Core Viewpoint - Moore Threads is set to list on the Sci-Tech Innovation Board, achieving a record speed in its IPO process, with significant revenue growth driven by AI-related products [2][3]. Group 1: Company Overview - Moore Threads was founded in 2020 by Zhang Jianzhong, former VP of NVIDIA China, with a core team from major chip companies like NVIDIA and Intel, averaging over ten years of industry experience [2]. - The company has developed a product matrix that includes desktop graphics cards, professional graphics cards, and AI chips for servers, uniquely positioning itself in the domestic market [2]. Group 2: Financial Performance - In the first half of 2025, the company's revenue reached 702 million yuan, surpassing the total revenue of 508 million yuan from 2022 to 2024, with over 90% of this revenue coming from AI-related products [3]. - The gross margin for the first half of 2025 was 69.14%, a significant turnaround from -70.08% in 2022, with board card products achieving over 70% gross margin and cluster products around 60% [4]. Group 3: Market Projections - According to Guojin Securities, Moore's revenue is projected to be 1.405 billion yuan in 2025 and 2.596 billion yuan in 2026, with a compound annual growth rate of 220.34% [6][7]. - The company is currently not profitable, making it difficult to calculate P/E and P/B ratios, leading analysts to focus on the price-to-sales (P/S) ratio instead [6]. Group 4: Industry Context - The AI capital expenditure in China is expected to grow at a compound annual growth rate of 25% from 2025 to 2028, reaching 172 billion USD by 2028, indicating strong demand for AI chips [12]. - Bernstein predicts that domestic AI chip supply will increase fivefold by 2028, with local manufacturers expected to capture over 90% market share due to challenges faced by foreign competitors like NVIDIA [14].