11月24日晚间，被市场视为 " 中国版英伟达 " 的摩尔线程新股网上中签率出炉。 "国产GPU第一股"网上中签率出炉 根据摩尔线程披露的网上发行申购情况及中签率公告，本次网上发行有效申购户数为4,826,579户，有效申购股数为46,216,647,000股，网上发行初步中签率为 0.02423369%。配号总数为92,433,294个，号码范围为100,000,000,000—100,092,433,293。 值得注意的是，根据《摩尔线程智能科技（北京）股份有限公司首次公开发行股票并在科创板上市发行公告》公布的回拨机制，由于本次网上发行初步有效申购倍 数约为4,126.49倍，超过100倍，发行人和保荐人（主承销商）决定启动回拨机制，对网下、网上发行的规模进行调节，将扣除最终战略配售部分后本次公开发行 股票数量的10%（向上取整至500股的整数倍，即560.00万股）从网下回拨到网上。 公告显示，回拨机制启动后：网下最终发行数量为3,920.00万股，占扣除最终战略配售数量后发行数量的70.00%；网上最终发行数量为1,680.00万股，占扣除最 终战略配售数量后发行数量的30.00%。回拨机制启动后，网 ...

本次网上发行与网下发行将于 2025 年 11 月 24 日 (T 日) 分别通过上交所交易系统和互联网交易平台实 施。发行价格为 114.28 元 / 股，预计募集资金总额为 80 亿元，扣除发行费用后，预计募集资金净额为 75.76 亿元。 IT之家 11 月 23 日消息，摩尔线程 11 月 20 日公告，首次公开发行股票并在科创板上市，发行股份数量 为 7000 万股，股票代码为"688795"。 发行后，摩尔线程总股本 47002.8217 万股，以 114.28 元 / 股计算，上市时市值约为 537.15 亿元。 | 发行人基本情况 | | | | | --- | --- | --- | --- | | 公司全称 | 摩尔线程智能科技(北 | 证券简称 | 座尔线程 | | 京) 股份有限公司 | | | | | 证券代码/网下申购代 | 688795 | 网上申购代码 | 787795 | | 码 | | | | | 网下申购简称 | 摩尔线程 | 网上申购简称 | 摩尔申购 | | 本次发行基本情况 | | | | | 定价方式 | 网下初步询价确定发 行价格,网下不再进行 | 本次发行数量 ...

Core Viewpoint - Moer Technology has announced its initial public offering (IPO) and plans to list on the Sci-Tech Innovation Board, aiming to raise approximately 8 billion yuan with a share price of 114.28 yuan per share [1][2]. Company Overview - The full name of the issuer is Moer Technology (Beijing) Co., Ltd., with the stock code 688795 [2]. - The company primarily engages in the research, design, and sales of GPUs and related products, focusing on high-performance computing fields such as AI and digital twins [4]. Financial Performance - In the first half of 2025, the company reported revenue of 702 million yuan, surpassing the total revenue of the previous three years, but recorded a net loss of 271 million yuan [3]. - Revenue figures for 2022, 2023, and 2024 were 46.088 million yuan, 124 million yuan, and 438 million yuan, respectively, with net losses of 1.84 billion yuan, 1.673 billion yuan, and 1.492 billion yuan [4]. IPO Details - The IPO will consist of 70 million shares, representing 14.89% of the total share capital post-IPO, which will amount to approximately 5.3715 billion yuan in market capitalization at the offering price [1][2]. - The offering price is set at 114.28 yuan per share, with a projected net fundraising amount of 757.6 million yuan after deducting issuance costs [1][2]. Market Position - Moer Technology is recognized as the "first domestic GPU stock," having developed a comprehensive GPU product matrix since its establishment in 2020 [4].

Core Viewpoint - Moer Thread, founded by former Nvidia executives, is set to launch its IPO on the STAR Market, aiming to raise approximately 8 billion yuan [1][3]. Company Overview - Moer Thread was established in June 2020 by Zhang Jianzhong, a former Nvidia executive, and has a registered capital of about 400 million yuan [3][4]. - The company focuses on the research, design, and sales of GPUs and related products, targeting high-performance computing fields such as AI and digital twins [5]. IPO Details - The IPO will open for subscription on November 24, 2025, with an issue price of 114.28 yuan per share and a total issuance of 70 million shares, raising around 8 billion yuan [3]. - The funds raised will be allocated to various R&D projects, including AI training chips and graphics chips, with approximately 25.10 billion yuan for AI chip development and 25.02 billion yuan for graphics chip development [3]. Financial Performance - Moer Thread's revenue for 2022, 2023, and 2024 is projected to be approximately 46.09 million yuan, 124 million yuan, and 438 million yuan, respectively, with net losses of about 1.84 billion yuan, 1.67 billion yuan, and 1.62 billion yuan [6][8]. - As of the first half of 2025, the company reported revenue of approximately 702 million yuan, with a net loss of about 271 million yuan [7]. R&D Investment - The company has significantly increased its R&D investment, with expenses of approximately 1.12 billion yuan, 1.33 billion yuan, and 1.36 billion yuan for 2022, 2023, and 2024, respectively [8]. - Moer Thread anticipates achieving profitability by 2027, with projected revenue of 5.98 billion yuan and a gross margin of 61% [8].

