本文为IPO早知道原创 作者｜C叔 据IPO早知道消息，摩尔线程智能科技（北京）股份有限公司（以下简称"摩尔线程"）于11月13日晚间披露招股意向书，宣布正 式启动科创板IPO发行，股票代码为"688795"。最新公告显示，其将在11月24日进行申购，之后拟在上交所科创板上市。 这意味着，高端GPU芯片领域即将迎来"国产GPU第一股"，中国在构建自主可控算力体系的征程上迈出了坚实一步。 成立于2020年的摩尔线程始终专注于全功能GPU的自主研发与设计，是国内高端AI芯片领域极为稀缺的领军企业，其发展路径 与国家推动高水平科技自立自强的战略方向高度同频。基于其完全自主研发的MUSA统一系统架构，摩尔线程实现了单芯片同 时支持AI计算加速、图形渲染、物理仿真和科学计算、超高清视频编解码的技术突破，为国产高端AI芯片自主化进程树立了关 键技术标杆。 自2021年至2024年，摩尔线程每年推出一代GPU架构芯片，至今已推出"苏堤""春晓""曲院""平湖"四代芯片。2024年，摩尔线程 还推出了智能SoC芯片"长江"。其中，"苏堤""春晓"主要用于专业图形加速及桌面图形加速产品，"曲院""平湖"主要用于AI智算 产品， ...

Group 1: IPO Developments - Moer Thread has officially launched its IPO on the Sci-Tech Innovation Board, with a stock code of "688795," and plans to start subscription on November 24, marking a significant step in China's high-end GPU chip sector [3][4] - Moer Thread is recognized as the only domestic company that has achieved mass production of full-function GPUs, with applications in various fields including AI model training, digital twin, and cloud computing [5] - Yushu Technology has completed its domestic IPO counseling and will soon submit its prospectus, focusing on high-performance quadrupedal and humanoid robots [7][8] Group 2: Company Highlights - Moer Thread's MUSA unified system architecture allows for simultaneous support of AI computing acceleration, graphics rendering, and other advanced functions, establishing a key technical benchmark in the domestic high-end AI chip sector [4] - Yushu Technology has reported annual revenues exceeding 1 billion yuan, maintaining profitability since 2020, with a significant portion of its sales coming from quadrupedal robots [9][8] - Insilico Medicine has updated its prospectus for its Hong Kong IPO, focusing on AI-driven drug development and has established partnerships with major pharmaceutical companies [14][15] Group 3: Market Performance - Seyond Holdings Ltd. (Tudatong) has passed its hearing and plans to list on the Hong Kong Stock Exchange on December 10, specializing in automotive-grade LiDAR solutions [11][12] - Tudatong has delivered approximately 181,131 automotive-grade LiDAR units in the first three quarters of the year, reflecting a year-on-year growth of 7.7% [11] - Insilico Medicine's revenue is projected to grow from $30.15 million in 2022 to $85.83 million in 2024, with a significant increase in gross margin from 63.4% to 90.4% over the same period [15]

Core Viewpoint - The article highlights the rapid development of domestic computing power in China, particularly focusing on the IPO of Moore Threads, which is set to become the first domestic GPU company listed on the Sci-Tech Innovation Board, marking a significant step towards building an independent and controllable computing power system in China [2][3]. Group 1: Company Overview - Moore Threads, established in 2020, specializes in the independent research and design of full-function GPUs, aligning with China's strategy for high-level technological self-reliance [3]. - The company has launched four generations of GPU architecture chips from 2021 to 2024, with the latest being the "Changjiang" smart SoC chip in 2024 [4]. - Moore Threads is the only domestic company that has achieved mass production of full-function GPUs, with products applied in various fields such as AI model training, digital twins, and cloud computing [4]. Group 2: Technological Advancements - The company's products have reached or approached international advanced levels in certain performance metrics, with the MTT S80 graphics card's single-precision floating-point performance nearing that of NVIDIA's RTX 3060 [4]. - Moore Threads has invested over 4.3 billion yuan in R&D from 2022 to June 2025, with over 77% of its workforce dedicated to research, resulting in 514 authorized patents in key technology areas [5]. Group 3: Market Potential - The global GPU market is projected to reach 3.62 trillion yuan by 2029, with China's market expected to grow significantly, from 15.6% of the global market share in 2024 to 37.8% by 2029, reflecting a compound annual growth rate of 51.1% [5]. - The IPO funds will primarily support the development of new AI training and inference chips, graphics chips, and AI SoC chips, aligning with national strategies to enhance key technology independence and build new computing infrastructure [6].

