【大河财立方 记者 史冰倩 见习记者 郑棋文】国产GPU行业迎来里程碑。 此次摩尔线程IPO拟募资80亿元，将应用于摩尔线程新一代自主可控AI训推一体芯片研发项目、摩尔线 程新一代自主可控图形芯片研发项目、摩尔线程新一代自主可控AI SoC芯片研发项目及补充流动资 金。 公开资料显示，摩尔线程成立于2020年，该公司创始人、实际控制人、董事长兼总经理张建中曾担任美 国科技巨头英伟达全球副总裁、中国区总经理，摩尔线程联合创始人周苑、张钰勃也都有在英伟达的任 职经历。 9月26日，有"中国版英伟达"之称的摩尔线程首发过会，从获受理到过会仅用时88天。在业内人士看 来，摩尔线程的火速过会，标志着科创板从"制度试点"向"生态构建"的升级，同时彰显了资本市场对硬 科技企业的强力支持。 值得注意的是，除摩尔线程外，沐曦股份、壁仞科技等头部国产GPU厂商也正集体冲刺IPO，国产GPU 行业加速迈入整合发展期。 88天火速过会 摩尔线程拟募资80亿元 摩尔线程科创板IPO于2025年6月30日获得受理，2025年7月17日进入问询阶段。随后，上交所进行了两 轮问询，直至首发过会，共历时88天。 国产GPU集体冲上市 行业迈入 ...

据介绍，摩尔线程成立于2020年6月11日，注册资本约4亿元，法定代表人为张建中，他曾担任英伟达全 球副总裁、中国区总经理，在GPU行业拥有近二十年的积累和丰富经验。 摩尔线程多位核心高管也均有英伟达公司的工作经历。据招股书，该公司联合创始人、现公司董事周 苑，2004年至2020年曾在英伟达任市场生态高级总监。摩尔线程联合创始人、董事、副总经理张钰勃， 2013年至2017年在英伟达任GPU架构师。摩尔线程副总经理杨上山，也曾有8年英伟达GPU架构师的工 作经历。张钰勃、杨上山均为摩尔线程核心技术人员。摩尔线程副总经理王东则在2007年至2019年在英 伟达任销售总监。 （文/方周 编辑/吕栋） 9月27日傍晚，上交所公告称，上交所上市委在举行2025年第40次审议会议，审议结果显示，摩尔线程 智能科技（北京）股份有限公司（首发，下称摩尔线程）：符合发行条件、上市条件和信息披露要求。 值得关注的是，摩尔线程自今年6月30日申报科创板IPO获受理，到9月27日成功过会，用时仅88天，该 公司也是今年科创板IPO新过会的企业中，从受理到过会用时最短的。 在证监会科创板"1+6"改革政策发布满100天的背景下，此 ...

9月26日晚，《每日经济新闻》记者从摩尔线程智能科技（北京）股份有限公司（以下简称"摩尔线 程"）处获悉，该公司的IPO申请已通过上交所科创板上市委会议审议，离科创板IPO又近了一步。值得 注意的是，摩尔线程科创板IPO从受理到过会仅耗时88天。在证监会科创板"1+6"改革政策发布满100天 的背景下，此事也被市场视为科创板提升审核质效、强化科技创新支持力度的鲜明信号。 据悉，此次IPO，摩尔线程拟募资80亿元，投向新一代自主可控AI（人工智能）训推一体芯片研发项 目、新一代自主可控图形芯片研发项目、新一代自主可控AISoC芯片研发项目等。根据摩尔线程在招股 书中的说法，公司预计最早可于2027年实现合并报表盈利。"国产GPU第一股"来了？ 9月26日晚间，《每日经济新闻》记者从国产GPU（图形处理器）明星公司摩尔线程处获悉，该公司首 发上市申请成功通过上交所上市审核委员会会议审议。本次发行由中信证券担任保荐机构，竞天公诚、 安永华明分别提供法律及审计服务。 公开信息显示，摩尔线程成立于2020年，有"国产GPU第一股"之称，专注于全功能GPU产品的研发、设 计与销售，是国内少数兼顾图形渲染与AI计算的国产G ...

