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]

Core Viewpoint - Moer Technology has received approval for its IPO on the Sci-Tech Innovation Board, aiming to raise approximately 8 billion yuan for various AI and GPU chip development projects, positioning itself as a potential leader in the domestic GPU market [1][2]. Group 1: IPO and Funding - The company plans to raise around 8 billion yuan through its IPO, with funds allocated for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [1][4]. - Moer Technology ranked 212th in the 2025 Hurun Global Unicorn List, indicating its growing prominence in the tech industry [1]. Group 2: Technology and Product Development - Since its establishment in 2020, the company has focused on developing full-featured GPUs, successfully launching four generations of GPU architectures that cater to high-performance computing needs in AI, digital twins, and scientific calculations [1][2]. - The company has achieved significant breakthroughs in core products in critical areas, with its MTT S80 graphics card's single-precision floating-point performance nearing that of NVIDIA's RTX 3060 [2]. - Moer Technology's MUSA architecture allows for simultaneous support of AI computing acceleration, graphics rendering, physical simulation, and ultra-high-definition video processing on a single chip, enhancing the domestic GPU industry's self-sufficiency [2][3]. Group 3: Market Position and Competitive Advantage - The company's products are designed to meet diverse computing needs across AI, big data processing, digital twins, and high-definition display, showcasing high compatibility with existing global GPU application ecosystems [3]. - As of February 2025, Moer Technology has obtained 470 patents, the highest among domestic GPU companies, covering key areas such as GPU architecture and AI acceleration [3]. Group 4: Financial Performance - The company has not yet achieved profitability, with net losses reported at 1.84 billion yuan in 2022, 1.67 billion yuan in 2023, and projected at 1.49 billion yuan in 2024 [5][6]. - Research and development expenses have been significant, amounting to 1.116 billion yuan in 2022, 1.334 billion yuan in 2023, and 1.359 billion yuan in 2024, reflecting a high R&D intensity relative to revenue [5][6].

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]

Core Viewpoint - Moer Technology has initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 8 billion yuan for various AI and chip development projects, despite currently operating at a loss [1][2] Group 1: IPO Details - Moer Technology's IPO has been accepted by the Shanghai Stock Exchange, with plans to raise 8 billion yuan through the issuance of at least 44.45 million shares, representing no less than 10% of the post-issue total share capital [1] - The funds raised will be allocated to the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [1] Group 2: Company Background - Founded in October 2020, Moer Technology focuses on its self-developed MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding and decoding [1] - The founder, Zhang Jianzhong, has a significant background in the chip industry, having served as a global vice president and general manager for NVIDIA in Greater China from April 2006 to September 2020 [1] Group 3: Financial Performance - Moer Technology has attracted investments from notable firms such as Sequoia China, Tencent, and ByteDance, achieving a pre-IPO valuation of 24.62 billion yuan in 2024 [2] - Despite a pre-IPO valuation nearing 25 billion yuan, the company is currently in a loss-making phase, with projected revenues of 46 million yuan, 124 million yuan, and 438 million yuan for 2022, 2023, and 2024 respectively [2] - The net losses for the same years are projected at 1.839 billion yuan, 1.674 billion yuan, and 1.492 billion yuan, with significant R&D expenditures totaling 3.81 billion yuan over three years, accounting for approximately 626.03% of total revenue during that period [2]