Core Viewpoint - The first domestic GPU company, Moore Threads, saw its stock price surge by 468.78% on its debut, reaching 650 CNY per share, with a market capitalization exceeding 300 billion CNY, indicating strong investor interest and confidence in its business model and market potential [1][3]. Group 1: IPO Details - Moore Threads issued 70 million shares in its IPO, with 20% allocated to strategic placements, attracting 10 strategic investors including Zhongzheng Investment and Tianyi Capital [3]. - The overall subscription rate was exceptionally high, with a total of 270 investors and 7,721 allocation objects participating, resulting in a subscription multiple of 2,228.11 times and a low online winning rate of only 0.036% [3]. - The company’s listing application was accepted on June 30, 2025, and it achieved approval in just 88 days, setting a record for the fastest review on the Sci-Tech Innovation Board [3]. Group 2: Company Overview - Since its establishment in 2020, Moore Threads has focused on the independent research and design of full-function GPUs, developing the MUSA unified system architecture that supports a complete precision spectrum from FP64 to INT8 [4]. - The latest fourth-generation "Pinghu" architecture utilizes a 7nm process technology, continuously upgrading performance and catering to various scenarios including AI computing and graphics rendering [4]. - The company has established a comprehensive product matrix covering desktop GPUs, server computing cards, and intelligent computing clusters, with the MTTS80 being the first domestically produced consumer-grade GPU to achieve large-scale shipments [4]. Group 3: Market Performance - Moore Threads has captured a leading position in the domestic market, with a market share exceeding 60% in the information technology innovation sector [4]. - The company reported revenue of 702 million CNY in the first half of 2025, surpassing the total revenue of the previous three years, with further growth in the first three quarters leading to a total revenue of 784.6 million CNY [4].