Core Viewpoint - The article highlights the significant market interest and record-breaking achievements of Moole Thread, often referred to as the "Chinese version of Nvidia" and the "first domestic GPU stock" [1][6]. Group 1: IPO Details - Moole Thread's IPO saw a low online subscription rate of 0.03635054%, with 482.66 million investors participating, indicating that only about 4 out of 10,000 investors would receive shares [1]. - The issuance price of Moole Thread is 114.28 yuan, marking the highest issuance price on the Sci-Tech Innovation Board this year [2]. - The offline allocation results showed that 267 institutional investors participated, with A-class investors receiving 98.44% of the allocations, while B-class investors received only 1.56% [4]. - The IPO process from acceptance to approval took only 88 days, setting a record for the fastest IPO review on the Sci-Tech Innovation Board [5]. Group 2: Market Potential and Company Performance - Moole Thread's appeal is driven by the potential for significant returns, with a possibility of earning over 500,000 yuan if the stock price increases tenfold on the opening day [6]. - Despite not being profitable yet, Moole Thread is positioned within the context of China's push for technological independence and the rapid replacement of foreign high-end chips [6][7]. - The global GPU market is projected to reach 36,119 billion yuan by 2029, with China's GPU market expected to account for nearly 40% of this figure [7]. - Revenue projections for Moole Thread indicate growth from 0.46 million yuan in 2022 to an expected 7.02 million yuan in the first half of 2023, but the company is still facing significant losses [8]. - The company anticipates achieving profitability by 2027 if research and market expansion proceed smoothly [8].

Core Viewpoint - The company Moer Technology is set to launch its IPO on the Sci-Tech Innovation Board, aiming to raise 8 billion yuan with a share price of 114.28 yuan, marking a new high for IPO prices in 2023 [1] Company Overview - Moer Technology was established on June 11, 2020, with a registered capital of approximately 400 million yuan, focusing on the research, design, and sales of GPUs and related products [2] - The founder and CEO, Zhang Jianzhong, has nearly 20 years of experience in the GPU industry, previously serving as NVIDIA's global vice president and general manager for China [2] IPO Details - The IPO will issue 70 million shares, with a total fundraising target of 8 billion yuan, and a net amount expected to be 7.576 billion yuan after deducting issuance costs [1] - As of November 19, 2025, the company received preliminary inquiries from 286 offline investors, with a total subscription amount reaching approximately 70.406 billion shares [1] Product Development and Market Position - The company has developed four generations of GPU architectures, covering various fields such as AI computing, cloud computing, and high-performance computing [8] - The MTT S80 graphics card is claimed to have performance comparable to NVIDIA's RTX 3060, although the company acknowledges the need for further improvements in technology and product performance [4][6] Financial Performance - The company has not yet achieved profitability, with cumulative losses exceeding 1.4 billion yuan as of mid-2025 [9] - Revenue projections show significant growth from 0.46 million yuan in 2022 to an expected 4.38 million yuan in 2024, despite ongoing losses [9] - The gross profit margin has shown an upward trend, with figures of -70.45%, 27.84%, 72.32%, and 69.17% from 2022 to mid-2025 [9] Future Outlook - The company is optimistic about the future demand for GPU infrastructure, predicting explosive growth in the market, which is expected to reach 1.363 trillion yuan by 2029 [8] - The company plans to improve its financial performance through technological breakthroughs, product iterations, market expansion, and cost optimization [9]