Core Viewpoint - The emergence of the "Four Little Dragons" of domestic GPUs—Mole Thread, Muxi Technology, Bilan Technology, and Tensu Zhixin—marks a significant moment in the capital market, raising questions about their sustainable growth amidst international competition [1][8]. Group 1: Company Profiles and Strategies - Mole Thread, with a team rooted in Nvidia, emphasizes ecosystem compatibility and parallel development of graphics rendering and AI computing, utilizing its self-developed MUSA architecture [2][3]. - Muxi Technology and Tensu Zhixin adopt a pragmatic approach similar to AMD, focusing on high-performance parallel computing while sacrificing complex graphics rendering capabilities [2][3]. - Bilan Technology stands out with its original architecture and Chiplet technology, aiming for extreme computing performance and flexibility in product offerings [3][4]. Group 2: Market Position and Performance - The "Four Little Dragons" have begun to establish their presence in various sectors, with Bilan achieving commercial success in heterogeneous training solutions, Mole Thread securing large-scale delivery contracts, Muxi reporting significant orders, and Tensu being the first to achieve mass production of 7nm GPGPU [7][8]. - The competitive landscape is characterized by overlapping targets among the four companies, particularly in securing contracts from major internet firms and local government data centers [15][16]. Group 3: Financial Insights and Challenges - All four companies exhibit high growth accompanied by significant losses, with R&D expenses consuming a large portion of their revenues, particularly for Muxi and Tensu [19][20]. - The R&D expenditure for 2024 shows that Mole Thread has 886 R&D personnel with a rate of 309.88%, while Muxi has 706 personnel with a rate of 121.24% [21]. - The timeline for achieving profitability is projected around 2026-2027, mirroring Nvidia's early growth trajectory [22]. Group 4: Ecosystem and Market Dynamics - The competition extends beyond hardware performance to include software ecosystems, with each company developing its own software stack to attract developers and enhance product value [23][24]. - The ability to expand customer bases and maintain high repurchase rates will be crucial for validating the true value of their products in a market increasingly driven by performance and cost [24][25]. - The stability of supply chains is critical, as the GPU industry is interconnected with various sectors, and any disruptions could significantly impact production and market presence [25].

Core Viewpoint - The recent IPOs of domestic GPU companies, specifically Moore Threads and Nuxi, have created significant wealth, with Nuxi's stock price soaring 568.83% on its first day, reaching a market capitalization of 280 billion yuan. This has raised questions about the sustainability of such rapid growth and the competitive landscape in the domestic GPU market [1][2]. Company Overview - Nuxi was founded in September 2020 by Chen Weiliang, who has extensive experience at AMD, and its product line includes three main series: the N series for AI inference, the C series for training and general computing, and the G series for graphics rendering, which is still in development [2][3]. - Moore Threads, often referred to as the "domestic NVIDIA," has a different background, with its founder Zhang Jianzhong having worked at NVIDIA for 14 years, influencing its technology strategy [8][10]. Product Strategy - Nuxi's strategy focuses on a clear product line, starting with inference chips, followed by training chips, and eventually graphics rendering capabilities. This approach has led to rapid revenue growth, with projections indicating a compound annual growth rate of 4074.52% from 2022 to 2024 [5][6]. - Moore Threads employs a dual strategy targeting both consumer (To C) and business (To B) markets, with a diverse product range that includes high-performance chips for various applications [16][17]. Financial Performance - Nuxi's revenue surged from 426,400 yuan in 2022 to an estimated 7.43 billion yuan in 2024, but it has also faced significant losses, with cumulative losses exceeding 3 billion yuan from 2022 to 2024 [5][6]. - Moore Threads is also expected to face similar financial challenges, with projections indicating it may not achieve profitability until 2027 [5][20]. Market Position and Competition - Nuxi's products are primarily deployed in national computing platforms and industry-leading enterprises, with a heavy reliance on its C500 series, which is expected to contribute 98% of its revenue in 2024 [6][18]. - In contrast, Moore Threads has a broader market approach, but both companies face significant competition from NVIDIA, which maintains a substantial performance lead in the GPU market [20][23]. Future Outlook - The ongoing competition between Nuxi and Moore Threads raises questions about who will emerge as the next successful player in the domestic GPU market, especially as both companies strive to overcome the performance gap with NVIDIA [1][20]. - The entry of other players like Baidu's Kunlun Chip, which is expected to have a significant revenue advantage, adds further complexity to the competitive landscape [26][27].

