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]

IPO及再融资上会预告 据交易所官网审核动态信息，本周（9月22日-9月26日）IPO上会审核4家企业，全部获通过，合计拟募资122.33亿元。 本周2家再融资企业上会，全部获通过，合计拟募资8.24亿元。 | 上会日期 数量 | 樂型 | 申报板块 | 公司简称 | 注册地 审核结果 | | 拟募资金额 | 最近一年净利润 | 保荐机构 会计师事务所 律师事务所 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | (万元) | (万元) | | | | | 2025-9-25 | 公开发行 可转债 | 创业板 | 普联软件 | 山东 | 通过 | 24,293.26 | 12,362.43 | 中泰证券 | 致同 | 中伦 | | 2025-9-26 | 公开发行 可转债 | 科创板 | 茂莱光学 | 江苏 | 通过 | 58,125.00 | 3,552.10 | 中争公司 | 公证天业 | 锦天城 | | | | | | | HEADING CONSULTING | | | | | ...

Core Viewpoint - Moer Technology has successfully passed the listing review by the Shanghai Stock Exchange, aiming to raise 8 billion yuan for the development of new AI and graphics chips, amidst a competitive GPU market landscape [1][2]. Group 1: Company Overview - Moer Technology 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 2: Financial Performance - In the first half of 2025, Moer Technology achieved a revenue of 702 million yuan, surpassing the cumulative revenue from 2022 to 2024 [2]. - The company reported net losses of 1.271 billion yuan in the same period, with a trend of increasing revenue and narrowing losses from 2022 to 2024 [2]. - Moer Technology anticipates continued revenue growth, with a potential for profitability by 2027, including government subsidies [2]. Group 3: Market Position and Strategy - As of 2024, Moer Technology holds less than 1% market share in its respective segments for AI computing, graphics acceleration, and smart SoC products in the domestic market [3]. - The company acknowledges the strong market position of international leaders and aims to enhance product competitiveness and expand market share through its fundraising projects [3]. - Moer Technology is currently negotiating customer orders totaling over 2 billion yuan, with significant potential in the AI computing sector [2].

Group 1 - The core viewpoint of the news is that Moer Thread has successfully passed the listing review by the Shanghai Stock Exchange, aiming to raise 8 billion yuan for the development of new AI and graphics chips [1] - Moer Thread focuses on the research, design, and sales of GPUs and related products, having launched four generations of GPU architecture since its establishment in 2020 [1] - The company’s founder, Zhang Jianzhong, previously held senior positions at NVIDIA, indicating strong leadership in the tech industry [1] Group 2 - In the first half of 2025, Moer Thread achieved a revenue of 702 million yuan, surpassing the cumulative revenue from 2022 to 2024, although it reported a net loss of 271 million yuan during the same period [2] - From 2022 to 2024, the company’s revenues were 46 million yuan, 124 million yuan, and 438 million yuan, with net losses of 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan respectively, showing a trend of increasing revenue and narrowing losses [2] - The company anticipates continued revenue growth and aims to achieve profitability by 2027, factoring in government subsidies, with a projected slight profit excluding these subsidies [2] Group 3 - In 2024, Moer Thread's market share in the domestic AI computing, graphics acceleration, and smart SoC product segments is less than 1%, reflecting strong competition from international leaders and other domestic startups [3] - The company believes that the implementation of its fundraising projects will enhance product competitiveness, solidify existing market share, and enable breakthroughs in emerging markets such as edge computing and smart cockpits [3]

9月26日，摩尔线程智能科技(北京)股份有限公司（摩尔线程）科创板上市将迎来上会，保荐机构是中信证券。 摩尔线程主要从事GPU及相关产品的研发、设计和销售，已成功推出四代GPU架构，并形成了覆盖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，产品线涵盖政务与企业级智能计算、数据中心及消费级终端市场，能够满足政府、企 业和个人消费者等在不同市场中的差异化需求。 梳理来看，原英伟达全球副总裁张建中表决权超36%，担任董事长、总经理职务；增资、股权转让频繁，股权高度分散；要融资80亿元，其中补充流动资金 超10亿元，自身现金流超52亿元；研发费用率超过同行，研发人员以硕士学历为主，专利含金量高；收入连增，累计亏损近53亿元；前五客户集中度98%， 前五供应商集中度较高，关联采购额不低；应收账款在上半年末大涨，存货总体上升，跌价准备需引起注意。 股权高度分散，张建中表决权超36% 据短平快解读了解，2020年6月，摩尔线程前身摩尔有限成立，股东包括南京神傲、刘姗姗以及杭州华傲，持股比例分别为35.45%、32.73%、31.82%；2024 年10月， ...

