市场或迎国产GPU第一股：成长与商业化是关键 11月24日，摩尔线程智能科技（北京）股份有限公司正式启动科创板IPO申购，A股或将迎来首家以"全 功能GPU"为核心资产的上市公司。 近年来，关于算力的话题几乎无处不在：大模型训练爆发、推理赶超、大规模智算中心建设落地、政策 密集出台、产业链全线提速——而GPU始终处于这一系列变革的核心位置。在AI算力日益成为全球战 略资源、科技竞争白热化的当下，资本市场终于迎来对国产GPU企业的首次系统性价值评估。 中国需要自己的英伟达，摩尔线程领跑全功能GPU 摩尔线程等一众AI芯片企业，自发展初期，便被市场赋予"中国版英伟达"的行业期待。 全球科技竞争格局正在重塑，高性能GPU算力，已成为数字经济时代的"石油"。然而，GPU领域技术壁 垒高、研发投入大、产业链条长，攻克难度极大。因此，无论是产业界还是资本市场，均需形成共识： 必须对这一领域的长期性与艰巨性有充分认知。 在此背景下，摩尔线程选择的"全功能GPU"路径，使其在国内厂商中展现出独特的战略定位。与专注于 AI计算的GPGPU或ASIC芯片不同，公司的核心产品是具备"功能完备性"与"精度完整性"的全功能 GPU。这 ...

今日，摩尔线程智能科技（北京）股份有限公司正式启动科创板IPO申购，A股即将迎来首家以"全功能GPU"为核心资 产的上市公司。 近年来，关于算力的话题几乎无处不在：大模型训练爆发、推理赶超、大规模智算中心建设落地、政策密集出台、产 业链全线提速——而GPU始终处于这一系列变革的核心位置。在AI算力日益成为全球战略资源、科技竞争白热化的当 下，资本市场终于要迎来了对国产"全功能GPU"企业的首次系统性价值评估。 然而，外界围绕摩尔线程的审视焦点始终不断：它究竟是国产GPU赛道中技术布局最全面的稀缺标的，还是一个仍需 时间验证的长期叙事？答案或许正藏在招股书的细节与数据之中。 一、中国需要自己的英伟达，摩尔线程领跑"全功能GPU" 摩尔线程等一众AI芯片企业，自发展初期，便被市场赋予"中国版英伟达"的行业期待。 全球科技竞争格局正在重塑，算力尤其是高性能GPU算力，已成为数字经济时代的"石油"。美国近年来连续升级对华 高端芯片出口管制，2023年10月将摩尔线程等国内头部AI芯片企业列入"实体清单"，直接限制英伟达H800、A800等高 性能AI芯片的对华出口。这一举措，恰恰从侧面反映出摩尔线程在技术实力和产业地 ...

Core Viewpoint - The article discusses the rapid progress of Moore Threads, a domestic GPU company, in its IPO process, highlighting its plans to raise 8 billion yuan for research and development, particularly in AI and graphics chips, while also noting significant revenue growth and a shift in business focus towards high-performance AI computing products [2][4][10]. Group 1: IPO Progress - Moore Threads' IPO registration application has been approved by the China Securities Regulatory Commission, marking it as the first domestic GPU company to achieve this milestone [2]. - The company submitted its prospectus on June 30 and received approval in just four months, indicating a swift process [3][17]. - The planned fundraising of 8 billion yuan will primarily support R&D projects, including AI training chips and graphics chips [4][5]. Group 2: Financial Performance - In the first half of the year, Moore Threads reported revenue of 702 million yuan, surpassing its total revenue for the entire year of 2024 [9]. - The net loss for the first half of the year was 271 million yuan, a significant improvement compared to the previous year, with management projecting potential profitability by 2027 [10]. - The company's revenue structure has shifted dramatically, with AI computing products contributing 94.85% of total revenue in the first half of the year, up from 71.44% in 2022 [12][13]. Group 3: Business Focus and Technology - Moore Threads has transitioned its strategic focus from desktop graphics products to high-performance AI computing, which has become the main revenue driver [11][12]. - The company operates on a Fabless model and has developed its own unified system architecture (MUSA) that integrates various computing capabilities into a single chip [21][22]. - The MUSA architecture supports AI acceleration, graphics rendering, and other computational tasks, with the company having launched four generations of GPU chips [24].

