Group 1: Core Insights - The company, Moer Thread, has submitted its IPO application to the Sci-Tech Innovation Board, marking its entry into the capital market and revealing its growth trajectory and core competitiveness [1] - The latest prospectus showcases Moer Thread's technological accumulation and commercialization potential in the full-function GPU field, highlighting its all-stack technical barriers and impressive growth curve [1][2] Group 2: Technological Advantages - Moer Thread has built a comprehensive technical moat from chip to cluster, with its MUSA architecture supporting AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding [2][3] - The MUSA architecture signifies Moer Thread's technological maturity in the domestic full-function GPU sector, with its flagship AI product, MTT S5000, aiming to compete with NVIDIA's H100 in performance [3][4] Group 3: Market Performance - From 2022 to 2024, Moer Thread's revenue surged from 46.09 million to 438.46 million, achieving a compound annual growth rate (CAGR) of 208.44%, reflecting its strong market competitiveness [6] - Despite being in a loss-making position, the company has narrowed its net loss from -1,839.55 million in 2022 to -1,491.94 million in 2024, indicating a 19% reduction in losses [6] Group 4: Strategic Positioning - The company emphasizes strategic losses as a means to build competitive barriers, similar to Tesla's approach, where initial losses are viewed as investments in future market dominance [7][10] - Moer Thread's R&D investment efficiency has improved significantly, with revenue per unit of R&D expenditure increasing from 0.041 to 0.323, a rise of approximately 7.88 times [7] Group 5: Future Prospects - The company plans to raise 8 billion for R&D of three new-generation chips, targeting improvements in computing efficiency, AI computing capabilities, and the development of a self-controlled ecosystem [10] - Moer Thread's path indicates a potential transition from a technology investment phase to a value return phase, with expectations of reaching a J-curve inflection point for profitability [8][10] Group 6: Conclusion - Moer Thread is positioned to break through in the GPU sector, leveraging rapid architectural iterations and a robust patent portfolio to establish a technological moat [11] - The company aims to convert its technological advantages into commercial barriers, potentially leading to a new growth phase [11]

智通财经APP获悉，6月30日，根据上交所官网消息，摩尔线程智能科技（北京）股份有限公司（简 称"摩尔线程"）科创板IPO获得受理，保荐机构为中信证券。此次拟募集资金约80亿元，投资于摩尔线 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AI SoC芯片研发项目、补充流动资金。摩尔线程在今年6月成功跻身《2025胡润全球独 角兽榜》，位列第212名。此次IPO有望使其成为"国产GPU第一股"。 公司此次发行募集资金扣除发行费用后，将投资于以下项目： 财务方面，于2022、2023、2024年度，公司研发费用分别为11.16亿元、13.34亿元、13.59亿元，同期营 业收入分别为4608.83万元、1.24亿元、4.38亿元；同期净利润为-18.40亿元、-16.73亿元、-14.92亿元， 公司目前尚未实现盈利。 单位:万元 2024年度 2023年度 2022年度 项目 /2024年末 /2023年末 /2022年末 营业收入 43,845.95 12,398.19 4,608.83 营业利润 -148,930.45 -167,396.94 -1 ...

摩尔线程公司成立以来的发展情况如何？ 摩尔线程公司成立于 2020 年，专注于 GPU 相关产品的研发与生产。公司致力 于为 AI、数字孪生和科学计算提供计算和加速平台。摩尔线程已经推出了四代 GPU 架构，形成了覆盖智算、高性能计算、图形渲染、虚拟化媒体和个人娱乐 及生产力工具的多元化产品矩阵。公司的主要产品布局包括服务器级、桌面级 和 SoC 级三大场景。 摩尔线程 20250706 摘要 摩尔线程产品线覆盖 AI 智算、图形加速和智能 SoC 三大领域，包括 AI 训练/推理卡、S3,000 系列显卡及 A140/E300 模组，分别应用于 AI 计 算中心、工业设计和 AI PC 边缘等场景。 公司自主研发 Musa 架构，对标英伟达 CUDA 及 AMD CDNA，构建软 硬件全功能 GPU 加速统一架构，兼容国际主流 GPU 生态，提供 AI 计算、 图形渲染及科学计算所需软件技术。 最新一代平湖系列芯片 FP32 算力达 32TFlops，接近英伟达 H100 一 半水平，并已攻克千卡至万卡 GPU 高效互联难题，具备大规模集群通信 高效算力调度能力。 公司 2024 年收入 4.38 亿元，同 ...

