以下文章来源于白鲸实验室 ，作者柳嘉 眼下国产芯片替代形成两种局面，中低端芯片行业陷入内卷，高端GPU芯片公司，虽未进入存量厮杀阶段，但长期来看依然面临相似问题。当"国产替 代"的情绪退潮，真正的商业与技术能力能否支撑下一个周期？ 白鲸实验室 . 记录AI改变世界的瞬间 来源丨白鲸实验室 作者丨柳嘉 编辑｜八尺 2025年末，国产GPU集体迈入资本狂欢时刻。 "国产GPU双雄""中一签 30 万""中国英伟达"，市值超过4400亿…… 借助 AI和国产替代加速的双重因素，国产芯片尤其是GPU厂商走入高光时刻。这一度 构成了一种主流叙事：中国似乎要跑出自己的英伟达。 实际上，这场狂欢 掩盖了大量零碎却很难以引人关注的事实。 比如芯片是垄断行业，国产替代的空间尽管很大，资本的追捧和市场的盲目乐观，导致行 业涌入过多，极易陷入内卷。 2019年，因为美国对中国芯片技术封锁，国产替代成为市场明确方向，资本疯狂涌入，试图捕捉国产替代的巨大市场。这导致芯片设计公司迅速增加，仅 2021年国内新成立的芯片设计公司就有近600家，达到历史之最。目前，芯片设计公司有近4000家。 关于芯片产品定义，几乎都是由海外成熟产品给出的 ...

推理性能实现跨越：摩尔线程联合硅基流动，在DeepSeek R1 671B全量模型上实现性能突破，MTT S5000单卡Prefill吞吐突破4000 tokens/s、Decode吞吐突破1000 tokens/s，树立国产推理性能标杆。 全新个人智算平台：正式发布搭载智能SoC芯片"长江"的AI算力本MTT AIBOOK，迷你型计算设备 MTT AICube。 （文章来源：21世纪经济报道） 12月20日，摩尔线程于北京举办首届MUSA开发者大会。会上，摩尔线程展示了其基于MUSA统一架构 为核心的全栈技术成果，并在现场展示落地成果。包括： "夸娥万卡"高效训练：发布夸娥万卡智算集群，展示了其支撑万亿参数模型训练的工程化能力与可靠 性，在多项关键精度指标上达到国际主流水平。 ...

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].

Core Viewpoint - The listing of the GPU chip company Moore Threads, dubbed the "Chinese version of Nvidia," on the STAR Market has generated significant market excitement, with its stock price soaring dramatically on its debut [1][4]. Group 1: Company Overview - Moore Threads was founded in 2020 and is led by Zhang Jianzhong, a former global vice president at Nvidia, which provides the company with a strong industry background and connections [11]. - The company focuses on developing full-function GPUs capable of handling various tasks, including graphics rendering and scientific computing, distinguishing itself from competitors that specialize only in AI computing [11]. Group 2: Market Performance - The initial public offering (IPO) price was set at 114.28 CNY per share, the highest for any new stock in the A-share market in the past year [2][6]. - On its first trading day, the stock opened at 650 CNY, representing a staggering increase of 468.78%, with a peak price of 688 CNY, reflecting a rise of over 500% at one point [3][9]. - The total market capitalization of Moore Threads exceeded 300 billion CNY, making it the fourth-largest chip company on the STAR Market [4]. Group 3: Financial Performance - Moore Threads raised approximately 7.576 billion CNY through the issuance of 70 million shares, marking it as the largest fundraising in the STAR Market for 2025 [6]. - The company reported a revenue of 46.088 million CNY in 2022, which surged to 2.15 billion CNY in 2023, and is projected to reach between 1.5 billion CNY and 1.98 billion CNY in 2025 [17][20]. - The compound annual growth rate (CAGR) of revenue from 2022 to 2024 is an impressive 208.44% [18]. Group 4: Losses and Valuation - Despite rapid revenue growth, Moore Threads has incurred significant losses, with a cumulative net loss of 5.939 billion CNY over four years [21][22]. - The company's price-to-sales ratio at the IPO was 122.51 times, significantly higher than the average for comparable chip design companies, indicating high investor expectations for future growth [24]. Group 5: Market Dynamics - The IPO attracted intense interest, with institutional investors bidding 1,572 times the available shares, resulting in a low winning rate of approximately 0.036% [7]. - The stock's trading volume reached 12.59 billion CNY on its first day, the highest in the A-share market [9]. - The listing has caused a capital flow effect, with some stocks considered "Moore Threads concept stocks" experiencing declines as funds shifted towards the new listing [26]. Group 6: Industry Context - The demand for AI computing power has surged, with some sectors experiencing a 300% increase, creating a significant supply gap in the Chinese market due to export restrictions on high-end GPUs from companies like Nvidia [13][14]. - If domestic GPU products can fully replace imports, the market size in China could potentially reach 50 billion CNY annually [16].