IPO and Financing Overview - Four companies are scheduled for IPO review next week (September 22-26), with a total fundraising target of 12.233 billion yuan [1] - The companies include Bai'ao Saitu, Wei Dongguang, Mo'er Thread, and Nanfang Digital, each from different sectors such as biotechnology and software services [1][8] Company Summaries Bai'ao Saitu - Bai'ao Saitu plans to raise 1.185 billion yuan, down from an initial target of 1.893 billion yuan [2] - The company specializes in preclinical CRO and biotechnology services, focusing on gene editing technology and drug discovery [9] - Recent financial performance shows a net profit of 33.54 million yuan for the last year, with total assets of 2.415 billion yuan [11] Wei Dongguang - Wei Dongguang aims to raise 494 million yuan, reduced from an initial 651 million yuan [5] - The company operates in the computer and communication equipment manufacturing sector, focusing on passive optical devices [13] - The latest financial data indicates a net profit of 12.36 million yuan for the previous year [26] Mo'er Thread - Mo'er Thread is targeting a fundraising of 800 million yuan, with a focus on GPU and related products [18] - The company has developed a range of GPU architectures and aims to expand into AI and cloud computing applications [18] - Financial results show a net loss of 149.19 million yuan for the last year, with total assets of 702.16 million yuan [19] Nanfang Digital - Nanfang Digital plans to raise 2.554 billion yuan, focusing on digital solutions for the power and energy sectors [21] - The company is controlled by the State-owned Assets Supervision and Administration Commission, indicating strong governmental backing [21] - Recent financial performance shows a net profit of 1.547 million yuan for the first half of 2025 [23] Fundraising Projects - Bai'ao Saitu's fundraising will be allocated to projects such as early drug research and development services, with a total investment of 5.938 billion yuan [4][12] - Wei Dongguang's funds will support the expansion of its manufacturing base and working capital [6][7] - Mo'er Thread's fundraising will focus on AI chip development and related projects, with a total investment of 800 million yuan [20] - Nanfang Digital's funds will be used for various digital infrastructure projects aimed at enhancing energy sector efficiency [25]

Core Viewpoint - The company, Moore Threads, has updated its IPO prospectus, indicating a significant increase in projected revenue for the first half of 2025, while still facing substantial net losses in the coming years [1][2]. Financial Performance - For the first half of 2025, the company expects to achieve revenue of 702 million yuan, surpassing the total revenue of the past three years [1]. - The projected net loss for the first half of 2025 is 271 million yuan, with expectations of achieving consolidated profitability by 2027 [1]. - Historical revenue figures show 46.088 million yuan in 2022, 124 million yuan in 2023, and 438 million yuan in 2024, with net losses of 1.84 billion yuan, 1.673 billion yuan, and 1.492 billion yuan respectively for those years [1][2]. Research and Development - The company has invested heavily in R&D, with cumulative R&D expenditures of 3.81 billion yuan from 2022 to 2024, representing approximately 626.03% of its total revenue during the same period [3]. - The R&D investment as a percentage of revenue was notably high, with 79.33% in the first half of 2025 and over 300% in previous years [2][3]. Market Position and Compliance - Moore Threads aims to meet the listing standards of the Shanghai Stock Exchange's Sci-Tech Innovation Board, which requires a market value of no less than 1.5 billion yuan and recent annual revenue of at least 200 million yuan [3]. - The company anticipates a post-IPO market value of no less than 1.5 billion yuan, aligning with the required standards for listing [3].

Core Viewpoint - The company, Moore Threads, has officially submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 8 billion yuan for the development of next-generation AI and graphics chips, enhancing its competitive edge in the GPU market [1][4]. Group 1: Company Overview - Moore Threads specializes in the research, design, and sales of GPUs and related products, focusing on high-performance computing areas such as AI, digital twins, and scientific computing since its establishment in 2020 [1]. - The company has successfully launched four generations of GPU architectures, creating a diverse product matrix that covers various applications including AI intelligence, high-performance computing, graphics rendering, and personal entertainment tools [1][2]. Group 2: Product Lines - The AI computing product line includes AI training and inference cards, AI supernode servers, and KUAE computing clusters, designed to meet the needs of AI computing centers and cloud service platforms [2]. - Professional graphics acceleration products are aimed at high-end applications such as industrial design and video editing, featuring various GPU series and integrated solutions [3]. - Desktop graphics acceleration products cater to AI PCs, gaming PCs, and office PCs, supporting multiple operating systems and CPU platforms [3]. - Intelligent SoC products are designed for AI PCs, edge intelligence, and smart vehicles, providing integrated solutions for AI training and inference needs [3]. Group 3: Fundraising and Strategic Goals - The IPO aims to raise 8 billion yuan for projects focused on the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [4]. - The fundraising projects are aligned with the company's development plans, aimed at enhancing GPU performance, driving product innovation, and expanding the company's business scale [4]. - Moore Threads aims to become a leading GPU enterprise with international competitiveness, providing robust AI computing support for digital transformation across various industries [4].