Core Viewpoint - The upcoming IPO of Moer Thread, referred to as "China's Nvidia," is generating significant investor interest, particularly in relation to its small shareholder, Heheta (002402) [1][2]. Group 1: Company Overview - Moer Thread, founded by former Nvidia executive Zhang Jianzhong, has a team with many members from Nvidia and focuses on full-function GPU chips [2]. - The company has launched four generations of GPU architectures, named "Sudi," "Chunxiao," "Quyuan," and "Pinghu," showcasing its artistic product naming [2]. - Moer Thread's MTT S3000 graphics card is nearing the performance levels of international mainstream products in AI training and inference [2]. Group 2: Financial Performance - Moer Thread has experienced significant losses, with projected losses of 1.839 billion yuan, 1.673 billion yuan, and 1.492 billion yuan from 2022 to 2024, totaling 5.004 billion yuan [3]. - Revenue has shown rapid growth, increasing from 46 million yuan in 2022 to 1.24 billion yuan in 2023, and projected at 4.38 billion yuan in 2024, with 702 million yuan in the first half of this year [3]. - The company's increasing revenue indicates successful commercialization of its products, despite ongoing losses [3]. Group 3: Market Context - The GPU industry is characterized by high technical barriers and long R&D cycles, with intense competition from international giants [3]. - Investors are advised to carefully evaluate which stocks are true beneficiaries of the Moer Thread narrative, as many stocks may not sustain their value post-speculation [3].

Core Viewpoint - The article discusses the upcoming IPO of Moore Threads, a GPU chip company referred to as "China's Nvidia," and its impact on related stocks, particularly Heertai, which holds a stake in Moore Threads [3][5]. Group 1: Company Overview - Moore Threads, founded by former Nvidia executive Zhang Jianzhong, has developed a full-stack GPU capability and has launched four generations of GPU architectures [4]. - The company has reported significant losses in the past, with projected losses of 1.839 billion yuan in 2022, 1.673 billion yuan in 2023, and 1.492 billion yuan in 2024, totaling 5.004 billion yuan over three years [5]. - Despite the losses, Moore Threads has shown rapid revenue growth, with revenues of 46 million yuan in 2022, 124 million yuan in 2023, 438 million yuan in 2024, and 702 million yuan in the first half of 2025 [5]. Group 2: Market Reaction and Related Stocks - Investors are optimistic about Heertai due to its connection with Moore Threads, leading to a surge in Heertai's stock price [3]. - Other companies like Yingqu Technology and Zhongke Lanyun, which also have stakes in Moore Threads, have seen their stock prices rise significantly, with Yingqu Technology up 15.44% [3][4]. - The article highlights the performance of various stocks related to the GPU industry, noting that Heertai has a direct stake in Moore Threads, making it one of the most closely related companies in the A-share market [3][4]. Group 3: Industry Challenges - The GPU industry is characterized by high technical barriers and long R&D cycles, posing challenges for companies like Moore Threads amid fierce competition from international giants [6]. - Investors are advised to conduct thorough research to identify genuine beneficiaries among related stocks, as speculative trading can lead to significant losses [6].