每经北京12月20日电（记者杨卉）12月20日，近期因股价高涨而备受关注的"国产GPU第一股"摩尔线程-U（SH688795，股价664.10元，市值3121.46亿元） 在北京举办了摩尔线程首届MUSA开发者大会。摩尔线程创始人、董事长兼首席执行官张建中在会上宣布，摩尔线程第五代GPU架构"花港"将于明年量产。 与此同时，张建中还发布了基于"花港"架构的AI训推一体产品"华山"、基于"花港"架构的高性能图形渲染产品"庐山"和基于"花港"架构的"长江"智能SoC芯 片。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 （文章来源：每日经济新闻） 图片来源：每经记者杨卉摄 与其他国产GPU略有不同，摩尔线程一直主打的是全功能GPU——AI芯片+GPGPU（通用图形处理器）+图形芯片，且可兼容英伟达生态（CUDA）。自 2022年以来，摩尔线程GPU迭代的速度约为每年一代，此前已经推出了"苏堤""春晓""曲院""平湖"四代产品。 据张建中介绍，"花港"内置新一代指令集，算力密度提升了50%，能效提升了10倍，可支持十万卡以上规模智算集群。同时，该款GPU还配备了第一代AI生 ...

与其他国产GPU略有不同，摩尔线程一直主打的是全功能GPU——AI芯片+GPGPU（通用图形处理器）+图形芯片，且可兼容英伟达生态（CUDA）。自 2022年以来，摩尔线程GPU迭代的速度约为每年一代，此前已经推出了"苏堤""春晓""曲院""平湖"四代产品。 据张建中介绍，"花港"内置新一代指令集，算力密度提升了50%，能效提升了10倍，可支持十万卡以上规模智算集群。同时，该款GPU还配备了第一代AI生 成式渲染架构（AGR）以及第二代光线追踪硬件加速引擎，可支持DirectX 12 Ultimate（微软推出的最新一代图形API，已成为下一代游戏的黄金标准）。 每经北京12月20日电（记者 杨卉）12月20日，近期因股价高涨而备受关注的"国产GPU第一股"摩尔线程-U（SH688795，股价664.10元，市值3121.46亿元） 在北京举办了摩尔线程首届MUSA开发者大会。摩尔线程创始人、董事长兼首席执行官张建中在会上宣布，摩尔线程第五代GPU架构"花港"将于明年量产。 与此同时，张建中还发布了基于"花港"架构的AI训推一体产品"华山"、基于"花港"架构的高性能图形渲染产品"庐山"和基于"花港"架构的"长 ...

Core Points - Moer Technology, known as the "first domestic GPU stock," officially listed on the Sci-Tech Innovation Board on December 5, 2025, with an opening price of 650 CNY per share, marking a 468.78% increase from its IPO price of 114.28 CNY [1][3] - The company aims to raise 8 billion CNY through this IPO, primarily for the development of next-generation AI training and inference chips, as well as other GPU projects [7][10] - Moer Technology has raised over 10 billion CNY in total funding since its inception, with a notable investor base including Sequoia Capital and Tencent [8][10] Company Overview - Moer Technology was founded in June 2020 by Zhang Jianzhong, a former vice president of NVIDIA, and has quickly gained attention in the GPU market [8][10] - The company has launched four generations of GPU architecture chips from 2021 to 2024, with plans to release an intelligent SoC chip named "Changjiang" in 2024 [7][10] - As of the latest financial reports, Moer Technology has not yet achieved profitability, with projected revenues of 0.46 billion CNY, 1.24 billion CNY, and 4.38 billion CNY for 2022 to 2024, respectively [10][12] Market Position - Moer Technology's full-function GPU is positioned to compete directly with NVIDIA, offering unique advantages in AI training, rendering, and high-performance computing [15] - The company has a low subscription rate of approximately 0.0363% for its IPO, indicating high demand but limited access for individual investors [5][10] - The competitive landscape is intensifying, with other domestic companies like Muxi Technology also pursuing IPOs, which could impact Moer Technology's market share [14][15]

Investment Rating - The report assigns a rating based on the AHP score, with a score of 3.39 indicating a position in the upper-middle tier of the AHP model for the Sci-Tech Innovation Board [8][11]. Core Insights - The company focuses on the research, design, and sales of self-developed full-function GPUs, with a strategic shift towards high-margin, high-performance segments, particularly in AI computing [11][19]. - The company has achieved significant advancements in GPU architecture, enabling breakthroughs in computing power and product performance that meet international standards [19][20]. - The AI chip market in China is projected to reach 1.3368 trillion yuan by 2029, with a compound annual growth rate of 53.7% from 2025 to 2029, indicating substantial growth potential for the company [19][24]. Summary by Sections 1. AHP Score and Expected Allocation Ratio - The AHP score for the company is calculated at 3.39, placing it in the 56.1% percentile of the AHP model, indicating a strong position in the market [8][10]. 2. Highlights and Features of the New Stock 2.1 Core Team and Self-Developed GPU Architecture - The core team comprises professionals with extensive experience from leading international companies, focusing on self-developed full-function GPUs [11][15]. 2.2 Full-Function GPU Achievements - The company has developed a comprehensive product system that includes AI computing, cloud computing, and personal computing applications, with significant revenue growth expected from AI computing products [11][19]. 2.3 Capitalizing on AI and Graphics Opportunities - The company plans to invest in the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, aiming to strengthen its product performance and technology barriers [24][26]. 3. Comparable Company Financial Metrics 3.1 Revenue and Profit Trends - The company’s revenue is projected to grow significantly, with estimates of 0.46 billion yuan in 2022, increasing to 7.02 billion yuan by the first half of 2025, while net losses are expected to narrow [28][30]. 3.2 R&D Expenditure Trends - R&D expenses have been increasing, with the company spending 11.16 million yuan in 2022 and 5.57 million yuan in the first half of 2025, indicating a strong commitment to innovation [34][36]. 3.3 Profitability and Debt Levels - The company’s gross margin has improved significantly, with a gross margin of 70.71% in 2024, while the debt-to-asset ratio has been relatively high, indicating potential financial risks [39][40]. 4. Fundraising Projects and Development Vision - The company plans to raise funds for the development of new AI training and inference chips, graphics chips, and AI SoC chips, which are expected to enhance its competitive position in the GPU market [42][43].

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].

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].

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].