Core Viewpoint - The debut of Moer Technology (688795.SH) on the STAR Market marks a significant milestone as it becomes the first fully functional GPU company to go public in China, achieving the largest IPO on the STAR Market in 2024, with a notable surge in stock price on its first trading day [1][2]. Group 1: Market Performance - Moer Technology's stock price opened at 688 CNY, reaching a peak that could yield approximately 286,900 CNY for investors who received a subscription for 500 shares, making it the most profitable new stock of the year [1]. - The initial offering price was set at 114.28 CNY per share, with a preliminary subscription rate of 0.0242%, indicating that only about 2.5 investors out of 10,000 could secure shares [1]. - By the end of the trading day, the stock closed at 600.50 CNY, with a total market capitalization of 282.3 billion CNY and a turnover rate of 85.49%, suggesting that many investors opted to sell their shares quickly [1]. Group 2: Institutional Participation - A total of 94 public funds and 113 private funds participated in the offline allocation, collectively acquiring 23.24 million shares, amounting to 2.656 billion CNY, with an overall floating profit of approximately 19.06 billion CNY [2][4]. - The leading public fund, E Fund, secured 439 million CNY in shares, followed closely by Southern Fund with 401 million CNY, and ICBC Credit Suisse with 348 million CNY [5]. - The strong interest from institutional investors is attributed to Moer Technology's strategic positioning within the AI computing and domestic substitution trends, highlighting its growth potential [5]. Group 3: Company Background and Financials - Moer Technology, often referred to as the "Chinese version of NVIDIA," focuses on the research, design, and sales of GPUs and related products, with a founding team that includes former NVIDIA members [10][11]. - Despite its promising technology and market interest, the company has reported significant losses, with net profits of approximately -1.894 billion CNY, -1.703 billion CNY, and -1.618 billion CNY for the years 2022 to 2024, respectively [12]. - The company has invested over 4.3 billion CNY in R&D over the past three years, with a workforce comprising over 77% dedicated to research and development [12][13]. Group 4: Future Prospects - The funds raised from the IPO will be allocated to the development of new AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [13]. - The listing is seen as a recognition of the company's commitment to core technology innovation and product iteration, marking a new phase in its development within the high-end GPU market [13].

12月5日，摩尔线程正式在上交所科创板挂牌上市，成为中国首家登陆A股市场的全功能GPU企业。 创业五载就成功登陆科创板，这既是摩尔线程发展的一个关键里程碑，是对公司长期坚持GPU自主创新与产品迭代速度的认可；更意味着中国算力发展进 入新阶段，科创板深化改革进入新里程。 引领全功能GPU创新 上市首日高开468.78% 摩尔线程上市首日高开468.78%，报650元/股。截至收盘，盘中价格最高报688元/股。按开盘价计算，中一签赚超26.7万元。 | N壓尔-U 688795 0 | | | 650.00 +535.72 | | | --- | --- | --- | --- | --- | | 开盘亮价 CNY | | | 未盈利 科 融 成 ● 自选 + ▼ | | | 委比 | 99.39% 委差 | | | 3588 | | 举刊 | ୧୧୧୧୧୧ | | 1 | | | 卖口 | 655 22 | | 2 | | | 卖三 | 655.00 | | 2 | | | 卖二 | 654.00 | | 4 | | | 型一 | 651.00 | | 2 | | | ж | 650.00 | | 3555 | ...

"国产GPU第一股"摩尔线程正式登陆科创板。 2025年12月5日，摩尔线程智能科技（北京）股份有限公司（简称：摩尔线程，股票代码：688795.SH）正式在上海证券交易所科创板挂牌上市，成为中 国首家登陆资本市场的全功能GPU企业。 虽然摩尔线程的发行价高达114.28元，为年内之最，但今天上市首日开盘仍然暴涨468.78%至650元/股，市值突破3055亿元。开盘后股价一度上涨至688元/ 股，市值突破3233亿元。 经过五年的创业历程，摩尔线程此次上市是公司发展的一个关键里程碑。这既是对公司长期坚持核心技术自主创新与产品迭代速度的认可，也标志着公司 在GPU算力这一战略领域，已初步构建起从技术、产品到市场与资本协同发展的体系化能力，对国产高端GPU的自主发展之路而言，也是一段具有象征意 义的新起点。 根据招股书显示，摩尔线程拟募集资金80亿元，用于摩尔线程新一代自主可控AI训推一体芯片研发项目、摩尔线程新一代自主可控图形芯片研发项目、 摩尔线程新一代自主可控AISoC芯片研发项目、补充流动资金。 实际发行结果，摩尔线程募集资金合计79.97亿元，基本实现预期募资额80亿元，扣除发行费用4.24亿元后，募 ...

