11月13日，摩尔线程智能科技（北京）股份有限公司披露招股意向书，宣布正式启动科创板IPO发行，股票代码为"688795"。最新公告显示，公司首次公 开发行股票将在11月24日进行申购，拟在上交所科创板上市，标志着高端GPU芯片领域即将迎来"国产GPU第一股"。 摩尔线程网下申购代码为688795，网上申购代码为787795，拟发行7000万股，占发行后总股本的14.89%。初步询价日为11月19日，网下/网上申购日为11 月24日，网下缴款日及截止时间为11月26日16点，网上缴款日及截止时间为11月26日终。 截至招股意向书公告日，摩尔线程尚未盈利，如上市时仍未盈利，自上市之日起将纳入科创成长层。摩尔线程和保荐人（主承销商）拟于11月14日至11月 17日视情况向符合要求的网下投资者进行网下推介。 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。目前已成功推出四代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。 摩尔线程构建从芯片到 ...

Core Viewpoint - The article discusses the recent approval of Moores Threads Intelligent Technology (Beijing) Co., Ltd. for its IPO on the Sci-Tech Innovation Board, highlighting its significant revenue growth and strategic focus on AI computing and GPU development [1][2]. Financial Performance - In the first half of 2025, Moores Threads achieved a revenue of 702 million yuan, surpassing the total revenue of 438 million yuan for the entire year of 2024, attributed to increased demand for large model training, inference deployment, and GPU cloud services [1]. - The net loss for the first half of 2025 was 271 million yuan, a decrease of 56.02% year-on-year and 69.07% quarter-on-quarter, indicating an improving financial situation [1]. - The company expects to achieve consolidated profitability by 2027, with government subsidies contributing approximately 20 million yuan, 200 million yuan, and 300 million yuan in 2025, 2026, and 2027, respectively [1]. Product Development and Market Position - Moores Threads focuses on full-function GPU development, with product lines including AI computing, graphics acceleration, and intelligent SoC for edge computing [2]. - The latest "Pinghu" architecture chip S5000 supports FP8 precision and has a threefold increase in inter-chip bandwidth to 800 GB/s, with a maximum memory capacity of 80 GB, compared to NVIDIA's H20 chip [2]. - AI computing products accounted for 94.85% of total revenue in the first half of 2025, up from 77.63% in 2024, with cluster and board card sales being the primary revenue sources [3]. Sales and Market Strategy - In 2025, Moores Threads plans to sell five AI computing clusters, with one being the "Pinghu" cluster, generating nearly 400 million yuan in revenue, representing 57% of total revenue for the first half of the year [4]. - The company is negotiating project contracts exceeding 1.7 billion yuan in the AI computing sector, primarily focused on the Pinghu series clusters [4]. - Despite the growth in AI computing, the graphics acceleration segment is facing challenges, with the first-generation "Sudi" GPU nearing the end of its lifecycle and the second-generation "Chunxiao" product facing competition from NVIDIA [5]. Future Outlook - Moores Threads is working on the development of a new generation of graphics chips to address the declining revenue and market share in the graphics acceleration segment [5].

Group 1: Core Insights - The rapid approval of Moore Threads' IPO in 88 days signifies a shift in the Sci-Tech Innovation Board from a "system pilot" to "ecological construction," highlighting strong capital market support for hard technology enterprises [1][9]. - Moore Threads aims to raise 8 billion yuan for the development of new AI and graphics chips, as well as to supplement working capital [2][3]. - The company reported a revenue of 702 million yuan in the first half of this year, with a net loss of 271 million yuan, accumulating a total loss of 1.487 billion yuan by mid-year [2][3]. Group 2: Market and Product Landscape - Moore Threads' market share in its respective segments is currently below 1%, with plans to launch its "Yangtze" SoC for smart automotive cockpits by 2026 [3]. - The high-performance GPU market is entering a strategic opportunity period due to the explosive growth in AI demand and the acceleration of domestic computing power replacement [4]. - The AI chip market in China is projected to grow from 142.537 billion yuan in 2024 to 1.34 trillion yuan by 2029, with a compound annual growth rate of 53.7% from 2025 to 2029 [4]. Group 3: Industry Trends and Developments - Several domestic GPU manufacturers, including Muxi Technology and Biran Technology, are also pursuing IPOs, indicating a collective move towards industry consolidation [5][6]. - The IPOs of domestic GPU companies are seen as a positive signal for accelerating technological research and development, as well as for establishing a self-controlled chip ecosystem [6]. - The competition in the domestic GPU market is intense, and the expansion of companies may lead to a new round of industry reshuffling [6][7]. Group 4: Policy and Regulatory Environment - The rapid approval of Moore Threads is closely linked to supportive policies from the China Securities Regulatory Commission (CSRC), which aims to enhance the inclusivity and adaptability of the capital market for innovative technology companies [8][9]. - Recent reforms in the Sci-Tech Innovation Board have facilitated the listing of unprofitable technology companies, reflecting a broader trend of supporting high-quality tech enterprises [8][10]. - The CSRC's focus on improving the capital market ecosystem is expected to accelerate China's competitiveness in fields such as artificial intelligence and commercial aerospace [9][10].