Core Viewpoint - The listing of Moore Threads on the STAR Market marks a significant milestone for China's GPU industry, with the company's stock price soaring to 688 yuan per share, five times its issue price, and a market capitalization exceeding 270 billion yuan [2][3]. Company Overview - Moore Threads is recognized as China's first fully functional GPU company to go public, achieving rapid success with a record of 88 days to approval and being the most expensive new stock on the STAR Market in 2023 [3]. - The company was founded by Zhang Jianzhong, a former Nvidia executive, with the ambition to create a Chinese equivalent of Nvidia [7][9]. - Since its inception, Moore Threads has raised over 10 billion yuan through multiple funding rounds, attracting 86 shareholders [9]. Industry Context - The rise of Moore Threads and its competitor, Muxi Integrated Circuit, reflects a broader trend in the Chinese GPU industry, which is experiencing a collective rise amid a historical opportunity for domestic GPU replacement [13]. - The demand for AI computing power has surged, driven by the explosive growth of artificial intelligence applications, prompting significant investments in the GPU sector [11][12]. Financial Performance - Moore Threads' revenue is projected to grow from 46 million yuan in 2022 to 438 million yuan in 2024, representing a compound annual growth rate (CAGR) of 208.44% [18]. - Muxi's growth is even more pronounced, with revenue expected to increase from 42,640 yuan in 2022 to 74.3 million yuan in 2024, achieving a staggering CAGR of 4074.52% [19]. Technological Advancements - Moore Threads has developed a unified MUSA architecture that supports AI computing acceleration, graphics rendering, and other advanced computing tasks, marking a significant technological breakthrough in China's high-end GPU chip development [12]. - The company has successfully mass-produced five chips and iterated four generations of GPU architecture, establishing a comprehensive product matrix that supports various computing scenarios [12]. Market Dynamics - The competitive landscape is shifting as global tech competition intensifies, with domestic GPU companies poised to fill the void left by Nvidia's exit from the Chinese market due to export controls [15]. - The STAR Market serves as a green channel for "hard tech" companies, aligning with national policies aimed at promoting semiconductor self-sufficiency [15]. Future Outlook - The successful IPOs of Moore Threads and Muxi are seen as the beginning of a new chapter for the Chinese GPU industry, with other companies like Birran Technology and Suiruan Technology also accelerating their IPO processes [19]. - The collective actions of these companies are expected to enhance the focus on the GPU industry, driving the domestic replacement process and influencing the future landscape of the AI industry both in China and globally [19].

