，GPU市场正迎来爆发式增长。据沙利文预测，中国GPU市场规模将从2024年的1425亿元跃升 至2029年的13368亿元，2025-2029年CAGR高达53.7%，增速远超全球市场。国金证券也在研报中指 出，AI时代驱动GPU需求快速扩张，国产化进入 ...

12月5日，被称为"国产GPU第一股"，摩尔线程正式登陆上交所科创板，开盘报650元/股，较发行价 114.28元/股上涨468.78%，最终报收600.5元/股。 受前述消息提振，12月9日，摩尔线程涨5.73%，报628.31元/股，总市值来到2953亿元。相较于开盘以 来的最高点688元/股，尚有超过8%的跌幅。 据介绍，截至目前，摩尔线程已推出四代GPU架构（苏堤、春晓、曲院、平湖），产品覆盖AI智算、 云计算、高性能计算、图形渲染等领域。 2025年上半年，摩尔线程实现营业收入7.02亿元，已超过2022年至2024年的营收总和，但仍陷入亏损， 同期实现归母净利润-2.71亿元。截至2025年6月30日，公司累计未弥补亏损约为14.8亿元。公司预计最 早可于2027年实现合并报表盈利。 12月9日，摩尔线程宣布，将于12月19日至20日发布新一代GPU架构。 摩尔线程表示，该公司将举办首届MUSA开发者大会。摩尔线程创始人、董事长兼CEO张建中将首次系 统阐述以MUSA为核心的全栈发展战略与未来愿景，并发布新一代GPU架构、推出涵盖产品体系、核心 技术及行业解决方案的完整布局，分享多领域落地案例与生 ...

Core Points - Moer Technology, known as the "first domestic GPU stock," officially listed on the Sci-Tech Innovation Board on December 5, 2025, with an opening price of 650 CNY per share, marking a 468.78% increase from its IPO price of 114.28 CNY [1][3] - The company aims to raise 8 billion CNY through this IPO, primarily for the development of next-generation AI training and inference chips, as well as other GPU projects [7][10] - Moer Technology has raised over 10 billion CNY in total funding since its inception, with a notable investor base including Sequoia Capital and Tencent [8][10] Company Overview - Moer Technology was founded in June 2020 by Zhang Jianzhong, a former vice president of NVIDIA, and has quickly gained attention in the GPU market [8][10] - The company has launched four generations of GPU architecture chips from 2021 to 2024, with plans to release an intelligent SoC chip named "Changjiang" in 2024 [7][10] - As of the latest financial reports, Moer Technology has not yet achieved profitability, with projected revenues of 0.46 billion CNY, 1.24 billion CNY, and 4.38 billion CNY for 2022 to 2024, respectively [10][12] Market Position - Moer Technology's full-function GPU is positioned to compete directly with NVIDIA, offering unique advantages in AI training, rendering, and high-performance computing [15] - The company has a low subscription rate of approximately 0.0363% for its IPO, indicating high demand but limited access for individual investors [5][10] - The competitive landscape is intensifying, with other domestic companies like Muxi Technology also pursuing IPOs, which could impact Moer Technology's market share [14][15]

