根据弗若斯特沙利文预测，2029年全球GPU市场规模将达到3.6万亿元，其中中国GPU市场规模将达1.36 万亿元，占比将从2024年的30.8%提升至37.8%。 此外，中国AI芯片市场规模将从2024年的1425.37亿元增长至2029年的1.34万亿元，未来五年年复合增 长率超过50%，GPU是其中增长最快的板块之一，呈现出高速成长与国产替代的双重机遇。 随着数字经济向纵深推进，GPU的应用场景已从传统的图形处理领域，加速向AI计算、数字孪生、智 能驾驶、元宇宙及具身智能等前沿场景拓展，对GPU产品的通用性、算力性能及生态兼容性提出了更高 要求。 在这一背景下，坚持全功能GPU技术路线的企业，有望在多元场景中实现更广泛的产业化落地，为产业 自主可控提供关键支撑，而摩尔线程无疑是其中处于领先地位的企业之一，被称为"国产英伟达"。 目前，沐曦集成、燧原科技、壁仞科技等GPU初创企业也已踏上IPO征程，随着摩尔线程上市审核通 过，这家创立仅5年的国产GPU公司或将率先登陆资本市场。 （原标题："国产英伟达"IPO过会仅用88天 估值达310亿元） 9月26日，上交所官网披露信息显示，素有"国产英伟达"之称的摩 ...

9月26日，国产GPU厂商摩尔线程智能科技（北京）股份有限公司首发申请成功通过上交所上市审核委员会会议审议。上市委表示，摩尔线程（首发） 符合发行条件、上市条件和信息披露要求。 根据招股书显示，摩尔线程拟募集资金80亿元，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AISoC芯片研发项目、补充流动资金。 作为国内知名的GPU新创企业，摩尔线程目前已有四代GPU，分别为"苏堤"、"春晓"、"曲院"和"平湖"。其中，第四代GPU"平湖"于2024年推出，最大 频率2GHz，拥有8192个着色核心、512个张量核心、光栅操作单元数量为512个、纹理映射单元数量也为512个，片间互联速率提高到了800GB/s，显存 容量也提高到了80GB，该GPU还增加了对FP8精度的支持。 2022年、2023年、2024年、2025年1-6月，摩尔线程营业收入分别约为0.46亿元、1.24亿元、4.38亿元，年复合增长率高达208.44%，2025年1-6月，营业 收入为7.02亿元，超越了过去三年全年营收。 相关文章：《半年营收超过往3年！摩尔线程：H20 ...

本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，上交所官网9月19日显示，上交所上市审核委员会定于9月26日召开2025年第 40次上市审核委员会审议会议，审核摩尔线程智能科技（北京）股份有限公司（以下简称"摩尔线 程"）科创板IPO事项。 这意味着， 摩尔线程有望成为第一家完成IPO里程碑的国产GPU新贵——2024年11月6日，摩尔线 程与中信证券签署辅导协议；今年6月30日，摩尔线程的科创板IPO申请获受理并披露招股书；9月5 日，摩尔线程更新了科创板IPO招股说明书，并在上海证券交易所官网披露了对审核问询的正式回复 。 成立于2020年的摩尔线程主要从事全功能GPU及相关产品的研发、设计和销售，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，是 国内极少数兼顾图形渲染与AI计算的国产 GPU公司，多元产品布局覆盖从云到端，可以为各行业数智化转型提供全栈计算支持 。 根据最新版本的招股书， 摩尔线程2025年上半年实现营业收入7.02亿元。值得注意的是，这一营 收规模已超2022年至2024年营收之和 ——2022年至20 ...

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].

Investment Rating - The industry investment rating is "Overweight" [6] Core Insights - The report highlights the launch of four generations of GPU architectures by the company, which includes solutions for AI computing, professional graphics acceleration, desktop graphics acceleration, and intelligent SoC products [1][2][25] - The company aims to provide a comprehensive computing acceleration infrastructure and one-stop solutions globally, focusing on AI computing support for various industries [17][25] - The company has achieved significant revenue growth, with AI computing products projected to contribute 3.36 billion yuan, accounting for 77.63% of total revenue in 2024 [1][2] Summary by Sections Section 1: Company Overview - The company has undergone three development phases, focusing on full-function GPUs to support digital transformation across industries [17] - The company has successfully launched four generations of GPU architectures from 2021 to 2024, with products catering to various market needs [1][28] Section 2: AI Computing Products - The company’s AI computing products are expected to generate significant revenue, with a projected 42.42% of total revenue coming from AI computing clusters in 2024 [1][2] - The company has developed a diverse product line, including AI computing boards and modules, with a focus on high-performance applications [1][2][25] Section 3: Technological Advancements - The company has advanced its manufacturing capabilities, achieving rapid iteration from 12nm to 7nm processes and enhancing its domestic supply chain [2][7] - The company has developed a heterogeneous computing architecture integrating GPU, CPU, NPU, and VPU, leading to the successful production of the "Yangtze" SoC chip [2][32] Section 4: Market Performance - The report provides insights into the performance of the electronic industry, comparing it with the CSI 300 index, indicating a competitive landscape [3][4] - The company has established a strong investor base, having completed six rounds of financing totaling over 4.5 billion yuan, with notable investors including Sequoia China and Tencent [8][9]