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Core Viewpoint - The successful IPO registration of Moer Thread marks a significant milestone for the domestic GPU industry, aligning with national strategies for technological self-reliance and innovation in the semiconductor sector [2][5]. Company Overview - Moer Thread, established in 2020, focuses on the independent research and design of full-function GPUs, positioning itself as a leading player in China's high-end AI chip market [2][4]. - The company has developed a unified system architecture called MUSA, enabling simultaneous support for AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding and decoding [2]. Product Development - From 2021 to 2024, Moer Thread has launched four generations of GPU architecture chips: "Sudi," "Chunxiao," "Quyuan," and "Pinghu," with the "Changjiang" smart SoC chip set to be released in 2024 [3][4]. - The performance of Moer Thread's products is approaching or matching international advanced levels, with the MTT S80 graphics card's single-precision floating-point performance nearing that of NVIDIA's RTX 3060 [4]. Financial Performance - In the first half of this year, Moer Thread achieved a revenue of 702 million yuan, surpassing the total revenue from 2022 to 2024, which was approximately 608 million yuan [4][5]. - The company's gross margin improved significantly from -70.08% in 2022 to 69.14% in the first half of 2025, indicating enhanced product competitiveness and market recognition [5]. Market Outlook - According to forecasts, the global GPU market is expected to reach 3.6 trillion yuan by 2029, with China's GPU market projected to grow to 1.36 trillion yuan, increasing its market share from 30.8% in 2024 to 37.8% [5]. - The AI chip market in China is anticipated to grow from 142.54 billion yuan in 2024 to 1.34 trillion yuan by 2029, with a compound annual growth rate exceeding 50%, making GPUs one of the fastest-growing segments [5]. Strategic Implications - The registration of Moer Thread's IPO signifies a critical leap from technological breakthroughs to capital market recognition, reinforcing China's autonomous development in the strategic GPU sector [5]. - This development is expected to promote the deep integration of domestic high-end AI general-purpose chips and AI application ecosystems, laying a solid foundation for the high-quality development of the digital economy [5].

Investment Rating - The report indicates a positive outlook for the computer industry, suggesting an "Overweight" rating, indicating that the industry is expected to outperform the overall market [2][56]. Core Insights - The report highlights significant advancements in the computer industry, particularly with the progress of domestic AI chip companies like Moer Thread, which is moving towards large-scale commercialization [3][4]. - Alibaba's launch of the new "Panjun 128" ultra-node AI server is noted as a paradigm shift in domestic ultra-node products, showcasing high density and performance [23][34]. - The report emphasizes the rapid growth of AI model capabilities, particularly with Alibaba's Qwen-3-Max model, which has shown substantial performance improvements over competitors [34][49]. Summary by Sections Moer Thread - Moer Thread has updated its IPO status to "passed," with its products focusing on full-function GPU architectures that cater to AI computing, professional graphics acceleration, and desktop graphics [3][4]. - The company has a strong founding team with backgrounds in leading tech firms, enhancing its credibility and potential for innovation [4][5]. - The product matrix includes AI computing products, professional graphics acceleration, desktop graphics, and intelligent SoC products, addressing diverse market needs [5][9]. Alibaba's Innovations - Alibaba's "Panjun 128" ultra-node AI server features a unique architecture that enhances interconnect efficiency and reduces deployment difficulties for domestic AI chips [23][25]. - The server can accommodate 128 AI chips, making it the highest density product in its category, which is expected to set a new standard for ultra-node products [23][34]. - The report also discusses the launch of new AI models by Alibaba, including Qwen-3-Max, which has significantly improved performance metrics compared to previous models and competitors [34][35]. Market Opportunities - The report identifies several key investment targets within the AI and digital economy sectors, including companies like Kingsoft Office, Hikvision, and others that are positioned to benefit from the growth in AI applications and computing power [3][50]. - The focus on AI-driven applications and the digital economy is expected to drive substantial growth in the sector, with a notable emphasis on companies that are leading in AI model development and computing capabilities [50][51].

Core Viewpoint - The successful IPO application of Moer Technology, known as "the domestic Nvidia," highlights the growing importance of AI and GPU technology in China's digital economy and the government's supportive policies for innovation in this sector [1][2]. Company Overview - Moer Technology was established in 2020 and focuses on the research, design, and sales of full-function GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins [4]. - The company has launched four generations of GPU architecture chips from 2021 to 2024, with products that have achieved performance metrics close to or at international advanced levels [4][5]. Market Context - The global GPU market is projected to reach 3.6 trillion yuan by 2029, with China's GPU market expected to grow from 1.36 trillion yuan in 2024 to 37.8% of the global market share [2]. - The AI chip market in China is anticipated to grow at a compound annual growth rate of over 50%, with GPUs being one of the fastest-growing segments [2]. Financial Performance - In the first half of 2025, Moer Technology achieved a revenue of 702 million yuan, surpassing the total revenue from 2022 to 2024, which was approximately 608 million yuan [7]. - The company has attracted significant investment, with over 10 well-known investment institutions participating, raising more than 10 billion yuan [7]. IPO Details - Moer Technology's IPO application was approved in just 88 days, reflecting the supportive regulatory environment for tech companies [1]. - The company plans to raise 8 billion yuan through its IPO to fund projects related to next-generation AI training and inference chips, graphics chips, and smart SoC chips [9]. Ownership Structure - Moer Technology does not have a single shareholder owning more than 30% of the company, with the founder holding 11.06% directly and controlling 36.36% of the shares through agreements [8].

