按发行后总股本4.7亿股计算，摩尔线程的发行市值将达到537.15亿元。 而"求中签"许愿的背后，自然也是因为中签之后的预计收益非常惊人。 "求中签"刷爆评论区，新闻变成了许愿树…这种在科技圈少见的景象，只因四个字：摩尔线程。 根据安排，摩尔线程在 11 月 24日正式登录科创板，并启动申购。摩尔线程的发行价为114.28元/股，共发行7000万股新股，占发行后总股本的 14.89%。 虽然单个配号中签率只有0.036%，但顶格申购可获22个配号。不少网友、机构都乐观预测，若开盘涨幅达200%，股价约343元，单签利润约11.4万元；若 涨幅达 400%，股价能到571.4元，单签利润就能达到恐怖的 22.86 万元。 摩尔线程是谁？这家土生土长的国产 GPU 厂商，最熟悉他们的一定是游戏玩家。 2022 年，摩尔线程用一款游戏显卡引爆 PC 硬件圈。MTT S80，一款号称性能可以对标英伟达 RTX 3060的国产显卡横空出世。 那时正值显卡疯狂加价的"大挖矿"时代，不少人都指望这张显卡、摩尔线程能给加价卖卡的老黄迎头痛击，成为"国产英伟达"，缓解国内游戏玩家"无显 卡可买"的窘况。 经过了三年的打怪升级， ...

11月27日晚，备受瞩目的"国产GPU第一股"摩尔线程，发布了其首次公开发行股票并在科创板上市的发 行结果公告。 根据公告披露的认购情况，本次发行的网上、网下认购缴款工作已于2025年11月26日结束 。值得注意 的是，虽然网下投资者（机构）全部足额缴款，但在网上发行环节，出现了近3万股的弃购 。 根据摩尔线程此前发布的公告，公司本次发行股份数量为7000万股，发行价格为114.28元/股，预计募集 资金总额为80亿元，扣除发行费用后，预计募集资金净额为75.76亿元。该股在2025年11月24日进行网 上和网下申购。 具体来看，在本次新股认购中，网下投资者缴款认购的股份数量为3920万股，有效缴款认购的金额为 44.8亿元，放弃认购数量为0。而网上投资者缴款认购的股份数量为1677.07万股，缴款认购的金额为 19.17亿元；放弃认购数量为29302股，放弃认购金额为334.86万元。 此前公告显示，截至2025年11月19日，摩尔线程已收到286家网下投资者管理的7787个配售对象的初步 询价报价信息，报价区间为88.79-159.57元/股，拟申购数量总和约为729.99亿股。在剔除部分无效报价 后，仍 ...

点击上图▲立即购票 惊艳、尖叫和思考，都会出现在这场AI大秀上！12月28日在厦门，吴老师将通过一 场科技人文秀，把他在2025年所看到的最新的人工智能成果用视觉创意的方式展现 给大家。本次活动由吴晓波频道、优酷、七维动力联合主办，自11月27日起，我们 推出"半价票限量秒杀"活动，每日10张，先到先得， 【点击此处，立即购票】 " 顶着 ' 中国版英伟达 ' 头衔的摩尔线程，在它的招股书里，提到英伟达共 41 次。以它为代表的国产 GPU 公司，承载着当下资本市场上最有分量的 ' 叙事 ' ：国产替代。 " 文 /巴九灵（微信公众号：吴晓波频道） 国产GPU行业的火热，在被称为"国产GPU第一股""中国版英伟达"的摩尔线程刷屏中有了实感。 11月24日，摩尔线程股票正式开启网上申购，当天有效申购达到482万户，上交所初步统计的"打新"中签率为0.0242%，有效申购倍数4126倍，即 每4126人抢一签。 | 发行人基本情况 | | | | | --- | --- | --- | --- | | 摩尔线程智能科技 公司全称 | (北京)股份有限公 | 证券简称 | 摩尔线程 | | ロ | | | | | ...

