"Chinese version of NVIDIA" Moore Threads successfully passed the Sci-Tech Innovation Board IPO.

On September 26th, Moore Thread Smart Technology (Beijing) Co., Ltd. (referred to as Moore Thread) passed the listing committee meeting of the Shanghai Stock Exchange Science and Technology Innovation Board IPO, with CITIC SEC as the sponsor. In this IPO, Moore Thread plans to raise 8 billion RMB, which will be used for the development projects of Moore Thread's new generation of self-controllable AI training and promotion integrated chip, new generation of self-controllable graphics chip, new generation of self-controllable AI SoC chip, and supplementary working capital. The prospectus shows that Moore Thread is mainly engaged in the research, design, and sales of GPUs and related products. Since its establishment in 2020, the company has focused on providing computing acceleration platforms for high-performance computing in areas such as AI, digital twins, and scientific computing, using its independently developed full-featured GPU as the core. The company has successfully launched four generations of GPU architecture and expanded its product matrix to cover application areas such as AI computing, cloud computing, and personal computing. Moore Thread has a certain technological advantage in the domestic GPU field. Based on the independently developed MUSA architecture, the company was the first to achieve a breakthrough in the calculation capabilities required for AI acceleration, graphic rendering, physical simulation, and ultra-high-definition video processing on a single chip architecture, driving the independent controllability process of the GPU industry in China. Compared to other single AI acceleration card products that use technologies like GPGPU and ASIC, the MUSA architecture technology has stronger computing universality, better technical evolution capability, better ecological compatibility, and wider market adaptability. Moore Thread mainly sells board products with models S4000, S3000, and S50. Among them, the sales of S3000 board products began in 2023, with a year-on-year sales growth of nearly 200% in 2024; the models for selling integrated machine products are S4000, S3000, S2000; the main sales of cluster products are S3000 cluster, S4000 cluster, S5000 cluster, with a total of 10 sets of clusters sold. The company's products have reached or are close to international advanced levels in some performance indicators, achieving breakthroughs in some core products in bottleneck areas. For example, the single-precision floating-point computational performance of the company's MTT S80 graphics card is close to that of the NVIDIA RTX 3060; the efficiency of the thousands of GPU intelligent computing clusters built based on the company's MTT S5000 product exceeds the calculation efficiency of similar scale foreign GPU cluster of the same generation. Financially, in the fiscal years of 2023, 2024, and January-June 2025, Moore Thread achieved operating revenues of approximately 124 million RMB, 4.38 billion RMB, and 7.02 billion RMB respectively; during the same period, the company's net profits were -1.673 billion RMB, -1.492 billion RMB, and -0.271 billion RMB respectively. In the first half of 2025, research and development expenses reached 557 million RMB. According to Moore Thread's forecast, the company may achieve consolidated profitability as early as 2027. Although the market shares of the company's AI intelligent computing products, graphic acceleration products, and intelligent SoC products in the corresponding sub-fields of the domestic market were less than 1% in 2024, their AIPC and intelligent modules have been sold to external markets in the first half of 2025; the SoC chips are mainly targeted at intelligent cockpits for new energy vehicles and are expected to be introduced and mass-produced in 2026. Additionally, the gross profit margin forecasts for the company's AI intelligent computing and professional graphic acceleration businesses in 2025 can both reach 77%, and by 2027, they are expected to stabilize at around 69% and 71% respectively. The funds raised in this issuance will be invested in the following projects: