此外，摩尔线程还推出了第一代SoC"长江"，集成了"全功能 GPU + CPU + NPU +VPU"等异构算力单元 的片上系统芯片，拥有8核CPU，主频2.65GHz，GPU是MUSA架构，INT8算力达50TOPS。 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不构成竞争，最快2027年盈利》 编辑：芯智讯-浪客剑 10月30日，证监会官网发布了关于同意摩尔线程智能科技（北京）股份有限公司(以下简称"摩尔线 程"首次公开发行股票注册的批复，同意摩尔线程科创板IPO注册申请。这也是科创板"1+6"系列深化改 革政策推出后，又一家高效完成注册流程的硬科技企业。同时，这也意味着摩尔线程将成A股市场的国 产GPU第一股！ 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AISo ...

2020年，上市公司和而泰参与投资了一家初创公司。 懂技术的刘建伟并没有十足的把握，和而泰只参与了早期的两轮就没再跟投。 让和而泰没想到的是，这笔投资在5年后，给公司的股价打了"鸡血"。4天3个涨停板，促使股价一年上涨接近两倍。 这家公司名为摩尔线程，目前已完成上市辅导，有望成为"国产GPU第一股"。 张建中与英伟达有着深厚的渊源。 毕业于南京理工大学计算机系的张建中，曾在戴尔、惠普等IT巨头任职。2006年，张建中加入英伟达，一待就是14年。 张建中担任英伟达全球副总裁和大中华区总经理，主要职责是开拓英伟达GPU的中国市场。 在他的参与下，英伟达在国内的市占率从2008年的不到50%，提升到了2020年的80%。他是英伟达的"封疆大吏"，也是黄仁勋十分倚仗的高管之一。 2019年，国内掀起了芯片创业的第一轮浪潮。张建中离开英伟达创立摩尔线程。如此高级别的高管离职，并且成为竞争对手，黄仁勋"放虎归山"。 另一边，几乎是同一时期，陈维良告别了老东家AMD。 在AMD，陈维良主要负责GPU设计及产品研发，主导并完成15款高性能GPU产品的流片与量产，离职时担任AMD上海公司高级总监，已在AMD工作了十 余年。 摩 ...

Market Analysis - The market remains cautious ahead of the holiday, with the Shanghai Composite Index at 3828.1 and a significant drop in trading volume, down 53.88% compared to the previous day [1]. Macroeconomic Insights - Economic data shows signs of recovery, indicating potential positive trends in the broader economy [2]. International Trade Dynamics - Trump's recent comments about Japan and South Korea needing to "prepay" for tariff agreements have sparked concerns, with South Korea warning of a potential repeat of the 1997 financial crisis if such measures are enforced [7]. Industry Developments - Moore Threads has successfully passed the IPO approval process, becoming the first domestic GPU company to go public. The company reported a revenue of 702 million yuan in the first half of 2025, surpassing the total revenue of the previous three years, with a compound annual growth rate exceeding 208% [9][10]. - The company's gross margin improved significantly from -70.08% in 2022 to 70.71% in 2024, indicating a strong turnaround [10]. - Moore Threads is in discussions for orders exceeding 2 billion yuan, with a focus on AI computing and graphics acceleration products [11]. Renewable Energy Sector - Daikin Heavy Industries holds an order backlog of 10 billion yuan, benefiting from a surge in offshore wind energy demand in Europe, with expectations of a 50% growth in installation rates from 2025 to 2026 [18][20]. - The European offshore wind market is projected to see a significant increase in demand, with a forecasted installation of 43.1 GW during the 14th Five-Year Plan period [20]. Nuclear Fusion Industry - The Chinese government has introduced supportive policies for the nuclear fusion industry, including the inclusion of fusion projects in major infrastructure initiatives and the establishment of a national venture capital fund [21][23]. - Upcoming international conferences and technology validations in October 2025 will focus on the commercialization pathways for nuclear fusion technology [22]. Robotics Sector - Hongrun Construction is expanding its presence in the robotics field, focusing on humanoid, industrial, and engineering robots, with strategic partnerships to enhance its technological capabilities [35][36]. - The company has made significant advancements in four-legged robot technology and is developing engineering robots to improve efficiency in construction projects [37][38].

Core Viewpoint - Moer Technology's IPO application has passed the review by the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant step towards its public listing, with a fundraising target of 8 billion yuan for AI and GPU chip development projects [1][2][3] Company Overview - Moer Technology, established in 2020, is recognized as the "first domestic GPU stock" and focuses on the research, design, and sales of full-function GPU products, being one of the few domestic companies that integrate graphics rendering and AI computing [2] - The company has mass-produced five chips with a cumulative R&D investment exceeding 4.3 billion yuan, targeting applications in large model training, digital twins, consumer electronics, and cloud computing [2] - Moer Technology's market share in its respective segments is currently below 1% as of 2024 [2] IPO Details - The IPO aims to raise 8 billion yuan for projects including the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [2][3] - The IPO application process from acceptance to approval took only 88 days, reflecting the improved efficiency of the Sci-Tech Innovation Board under the "1+6" reform policy [1][3] Financial Performance - Moer Technology reported revenues of 46.09 million yuan in 2022, 124 million yuan in 2023, 438 million yuan in 2024, and 702 million yuan in the first half of 2025, with net losses of 1.84 billion yuan, 1.67 billion yuan, 1.49 billion yuan, and 271 million yuan respectively [4] - As of June 30, 2025, the company had accumulated losses of 1.48 billion yuan [4] Growth Potential - The company has achieved a compound annual growth rate (CAGR) of 208.44% from 2022 to 2024 and anticipates continued revenue growth, with expectations to achieve profitability by 2027 [5]

Core Viewpoint - Moole Technology has successfully passed the IPO application review by the Shanghai Stock Exchange, marking it as the first domestic GPU company to go public [1][3]. Group 1: IPO Details - The company plans to raise 8 billion RMB through its IPO, which is the largest fundraising project in the A-share market this year and the largest IPO in the semiconductor sector [3]. - The funds will primarily be allocated to the research and development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, aiming to strengthen its leading position in high-performance computing [3][5]. Group 2: Financial Performance - Moole Technology's revenue reached 702 million RMB in the first half of 2025, surpassing the total revenue of the previous three years, with a compound annual growth rate exceeding 208% over the last three years [3][4]. - The company's gross margin improved significantly from -70.08% in 2022 to 70.71% in 2024, indicating a substantial increase in market recognition of its products [3][4]. Group 3: Product Development and Market Position - Established in 2020, Moole Technology has invested heavily in R&D, totaling 4.3 billion RMB, with over 75% of its workforce dedicated to this area [4]. - The company has launched four generations of GPUs, covering various application scenarios, and its products are competitive with international standards, with some metrics approaching NVIDIA's RTX 3060 [4][5]. - Moole Technology is the first domestic manufacturer to mass-produce DirectX 12 graphics acceleration, which broadens compatibility with mainstream development toolchains [4]. Group 4: Future Outlook and Challenges - Despite rapid growth, the company faces challenges, including cumulative losses of 1.478 billion RMB as of June 30, 2025, and a market share of less than 1% in its respective segments [6]. - The company plans to continue product development and matrix layout, with the "Yangtze" SoC chip targeting automotive smart cockpits expected to be introduced and mass-produced by 2026 [6]. - The Chinese AI computing GPU market is projected to reach 1,033.34 billion RMB by 2029, with a compound annual growth rate of 56.7% during the period [6].

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]