Core Viewpoint - The article highlights the significant rise of domestic GPU companies in China, particularly focusing on the successful IPO of Moore Threads, which has seen its stock price surge and market capitalization exceed 270 billion yuan, marking a pivotal moment in the Chinese semiconductor industry [5][19]. Group 1: Company Developments - Moore Threads became the first fully functional GPU company to be listed on the Chinese stock market, achieving a remarkable opening price that was five times its issue price, leading to a market valuation surpassing 270 billion yuan [5][19]. - The company has successfully produced five chips and iterated four generations of GPU architecture, establishing a comprehensive product matrix that supports various computing needs, including AI, scientific computing, and graphics rendering [15][19]. - The revenue of Moore Threads is projected to grow from 46 million yuan in 2022 to 438 million yuan in 2024, reflecting a compound annual growth rate of 208.44% [19]. Group 2: Industry Context - The emergence of Moore Threads and another GPU company, Muxi, signifies a broader trend of domestic GPU companies rising to prominence, driven by the increasing demand for AI computing power [8][17]. - The article notes that the domestic GPU sector is experiencing a historic opportunity for replacement, particularly as U.S. export controls have led to a vacuum in the market previously dominated by NVIDIA [17][18]. - The overall market for domestic computing power is expected to grow, with projections indicating that by mid-2024, over 40% of the data center acceleration card market in China will be occupied by domestic solutions [18]. Group 3: Investment and Financing - Moore Threads has attracted significant investment, raising over 10 billion yuan through multiple funding rounds prior to its IPO, indicating strong investor confidence in the domestic GPU market [11][12]. - The article emphasizes that the successful IPOs of Moore Threads and Muxi are just the beginning, with other domestic GPU companies like Birran Technology and Suiruan Technology also accelerating their IPO processes [19].

Core Viewpoint - The listing of Moore Threads on the STAR Market marks a significant milestone for China's semiconductor industry, positioning it as the first fully functional GPU company to enter the capital market, further solidifying the narrative of a "Chinese version of Nvidia" [1]. Group 1: Market Performance - On its debut, Moore Threads opened at 650 CNY per share, a 468.78% increase from the issuance price of 114.28 CNY, with an intraday high of 688 CNY, leading to a market capitalization exceeding 305.5 billion CNY [3]. - Early investors in Moore Threads, such as Peixian Qianyao Technology, saw returns as high as 6021 times their initial investment, highlighting the lucrative potential of the domestic GPU sector [3]. Group 2: Industry Context - Both Moore Threads and another GPU company, Muxi, achieved public listing within five years, breaking the typical 12-15 year timeline for tech companies [4]. - The year 2020 marked the beginning of domestic GPU development, with many talents from overseas chip giants returning to start businesses, including key figures from Nvidia and AMD [4]. Group 3: Technological Advancements - Moore Threads has invested over 4.3 billion CNY in R&D from 2022 to June 2025, with its MTT S5000 supporting trillion-parameter model training, matching the efficiency of international counterparts [5]. - Muxi's new C700 chip is expected to rival Nvidia's H100, with mass production anticipated in 2027 [5]. Group 4: Revenue Growth - Moore Threads' revenue is projected to grow from 0.46 million CNY in 2022 to 4.38 million CNY in 2024, reflecting a compound annual growth rate (CAGR) of 208.44% [5]. - Muxi's revenue is expected to surge from 42.64 thousand CNY to 743 million CNY over the same period, with a CAGR exceeding 4000% [5]. Group 5: Market Dynamics - The rise of domestic GPU companies is reshaping the global AI computing landscape, driven by significant demand for AI computing power and the exit of Nvidia from the Chinese market due to export controls [4][5]. - The STAR Market has created a favorable environment for hard-tech companies, with the anticipated explosion of AI computing demand in 2025 providing a critical funding window [4].

Core Insights - Moer Technology officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the first fully functional GPU company in China to enter the capital market [1] - The company has established itself as a leading player in the domestic GPU sector, focusing on independent innovation and aligning with national strategies for technological self-reliance [1] Company Development - Since its establishment in 2020, Moer Technology has successfully mass-produced five chips and iterated four generations of GPU architectures and intelligent SoC products, creating a comprehensive product matrix that supports AI, scientific computing, and graphics rendering [2] - The company has a strong intellectual property portfolio, with 514 authorized patents as of June 2025, positioning it among the top GPU enterprises in China [2] Financial Performance - From 2022 to 2024, Moer Technology achieved a compound annual growth rate (CAGR) of 208.44% in revenue, indicating significant growth [2] - In the first half of 2025, the company's revenue reached 702 million yuan, surpassing the total revenue of the previous three years, with AI computing business contributing 94.73% of this revenue [2] Research and Development - The company has invested over 4.3 billion yuan in R&D from 2022 to June 2025, with over 77% of its workforce dedicated to research [3] - Moer Technology's products have reached or approached international advanced levels in key performance indicators, particularly with its flagship AI computing product, the MTT S5000 [3] Strategic Milestones - The listing marks a significant milestone for Moer Technology, reflecting market recognition of its commitment to core technology and product innovation [3] - The funds raised from the IPO will be directed towards the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, aiming to enhance the company's technological leadership in AI computing and graphics [3]