Core Viewpoint - The article discusses the emergence of domestic GPU companies in China, particularly in the context of the growing demand for AI technologies and the challenges they face in competing with established players like NVIDIA and AMD [3][6][11]. Group 1: Market Dynamics - The recent surge in IPO applications from domestic GPU companies, including Moore Threads and Muxi, is attributed to a more favorable IPO policy and accelerated review processes on the Sci-Tech Innovation Board [4][5]. - The tightening of U.S. chip export controls has led to a decline in NVIDIA's market share in China, creating a window of opportunity for domestic GPU firms to pursue IPOs [6][12]. - The overall number of IPO applications in the first half of the year reached 177, significantly surpassing the total for the previous year, with June alone accounting for over 80% of the applications [5]. Group 2: Company Profiles - Moore Threads aims to create a "fully functional GPU" targeting both data center and consumer gaming markets, similar to NVIDIA's strategy, and has launched several GPU chips based on its self-developed MUSA architecture [10][11]. - Muxi focuses more on the data center market, particularly AI training and inference, with a product line that includes the Xisi N series, Xiyun C series, and Xicai G series [11]. - Both companies have successfully raised significant funding, with Moore Threads securing over 4.5 billion yuan and Muxi achieving a post-investment valuation of 21.07 billion yuan [11][12]. Group 3: Financial Performance - Moore Threads reported revenues of 46 million yuan in 2022, projected to grow to 438 million yuan by 2024, reflecting a compound annual growth rate (CAGR) of over 200% [13]. - Muxi's revenues are expected to increase from 426,400 yuan in 2022 to 743 million yuan in 2024, with a staggering CAGR of 4,074% [13]. - Despite revenue growth, both companies continue to face significant losses, with Moore Threads reporting losses of 1.84 billion yuan in 2022 and Muxi reporting 777 million yuan in the same year [14]. Group 4: Future Prospects - The article highlights the challenges domestic GPU companies face in building ecosystems to compete with NVIDIA's established software and hardware integration, particularly through CUDA [17]. - Both Moore Threads and Muxi are actively developing their software ecosystems to lower barriers for developers and enhance their competitive positions [17][18]. - The upcoming IPOs are seen as crucial for these companies to secure the necessary capital to continue their growth and development in a highly competitive market [15][16].

Core Viewpoint - The domestic GPU "unicorn" Moole Technology has officially received approval for its IPO application on the Sci-Tech Innovation Board, aiming to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC projects, marking a significant milestone in the domestic GPU sector [1] Group 1: Company Overview - Moole Technology was founded in 2020 by a team of former Nvidia executives and has rapidly developed into a leading player in the GPU market, achieving a record speed in the development of its first full-function GPU, "Sudi," within 11 months [2] - The company has adopted a "full-stack breakthrough" strategy with its self-developed MUSA architecture, integrating AI computing, graphics rendering, scientific computing, and video encoding/decoding engines, overcoming the limitations of domestic GPUs in AI computing power [2] - By the end of 2024, Moole Technology aims to have a complete product line covering desktop-level (MTT S series) and data center-level (MTT T series) GPUs, with a market share exceeding 60% in the domestic trust and innovation market [2] Group 2: Financial Performance - From 2022 to 2024, Moole Technology's revenue is projected to grow from 46 million yuan to 438 million yuan, with a compound annual growth rate of 208.44%, while net losses are expected to total nearly 5 billion yuan over the same period [3] - The company's R&D expenditure is projected to exceed 300% of its revenue, with R&D costs reaching 1.359 billion yuan in 2024, indicating a strong focus on innovation despite financial losses [3] - Moole Technology has raised over 6.5 billion yuan through multiple funding rounds, with a pre-IPO valuation of 24.62 billion yuan, ranking 261st on the 2024 Hurun Global Unicorn List [3] Group 3: Market Position and Strategy - Moole Technology is implementing a dual-track strategy of "compatibility + open-source" to compete with Nvidia's CUDA ecosystem, allowing for zero-cost migration of CUDA code and attracting over 100,000 developers to its open-source community [4] - The company is building a "ten-thousand card cluster" to enhance its computing infrastructure, which is expected to improve GPU utilization by 40% and reduce fault recovery time to under 5 minutes [4] - The domestic GPU market is experiencing significant growth, with the share of domestic computing power in China's data center accelerator market expected to rise from 15% in 2022 to over 50% by the end of 2025 [5] Group 4: Future Plans and Challenges - Of the 8 billion yuan to be raised, 1.98 billion yuan will be allocated to the development of AI SoC chips, with the "Yangtze" series chips already integrated with CPU, GPU, NPU, and VPU architectures, targeting the automotive chip market [6] - Moole Technology faces challenges including a performance gap of over two generations compared to Nvidia, a developer base significantly smaller than CUDA's, and high customer concentration risk, with the top five clients accounting for over 98% of revenue [5][6]