2025 年 12 月 5 日上午，上海证券交易所的大屏上，摩尔线程（股票代码： 688795.SH ）的股 价曲线一开盘就"冲上天" ： 从 114.28 元 / 股的发行价直接跳到 650 元 / 股，涨了 468.78% ，总市值一下子冲破 3000 亿元。 但热闹背后，不少人也在问： 摩尔线程是做什么的？为什么一只"没赚钱"的公司股票能涨这么多？ 量化巨头幻方量化又在里面扮演了什么角色？ 前英伟达高管带队 5 年造出"国产 GPU " 摩尔线程的故事，得从张建中说起。 在创办公司前，张建中在英伟达干了 15 年，最高做到全球副总裁、中国区总经理 。 简单 来 说，他是看着英伟达靠 GPU （图形处理器，相当于电脑和服务器的"算力心脏"）垄断市场 的人。 对普通投资者来说，这意味着 "中一签（ 500 股）最高能赚 26.786 万元"（按开盘价计算） 。 即便后来股价回落，截至当天上午收盘，股价仍有 590.59 元 / 股，中一签也能赚 23.8 万元，成 了 A 股全面注册制以来最赚钱的新股之一。 图源摩尔线程官方 开盘仅 1 小时，成交额就突破 102 亿元，相当于每天有近 10 万人在"买卖" ...

Core Viewpoint - Moore Threads is set to officially launch on the Sci-Tech Innovation Board on November 24, with an issue price of 114.28 yuan per share and a total market value of approximately 53.715 billion yuan after the issuance [1][2]. Company Overview - Moore Threads is a domestic GPU manufacturer that gained attention with its MTT S80 graphics card, which was claimed to rival NVIDIA's RTX 3060 [4][6]. - The company has faced criticism for not updating its MTT S80 graphics card over the past three years, leading to negative sentiments among gamers [4][5][18]. Market Performance and Expectations - The expected return for investors is significant, with a low subscription rate of 0.036% but potential profits of up to 228,600 yuan per share if the stock price rises by 400% [2][19]. - The company has been struggling financially, with cumulative losses of nearly 6 billion yuan over three years, prompting a shift in focus from consumer graphics cards to AI computing products [22][23]. Product Development and Strategy - The MTT S80 was launched in 2022 and was the first domestic graphics card to support Windows and DirectX, but it has not seen significant updates since its release [8][11]. - Moore Threads has shifted its business focus from consumer products to B2B solutions, particularly in AI computing, which has led to improved profit margins [19][22]. Competitive Landscape - The competitive environment for consumer graphics cards is dominated by NVIDIA and AMD, with Moore Threads struggling to keep pace [15][24]. - The company’s transition to AI computing aligns with industry trends, but it risks alienating its original gaming customer base [23][25]. Future Outlook - Moore Threads aims to achieve profitability by 2027, but its pivot away from the consumer market may limit its future in gaming graphics [23][26].