Core Viewpoint - The company Moer Thread, known as the "first domestic GPU stock," has launched its IPO subscription on November 24, 2025, with a share price of 114.28 yuan and aims to raise nearly 8 billion yuan [2][4]. Company Basic Information - The stock code for Moer Thread is 688795, and it plans to issue 70 million shares, which will account for 14.89% of the total share capital post-issuance [3]. - The company operates in the computer, communication, and other electronic equipment manufacturing industry [3]. IPO Details - The IPO price of 114.28 yuan per share sets a new record for the highest IPO price in 2025, surpassing the previous record of 93.5 yuan set by Tianyouwei [4]. - Moer Thread's total fundraising of nearly 8 billion yuan ranks first among new stocks on the Sci-Tech Innovation Board in 2025 [5][6]. Market Context - The domestic GPU market is projected to reach 120 billion yuan in 2025, with an 11.8% growth from 2024, driven by AI computing demand and domestic policies [7]. - The AI chip market in China is expected to grow significantly, with a projected market size of 1.3368 trillion yuan by 2029, indicating a compound annual growth rate of 53.7% from 2025 to 2029 [7]. Financial Performance - Moer Thread has shown rapid revenue growth, with projected revenues of approximately 460.88 million yuan in 2022, 1.24 billion yuan in 2023, 4.38 billion yuan in 2024, and 7.02 billion yuan in the first half of 2025 [8]. - Despite the revenue growth, the company has reported continuous losses, with cumulative losses nearing 6 billion yuan over the past three years [9]. Competitive Advantage - Moer Thread's core product, the MTT S80, is positioned to compete with NVIDIA's RTX 3060, and the company's MUSA architecture is compatible with 90% of CUDA syntax, supporting major frameworks like PyTorch and TensorFlow [7][9]. - The management team includes former executives from NVIDIA and AMD, enhancing the company's competitive edge in the GPU market [9].

Core Viewpoint - The article highlights that Moer Technology is set to become the first A-share listed company with "full-function GPU" as its core asset, marking a significant milestone in the domestic high-end AI chip sector [2][3]. Company Overview - Founded in 2020, Moer Technology focuses on the independent research and design of full-function GPUs, positioning itself as a leading player in the domestic high-end AI chip market [4]. - The company's strategic choice of "full-function GPU" distinguishes it from competitors that focus on AI computing, such as GPGPU or ASIC chips, by integrating multiple functionalities into a single chip [5]. Product and Technology - The full-function GPU integrates four major engines: AI computing acceleration, graphics rendering, physical simulation, and ultra-high-definition video encoding/decoding, catering to diverse computing needs [6]. - The MUSA unified system architecture, developed by Moer Technology, serves as the technical foundation for its full-function GPUs, ensuring compatibility with mainstream ecosystems and allowing developers to migrate existing models without rewriting code [6]. - Moer Technology has launched four generations of GPU architecture chips since its inception, with the latest "Pinghu" architecture featuring 8,192 shading cores and 512 tensor cores, supporting FP8 precision and a memory bandwidth of 800 GB/s [7]. Financial Performance - In the first half of 2023, Moer Technology achieved a revenue of 702 million yuan, nearly 1.6 times its projected full-year revenue for 2024, and surpassing the total revenue from 2022 to 2024 [7]. - The company has shown a trend of narrowing losses from 2023 to 2024, indicating improved commercial conversion efficiency and initial scale effects [8]. - The revenue from AI computing products has rapidly increased, with a total of 1 billion yuan generated from 2022 to 2024, reflecting a strategic focus on the high-growth AI computing sector [8]. Market Position and Ecosystem - Moer Technology's KUAE intelligent computing cluster, based on its self-developed full-function GPU, supports interconnectivity of up to 10,240 GPUs, showcasing its capability to provide large-scale computing infrastructure [9][10]. - The company has initiated the "Moer Academy" developer program and completed compatibility certification for over a hundred domestic software solutions, enhancing its ecosystem and attracting more developers [10]. - The initiation of Moer Technology's IPO signifies a systematic valuation assessment of domestic GPU enterprises in the capital market, amidst increasing global competition for AI computing resources [11].

