Core Viewpoint - Moore Threads, known as the "Chinese version of Nvidia," has set its IPO price and is nearing its listing on the STAR Market, marking a significant milestone for domestic GPU companies [1][4]. Group 1: IPO Details - The company announced an issuance of 70 million shares at a price of 114.28 yuan per share, aiming to raise a total of 8 billion yuan, with a net amount expected to be 7.576 billion yuan after deducting issuance costs [4]. - This IPO is the largest fundraising project in the A-share market this year and will position Moore Threads as the first domestic GPU stock upon listing [4][5]. Group 2: Financial Performance - In the first half of 2025, the company's revenue reached 702 million yuan, surpassing the total revenue of the previous three years combined, with a compound annual growth rate exceeding 208% [4][7]. - The gross profit margin is projected to rise from -70.08% in 2022 to 70.71% in 2024, indicating a significant improvement in market acceptance of its products [7]. Group 3: Technological Advancements - Since its establishment in 2020, Moore Threads has focused on the independent research and development of full-function GPUs, achieving breakthroughs in AI computing acceleration, graphics rendering, and other areas [6]. - The company has successfully mass-produced five chips and completed four GPU architecture iterations, creating a diverse product matrix for various applications [6]. Group 4: Market Position and Future Prospects - The management anticipates achieving consolidated profitability by 2027, with expected orders exceeding 2 billion yuan from clients as of June 30, 2025 [5]. - The company has invested over 4.3 billion yuan in R&D from 2022 to mid-2025, with a workforce comprising over 77% R&D personnel, and holds 514 authorized patents [8].

技术布局方面，摩尔线程五年已成功量产五颗芯片，完成四次GPU架构迭代，并形成了覆盖AI智算、高性能计算、图形渲 染、计算虚拟化、智能媒体和面向个人娱乐与生产力工具等应用领域的多元计算加速产品矩阵。其产品已广泛应用于大模型训 练推理、数字孪生、云计算等多个关键领域，服务范围覆盖云计算数据中心、智算中心以及能源、制造等重要行业，展现了强 大的技术实用性与市场拓展潜力。 作为国内高端AI芯片领域极为稀缺的领军企业，摩尔线程自2020年成立以来，始终专注于全功能GPU的自主研发与设计， 其发展路径深度契合国家战略需求。基于其完全自主研发的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。凭借"图形+AI"的双线技术突破，摩尔线程不仅成为 国内全功能GPU的先行者，更成功将其产品应用拓展至广阔的企业级与消费级市场。 据悉，摩尔线程此次IPO募集资金将主要用于新一代自主可控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AI SoC芯片研发项目及补充流动资金。通过本次上市，摩尔线程将持续加大创新项目研 ...

Core Viewpoint - Moer Technology is set to launch its IPO on the Sci-Tech Innovation Board, marking the emergence of the first domestic GPU company in the high-end AI chip sector [1] Group 1: Company Overview - Moer Technology focuses on the independent research and development of full-function GPUs since its establishment in 2020, aligning with national strategic needs [1] - The company has achieved significant technological breakthroughs with its fully self-developed 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 [1][2] Group 2: Market Potential - The global GPU market is projected to reach 3.62 trillion yuan by 2029, with China's market expected to grow to 1.36 trillion yuan, increasing its global share from 15.6% in 2024 to 37.8% by 2029, reflecting a compound annual growth rate of 51.1% [2] - Moer Technology's revenue is forecasted to grow from 46 million yuan in 2022 to 438 million yuan in 2024, with a compound annual growth rate exceeding 208%, and revenue for the first half of 2025 is expected to reach 702 million yuan [2] Group 3: Technological Advancements - The company has successfully mass-produced five chips and completed four GPU architecture iterations over the past five years, creating a diverse product matrix covering various application fields [2][3] - Moer Technology's products are widely used in key areas such as large model training inference, digital twins, and cloud computing, demonstrating strong practical applicability and market expansion potential [2] Group 4: 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] - As of June 2025, Moer Technology has obtained 514 authorized patents covering critical technology areas such as processor architecture design and AI applications [3] Group 5: IPO Fund Utilization - The funds raised from the IPO will primarily be used for the development of next-generation self-controlled AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [4] - The company aims to enhance innovation project R&D investment and support national strategies for accelerating key technology independence and building new computing infrastructure [4]