Core Viewpoint - The article highlights the inevitable industry consolidation in the domestic GPU market, predicting that only 2-3 out of several current domestic GPU companies will survive. It emphasizes the strategic importance of GPUs as the core computing engine of the digital economy and notes that the IPO application of Moore Threads marks a capital acceleration phase for domestic GPU companies [1][2]. Industry Status and Market Landscape - By 2024, the penetration rate of domestic AI chip brands in China has increased to 30%, but the high-end market is still dominated by NVIDIA. Export restrictions on high-end GPUs to China from a Western country starting in Q4 2024 create a window for domestic alternatives. The demand for AI computing in China is driving rapid expansion in the GPU market, with the market size expected to reach 322.8 billion yuan by 2027 [3]. - The current landscape of the domestic GPU industry is characterized by four main players: Moore Threads, which adopts a full-function GPU approach; Muxi, focusing on high-performance GPUs; Birran Technology, excelling in GPGPU; and Suyuan Technology, specializing in cloud AI training and inference [3]. Advantages and Risks - Moore Threads plans to raise 8 billion yuan for the development of next-generation chips. From 2022 to 2024, the company's revenue grew from 46.0883 million yuan to 438 million yuan, with a compound annual growth rate exceeding 200%. The revenue share of its AI intelligent computing products increased from zero to 77.63% in 2024, reaching 336 million yuan [5]. - Technologically, Moore Threads' MUSA architecture supports various capabilities, including AI computing acceleration and graphics rendering. As of February 2025, the company has obtained 470 authorized patents. Its product matrix spans from cloud to edge, with MTT S4000/S5000 intelligent computing cards supporting large language models, and MTT S80/S70 graphics cards showing a performance improvement of five times over two years [5]. - However, the company faces significant challenges, including a cumulative net loss of 5 billion yuan from 2022 to 2024, and the FP32 computing power of its flagship product S5000 is only half that of NVIDIA's H100. Being listed on the U.S. Entity List poses a threat to its supply chain [6]. Peer Comparison Analysis - Moore Threads has advantages in product comprehensiveness and market share, but all companies face common challenges: competing with international giants like NVIDIA in technology and ecosystem while also contending with domestic rivals. Despite policy support for domestic alternatives, customers still have concerns about the performance and stability of domestic GPUs [7]. - Revenue data for major domestic GPU companies from 2022 to 2024 shows significant growth, with Moore Threads increasing from 0.46 billion yuan to 4.38 billion yuan (compound growth rate of 208.44%), Muxi from 0.004 billion yuan to 7.43 billion yuan (4309%), and Cambrian from 7.29 billion yuan to 11.74 billion yuan (26.9%) [7]. - The future outlook suggests that industry consolidation is unavoidable, with predictions that only 2-3 domestic GPU companies will survive. Moore Threads is in a favorable position due to its full-function approach and capital advantages, but it must balance technological breakthroughs with commercial implementation to transition from "domestic substitution" to "international competition" [7].

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].