Investment Rating - The report maintains a positive outlook on the domestic AI chip industry, particularly highlighting the advancements of leading companies such as Huawei, Cambricon, and Moore Threads [4]. Core Insights - The domestic AI computing industry is undergoing significant changes in both supply and demand, with a rapid increase in Token consumption driving AI capital expenditure growth [14][5]. - Moore Threads, founded in 2020, focuses on the development of fully functional GPU chips and has a strong team with backgrounds from NVIDIA, positioning itself as a leading player in the domestic AI chip market [4][25]. - The company's products are designed to meet diverse computing needs, integrating AI acceleration, graphics rendering, and other capabilities into a single GPU chip [38][25]. Summary by Sections 1. Domestic AI Chip Industry - The domestic AI Token consumption has increased by 300 times over 1.5 years, with daily consumption surpassing 30 trillion by mid-2025 [14]. - Major internet companies are significantly increasing their AI-related capital expenditures, with Alibaba's projected spending exceeding 380 billion over three years [15][19]. 2. Moore Threads: Ecosystem, Architecture, and Clusters - Moore Threads has launched four generations of GPU architectures, covering AI computing, cloud computing, and personal computing [25][38]. - The company’s AI computing products are primarily delivered in cluster form, with significant revenue growth expected from AI computing cards starting in 2024 [49][50]. 3. Company Positioning and Product Development - Moore Threads' products are positioned as fully functional GPUs, supporting various computing precisions to cater to different application scenarios [38][39]. - The company has a robust product matrix that includes AI computing cards, professional graphics acceleration products, and desktop graphics cards [26][39]. 4. Competitive Landscape - The leading domestic AI chip manufacturers include Huawei, Cambricon, and Moore Threads, with their latest products nearing NVIDIA's H100 performance levels [4][19]. - The report emphasizes the importance of software ecosystems and interconnectivity protocols being developed by companies like Huawei and Haiguang to enhance the overall AI chip ecosystem [6][7]. 5. Financial Performance and Projections - Moore Threads is expected to achieve significant revenue growth, with total revenue projected to reach 7.01 billion in the first half of 2025, a 60% increase from the previous year [42][43]. - The company maintains a stable gross margin of around 70%, with expectations of turning profitable as AI computing cards gain market traction [43][44].

Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) concluded with significant participation, featuring over 1,500 experts from more than 70 countries and regions, and 800 companies, indicating growing interest in AI technologies [1][2] - Key trends highlighted include the pervasive integration of generative AI across various sectors, advancements in computing power, enhanced capabilities of robots, and significant progress in Robotaxi technology [3][4] Generative AI Developments - Generative AI is becoming ubiquitous, moving beyond simple applications to industrial, medical, and transportation sectors [3] - New models, such as the Step 3 from Jieyue Star, demonstrate significant advancements with 321 billion parameters, enhancing efficiency and reducing computational costs [4] - MiniMax introduced a full-stack intelligent agent capable of executing tasks autonomously, showcasing rapid iteration and competitive dynamics in the sector [4] Safety and Security Innovations - AI security technologies, such as those from Hehe Information, can identify deepfakes in milliseconds, crucial for finance and government sectors [5] - Baidu showcased a comprehensive application generation pipeline, enabling users to create functional applications rapidly [5] Computing Power Advancements - Domestic GPU manufacturers showcased significant advancements, with Huawei's CloudMatrix 384 super node achieving 300 PFlops of computing power [9][11] - The focus has shifted from single-card performance to overall efficiency and cost-effectiveness in AI applications [12][14] Robotics Evolution - Robots are evolving from basic functionalities to performing complex tasks, including emotional interactions and practical applications in various fields [15][21] - Companies like Qianxun Intelligent and Fuliye Intelligent are demonstrating robots capable of performing intricate movements and providing companionship in healthcare settings [15][16] Autonomous Driving Innovations - The WAIC featured practical demonstrations of Robotaxi technology, with companies like Xiaoma Zhixing and Baidu showcasing their autonomous vehicles navigating real traffic [22][24] - The Shanghai government announced plans to enhance autonomous driving infrastructure, aiming for significant passenger and cargo transport by 2027 [27]

