2025.12.18 本文字数：2523，阅读时长大约4分钟 作者 |第一财经 郑栩彤 近期两只GPU股在科创板上市颇受瞩目。摩尔线程上市首日股价涨超4倍，12月11日收盘股价超900元/ 股，远超发行价114.28元/股。沐曦股份12月17日上市首日，投资者中一签浮盈最高逼近40万元，刷新近 十年A股上市首日单签盈利纪录。两只股票达到股价高点后都有所回调，但市场关注度依然很高。 研发费用高企，是这些GPU厂商陷入亏损的一个重要原因。据梳理，摩尔线程是过去三年研发费用最高 的公司。2022年~2024年，摩尔线程、沐曦的研发费用分别为38.1亿元、22.47亿元，壁仞科技研发开支 共27.3亿元。去年摩尔线程、沐曦研发费用占年营收的比例分别为309.88%、121.24%，壁仞科技研发开 支占年收入的比例为245.5%。 毛利率方面，2024年和今年上半年，摩尔线程的毛利率表现相对较好。2022年~2024年，摩尔线程每年 的综合毛利率分别为-70.08%、25.87%、70.71%；沐曦综合毛利率为24.1%、62.88%、53.43%；壁仞科 技为100%、76.4%、53.2%。今年上半年，摩尔线程、壁 ...

摩尔线程的上市之旅以"高速"和"高热"著称。公司从科创板IPO申请获受理到成功注册，全程仅用时约 122天，创下今年科创板IPO最快纪录。 摩尔线程最近几年发展迅速，营收呈现爆发式增长。招股书显示，2022年至2024年，公司营业收入从 0.46亿元快速增长至4.38亿元，3年复合增长率高达208.44%。今年前三季度，公司营收已达7.85亿元， 同比增长182%，超过了过去3年的营收总和，其中AI智算产品收入占比已提升至95%。 12月5日，摩尔线程登陆科创板。摩尔线程开盘大涨469%，截至收盘，该股大涨425.46%，报收于600.5 元，总市值达2823亿元，跃居科创板总市值第五名。 摩尔线程此次上市被视为国产高端芯片自主化进程中的重要里程碑。据悉，深圳报业集团旗下一本基金 也是摩尔线程的早期投资方。展望未来，深圳报业集团将通过一本基金在股权投资上不断突破，夯 实"传媒+资本"战略布局。 今年营收突飞猛进 据招股说明书，摩尔线程的核心竞争力在于其基于完全自主知识产权MUSA架构打造的"全功能GPU"。 这一技术实现了在单芯片上同时支持人工智能（AI）计算加速、高性能图形渲染、物理仿真及超高清 视频编解码 ...

Core Viewpoint - The successful IPO of Moore Threads, referred to as the "first domestic GPU stock," marks a significant milestone in the self-sufficiency of high-end chips in China, with the stock experiencing a remarkable surge of 425.46% on its debut, reaching a market capitalization of 282.3 billion yuan [2][3]. Group 1: Company Performance - Moore Threads has demonstrated explosive revenue growth, with projected revenues increasing from 46 million yuan in 2022 to 438 million yuan in 2024, reflecting a compound annual growth rate (CAGR) of 208.44% [3]. - In the first three quarters of this year, the company's revenue reached 785 million yuan, a year-on-year increase of 182%, surpassing the total revenue of the previous three years, with AI computing products accounting for 95% of this revenue [3]. Group 2: Market Position and Strategic Importance - The company's core competitiveness lies in its fully self-owned MUSA architecture, which enables a multifunctional GPU capable of supporting AI computing acceleration, high-performance graphics rendering, physical simulation, and ultra-high-definition video encoding and decoding on a single chip [2]. - Moore Threads' business aligns with national strategic directions, particularly in the context of the "14th Five-Year Plan" and the "East Data West Computing" initiative, positioning it favorably within the rapidly growing AI and digital twin industries [3]. Group 3: Institutional Investment and Market Interest - The IPO attracted significant attention from various institutional investors, including China Mobile, Shenchuang Investment, and Sequoia Capital, indicating strong market confidence in the company's potential [4]. - Over 200 public and private institutions participated in the offline issuance, with total subscriptions exceeding 2.6 billion yuan, highlighting the robust demand for the stock [5]. - The strategic allocation of shares to insurance funds, particularly the China Insurance Investment Fund, which received 6.25% of the total issuance, underscores the stock's perceived value and scarcity in the AI computing sector [5]. Group 4: Early Investment Success - The Shenzhen Media Group's investment fund, an early backer of Moore Threads, is expected to reap substantial returns, exemplifying a successful case of traditional media transitioning into capital investment [6]. - The fund has successfully established a portfolio exceeding 2 billion yuan, focusing on hard technology sectors, including AI and information technology, with several of its early investments already listed [6].