Core Viewpoint - Moore Threads (688795.SH) has initiated its subscription on November 24, with an issue price of 114.28 CNY per share, aiming to raise funds for its GPU and related products development, targeting high-performance computing sectors such as AI and digital twins [1] Company Overview - Moore Threads focuses on the research, design, and sales of GPUs and related products, having launched four generations of GPU architectures since its establishment in 2020 [1] - The MTT S80 is noted as the first domestic consumer-grade graphics card supporting Windows and DirectX 11/12, with performance comparable to NVIDIA's RTX 3060 [1] Product Development - The company has developed four generations of GPU chips: - **Chidi (2021)**: First-generation GPU with four engines for AI acceleration, graphics rendering, physical simulation, and scientific computing [2] - **Chunxiao (2022)**: Second-generation GPU optimized for cloud computing and GPU virtualization, supporting DirectX 11 and 12 [2] - **Quyuan (2023)**: Third-generation GPU enhancing AI training and inference capabilities [2] - **Pinghu (2024)**: Fourth-generation GPU with FP8 precision support, significantly boosting AI computing power [2] Market Analysis - The global integrated circuit market is projected to grow from 2,493.25 billion CNY in 2020 to 3,606.75 billion CNY in 2024, with a CAGR of 9.7% [2] - The Chinese integrated circuit market is expected to grow from 876.26 billion CNY in 2020 to 1,403.71 billion CNY in 2024, with a CAGR of 12.5%, outpacing the global average [2] Future Projections - From 2025 to 2029, the global market is anticipated to accelerate, potentially exceeding 6,302.16 billion CNY by 2029, with a CAGR of 11.0% [3] - The Chinese market is expected to reach 2,744.03 billion CNY by 2029, with a CAGR of 12.8%, driven by the domestic semiconductor industry's self-sufficiency and policy support [3] Financial Performance - The company reported revenues of approximately 46.09 million CNY, 124 million CNY, and 438 million CNY for 2022, 2023, and 2024, respectively, with a compound annual growth rate of 208.44% [6][7] - Despite rapid revenue growth, the company has not yet achieved profitability, with net losses of approximately 1.89 billion CNY, 1.70 billion CNY, and 1.62 billion CNY during the same period [6][7]

Core Viewpoint - Moore Threads has successfully launched its IPO on the Sci-Tech Innovation Board, with an issue price of 114.28 yuan per share, resulting in a post-issue market capitalization of approximately 53.7 billion yuan, marking it as the largest IPO project on the Sci-Tech Innovation Board since 2025 [2][3][4]. Group 1: Financial Performance - The company achieved significant revenue growth, with 7.02 billion yuan in revenue for the first half of 2025, up from 4.38 billion yuan in 2024 and just over 40 million yuan in 2022 [6][12]. - Despite the rapid revenue increase, the company has incurred substantial losses, totaling 5.486 billion yuan over the past three and a half years, necessitating the 8 billion yuan raised from the IPO to support ongoing high-intensity technology iterations and to address liquidity needs [3][8]. - The company reported a net cash flow from operating activities of -1.164 billion yuan for the first half of 2025, leading to increased short-term borrowings from 0 at the end of 2022 to 1.217 billion yuan by mid-2025 [8][9]. Group 2: Customer Structure and Market Position - Moore Threads has a highly concentrated customer base, with the top five customers accounting for 98.29% of revenue in the first half of 2025, primarily from large B-end clients such as telecom operators and intelligent computing centers [11][12]. - The company’s revenue structure indicates that it earns not only from selling graphics cards but also from integrated computing devices, with significant contributions from major clients [7][12]. Group 3: Research and Development - The company has invested heavily in R&D, with cumulative expenditures reaching 3.81 billion yuan from 2022 to 2024, which exceeds its revenue during the same period [8]. - The company aims to achieve profitability by 2027, projecting revenues of 5.983 billion yuan and a gross margin of 61%, although this includes approximately 307 million yuan in government subsidies [14][15][16]. Group 4: Technology and Market Outlook - The founder emphasized the competitive advantages of the MUSA architecture, which integrates GPU hardware and software, offering superior versatility and market adaptability compared to other technologies like ASIC and GPGPU [18][20]. - The GPU market is expected to grow significantly, with forecasts predicting the Chinese GPU market to reach 1.363 trillion yuan by 2029, driven by increasing demand across various applications [28][30]. - The company plans to focus on six key areas for future development in computing services, including deep integration of hardware and software, expansion into international markets, and sustainable development initiatives [30][31]. Group 5: Market Valuation - At the IPO price of 114.28 yuan, Moore Threads has a market valuation exceeding 53.7 billion yuan, corresponding to a static price-to-sales ratio of 122.51 for 2024, raising questions about whether this valuation is sustainable [32]. - The funds raised from the IPO will primarily be allocated to three R&D projects: next-generation AI training and inference chips, new graphics chips, and AI SoC chips [32].