Core Insights - Moore Threads has disclosed its intention to conduct an initial public offering (IPO) and list on the Sci-Tech Innovation Board, with the stock name "Moore Threads" and stock code "688795" [1] - The total number of shares to be publicly issued is 70 million, representing 14.89% of the total share capital post-issuance [1] - The preliminary inquiry date is set for November 19, with the subscription date on November 24 [1] - Established in 2020, Moore Threads focuses on the research, design, and sales of GPUs and related products [1] - The company's IPO application was approved by the Shanghai Stock Exchange's listing review committee on September 26, just 88 days after the application was accepted [1]

Core Viewpoint - The company, Moore Threads, is planning to publicly issue 70 million shares, representing 14.89% of the total share capital post-issue, with strategic placements involving management and core employees [1][2] Group 1: IPO Details - The company intends to issue a total of 70 million shares, with a strategic placement of up to 10% of the issuance, equating to 7 million shares [1] - CITIC Securities will participate in the strategic placement with an initial investment of 2% of the issuance, amounting to 1.4 million shares [1] - The pricing inquiry date is set for November 19, 2025, and the subscription date is November 24, 2025, with plans to apply for listing on the Sci-Tech Innovation Board shortly after [1] Group 2: Business 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 company aims to provide computing acceleration platforms for high-performance computing fields such as AI, digital twins, and scientific computing [1] Group 3: Financial Performance - The company's net profits attributable to shareholders from 2022 to the first half of 2025 are projected to be -1.894 billion, -1.703 billion, -1.618 billion, and -271 million respectively [2] - In 2025, the company expects a significant increase in revenue, projecting total revenue between 1.218 billion and 1.498 billion, representing a growth of 177.79% to 241.65% compared to the same period in 2024 [2] - The company anticipates a reduction in net losses, with projected losses for 2025 ranging from -1.238 billion to -878 million after excluding non-recurring gains and losses [2] Group 4: Fund Utilization - The funds raised from the IPO will be allocated to the development of new generation AI training and inference chips, new generation graphics chips, and new generation AI SoC chips, as well as to supplement working capital, with a total planned investment of 8 billion [2]

Core Viewpoint - Moore Threads (688795) is set to launch its IPO on November 24, focusing on the development and sales of GPUs and related products, primarily targeting high-performance computing sectors such as AI and digital twins [1] Company Overview - Moore Threads was established in 2020 and specializes in the research, design, and sales of full-featured GPUs [1] - The company aims to provide computing acceleration platforms for high-performance computing applications [1] IPO Details - The IPO will involve a combination of strategic placement to select investors, offline inquiries for qualified investors, and online pricing for public investors holding non-restricted A-shares and depositary receipts [1] - The company plans to issue 70 million shares, with the preliminary inquiry date set for November 19 and the subscription date for both offline and online on November 24 [1] - The pricing mechanism will involve a preliminary inquiry to determine the issue price, with no cumulative bidding for offline inquiries [1] Financial Status - As of the announcement date of the prospectus, Moore Threads has not yet achieved profitability [1] - If the company remains unprofitable at the time of listing, it will be classified under the Sci-Tech Growth tier from the date of listing [1]

Core Viewpoint - The company, Moore Threads, is planning to publicly issue 70 million shares, representing 14.89% of the total post-issue share capital, with a focus on developing GPU and related products for high-performance computing applications [1][2]. Group 1: IPO Details - The company aims to raise funds through the issuance of 70 million shares, with strategic placements involving senior management and core employees participating in the offering [1]. - The strategic placement will not exceed 10% of the total issuance, amounting to 7 million shares, with a total subscription amount capped at 333 million yuan [1]. - CITIC Securities will participate in the strategic placement with an initial investment of 2% of the total issuance, equating to 1.4 million shares [1]. Group 2: Financial Performance - The company's net profit attributable to shareholders from 2022 to the first half of 2025 is projected to be -1.894 billion yuan, -1.703 billion yuan, -1.618 billion yuan, and -271 million yuan respectively [2]. - In 2025, the company expects a significant increase in revenue, projecting total revenue between 1.218 billion yuan and 1.498 billion yuan, representing a growth of 177.79% to 241.65% compared to the same period in 2024 [2]. - The net profit attributable to shareholders, after excluding non-recurring gains and losses, is expected to range from -1.238 billion yuan to -878 million yuan for 2025 [2]. Group 3: Fund Utilization - The funds raised from the IPO will be allocated to the development of new generation AI training and inference integrated chips, new generation graphics chips, and new generation AI SoC chips, as well as to supplement working capital, with a total planned investment of 8 billion yuan [2].