来源：市场资讯 （来源：IPO热点） 终于来了。 今日（12月5日），摩尔线程正式登陆科创板，成为"国产GPU第一股"，此次IPO发行价为114.28元/股，募资80亿元，开盘暴涨468%，中一签可赚近27万 元，收盘市值超2800亿元。 至此，摩尔线程成为今年迄今为止A股发行价最高新股，也是科创板年内最大IPO。 坐落于北京的摩尔线程，创投圈并不陌生。背后的掌舵者在芯片圈赫赫有名，正是前英伟达全球副总裁、大中华区总经理张建中。他带领摩尔线程历经五 年时间，从一家初创公司崛起为"国产GPU四小龙"之一，并率先撞线IPO。 自成立以来，摩尔线程便始终专注于全功能GPU的研发与创新。基于自主研发的MUSA架构，率先实现单芯片同时支持AI计算加速、图形渲染、物理仿真 和科学计算、超高清视频编解码的技术突破。 时至今日，摩尔线程已成功量产五颗芯片，完成四次GPU架构迭代，形成了覆盖AI智算、高性能计算、图形渲染、计算虚拟化、智能媒体和面向个人娱 乐与生产力工具等应用领域的多元计算加速产品矩阵，同时实现了"云-边-端"全栈AI产品线的布局。 这无疑是具有风向标意义的一幕。眼下，GPU独角兽们集体冲向IPO，几乎所有VC ...

Company Overview - Moore Threads officially listed on the STAR Market on December 5, 2023, becoming the first domestic GPU stock, with an opening price of 650 CNY per share, a significant increase of 468.78% from the issuance price of 114.28 CNY [1] - The stock reached a peak of 688 CNY during trading, with a closing price of 600.5 CNY, resulting in a total market capitalization of 282.25 billion CNY [1] - The company raised approximately 7.9996 billion CNY in its IPO, with a net amount of 7.576 billion CNY after deducting issuance costs, primarily for R&D projects related to AI chips and graphics chips [1] Financial Performance - Moore Threads has shown rapid revenue growth, with a compound annual growth rate (CAGR) of 208.44% from 2022 to 2024, and reported revenue of 785 million CNY in the first three quarters of 2025, a year-on-year increase of 181.99% [2] - Despite the revenue growth, the company remains in a loss position, with net losses of 1.894 billion CNY, 1.703 billion CNY, 1.618 billion CNY, and 724 million CNY from 2022 to the first three quarters of 2025 [2] - The management anticipates achieving profitability by 2027 [2] Industry Outlook - The AI chip market in China is expected to grow rapidly, with a forecasted market size increasing from 142.54 billion CNY in 2024 to 1.3368 trillion CNY by 2029, representing a CAGR of 53.7% from 2025 to 2029 [2] - The GPU segment is projected to experience the fastest growth, with its market share expected to rise from 69.9% in 2024 to 77.3% in 2029 [2] - Globally, the GPU market is predicted to reach 36.119 trillion CNY by 2029, with China's GPU market size expected to reach 13.635 trillion CNY, increasing its global market share from 15.6% in 2024 to 37.8% in 2029 [3]