Core Insights - The article highlights the emergence of domestic GPU companies, particularly Moores Threads, as they approach a new phase of technological and capital convergence, with the company preparing for an IPO on the Sci-Tech Innovation Board [1][10] - Moores Threads has established itself as a significant player in the semiconductor industry by focusing on self-developed "full-function GPUs," which are gradually reaching international standards in terms of computing power, versatility, and ecosystem compatibility [1][3] Industry Overview - The global GPU market is projected to reach 36,119.74 billion yuan by 2029, with China's GPU market expected to grow to 13,635.78 billion yuan, increasing its global market share from 30.8% in 2024 to 37.8% in 2029 [1] - The AI chip market in China is anticipated to surge from 1,425.37 billion yuan in 2024 to 13,367.92 billion yuan by 2029, with a compound annual growth rate of 53.7% [8] Company Development - Moores Threads has developed the MUSA architecture, which is the first domestic architecture to support AI computing, graphics acceleration, and physical simulation on a single chip, marking a significant technological breakthrough [4][6] - The company has launched several products, including the MTT S80 consumer graphics card and the MTT S5000 AI computing card, which have shown competitive performance against international counterparts [4][5] Financial Performance - Moores Threads' revenue has increased from 45.84 million yuan in 2022 to 432 million yuan in 2024, reflecting a compound annual growth rate of 208% [9] - The company's AI computing business accounts for 77.6% of its revenue, driven by the demand for large model training and GPU cloud services [9] Strategic Positioning - The company has a strong focus on R&D, with an investment of 1.359 billion yuan in 2024, resulting in a research expense ratio of 309.88% [6] - Moores Threads has secured 450 patents, including 442 domestic patents, which positions it well within the GPU intellectual property landscape [6] Market Opportunities - The company is well-positioned to capitalize on the growing demand for GPUs in various sectors, including AI, digital twins, autonomous driving, and virtual reality [8][11] - The ongoing IPO process is expected to provide Moores Threads with additional capital and resources to support its technological advancements and market expansion [10][11]

Group 1: Core Insights - The report highlights the trend of domestic GPU companies, specifically Muxi and Moer Thread, receiving approval for their IPO applications on the Sci-Tech Innovation Board, indicating a clear trend towards autonomous computing power in AI [3][4] - Muxi's product matrix includes the Xisi N series for intelligent computing inference, the Xiyun C series for training and general computing, and the Xicai G series for graphics rendering, with cumulative GPU sales exceeding 25,000 units as of Q1 2025 [7][8] - Moer Thread has launched a comprehensive product matrix covering AI intelligent computing, professional graphics acceleration, and desktop graphics acceleration, with cumulative revenue from AI intelligent computing products reaching 336 million [33][34] Group 2: Muxi Company Overview - Muxi's self-developed architecture is compatible with CUDA, and the company has successfully implemented a thousand-card cluster, with plans for a ten-thousand-card cluster [7][13] - The flagship product, Xiyun C500, is set for mass production in February 2024, while the C600 and C700 are expected to follow in 2026 [8][10] - Muxi's management team has a strong background in AMD GPGPU development, contributing to a robust software and hardware team [10][11] Group 3: Moer Thread Company Overview - Moer Thread's product matrix includes four generations of GPU architectures, with the MTT S4000 and MTT S5000 set to enhance performance through innovations like FP8 precision support [33][34] - The company has developed a high-bandwidth interconnect technology, supporting thousands of interconnected cards, with the KUAE2 cluster expected to launch by the end of 2024 [33][34] - Moer Thread's market strategy focuses on both consumer and enterprise markets, aiming to cultivate a developer ecosystem while strengthening vertical solutions in key industries [33][34] Group 4: Market Strategy and Industry Outlook - Muxi's market strategy is defined by a "1+6+X" model, targeting six key industries including education, finance, transportation, energy, healthcare, and entertainment, while also exploring long-tail markets [26][28] - The report anticipates that AI computing will drive the localization of core supply chain segments, with several companies identified as potential beneficiaries of this trend [3][4] - The report emphasizes the importance of domestic supply chain stability and technological advancement in the semiconductor industry, particularly in the context of Muxi's and Moer Thread's growth [26][29]

