摩尔线程主要从事以全功能GPU为核心的GPU芯片及相关产品的研发、设计和销售。目前，公司已推出 四代GPU架构和智能SoC，能够覆盖AI智算、高性能计算、图形渲染等领域丰富完整的计算加速产品矩 阵，产品实现了"云-边-端"全栈AI产品线的布局。 在辅导摩尔线程上市期间，我们见证了摩尔线程的高速发展，深刻感受到公司坚持创新的发展文化，也 对管理团队坚韧不拔的奋斗精神感到由衷的钦佩。我们非常荣幸能将摩尔线程这样一家优秀的企业推荐 给中国资本市场！作为摩尔线程IPO的保荐人和主承销商，我们将持续督促摩尔线程不断加强公司治理 与信息披露，早日实现盈利，以优异的业绩回报广大投资者。 最后，预祝本次网上路演圆满成功！再次感谢各位投资者对摩尔线程的关注。谢谢大家！ 大家好！ 作为本次发行的保荐人和主承销商，我谨代表中信证券股份有限公司，对所有参与摩尔线程智能科技 （北京）股份有限公司首次公开发行股票并在科创板上市网上投资者交流活动的嘉宾和投资者表示热烈 的欢迎和衷心的感谢！ 尊敬的各位嘉宾、各位网友： ...

Core Viewpoint - The IPO application of Moore Threads has been approved by the Shanghai Stock Exchange, indicating strong support for domestic GPU innovation and positioning the company as a potential leader in the market [1][3][9]. Company Overview - Moore Threads specializes in the research, design, and sales of full-function GPU products, focusing on high-performance computing areas such as AI, digital twins, and scientific computing since its establishment in 2020 [6][10]. - The company is one of the few domestic GPU manufacturers capable of supporting full computational precision from FP8 to FP64 and has launched four generations of GPU architectures and intelligent SoC products [7][10]. Market Position and Product Line - Moore Threads has developed a comprehensive product matrix covering AI computing, high-performance computing, and graphics rendering, with a full-stack AI product line from cloud to edge [7][10]. - The company has achieved significant technological breakthroughs, including a single-chip architecture that supports AI computing acceleration and graphics rendering [7][10]. Financial Performance - In the first half of 2025, Moore Threads reported revenue of 702 million yuan, with a net loss of 271 million yuan. The revenue has shown a consistent increase from 46 million yuan in 2022 to 438 million yuan in 2024, while losses have gradually narrowed [10][11]. - The company anticipates significant revenue growth from AI computing products starting in 2024, with projected orders in the AI computing sector amounting to approximately 2 billion yuan [10][11]. IPO Details - The IPO aims to raise 8 billion yuan, with funds allocated for the development of next-generation AI chips, graphics chips, and to supplement working capital [6][10]. - The approval process for the IPO took only 88 days, reflecting improved efficiency in the review process for technology innovation companies on the Sci-Tech Innovation Board [9]. Leadership and Shareholding - The founder and CEO, Zhang Jianzhong, holds 11.06% of the company shares and has a significant influence over the company through various holding platforms, controlling a total of 36.36% of the shares [11][12]. - Zhang has extensive experience in the GPU industry, having previously served as NVIDIA's global vice president and general manager for China [12].

Core Insights - The company reported a revenue of 355 million yuan for the first half of 2025, representing a year-on-year increase of 26.93%, while the net profit attributable to shareholders decreased by 51.26% to 35.72 million yuan [1] - The increase in revenue was driven by a recovery in demand within the domestic special integrated circuit industry, although profit margins were pressured by declining product prices and rising costs [1][2] Financial Performance - The gross margin for the first half of 2025 was 72.25%, a decrease of 4.69 percentage points year-on-year, while the net profit margin fell to 10.73%, down 16.23 percentage points [2] - Total expenses accounted for 26.41% of revenue, a slight decrease of 0.27 percentage points compared to the same period last year [2] - Financial expenses increased to 2.17 million yuan from a negative 0.77 million yuan in the previous year, primarily due to reduced interest income from raised funds [2] - Management expenses rose by 26.28% to 73.40 million yuan, and sales expenses increased by 10.58% to 18.17 million yuan, attributed to higher sample testing costs [2] Research and Development - The company has significantly increased its R&D investment, spending 100 million yuan in the first half of 2025, a 36.67% increase year-on-year, which constitutes 28.27% of total revenue, up 2.02 percentage points [3] - The company holds 123 invention patents, 238 integrated circuit layout design rights, and 44 software copyrights, indicating a strong technical foundation [3] - The R&D workforce comprises 401 employees, representing 41% of the total staff, with six core technical personnel specializing in high-performance FPGA, high-speed ADC/DAC, and intelligent SoC [3] Strategic Initiatives - The company is set to complete its high-end integrated circuit R&D and industrial base project by February 2027, which will enhance its core advantages in the special integrated circuit sector [4] - The focus areas for chip R&D include high-performance FPGA, high-speed ADC, and adaptive intelligent SoC, with applications in generative AI, automotive intelligence, low-altitude economy, and data centers [4] - The projected revenue for 2025-2027 is estimated at 902 million, 1.168 billion, and 1.467 billion yuan, with net profits of 243 million, 329 million, and 402 million yuan respectively, indicating a strong growth trajectory [4]