New IPOs and Stock Offerings - Two new stocks are available for subscription: Angrui Microelectronics (688790.SH) and Muxi Co., Ltd. (688802.SH), with the listing of Moer Thread (688795.SH) [1][17] Angrui Microelectronics Overview - Angrui Microelectronics specializes in RF and analog integrated circuit design and is recognized as a national-level "little giant" enterprise [2] - The company focuses on the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [2] - The planned fundraising amount is approximately 10.96 billion yuan, with 53.02% allocated to 5G RF front-end chip and module R&D and industrialization projects [4] Financial Metrics of Angrui Microelectronics - The issue price is set at 83.06 yuan per share, with an institutional offering price of 89.40 yuan per share [3] - The company's projected revenue for 2024 is 21.01 billion yuan, with RF front-end revenue accounting for 17.90 billion yuan [5] - The company ranks among the top three domestic RF front-end manufacturers based on revenue [5] Muxi Co., Ltd. Overview - Muxi Co., Ltd. is a leading domestic enterprise in high-performance general-purpose GPU products, focusing on the development of full-stack high-performance GPU chips and computing platforms [6] - The planned fundraising amount is approximately 24.59 billion yuan, with 63.00% allocated to new high-performance general-purpose GPU R&D and industrialization projects [10] Financial Metrics of Muxi Co., Ltd. - The issue price is set at 104.66 yuan per share, with an institutional offering price of 111.53 yuan per share [8] - The company's revenue structure shows a significant increase in the training and inference series GPU board revenue, which accounted for 97.55% of total revenue in Q1 2023 [13] Moer Thread Overview - Moer Thread is recognized as the "first domestic GPU stock" and aims to provide computing acceleration platforms for AI, digital twins, and high-performance computing [15] - The company has established deep cooperative relationships with operators, cloud service providers, AI companies, and research institutions [21] Financial Metrics of Moer Thread - The issue price is set at 114.28 yuan per share, with an institutional offering price of 121.33 yuan per share [18] - The planned fundraising amount includes 25.10 billion yuan for the new generation of AI training and inference integrated chip R&D project [20]

12月5日，有两只新股申购，为科创板的昂瑞微（688790.SH）和沐曦股份（688802.SH）；另有一只新 股上市，为科创板的摩尔线程（688795.SH）。 客户方面，公司射频前端芯片产品已在荣耀、三星、vivo、小米、OPPO、联想（moto）、传音、 realme等知名品牌终端客户实现规模销售，同时，射频SoC芯片产品已导入阿里、拼多多、小米、联 想、客户C、客户D、比亚迪、九号、台铃、汉朔、三诺医疗、凯迪仕、华立科技、惠普、客户G、 Remote Solution等知名工业、医疗、物联网客户。 值得注意的是，昂瑞微提醒投资者，公司存在持续亏损和累计未弥补亏损的风险。考虑到市场景气度、 行业竞争、客户拓展、供应链管理等影响经营结果的因素较为复杂，公司的营业收入可能无法持续增 长，存在未来一段时期内持续亏损的风险。 两只新股申购 昂瑞微是一家专注于射频、模拟领域的集成电路设计企业，是国家级专精特新重点"小巨人"企业。公司 主要从事射频前端芯片、射频SoC芯片及其他模拟芯片的研发、设计与销售。 | いフォ｣ﾂﾊ別♪何 ハイス 天 | 10.96 | 53.02% | | --- | --- | --- ...

Core Viewpoint - The company Moer Thread, known as the "first domestic GPU stock," has begun its IPO subscription on November 24, 2023, with a high issuance price of 114.28 yuan per share, aiming to raise 8 billion yuan, marking the highest fundraising scale on the Sci-Tech Innovation Board this year [1][12]. Group 1: IPO Details - Moer Thread's issuance price of 114.28 yuan per share results in a market capitalization of 53.715 billion yuan and a price-to-sales ratio of 122.51 times [1][8]. - The IPO attracted significant institutional interest, with 286 offline investors and 7,787 allocation objects participating in the initial inquiry, indicating a high level of engagement from the investment community [1][4]. - The company has undergone rapid growth, completing seven rounds of financing over five years, accumulating over 10 billion yuan in total financing [5][6]. Group 2: Market Perception and Valuation - There is a divergence of opinions among investors regarding the valuation of Moer Thread, with some believing its scarcity and the trend towards self-sufficiency in technology will justify a high premium [2][4]. - Conversely, some institutions argue that the valuation is excessive, suggesting that only a limited number of participants will engage in the IPO [3][9]. - The company has been compared to Nvidia, but it faces significant competition and has a market share of less than 1% in its respective segments [9]. Group 3: Financial Performance - Moer Thread reported revenues of 0.46 million yuan in 2022, with projections of 1.24 million yuan in 2023 and 4.38 million yuan in 2024, reflecting growth rates of 169.01% and 253.65% respectively [12]. - Despite revenue growth, the company has incurred substantial losses, totaling 5.939 billion yuan over the past three years [12][13]. - The company anticipates achieving profitability by 2027, contingent on market acceptance and financial performance [13].