Core Viewpoint - The competition for the title of "first domestic GPU stock" has begun, with major players like Moer Technology and Muxi Integrated Circuit both advancing towards IPOs, indicating a significant move towards capitalizing the domestic GPU market [1][8]. Group 1: Company Overview - Moer Technology is highlighted as the most notable player among the "four little dragons" of domestic GPUs, with a core team primarily from Nvidia [2]. - The company's MTT S80 graphics card has a single-precision floating-point performance close to Nvidia's RTX 3060, and its self-built GPU computing cluster outperforms similar foreign counterparts [2][12]. Group 2: Financial Performance - In 2024, Moer Technology's revenue reached 438 million yuan, representing a year-on-year increase of over 200% [3]. - Despite the revenue growth, the company incurred a net loss of 1.492 billion yuan due to R&D expenses of 1.359 billion yuan, although this loss has decreased by about 10% year-on-year [4]. Group 3: Fundraising and Investment Plans - Moer Technology plans to raise 8 billion yuan for the development of AI training and inference chips, graphics chips, and AI SoC chips, marking the largest fundraising scale among new IPO projects on the Sci-Tech Innovation Board this year [5][6]. Group 4: Product Strategy and Market Position - Moer Technology's product lineup includes AI computing, professional graphics acceleration, desktop graphics acceleration, and intelligent SoC, catering to government, enterprise, and individual consumer needs [9]. - The AI computing products generated 336 million yuan in revenue in 2024, accounting for over 70% of total revenue, benefiting from the rapid growth in demand for large model training and inference deployment [11][12]. Group 5: Competitive Landscape - Moer Technology's revenue in 2024 was only about 60% of Muxi Integrated Circuit's revenue, indicating a competitive challenge [18]. - The company is shifting its strategy to focus more on professional graphics acceleration and AI computing products, as its consumer-grade products have struggled in a competitive market [20][21]. Group 6: Future Outlook - The management anticipates that Moer Technology could achieve profitability as early as 2027, with 440 million yuan in sales contracts already in progress [23][24].

Core Viewpoint - The recent IPO applications of domestic GPU companies, Moore Threads and Muxi Integrated Circuit, have reignited discussions about the challenges and potential of the domestic GPU industry, particularly regarding the high costs and the need for substantial investment to achieve profitability [1][3][4][5]. Group 1: IPO Developments - Both Moore Threads and Muxi Integrated Circuit have had their IPO applications accepted by the Shanghai Stock Exchange, marking a significant step for the domestic GPU sector [1][3]. - Muxi plans to raise 3.9 billion yuan, while Moore Threads aims to raise 8 billion yuan through their IPOs [4][5]. Group 2: Financial Performance - Muxi's projected net losses from 2022 to 2024 are 777 million yuan, 871 million yuan, and 1.4 billion yuan, with R&D expenditures of 647.8 million yuan, 699 million yuan, and 900 million yuan respectively [4]. - Moore Threads anticipates net losses of 1.84 billion yuan, 1.673 billion yuan, and 1.492 billion yuan over the same period, with R&D costs of 1.116 billion yuan, 1.334 billion yuan, and 1.359 billion yuan [5]. - Despite the losses, both companies are seeing revenue growth, with Muxi's revenue projected to reach 743 million yuan by 2024, and Moore Threads expecting 438 million yuan in the same year [7][9]. Group 3: Market Dynamics - The domestic GPU market is characterized by high competition, with various players adopting different strategies, including those aligned with NVIDIA and AMD technologies [12][14]. - The GPU industry is heavily reliant on R&D investments, with companies needing to continue funding their development efforts to remain competitive [21][22]. Group 4: Future Prospects - The AI sector is identified as a significant growth area for GPUs, with the market for AI chips in China projected to grow substantially, indicating a promising future for domestic GPU manufacturers [25][26]. - The competitive landscape is expected to undergo consolidation, as many players vie for market share, suggesting that mergers and acquisitions may become more common [26][27].