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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].

Group 1 - The core viewpoint of the article highlights the significant investment opportunities presented by the upcoming IPOs of three major technology companies: Moer Thread, Muxi Integration, and Unisoc, driven by policy incentives and industry chain collaboration [1][3] - The recent guidelines issued by the Shenzhen Stock Exchange redefine the core thresholds for technology companies to go public, aligning with the characteristics of "high R&D, low asset" typical of sectors like semiconductors, AI, and communications [3][6] - Moer Thread, as a leading domestic GPU chip designer, is positioned to break the overseas monopoly and is expected to raise over 10 billion yuan in its IPO, potentially becoming the largest technology IPO on the STAR Market this year [3][4] Group 2 - Moer Thread's core value lies in its comprehensive GPU computing capabilities and rapid commercialization, which not only promotes its own technology but also creates direct investment opportunities for related stocks through equity appreciation and collaborative orders [4][7] - Muxi Integration focuses on high-performance GPU development, with its associated stocks benefiting from market recognition as "shadow stocks" due to their technological or business ties [4][5] - Unisoc is one of the few companies globally that masters 5G baseband chip technology, with its associated stocks gaining market attention due to the synergy within the "Unisoc system" [5][9] Group 3 - The investment opportunities are bolstered by the policy incentives from the Shenzhen Stock Exchange, which have opened a green channel for technology companies to go public, accelerating the realization of their technological advancements [8] - The technology scarcity in GPU computing and 5G communication chips presents significant potential for domestic alternatives, with the three companies expected to become benchmark stocks in the technology sector post-IPO [8] - Related stocks are expected to benefit from equity appreciation for shareholding companies and order or technical collaboration for cooperative companies, sharing in the growth dividends [8]

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]

Core Viewpoint - The article discusses the growth and IPO journey of Zhaoxin Integrated, a Chinese semiconductor company aiming to become the "Chinese Intel" by developing domestic CPUs and achieving significant financial backing and government support [4][6][20]. Group 1: Company Overview - Zhaoxin Integrated has applied for an IPO on the Sci-Tech Innovation Board, focusing on domestic CPU development and achieving full control over the research and development of general-purpose processors and supporting chips [4][6]. - The company has received substantial support from various investors, leading to a valuation of 19 billion yuan [6][23]. - Zhaoxin Integrated's growth reflects the broader development of domestic CPUs in China, initiated by major technology projects since 2006 [9][8]. Group 2: Financial Performance - The company reported revenues of 340 million yuan in 2022, increasing to 555 million yuan in 2023, and projected to reach 889 million yuan in 2024 [18]. - Despite revenue growth, Zhaoxin Integrated is currently operating at a loss, with net losses expanding from 727 million yuan in 2022 to 951 million yuan in 2024 [18]. - The company plans to raise over 4.1 billion yuan through its IPO to fund new processor projects and R&D initiatives [18]. Group 3: Investment and Support - Zhaoxin Integrated has secured significant funding from various investment firms, including Guotai Junan Venture Capital and Shanghai Integrated Circuit Industry Fund, among others [5][16]. - The company has invested over 2.7 billion yuan in R&D over the past three years and approximately 1.8 billion yuan to acquire technology from VIA Technologies [14][13]. - The support from local government and investors has been crucial for Zhaoxin Integrated's rapid development and market positioning [5][11]. Group 4: Industry Context - The article highlights a wave of IPOs among domestic semiconductor companies, including Zhaoxin Integrated, which is part of a broader trend of Chinese firms aiming to establish themselves in the CPU and GPU markets [20][22]. - Other notable companies in this space include Moore Threads and Wallen Technology, which are also pursuing IPOs and have received substantial investment [20][21]. - The Chinese government is facilitating the IPO process for unprofitable semiconductor companies, indicating a supportive regulatory environment for the industry [23].