Core Viewpoint - Moore Threads has successfully launched its IPO on the Sci-Tech Innovation Board, achieving a total market value of approximately 53.7 billion yuan, marking the largest IPO financing scale since 2025 [2][4]. Group 1: Financial Performance - The company reported a significant revenue increase, with 2025 first-half revenue reaching 702 million yuan, compared to 438 million yuan in 2024 and just over 40 million yuan in 2022 [7][8]. - Despite rapid revenue growth, the company has incurred substantial losses, totaling 5.486 billion yuan over the past three and a half years, necessitating the 8 billion yuan raised from the IPO to support ongoing R&D and operational needs [3][10]. - The company’s cash flow from operating activities was negative 1.164 billion yuan in the first half of 2025, leading to increased short-term borrowings from 0 to 1.217 billion yuan within six months [10][11]. Group 2: Customer Structure and Market Position - Moore Threads has a highly concentrated customer base, with the top five customers accounting for 98.29% of revenue in the first half of 2025, primarily from large B-end clients such as telecom operators and intelligent computing centers [13]. - The company’s revenue model includes not only sales of graphics cards but also integrated computing devices, with significant contributions from major clients [8][13]. Group 3: R&D and Technology Strategy - The company has invested 3.81 billion yuan in R&D from 2022 to 2024, which exceeds its revenue during the same period, indicating a strong commitment to technological advancement [10]. - Moore Threads aims to achieve profitability by 2027, projecting a revenue target of 5.983 billion yuan and a gross margin of 61% for that year, although this includes approximately 307 million yuan in government subsidies [15][16]. Group 4: Market Outlook and Competitive Landscape - The CEO highlighted the explosive growth in demand for AI computing acceleration chips, asserting that GPUs remain the dominant chip type in the AI market despite competition from ASICs and GPGPUs [21][22]. - The Chinese GPU market is projected to grow to 1.363 trillion yuan by 2029, indicating significant long-term growth potential for the company [29]. - The company plans to focus on six strategic directions in the computing service sector, including deep integration of software and hardware, international market expansion, and sustainable development initiatives [30]. Group 5: Valuation and Investment Considerations - At an IPO price of 114.28 yuan per share, Moore Threads has a static price-to-sales ratio of 122.51 times for 2024, raising questions about whether this valuation is sustainable [33]. - The funds raised from the IPO will primarily be allocated to three R&D projects: next-generation AI training and inference chips, new graphics chips, and AI SoC chips [33].