Core Viewpoint - The IPO of Moer Thread is notable for its high issuance price of 114.28 yuan, the highest for new stocks this year, despite the company not being profitable yet [1][2][3] Group 1: IPO Details - Moer Thread plans to issue 11.2 million shares, requiring a minimum investment of 110,000 yuan in Shanghai stocks for full subscription [1][2] - The company aims to raise approximately 8 billion yuan, with funds allocated for the development of AI training chips and graphics chips [5][6] - The total market capitalization post-IPO is estimated at 53.719 billion yuan, positioning it among the larger recent IPOs [7] Group 2: Financial Performance - For the first three quarters of the year, Moer Thread reported revenues of 785 million yuan, a year-on-year increase of 181.99%, while the net profit attributable to shareholders was -724 million yuan, reflecting an 18.71% increase in losses [3][4] - The company has shown significant revenue growth over the past three years, with revenues increasing from 46.08 million yuan to 785 million yuan [4] - Future projections indicate a revenue growth of 177.79% to 241.65% and a net profit growth of 27.82% to 54.89% for 2025 [4] Group 3: Market Sentiment - The high issuance price and lack of profitability may create hesitation among cautious investors, but the company's strong reputation in its field could attract more aggressive investors [2][3] - The recent trend of unprofitable new stocks not experiencing a drop in price on their first trading day has bolstered investor confidence [2] - The entry barrier for retail investors on the Sci-Tech Innovation Board, requiring a minimum asset of 500,000 yuan, limits participation, leading to mixed feelings among potential investors [9]

Core Viewpoint - The company, Moer Thread, is regarded as the "first domestic GPU stock" and "China's version of NVIDIA," with a significant IPO on the Sci-Tech Innovation Board, raising 8 billion yuan, the highest for this year [1][2]. Company Overview - Moer Thread's IPO price is set at 114.28 yuan per share, with a single account subscription limit of 11,000 shares, requiring a market value of 110,000 yuan in Shanghai stocks for maximum subscription [1]. - The company was founded in 2020 and focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for AI, digital twins, and scientific computing [1][2]. Fundraising and Investment Plans - The company plans to allocate the raised funds as follows: - 25.10 billion yuan (31.37%) for the development of a new generation of autonomous AI training integrated chips - 25.02 billion yuan (31.28%) for the development of a new generation of autonomous graphics chips - 19.82 billion yuan (24.77%) for the development of a new generation of autonomous AI SoC chips - 10.06 billion yuan (12.58%) for working capital [3]. Market Position and Competition - Moer Thread claims to be a leader in the domestic GPU sector, having achieved significant technological breakthroughs with its self-developed MUSA architecture, which supports AI computing acceleration, graphics rendering, and other advanced functions [3]. - The company has established deep partnerships with operators, cloud service providers, AI companies, and research institutions to stay attuned to market feedback and customer needs [3]. Customer Base - In the first half of this year, the top five customers accounted for 98.29% of the company's main business revenue, with the top three customers purchasing AI computing cluster equipment [4]. - The company acknowledges the risk of intensified competition from international leaders like NVIDIA, which have advantages in product iteration speed and supply chain integration [4]. Investor Sentiment - The initial inquiry attracted high institutional participation, with 286 offline investors and 7,787 allocation objects, indicating strong interest despite differing opinions on the valuation [5][6]. - The calculated market capitalization at the IPO price is 53.715 billion yuan, with a price-to-sales ratio of 122.51 times, leading to mixed views among investors regarding the valuation [6].