Core Viewpoint - The domestic GPU manufacturer Moore Threads has successfully passed the listing review by the Shanghai Stock Exchange, indicating compliance with issuance, listing conditions, and information disclosure requirements [1]. Fundraising and Projects - Moore Threads plans to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [4]. Product Development - The company has developed four generations of GPUs: "Sudi," "Chunxiao," "Quyuan," and "Pinghu," with the fourth generation "Pinghu" set to launch in 2024. It features a maximum frequency of 2GHz, 8192 shading cores, 512 tensor cores, and an interconnect speed of 800GB/s, along with 80GB of memory and support for FP8 precision [4]. - The first generation SoC "Changjiang" integrates a full-function GPU, CPU, NPU, and VPU, featuring an 8-core CPU with a frequency of 2.65GHz and an INT8 computing power of 50 TOPS [4]. Revenue Growth - Moore Threads reported revenues of approximately 46 million yuan, 124 million yuan, and 438 million yuan for the years 2022, 2023, and 2024, respectively, with a compound annual growth rate of 208.44%. In the first half of 2025, revenues reached 702 million yuan, surpassing the total revenue of the previous three years [5].

Core Viewpoint - MoE Technology is on track to become the first domestic GPU company to complete its IPO, which will enhance its technological leadership and promote the self-controllable process of the domestic GPU industry [2][7]. Company Overview - Founded in 2020, MoE Technology focuses on the research, design, and sales of full-function GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins [3]. - The company has a diverse product portfolio that supports digital transformation across various industries, covering everything from cloud to edge computing [3]. Financial Performance - In the first half of 2025, MoE Technology achieved a revenue of 702 million yuan, surpassing the total revenue of 608 million yuan from 2022 to 2024, with a compound annual growth rate exceeding 200% [3]. - The revenue growth is attributed to the continuous expansion of its product matrix and sustained market demand, with four generations of GPU architecture chips launched from 2021 to 2024 [3]. - The net losses of MoE Technology have gradually narrowed, with losses of 1.839 billion yuan in 2022, 1.673 billion yuan in 2023, and 1.491 billion yuan in 2024, reducing to 270 million yuan in the first half of this year [4]. Profitability and Margins - The gross margin has improved significantly from -70.08% in 2022 to 25.87% in 2023, and is projected to reach 70.71% in 2024, maintaining a high level of 69.14% in the first half of 2025 [5]. - This trend indicates an enhancement in market competitiveness and profitability quality, with a gradual decrease in expense ratios as the scale effect becomes evident [5]. Research and Development - MoE Technology has invested over 4.3 billion yuan in R&D, employing nearly 900 staff, with over 75% holding master's degrees or higher [7]. - The company has applied for over 1,000 patents, with 514 granted, leading the domestic GPU industry in terms of authorized patents, showcasing strong independent innovation capabilities [7]. Future Outlook - MoE Technology anticipates significant performance growth by 2027, with expectations of achieving consolidated profitability [6][7]. - The funds raised from the IPO will primarily be used for the development of next-generation AI chips, graphics chips, and AI SoC chips, further enhancing its technological edge and promoting the self-controllable process of the domestic GPU industry [7].

Core Viewpoint - The article discusses the rapid growth and market potential of Moores Threads, the only domestic company in China that has achieved mass production of fully functional GPUs, highlighting its impressive revenue growth and product development strategy [3][4][5]. Group 1: Revenue Growth and Financial Performance - In the first half of 2025, Moores Threads achieved a revenue of 7.02 billion yuan, surpassing the total revenue from 2022 to 2024, which was approximately 6.08 billion yuan, indicating a compound annual growth rate (CAGR) of over 200% [3][5]. - The net losses of Moores Threads have gradually narrowed, with losses of 18.39 billion yuan in 2022, 16.73 billion yuan in 2023, and 14.91 billion yuan in 2024, reducing to 2.70 billion yuan in the first half of 2025 [5]. - The gross margin improved significantly 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 enhanced market competitiveness and profitability [5]. Group 2: Product Development and Market Position - Moores Threads has launched four generations of GPU architecture chips since its establishment in 2020, with products catering to various applications including high-performance computing, graphics rendering, and AI intelligent computing [4][6]. - The company is expected to achieve significant performance growth by 2027, driven by its expanding product matrix and the increasing demand for computing power in AI applications [5][6]. - The domestic GPU market is projected to grow rapidly, with AI computing, intelligent SoC, and graphics acceleration markets expected to have CAGRs of 59.8%, 60.6%, and 38.8% respectively from 2024 to 2029 [4][6]. Group 3: Competitive Advantages and Market Trends - Moores Threads benefits from the vast potential of the domestic GPU market, with its products evolving to meet diverse customer needs in AI training, inference, and intelligent computing clusters [6][7]. - The MUSA software stack developed by Moores Threads is compatible with international mainstream GPU ecosystems, reducing customer migration costs and enhancing long-term repurchase potential [6]. - The market share of domestic AI acceleration chips is expected to increase from approximately 14% in 2023 to about 30% in 2024, indicating significant growth potential as domestic chip performance improves [7].