招股书显示，摩尔线程主要从事 GPU 及相关产品的研发、设计和销售。自 2020 年成立以来，公司以自主 研发的全功能 GPU 为核心，致力于为 AI、数字孪生、科学计算等高性能计算领域提供计算加速平台。公 司已成功推出四代 GPU 架构，并拓展出覆盖 AI 智算、云计算和个人智算等应用领域的计算加速产品矩 阵。 摩尔线程在国内 GPU 领域具有一定的技术优势，基于自主研发的 MUSA 架构，公司率先实现了在单芯片 架构上同时支持 AI 计算加速、图形渲染、物理仿真以及超高清视频处理所需计算能力的突破，推动了我 国 GPU 产业的自主可控进程。相比采用 GPGPU、ASIC 等技术路线的其他单一 AI 加速卡产品，MUSA 架构技术具备更强的计算通用性、更优的技术演进能力、更佳的生态兼容性以及更广泛的市场适应性。 摩尔线程主要对外销售板卡产品的型号为S4000、S3000、S50。其中，S3000板卡产品2023年开始出货， 2024年销量同比增长接近200%；对外销售一体机产品的型号为S4000、S3000、S2000；主要销售的集群产 品为S3000集群、S4000集群、S5000集群，合计销售10套集群 ...

Core Viewpoint - The analysis focuses on the potential risks and business realities of Moore Threads as it approaches its IPO, highlighting its financial performance, strategic shifts, and market challenges [2][4]. Group 1: Financial Performance - Moore Threads plans to raise 8 billion yuan to support its unprofitable operations, reporting a revenue of 702 million yuan in the first half of 2025, which exceeds the total revenue of the past three years, but still incurred a loss of 271 million yuan, leading to a cumulative loss of 1.478 billion yuan [6]. - The company achieved a remarkable turnaround in gross margin from -70.08% in 2022 to 70.71% in 2024, indicating a fundamental shift in its strategic direction [8][9]. Group 2: Ownership Structure - The ownership structure of Moore Threads is characterized by a unique phenomenon of "high dispersion and high concentration," with no single shareholder holding more than 30% of the shares, while founder Zhang Jianzhong controls 36.36% through various means [6][8]. - The stability of this structure is questioned due to a joint action agreement with other parties that could lead to control instability if disagreements arise [8]. Group 3: Strategic Shifts - Initially targeting both consumer and enterprise GPU markets, the company faced significant challenges and shifted focus to the high-margin B-end market, particularly in AI computing and professional graphics acceleration, where the gross margin for AI computing products reached 73.12% in 2024 [10][12]. - Despite the improvement in gross margins, the company is now heavily reliant on large B-end clients, raising concerns about the stability and sustainability of these customer relationships [12][13]. Group 4: Market Position and Competition - As of June 30, 2025, Moore Threads is negotiating approximately 2 billion yuan in expected orders, but these orders lack legal binding, raising questions about their reliability [13][14]. - The company holds less than 1% market share in its respective segments, which complicates its ability to secure large orders [14]. Group 5: Technological Challenges - Moore Threads has launched four generations of GPU architectures, but faces significant competition from Nvidia, which holds an 88% market share in the global GPU market [17][18]. - The compatibility of its MUSA architecture with existing GPU applications is uncertain due to Nvidia's restrictions on CUDA compatibility, posing a risk to its competitive strategy [18]. Group 6: Profitability and Government Support - Management forecasts profitability by 2027, but this projection relies heavily on government subsidies, indicating weak self-sustaining capabilities [19][20]. - The overall gross margin is expected to decline from 2025 to 2027, contrary to typical trends in technology firms, suggesting concerns about future market competition [21]. Group 7: Human Resources and R&D Efficiency - Moore Threads is a talent-intensive company with 77.81% of its 1,122 employees in R&D roles, but it reported low revenue per employee at 389,400 yuan and a loss per employee of 132,500 yuan, indicating inefficiencies [22][23]. - The company has invested 3.81 billion yuan in R&D, which is 626.03% of its total revenue, raising questions about the sustainability of such high investment levels [23]. Group 8: Risks from Strategic Investors - The presence of strategic investors like Tencent and China Mobile may lead to potential related-party transaction issues, impacting the company's independence in customer acquisition [27][28]. - Maintaining fair and independent business relations with these strategic investors post-IPO will be a focal point for regulators and investors [28][29].