目前，张建中直接持有公司11.06%股份，同时与持股平台南京神傲、杭州华傲签署一致行动人协议， 并担任杭州华傲、杭州众傲及杭州京傲三家员工持股平台的执行事务合伙人，合计控制发行人36.36% 的股份，为公司实际控制人。 由于张建中资深的芯片行业履历，摩尔线程成立后获得五源资本、红杉中国、联想创投、腾讯、深创 投、字节跳动、小马智行、中国移动旗下产业基金等青睐。并且在2024年完成了Pre-IPO轮融资，投前 估值高达246.20亿元。 虽然摩尔线程投前估值已近250亿，但其目前仍处于亏损阶段。招股书显示，摩尔线程2022年到2024年 的营收分别为0.46亿元、1.24亿元和4.38亿元；2022年到2024年净利润分别亏损18.39亿元、16.74亿元以 及14.92亿元； 6月30日，上交所官网显示，摩尔线程智能科技（北京）股份有限公司科创板IPO获受理。本次公司拟 募资80亿元，公开发行股票总数不低于4,444.7580万股，占发行后总股本的比例不低于10%。 此次募集资金将投向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 ...

Core Insights - The global computing power landscape is evolving into two parallel paths, with domestic and international routes differing, and opportunities for domestic chips in inference scenarios are expected to emerge this year [1][4] - Two AI chip companies, Muxi Integrated Circuit (Shanghai) Co., Ltd. and Moore Threads Intelligent Technology (Beijing) Co., Ltd., are nearing their IPOs, with Muxi's counseling work completed and Moore Threads' status changing to acceptance [1][2] - The demand for AI chips in China is increasing, with several companies adapting to the popular DeepSeek-R1 model, leading to a significant shift in market dynamics [3][4] Company Summaries - Muxi and Moore Threads were founded in 2020, while Suiruan Technology and Birun Technology were established in 2018 and 2019, respectively; the latter two companies have slower IPO progress compared to the former [2] - Moore Threads has the highest valuation among the four companies at 25.5 billion yuan, followed by Suiruan Technology at 16 billion yuan, Birun Technology at 15.5 billion yuan, and Muxi at 10 billion yuan [2] - Founders of these companies have backgrounds in major overseas chip firms, with Moore Threads' CEO previously serving as NVIDIA's China General Manager and Muxi's founders coming from AMD [2] Market Dynamics - The demand for domestic AI chips has surged, with IDC reporting that 34.6% of the Chinese data center accelerator market was comprised of domestic solutions last year, and this figure is expected to exceed 40% in the first half of this year [3] - The DeepSeek application has driven significant demand for domestic computing power, with many companies adapting their products to this model [3][4] - The global computing power foundation is shifting, with 98% of large model training still relying on NVIDIA, but there is potential for a portion of pre-training to transition to non-NVIDIA cards by the end of the year [4]

May 5, 2025 10:16 PM GMT M Idea Tracking China's Semi Localization | Asia Pacific Gauging domestic AI GPU self- sufficiency We summarize recent news flow and our industry checks regarding China's progress in semi localization. We estimate China AI GPU self-sufficiency ratio at 34% in 2024 and expect it to be 82% in 2027. We estimate the TAM of cloud AI to grow at 28% CAGR (2024- 27e) to US$239bn in 2027 (link), and China to account for 20% of the total, around US$48bn in 2027, given strong demand of inferen ...