Core Viewpoint - The China Securities Regulatory Commission has approved the IPO registration of Moore Threads, marking it as the first domestic GPU company to go public on the Sci-Tech Innovation Board [1][3]. Group 1: IPO Details - Moore Threads submitted its prospectus on June 30 and received approval for its IPO registration in just four months [3][10]. - The company plans to raise 8 billion yuan (approximately 1.1 billion USD) through this IPO, primarily for research and development [4][10]. - The allocation of the raised funds includes 2.509 billion yuan for AI training and inference chip development, 2.502 billion yuan for graphics chip development, 1.981 billion yuan for AI SoC chip development, and 1.006 billion yuan for working capital [4][6]. Group 2: Financial Performance - In the first half of this year, Moore Threads reported revenue of 702 million yuan, with a significant increase from 289 million yuan in Q1 to 412 million yuan in Q2, surpassing the total revenue for the entire year of 2024 [4][7]. - The net loss for the first half of the year was 271 million yuan, showing a substantial improvement compared to the same period last year, with management projecting potential profitability by 2027 [4][7]. Group 3: Revenue Structure Shift - The company has shifted its strategic focus from desktop-level products to high-performance, high-margin AI computing products, with AI computing products contributing 94.85% of total revenue in the first half of this year, amounting to 665 million yuan [7][8]. - In 2022, desktop-level graphics acceleration products accounted for 71.44% of revenue, while by 2024, AI computing products had risen to 77.63% of total revenue [7][8]. Group 4: Company Background - Moore Threads was founded in June 2020 with a registered capital of 330 million yuan, and its actual controller is Zhang Jianzhong, who holds 36.36% of the company [11][12]. - Prior to founding Moore Threads, Zhang served as the global vice president and general manager for NVIDIA in China [12]. - The company operates under a Fabless model, focusing on the research, design, and sales of GPUs and related products, and has developed its proprietary MUSA (Moore Threads Unified System Architecture) [12][13][16]. Group 5: Industry Context - Moore Threads is the first domestic GPU company to receive IPO registration approval, while other companies like Muxi and Suiruan Technology are also in the process of IPOs [18][19]. - The past year has seen a surge in IPO activities among domestic GPU manufacturers, indicating a growing interest and competition in the sector [22].

Core Viewpoint - The approval of Moore Threads' IPO registration marks a significant milestone as the first domestic GPU company to go public on the Sci-Tech Innovation Board, with plans to raise 8 billion yuan for research and development [1][4][26]. Group 1: IPO Details - Moore Threads submitted its IPO application on June 30 and received approval in just four months [3][17]. - The company plans to use the 8 billion yuan raised primarily for R&D, with specific allocations of 2.509 billion yuan for AI training and inference chip development, 2.502 billion yuan for graphics chip development, and 1.981 billion yuan for AI SoC chip development [4][5]. - An additional 1.006 billion yuan will be used for working capital [6]. Group 2: Financial Performance - In the first half of this year, Moore Threads reported revenue of 702 million yuan, surpassing its total revenue for the entire year of 2024 [9]. - The company's net loss for the first half of the year was 271 million yuan, a significant improvement compared to the same period last year, with management projecting potential profitability by 2027 [10][11]. - The revenue structure has shifted dramatically, with AI computing products contributing 94.85% of total revenue in the first half of this year, amounting to 665 million yuan [13][12]. Group 3: Business Model and Technology - Moore Threads operates under a Fabless model, focusing on the research, design, and sales of GPUs and related products [21]. - The company's core technology is the MUSA (Moore Threads Unified System Architecture), which integrates various capabilities such as AI computing acceleration and graphics rendering into a single chip [22][24]. - The company has successfully launched four generations of GPU chips, catering to both enterprise and consumer markets [24][25]. Group 4: Industry Context - Moore Threads is not the only domestic GPU company pursuing an IPO; several others are also in the process, including Muxi and Suiruan Technology, which are at various stages of their IPO applications [26][27][30]. - The past year has seen a surge in IPO activities among domestic GPU manufacturers, indicating a growing interest and competition in the market [31].

9月22日，上海天气晴好，许多投资者怀着愉悦的心情等着股市开张。 正因为"摩王"如此"牛X"，所以投资者对它的上市寄予了高度厚望。笔者简单看了一下"摩王"的财务状 况，觉得它和"寒王"（寒武纪）有着惊人相似之处：前期都大幅度亏损。2022年-2024年，摩尔线程分 别亏18.39亿元、16.73亿元、14.92亿元，三年亏50.04亿元。2025年上半年亏2.71亿元，亏损幅度大大缩 小，主要归功于"摩王"的营收增长迅速：2022年4600万元，2023年1.24亿元，2024 4.38亿元，今年上半 年7.02亿元。研发投入大导致大幅亏损，而营收近期增长速度非常不错，这点和"寒王"也非常相似。 笔者认为，如今"摩王"要冲刺科创板IPO，这是好事。虽然它尚未盈利，但营收增长迅速表明其产品已 成功商业化，前景可谓乐观，借助资本市场的力量，可加大其研发投入的底气。 虽然"摩王"前景不可限量，但投资者也需清醒认识到，GPU行业技术壁垒高、研发周期长，面临着国 际巨头的激烈竞争。科技股投资不仅需要热情，也需要对市场前景冷静判断，特别是和它相关的一些概 念股，投资者要认真做好功课，甄别出哪些才是真正的受益者，毕竟许多股 ...