Core Viewpoint - The capital market's unprecedented enthusiasm for computing power concepts is exemplified by the explosive debut of Moole Thread on the STAR Market, with a first-day opening price of 650 CNY per share, leading to a market capitalization of 305.5 billion CNY, marking a 468.78% increase from its issuance price [1][5] Company Overview - Moole Thread is often referred to as the "Chinese version of NVIDIA" and is recognized as the "first stock of general-purpose GPU in China," attracting significant market speculation [1][5] - The company has accumulated losses of nearly 6 billion CNY over three years and relies heavily on external funding [1][5] Market Positioning - The core logic behind market optimism for Moole Thread lies in its strategic rarity in the domestic general-purpose computing sector, which is a key reason for its comparison to NVIDIA [1][5] - The company has a full-stack self-research technology route, with capabilities from architecture definition to packaging and testing, and has developed a series of GPU architectures [2][5] Product Development - Moole Thread has launched four generations of GPU architectures, with the latest "Pinghu" achieving an FP32 Vector computing power of 32T, surpassing NVIDIA's A100 but below the H100 [2][5] - The company has made significant breakthroughs in cutting-edge technologies such as FP8 efficient computing, positioning itself among the few domestic manufacturers with such capabilities [2][5] Business Model - The company adopts a Fabless model, focusing on the research, design, and sales of GPU chips while outsourcing manufacturing and packaging to specialized firms, optimizing operational and capital efficiency [3][5] Financial Performance - Moole Thread has shown rapid revenue growth, with projected revenues of 0.46 billion CNY in 2022, 1.24 billion CNY in 2023, and expected revenues of 4.38 billion CNY and 7.85 billion CNY in the first three quarters of 2024 [6][8] - The company’s gross margin has improved significantly, from -70% in 2022 to 61.9% in the first three quarters of 2025, indicating the emergence of scale effects [9][10] Market Potential - The AI chip market in China is projected to reach 1.33 trillion CNY by 2029, with GPUs expected to account for 77.3% of this market [15][18] - The geopolitical risks have created historic opportunities for domestic companies, with predictions that local AI chip suppliers will capture 55% of the market by 2027 [15][18] Valuation and Risks - The market has priced in high expectations for Moole Thread's future growth, with a market capitalization that reflects a significant premium based on anticipated performance [19][20] - The company faces challenges such as profitability uncertainty, reliance on external funding, and a competitive landscape that has intensified with the entry of major players [23][24]

Core Viewpoint - The successful IPO of Moores Threads on the Shanghai Stock Exchange's Sci-Tech Innovation Board marks a significant milestone for the company, the board's reform, and the development of China's computing power industry [1] Group 1: Company Development - Moores Threads, known as the "first domestic GPU stock," aims to maintain an annual iteration speed for its full-function GPU chips [1] - The company achieved over 400 million yuan in revenue by 2024, with a compound annual growth rate of over 200% in the last three years [8] - The management expects the company to achieve profitability by 2027 [8] Group 2: Market Context - By 2029, intelligent computing power is projected to account for over 88% of China's total computing power [3] - The rapid IPO process of Moores Threads, taking only 158 days, reflects the supportive regulatory environment for high-tech industries in China [5] Group 3: Technological Innovation - Moores Threads has developed a unified system architecture called MUSA, which integrates GPU hardware and software, allowing compatibility with the international mainstream GPU ecosystem [11] - The company has defined its own "Moore's Law," with annual iterations of its GPU chips since its founding in 2020 [10] Group 4: Industry Insights - The development of the GPU industry is seen as a systemic project that requires advancements across the entire semiconductor supply chain, including chip design, manufacturing, and testing [12] - The company emphasizes the importance of policy support for the GPU chip industry and the semiconductor supply chain to enhance global competitiveness [13]

Core Insights - The core viewpoint of the article emphasizes the significance of the domestic GPU company, Moore Threads, as it successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a pivotal moment in China's computing power industry development [4][5][8]. Company Overview - Moore Threads, known as the "first domestic GPU stock," aims to leverage its listing to accelerate technological iterations and operational capabilities, with a goal to achieve profitability ahead of schedule [8][9]. - The company has introduced a series of full-function GPU chips since its establishment in 2020, with a projected revenue exceeding 4 billion yuan by 2024 and a compound annual growth rate of over 200% in the last three years [7][8]. Industry Context - The article highlights the increasing importance of computing power in the context of national strength, with GPU chips being foundational to this development [5][13]. - The Chinese government is actively supporting high-tech industries, particularly in artificial intelligence and semiconductor sectors, which is crucial for the growth of companies like Moore Threads [7][14]. Future Outlook - Moore Threads aims to become a leading GPU enterprise with international competitiveness, focusing on creating advanced computing acceleration platforms for AI and digital twin applications [12][13]. - The company plans to invest in three major projects post-IPO, including AI training and inference chips, next-generation graphics chips, and AI SoC chips, to support a wide range of computing needs [12].