New Listings - From September 22 to September 28, one company was listed on the Shanghai Stock Exchange main board, and three companies were listed on the Shenzhen Stock Exchange ChiNext [2] - YouSheng Co., Ltd. is a professional manufacturer of aluminum alloy automotive parts, focusing on lightweight automotive components to enhance the range of electric vehicles and improve fuel efficiency for gasoline vehicles. On its first trading day, the stock price rose by 71.48%, closing at 66.31 CNY per share on September 29, an increase of 43.03% from the issue price of 46.36 CNY, with a total market capitalization of approximately 12.8 billion CNY [3] ChiNext Listings - Shanghai Jianfa Zhixin Medical Technology Group Co., Ltd. engages in direct sales, distribution, and centralized management of hospital consumables. On its first trading day, the stock price surged by 418.58%, closing at 34.12 CNY per share on September 29, a rise of 383.97% from the issue price of 7.05 CNY, with a total market capitalization of around 14.4 billion CNY [4] - Suzhou Huichuan United Power System Co., Ltd. focuses on the R&D, production, sales, and service of core components for electric drive systems and power systems for electric vehicles. The stock price increased by 147.60% on its first day, closing at 32.77 CNY per share on September 29, up 162.58% from the issue price of 12.48 CNY, with a total market capitalization of approximately 78.8 billion CNY [4] - Beijing Wuchuang Ruitong Electric Equipment Co., Ltd. specializes in the R&D, production, and sales of smart distribution equipment. The stock price rose by 190.76% on its first trading day, closing at 58.78 CNY per share on September 29, an increase of 179.90% from the issue price of 21.00 CNY, with a total market capitalization of about 6.5 billion CNY [5] Companies Passing Review - From September 22 to September 28, two companies passed the review on the Shanghai Stock Exchange Sci-Tech Innovation Board, and one company passed the review on the Shenzhen Stock Exchange ChiNext [6] - BaiAo SaiTu is a preclinical CRO and biotechnology company that provides innovative animal models and preclinical drug development services based on its proprietary gene editing technology [7] - MoEr Thread focuses on the R&D, design, and sales of GPUs and related products, having successfully launched four generations of GPU architecture [7] Companies Submitting IPO Applications - One company submitted an IPO application on the Shanghai Stock Exchange Sci-Tech Innovation Board, and one company submitted an application on the Shenzhen Stock Exchange ChiNext from September 22 to September 28 [10] - Anshi Biotechnology is an innovative biopharmaceutical company focusing on oncology and other diseases with significant unmet clinical needs. The company plans to issue no more than 76.0043 million shares, aiming to raise 2.45 billion CNY for new drug R&D and working capital [12] - Zhongsu Co., Ltd. specializes in the R&D, production, and sales of modified engineering plastics, with applications in consumer electronics, energy storage, automotive, and home appliances. The company plans to issue no more than 12.3329 million shares, seeking to raise 645 million CNY for various projects [14] Companies with Terminated Review - From September 22 to September 28, no companies had their listing reviews terminated on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange [16]

Group 1 - This week, four companies successfully passed the IPO review, aiming to raise a total of 12.233 billion yuan [1] - Among the approved IPOs, the company "Mole Thread" achieved the fastest review time of 88 days since the beginning of 2024 [2] - The company "Bai'ao Saitu" also submitted its registration on the same day it passed the review [2] Group 2 - Two companies were approved for refinancing this week, with a total fundraising target of 824 million yuan [1] - "Pulan Software" and "Maolai Optics" are the two companies that received approval for refinancing [1][2] Group 3 - "Bai'ao Saitu" focuses on preclinical CRO and biotechnology services, utilizing its self-developed gene editing technology [3] - The company plans to invest 45.358 million yuan in early drug development services, which constitutes 38.28% of its total fundraising [5] - The company reported a net profit of 33.54 million yuan for the last year, marking a significant turnaround from previous losses [4] Group 4 - "Hengdongguang" specializes in the research, manufacturing, and sales of passive optical devices in the optical communication field [7] - The company aims to raise 493.6329 million yuan through its IPO, with a focus on expanding its product offerings [8] - The company reported a net profit of 142.79 million yuan for the first half of 2025, reflecting a strong growth trajectory [9] Group 5 - "Mole Thread" is engaged in the research, design, and sales of GPUs and related products, having launched four generations of GPU architecture [14] - The company plans to raise 800 million yuan, with a significant portion allocated to AI chip development [18] - The company reported a net loss of 27.094 million yuan for the first half of 2025, indicating ongoing challenges despite its innovative product offerings [17] Group 6 - "Nanwang Digital" provides comprehensive digital construction solutions for the power energy sector, focusing on digital transformation [21] - The company aims to raise between 300 million and 476 million yuan through its IPO [22] - The company reported a net profit of 15.47 million yuan for the first half of 2025, showing a positive trend in profitability [23]