Core Viewpoint - The successful review of Moer Thread's IPO application by the Shanghai Stock Exchange marks a significant step for the company, which aims to become the first domestic GPU stock in China, with plans to raise 8 billion yuan for AI and graphics chip development projects [1][2][3]. Company Overview - Moer Thread was established on June 11, 2020, with a registered capital of approximately 400 million yuan, led by Zhang Jianzhong, a former NVIDIA executive with nearly 20 years of experience in the GPU industry [1][2]. - The company has launched four generations of GPU architectures, covering various fields such as AI computing, cloud computing, and high-performance computing [2]. IPO and Market Position - The company’s IPO application was accepted on June 30, 2023, and it took only 88 days to pass the review, the shortest time among this year's new IPOs on the Sci-Tech Innovation Board [1]. - Moer Thread is valued at 25.5 billion yuan, ranking 261st in the 2024 Global Unicorn List by Hurun Research Institute [2]. Product Development and Strategy - Moer Thread has achieved significant technological breakthroughs with its self-developed MUSA architecture, enabling simultaneous support for AI computing acceleration and graphics rendering [3]. - The company plans to invest the raised funds into the development of next-generation AI chips and graphics chips [1]. Financial Performance - For the first half of 2025, Moer Thread reported a revenue of 702 million yuan, surpassing its total revenue for the years 2022 to 2024, but still recorded a net loss of 271 million yuan [8]. - The company’s gross margin has shown an upward trend, with figures of -70.45%, 27.84%, 72.32%, and 69.17% from 2022 to the first half of 2025 [8]. Market Challenges - Moer Thread faces competition from industry leaders like NVIDIA, with concerns about how it will respond to this competition [4][5]. - The company acknowledged that it still has gaps in comprehensive R&D strength and product ecosystem compared to international giants [5]. Customer Concentration - The company has experienced fluctuations in its customer base, with its largest customer contributing 56.63% of its revenue in the first half of 2025 [9]. - The concentration of revenue from a few major clients raises concerns about stability and sustainability [9]. Future Outlook - Moer Thread aims to enhance its innovation and R&D efforts to align with national strategies for technological independence and the development of new computing infrastructure [6]. - The company has completed eight rounds of financing, attracting investments from notable institutions, indicating strong market interest [10].

Core Viewpoint - Moer Technology's IPO application has passed the review by the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant step towards its public listing, with a fundraising target of 8 billion yuan for AI and GPU chip development projects [1][2][3] Company Overview - Moer Technology, established in 2020, is recognized as the "first domestic GPU stock" and focuses on the research, design, and sales of full-function GPU products, being one of the few domestic companies that integrate graphics rendering and AI computing [2] - The company has mass-produced five chips with a cumulative R&D investment exceeding 4.3 billion yuan, targeting applications in large model training, digital twins, consumer electronics, and cloud computing [2] - Moer Technology's market share in its respective segments is currently below 1% as of 2024 [2] IPO Details - The IPO aims to raise 8 billion yuan for projects including the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [2][3] - The IPO application process from acceptance to approval took only 88 days, reflecting the improved efficiency of the Sci-Tech Innovation Board under the "1+6" reform policy [1][3] Financial Performance - Moer Technology reported revenues of 46.09 million yuan in 2022, 124 million yuan in 2023, 438 million yuan in 2024, and 702 million yuan in the first half of 2025, with net losses of 1.84 billion yuan, 1.67 billion yuan, 1.49 billion yuan, and 271 million yuan respectively [4] - As of June 30, 2025, the company had accumulated losses of 1.48 billion yuan [4] Growth Potential - The company has achieved a compound annual growth rate (CAGR) of 208.44% from 2022 to 2024 and anticipates continued revenue growth, with expectations to achieve profitability by 2027 [5]

Core Viewpoint - Moore Threads has successfully passed the IPO review for the Science and Technology Innovation Board, aiming to raise 8 billion RMB for the development of next-generation AI and graphics chips, as well as to supplement working capital [1] Company Overview - Moore Threads, established in 2020, focuses on the research, design, and sales of GPUs and related products, providing computing acceleration platforms for high-performance computing fields such as AI and digital twins [1] - The company has launched four generations of GPU architectures and has developed a product matrix covering AI intelligent computing, cloud computing, and personal intelligent computing applications [1] Technological Advantages - The company has achieved significant breakthroughs in the domestic GPU field with its self-developed MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, and ultra-high-definition video processing on a single chip [2] - Moore Threads' products, including the S3000 and S4000 models, have shown performance metrics approaching international advanced levels, with the MTT S80 graphics card's single-precision floating-point performance nearing that of NVIDIA's RTX 3060 [2] Financial Performance - For the fiscal years 2023, 2024, and the first half of 2025, Moore Threads reported revenues of approximately 124 million RMB, 438 million RMB, and 702 million RMB, respectively, with net losses of 1.673 billion RMB, 1.492 billion RMB, and 271 million RMB [3][4] - The company anticipates achieving consolidated profitability by 2027, with projected gross margins of 77% for AI intelligent computing and professional graphics acceleration businesses by 2025 [5] Fundraising and Investment Projects - The IPO proceeds will be allocated to the development of next-generation AI training and inference chips, graphics chips, AI SoC chips, and to supplement working capital, totaling 800 million RMB [6][8]

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].