Core Viewpoint - The article discusses the upcoming IPO of Moore Threads, a GPU chip company referred to as "China's Nvidia," and its impact on related stocks, particularly Heertai, which holds a stake in Moore Threads [3][5]. Group 1: Company Overview - Moore Threads, founded by former Nvidia executive Zhang Jianzhong, has developed a full-stack GPU capability and has launched four generations of GPU architectures [4]. - The company has reported significant losses in the past, with projected losses of 1.839 billion yuan in 2022, 1.673 billion yuan in 2023, and 1.492 billion yuan in 2024, totaling 5.004 billion yuan over three years [5]. - Despite the losses, Moore Threads has shown rapid revenue growth, with revenues of 46 million yuan in 2022, 124 million yuan in 2023, 438 million yuan in 2024, and 702 million yuan in the first half of 2025 [5]. Group 2: Market Reaction and Related Stocks - Investors are optimistic about Heertai due to its connection with Moore Threads, leading to a surge in Heertai's stock price [3]. - Other companies like Yingqu Technology and Zhongke Lanyun, which also have stakes in Moore Threads, have seen their stock prices rise significantly, with Yingqu Technology up 15.44% [3][4]. - The article highlights the performance of various stocks related to the GPU industry, noting that Heertai has a direct stake in Moore Threads, making it one of the most closely related companies in the A-share market [3][4]. Group 3: Industry Challenges - The GPU industry is characterized by high technical barriers and long R&D cycles, posing challenges for companies like Moore Threads amid fierce competition from international giants [6]. - Investors are advised to conduct thorough research to identify genuine beneficiaries among related stocks, as speculative trading can lead to significant losses [6].

Core Viewpoint - The fastest chip for running full-scale DeepSeek is a domestic GPU from Moore Threads, achieving a speed of 100 tokens/s, significantly faster than foreign GPUs at 50 tokens/s and domestic counterparts at 15 tokens/s [1][4]. Group 1: Moore Threads' Achievements - Moore Threads has developed an AI super factory that goes beyond just creating faster chips, focusing on a comprehensive transformation of the entire technology stack [6][10]. - The AI super factory is not a physical chip manufacturing facility but a systemic overhaul that includes innovations in chip architecture, cluster design, and software algorithms [9][10]. Group 2: Key Components of the AI Super Factory - The AI super factory's production efficiency is defined by five core elements: generality of accelerated computing, effective chip performance, node efficiency, cluster efficiency, and cluster stability [13]. - A full-function GPU serves as the foundation of the AI super factory, evolving from basic graphics acceleration to a versatile computing platform capable of handling various AI tasks [14][16]. Group 3: MUSA Architecture - The MUSA architecture acts as the "chief designer" of the super factory, allowing for scalable and configurable chip designs that optimize resource allocation [25][26]. - MUSA's innovative design enables global resource sharing, reducing bottlenecks and improving efficiency during multi-task operations [27][29]. Group 4: Full-Stack Software System - Moore Threads has created a full-stack software system that integrates deeply with the MUSA hardware architecture, enhancing developer experience and operational efficiency [35][36]. - The software stack includes optimized drivers, core operator libraries, and tools for performance analysis, significantly improving task handling and resource utilization [41][42]. Group 5: KUAE Computing Cluster - The KUAE computing cluster is a soft-hard integrated system that extends the performance advantages of individual GPUs to large-scale deployments, enabling efficient training of massive AI models [43][44]. - The cluster supports various parallel training strategies and provides end-to-end training optimization, ensuring high performance and stability [45][46]. Group 6: Zero-Interrupt Fault Tolerance Technology - Moore Threads has developed a unique zero-interrupt fault tolerance technology that allows for continuous operation of the AI super factory, minimizing downtime and recovery costs [47][49]. - This technology enhances the overall stability and reliability of the system, ensuring high effective training time and reducing the impact of potential failures [51][52]. Group 7: Future of AI and Computing Needs - The demand for computing power is expected to grow exponentially, driven by advancements in generative AI and the need for complex task execution [54][56]. - Moore Threads aims to provide a comprehensive solution that addresses the challenges of AI model training, emphasizing the importance of stability, reliability, and efficiency in future computing [58][61].