Core Viewpoint - Moore Threads (688795.SH) has initiated its subscription on November 24, with an issue price of 114.28 CNY per share, aiming to raise funds for its GPU and related products development, targeting high-performance computing sectors such as AI and digital twins [1] Company Overview - Moore Threads focuses on the research, design, and sales of GPUs and related products, having launched four generations of GPU architectures since its establishment in 2020 [1] - The MTT S80 is noted as the first domestic consumer-grade graphics card supporting Windows and DirectX 11/12, with performance comparable to NVIDIA's RTX 3060 [1] Product Development - The company has developed four generations of GPU chips: - **Chidi (2021)**: First-generation GPU with four engines for AI acceleration, graphics rendering, physical simulation, and scientific computing [2] - **Chunxiao (2022)**: Second-generation GPU optimized for cloud computing and GPU virtualization, supporting DirectX 11 and 12 [2] - **Quyuan (2023)**: Third-generation GPU enhancing AI training and inference capabilities [2] - **Pinghu (2024)**: Fourth-generation GPU with FP8 precision support, significantly boosting AI computing power [2] Market Analysis - The global integrated circuit market is projected to grow from 2,493.25 billion CNY in 2020 to 3,606.75 billion CNY in 2024, with a CAGR of 9.7% [2] - The Chinese integrated circuit market is expected to grow from 876.26 billion CNY in 2020 to 1,403.71 billion CNY in 2024, with a CAGR of 12.5%, outpacing the global average [2] Future Projections - From 2025 to 2029, the global market is anticipated to accelerate, potentially exceeding 6,302.16 billion CNY by 2029, with a CAGR of 11.0% [3] - The Chinese market is expected to reach 2,744.03 billion CNY by 2029, with a CAGR of 12.8%, driven by the domestic semiconductor industry's self-sufficiency and policy support [3] Financial Performance - The company reported revenues of approximately 46.09 million CNY, 124 million CNY, and 438 million CNY for 2022, 2023, and 2024, respectively, with a compound annual growth rate of 208.44% [6][7] - Despite rapid revenue growth, the company has not yet achieved profitability, with net losses of approximately 1.89 billion CNY, 1.70 billion CNY, and 1.62 billion CNY during the same period [6][7]