Core Viewpoint - The performance of domestic GPU manufacturer Moore Threads is continuously improving, with significant revenue growth and narrowing losses, indicating a positive trend in profitability [1][3][4]. Group 1: Revenue Growth - Moore Threads achieved a revenue of 702 million yuan in the first half of 2025, surpassing the total revenue of 2022 to 2024 combined [1]. - The company's revenue has grown from 46.09 million yuan in 2022 to 124 million yuan in 2023, reaching 483 million yuan in 2024, and 702 million yuan in the first half of 2025, resulting in a compound annual growth rate (CAGR) of over 200% [2]. Group 2: Loss Reduction - The net loss of Moore Threads decreased from 1.84 billion yuan in 2022 to 1.67 billion yuan in 2023, further reducing to 1.49 billion yuan in 2024, and 271 million yuan in the first half of 2025, showing a clear trend of narrowing losses [3]. - The company's earnings per share improved from -10.45 yuan in 2022 to -0.68 yuan in the first half of 2025, indicating an enhancement in profitability [3]. Group 3: Profitability and Market Position - Moore Threads' gross margin has significantly increased from -70.08% in 2022 to 25.87% in 2023, reaching 70.71% in 2024, and maintaining a high level of 69.14% in the first half of 2025, reflecting improved market competitiveness and profitability quality [3]. - The company has diversified its product matrix, covering high-performance computing, graphics rendering, virtualization, smart media, and personal entertainment, catering to a wide range of clients across various sectors [2]. Group 4: Future Growth Potential - With the acceleration of domestic substitution and the continuous growth in computing power demand, Moore Threads is expected to have broader development opportunities in the coming years [3]. - The company's application potential in key areas such as government, research, energy, and transportation is increasing, supported by national policies favoring self-controlled chip industries [3].

Core Viewpoint - Moer Technology is demonstrating significant growth in revenue and improving profitability, positioning itself as a key player in the domestic GPU market [1][4]. Revenue Growth - Since its establishment in 2020, Moer Technology has focused on the research, design, and sales of full-featured GPUs and related products, becoming a significant force in the domestic GPU sector. The company's revenue has increased from 46.09 million yuan in 2022 to 123.98 million yuan in 2023, reaching 438.46 million yuan in 2024, and 701.76 million yuan in the first half of 2025, achieving a compound annual growth rate of over 200% [2]. - The diverse product portfolio includes high-performance computing, graphics rendering, virtualization, smart media, and personal entertainment, catering to a wide range of clients across government, research institutions, and consumer markets [2]. Profitability Improvement - Moer Technology's net loss has been narrowing, decreasing from 1.84 billion yuan in 2022 to 1.67 billion yuan in 2023, further down to 1.49 billion yuan in 2024, and 270.94 million yuan in the first half of 2025, indicating a clear trend of reduced losses [3]. - The company's earnings per share improved from -10.45 yuan in 2022 to -0.68 yuan in the first half of 2025, reflecting ongoing enhancements in profitability [3]. - The gross margin has shown significant growth, rising from -70.08% in 2022 to 25.87% in 2023, reaching 70.71% in 2024, and maintaining a high level of 69.14% in the first half of 2025, indicating increased market competitiveness and profitability quality [3]. Future Growth Potential - With the acceleration of domestic substitution and continuous demand for computing power, Moer Technology is expected to encounter broader development opportunities in the coming years. The application potential in key sectors such as government, research, energy, and transportation is continuously increasing, supported by national policies favoring the domestic chip industry [3].