Core Viewpoint - The successful IPO of Moer Thread marks a significant milestone for the company as it becomes the first fully functional GPU enterprise to be listed in China, reflecting the growing importance of domestic GPU development in the AI and computing sectors [1][6][8]. Company Overview - Moer Thread officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2023, after a rapid approval process of just 88 days, making it the largest IPO on the board in 2024 [1][2]. - The company's stock surged by 468% on its first trading day, reaching a peak price of 688 CNY, with potential profits for investors exceeding 280,000 CNY for a single allocation [1][2][4]. Financial Performance - Despite the impressive market debut, Moer Thread has reported significant losses over the past three years, with net profits of approximately -1.894 billion CNY in 2022, -1.703 billion CNY in 2023, and -1.618 billion CNY projected for 2024 [6][7]. - The company has invested over 4.3 billion CNY in research and development since its inception, with a focus on innovation and product iteration [5][7]. Product Development - Moer Thread has successfully produced five chips and developed four generations of GPU architectures, creating a comprehensive product matrix that supports various applications, including AI, scientific computing, and graphics rendering [6][7]. - The company aims to establish itself as a leader in the AI era by developing advanced models and systems, exemplified by its flagship product, the MTT S5000, which supports large-scale model training [7]. Market Position - Moer Thread is often referred to as the "Chinese version of NVIDIA," due to its unique position as the only domestic GPU manufacturer with deep engagement in both B-end and C-end markets [8]. - The company has garnered significant interest from institutional investors, with over 200 institutions participating in its IPO, reflecting confidence in its strategic value and growth potential in the domestic GPU market [9].

Core Points - The company "Moore Threads" has officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the first fully functional GPU company in China to go public [3][5] - The IPO process was notably swift, taking only 88 days from acceptance to approval, marking it as the fastest in the Sci-Tech Innovation Board since 2022 [2] - On its first trading day, the stock surged by 468%, reaching a peak price of 688 CNY, resulting in significant profits for investors [4][9] Company Overview - Moore Threads was founded in October 2020 and has achieved a significant milestone with its recent IPO, indicating a new phase of development for the company [11] - The company has successfully mass-produced five chips and iterated four generations of GPU architecture, establishing a comprehensive product matrix that supports various computing acceleration needs [12] - As of June 2025, Moore Threads has obtained 514 authorized patents, positioning it among the leading domestic GPU companies in terms of intellectual property [12] Financial Performance - Despite the successful IPO, Moore Threads has not yet turned a profit, with projected net losses of approximately 18.94 billion CNY in 2022, 17.03 billion CNY in 2023, and 16.18 billion CNY in 2024 [13] - The company has invested over 4.3 billion CNY in research and development from 2022 to June 2025, with over 77% of its workforce dedicated to R&D [13] Market Position - Moore Threads is often referred to as the "Chinese version of NVIDIA," being the only domestic GPU manufacturer with deep engagement in both B-end and C-end markets [15] - The company aims to create an "AI super factory" to continuously produce advanced models, positioning itself strategically in the AI computing landscape [14] Institutional Interest - Over 200 institutions participated in the IPO, with a total allocation of 23.24 million shares, amounting to 2.656 billion CNY [17] - The strong interest from public and private equity firms reflects confidence in the company's growth potential and the strategic value of the domestic high-end GPU industry [18]