Core Viewpoint - The article discusses the recent IPO of Moer Thread, a leading domestic GPU manufacturer, highlighting its rapid growth, market position, and financial performance, particularly in the context of the AI computing boom and the competitive landscape in the GPU industry [2][11][28]. Company Overview - Moer Thread was established in June 2020, focusing on the research, design, and sales of full-function GPU chips, covering data center and desktop GPUs, and related software systems [4]. - The company is one of the few domestic GPU manufacturers supporting a wide range of computing precision from FP8 to FP64 and operates in both B2B and B2C markets [4][7]. IPO Details - Moer Thread went public on December 5, 2023, on the Sci-Tech Innovation Board, with an opening price of 650 CNY, marking a 468.78% increase on the first day and a market capitalization exceeding 300 billion CNY [2][3]. - The IPO raised a net amount of 7.576 billion CNY, the highest for a Sci-Tech Innovation Board IPO in 2023 [3]. Sales Model and Revenue Growth - The company employs a dual sales model of direct sales and distribution, with direct sales revenue increasing significantly from 1.44% in 2022 to 90.27% in the first half of 2025 [15][16]. - Revenue for Moer Thread has shown substantial growth, with projections indicating a 177.79% to 241.65% increase in 2025 compared to 2024, driven by the demand for AI computing products [24][28]. Financial Performance - Moer Thread's revenue for 2022, 2023, 2024, and the first half of 2025 was 0.46 billion CNY, 1.24 billion CNY, 4.38 billion CNY, and 7.02 billion CNY, respectively, with net losses decreasing from 18.40 billion CNY in 2022 to 2.71 billion CNY in the first half of 2025 [24][25]. - The company has not yet achieved profitability, with cumulative losses amounting to 16.04 billion CNY as of June 30, 2025 [25]. Competitive Landscape - Moer Thread is often compared to international giants like NVIDIA and AMD, with its founder having a significant background in NVIDIA, which has influenced its market strategy [7][8]. - The competitive landscape includes domestic players such as Cambricon, Haiguang, and Jingjiawei, with Moer Thread's product offerings and sales strategies evolving to meet market demands [8][9]. Customer Concentration - The company has a high customer concentration, with the top five customers accounting for over 80% of sales in recent years, indicating a reliance on a limited number of clients for revenue [20][23].