来源：环球网 【环球网财经综合报道】2025年12月5日，摩尔线程智能科技（北京）股份有限公司（简称：摩尔线 程，股票代码：688795.SH）正式在上海证券交易所科创板挂牌上市，成为中国首家登陆资本市场的全 功能GPU企业。 五年创业历程，此次上市是公司发展的一个关键里程碑。这既是对公司长期坚持核心技术自主创新与产 品迭代速度的认可，也标志着公司在GPU算力这一战略领域，已初步构建起从技术、产品到市场与资本 协同发展的体系化能力，对国产高端GPU的自主发展之路而言，也是一段具有象征意义的新起点。 筑牢自主技术根基，引领全功能GPU创新 过去二十余年，从图形处理到人工智能，GPU持续驱动并引领加速计算革命。当前，在全球科技竞争日 益激烈的背景下，算力即国力，先进AI算力已上升为关乎国家发展主动权的关键战略资源。GPU作为 人工智能革命与数字经济发展的核心算力引擎，其自主可控已成为我国在全球算力竞争中必争的战略高 地。 在通往AGI的时代浪潮中，算力不仅是引擎，更是塑造智能未来的基石。摩尔线程打造的夸娥 （KUAE）智算集群，可支持万卡级规模扩展能力，旨在构建具备万P级浮点运算能力的国产通用加速 计算平台。该平 ...

筑牢自主技术根基，引领全功能GPU创新 过去二十余年，从图形处理到人工智能，GPU持续驱动并引领加速计算革命。当前，在全球科技竞争日益激烈的背景下，算力即国力，先进AI算力已上升 为关乎国家发展主动权的关键战略资源。GPU作为人工智能革命与数字经济发展的核心算力引擎，其自主可控已成为我国在全球算力竞争中必争的战略高 地。 自2020年成立以来，摩尔线程作为国内稀缺的全功能GPU领军企业，始终以自主创新为根基，以前瞻视野为导向，持续深耕全功能GPU芯片的设计与研发。 公司的发展道路，与国家推动高水平科技自立自强、构建安全可靠算力体系的战略方向同频共振。 基于自主研发的MUSA统一系统架构，摩尔线程率先实现了单芯片同时支持AI计算加速、图形渲染、物理仿真和科学计算、超高清视频编解码的技术突破， 为国产高端GPU芯片自主化进程树立了关键技术标杆。依托"全功能+MUSA"协同驱动的技术体系，摩尔线程构建了坚实的差异化优势与全栈技术能力。这 不仅确立了公司在行业中的独特地位与竞争力，更使其具备了应对具身智能、数字孪生、物理AI及AI for Science等未来计算场景的关键架构能力，从而为参 与构建并引领下一代智能计 ...

Core Insights - Moore Threads officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025, becoming the first fully functional GPU company in China to enter the capital market, marking a significant milestone in its five-year entrepreneurial journey [1] - The listing is a recognition of the company's commitment to independent innovation and rapid product iteration in the GPU computing power sector, symbolizing a new starting point for the independent development of high-end GPUs in China [1][4] Company Development - Since its establishment in 2020, Moore Threads has focused on independent innovation and has made significant advancements in the design and research of fully functional GPU chips, aligning with national strategies for technological self-reliance and building a secure computing power system [4][5] - The company 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 across various scenarios [5][8] Technological Advancements - Moore Threads has developed the MUSA unified system architecture, achieving breakthroughs that allow a single chip to support AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding [5] - The company has established a strong differentiation advantage and full-stack technical capability, positioning itself uniquely in the industry and enabling it to address future computing scenarios such as embodied intelligence and AI for Science [5][6] Market Performance - From 2022 to 2024, the company's revenue grew at a compound annual growth rate of 208.44%, with 2025's first half revenue reaching 702 million yuan, surpassing the total of the previous three years [8] - The AI computing business contributed 94.73% of the revenue, reflecting the company's focus and leading advantage in its core sector [8] Strategic Positioning - The national strategy emphasizes high-end chips as a key area for development, establishing GPUs as essential components in driving industrial upgrades and shaping future competitiveness [10] - The funds raised from the IPO will be directed towards the research and development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, aiming to strengthen the company's technological leadership in AI computing and graphics [10]

Core Viewpoint - Moores Threads has officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming China's first fully functional GPU company to enter the capital market, which signifies a significant milestone in the domestic GPU industry [2][3]. Group 1: Company Overview - Moores Threads, established in 2020, is a leading domestic full-function GPU enterprise that focuses on independent innovation and has aligned its development with national strategies for technological self-reliance and a secure computing power system [4]. - The company has achieved significant technological breakthroughs with its MUSA unified system architecture, enabling a single chip to support AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding and decoding [6]. Group 2: Financial Performance - In the first half of this year, Moores Threads reported a revenue of 702 million yuan, surpassing the total revenue from 2022 to 2024, which was approximately 608 million yuan [9]. - The company's gross margin has dramatically improved from -70.08% in 2022 to 69.14% in the first half of 2025, indicating a significant enhancement in product competitiveness and market recognition [9]. Group 3: Research and Development - Moores 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, leading to substantial innovation outcomes [10]. - The company has obtained 514 authorized patents as of June 2025, positioning it among the top GPU enterprises in China, which strengthens its technological moat based on continuous independent innovation [10]. Group 4: Strategic Positioning - The listing on the Sci-Tech Innovation Board coincides with a historical opportunity, as the raised funds will focus on the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, aiming to solidify and expand the company's technological leadership in AI computing and graphics [11]. - Moores Threads is committed to advancing the computing industry towards more general and intelligent directions, contributing to the national digital economy and the mission of technological self-reliance [11].