Core Viewpoint - The article highlights the rapid development of domestic computing power in China, particularly focusing on the IPO of Moore Threads, which is set to become the first domestic GPU company listed on the Sci-Tech Innovation Board, marking a significant step towards building an independent and controllable computing power system in China [2][3]. Group 1: Company Overview - Moore Threads, established in 2020, specializes in the independent research and design of full-function GPUs, aligning with China's strategy for high-level technological self-reliance [3]. - The company has launched four generations of GPU architecture chips from 2021 to 2024, with the latest being the "Changjiang" smart SoC chip in 2024 [4]. - Moore Threads is the only domestic company that has achieved mass production of full-function GPUs, with products applied in various fields such as AI model training, digital twins, and cloud computing [4]. Group 2: Technological Advancements - The company's products have reached or approached international advanced levels in certain performance metrics, with the MTT S80 graphics card's single-precision floating-point performance nearing that of NVIDIA's RTX 3060 [4]. - Moore Threads has invested over 4.3 billion yuan in R&D from 2022 to June 2025, with over 77% of its workforce dedicated to research, resulting in 514 authorized patents in key technology areas [5]. Group 3: Market Potential - The global GPU market is projected to reach 3.62 trillion yuan by 2029, with China's market expected to grow significantly, from 15.6% of the global market share in 2024 to 37.8% by 2029, reflecting a compound annual growth rate of 51.1% [5]. - The IPO funds will primarily support the development of new AI training and inference chips, graphics chips, and AI SoC chips, aligning with national strategies to enhance key technology independence and build new computing infrastructure [6].

Core Insights - A significant trend is emerging as leading domestic GPU companies are rapidly pursuing IPOs, with notable examples including Moer Thread and Muxi Co., which have set records for the speed of their listing processes [1][3][10] - This capital frenzy is driven by the expectation for self-controlled computing power and the exit demands of numerous VCPEs during their fund lifecycle [2] Group 1: Moer Thread and Muxi Co. - Moer Thread's IPO process is remarkable, with its application accepted on June 30, 2025, and approval granted on September 26, 2025, taking only 88 days. The IPO aims to raise 8 billion yuan [3][7] - Founded in 2020 by Zhang Jianzhong, a former NVIDIA executive, Moer Thread focuses on full-function GPUs and has developed the MUSA architecture to support AI computing and graphics rendering on a single chip [3][4] - Moer Thread's revenue figures show a growth trajectory, with revenues of 46.09 million yuan in 2022, projected to reach 438 million yuan in 2024, and 702 million yuan in the first half of 2025, marking a compound annual growth rate of 208% [7][9] - Muxi Co. followed closely, with its IPO approved on October 24, 2025, after 116 days of review, aiming to raise 3.904 billion yuan for the development of next-generation GPU chips [10][12] - Muxi, also founded in 2020, focuses on high-performance general-purpose GPUs and has established a complete domestic supply chain for design, manufacturing, and testing [10][12] Group 2: Other Companies and Market Dynamics - Suiruan Technology is taking a more cautious approach to its IPO, currently in the counseling phase, with a complex shareholder structure potentially affecting its progress [13][17] - Suiruan's products include the domestic cloud training chip "Suis 1.0" and the fourth-generation training and inference chip "Suiruan L600," which features significant advancements in computing power and storage [14][15] - Wallran Technology's IPO path remains uncertain, with reports suggesting it has submitted a confidential listing application to the Hong Kong Stock Exchange [19][24] - Tian Shu Zhixin is also rumored to be pursuing a listing, focusing on GPGPU products that have already achieved commercial success [25][27] Group 3: Industry Trends and Challenges - The market for AI computing power is expanding rapidly, with national strategies emphasizing self-sufficiency in computing capabilities, and the Sci-Tech Innovation Board providing a pathway for unprofitable but technologically critical companies to go public [28][30] - Companies are seizing the historic opportunity for domestic substitution, particularly in light of supply constraints from NVIDIA, creating a significant market gap [29][30] - The collective IPO rush signals a broader industry trend where national interests and capital markets are aligning to promote high-end computing autonomy [30][31] - The limited capacity of the capital market means that the first companies to successfully list will gain a competitive financing advantage, potentially leading to a "Matthew effect" in the industry [31][32]