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].

Core Viewpoint - The article highlights the significant progress of domestic GPU companies, particularly Moore Threads and Muxi, as they both received acceptance for their IPO applications, marking a historic moment for the domestic GPU industry [1][2]. Group 1: Company Profiles - Moore Threads was founded by Zhang Jianzhong, a former NVIDIA executive, who established a complete GPU ecosystem in China during his 15 years at NVIDIA [2][5]. - Muxi's founding team has a strong background in AMD, with key members having extensive experience in GPU design and architecture [5][6]. - Both companies aim to break the monopoly of international giants in the high-performance GPU market, despite their different strategic focuses [9]. Group 2: Product Development and Market Strategy - Moore Threads targets both data center (B-end) and consumer gaming graphics card (C-end) markets, aiming to create a comprehensive ecosystem [3][10]. - Muxi focuses primarily on the data center market, starting with general-purpose computing (GPGPU) and gradually expanding into graphics rendering [7][17]. - Moore Threads has developed the MUSA architecture, which supports AI computing, graphics rendering, and physical simulation on a single chip, making it the only domestic company to fully compete with NVIDIA [10][13]. Group 3: Financial Performance and R&D Investment - Both companies are investing heavily in R&D, with Moore Threads' R&D investment accounting for 626.03% of its revenue over the past three years, totaling 3.8 billion yuan, while Muxi's R&D investment is 282.11% of its revenue, totaling 2.2 billion yuan [25][21]. - Muxi's revenue has shown remarkable growth, with a compound annual growth rate of 4074.52% from 2022 to 2024, while Moore Threads also experienced a significant growth rate of 208.44% during the same period [28][30]. - Both companies are improving their gross margins, with Moore Threads increasing from 18.08% in 2022 to 36.60% in 2024, and Muxi achieving a gross margin of 62.88% in 2023 [32][32]. Group 4: Market Challenges and Future Outlook - The domestic GPU industry faces challenges, particularly in software ecosystems, where NVIDIA has a significant advantage with its CUDA platform [37]. - Both companies are working to build their developer ecosystems, with Moore Threads offering a software stack that allows for easier migration from CUDA, and Muxi supporting major frameworks like PyTorch and PaddlePaddle [37]. - Despite high R&D costs leading to losses, both companies are showing strong revenue growth and potential for future success in the GPU market [21][33].

Core Viewpoint - Moer Technology plans to raise 8 billion yuan through its IPO on the Sci-Tech Innovation Board, focusing on self-developed GPUs for high-performance computing applications in AI, digital twins, and scientific calculations [2][6]. Company Overview - Founded in 2020, Moer Technology specializes in developing full-function GPUs and has launched four generations of GPU architectures, covering various applications such as AI computing, high-performance computing, graphics rendering, and smart media [2]. - The company has established R&D and technical support centers in major cities like Beijing, Shanghai, Chengdu, and Shenzhen to quickly respond to customer needs [4]. Technology and Product Development - Moer Technology's MUSA architecture allows a single chip to support AI computing acceleration, graphics rendering, physical simulation, and scientific computing, marking a significant technological breakthrough in the domestic GPU industry [2][3]. - Compared to other AI acceleration products, the MUSA architecture offers stronger computing versatility, better technological evolution capability, and broader market adaptability [3]. Market Applications - In the intelligent computing market, Moer Technology's products support various high-end applications, including large language models and medical imaging, with solutions like the MTT S4000 and S5000 series [5]. - The company's products are also widely used in high-performance graphics workstations for industrial design and simulation, contributing to the optimization of the domestic high-performance graphics market [5]. Financial Performance - Moer Technology's revenue from 2022 to 2024 is projected to grow from 46 million yuan to 438 million yuan, with a compound annual growth rate exceeding 200% [5]. - The company has maintained high R&D investment, with over 3.8 billion yuan allocated from 2022 to 2024, and employs a workforce where 78.69% are R&D personnel [6]. Future Plans - The funds raised from the IPO will be used for the development of new self-controlled AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [6].