A-share IPO subscription | Moore Thread (688795.SH) opens for subscription, launching fourth-generation GPU architecture.

On November 24th, Moore Threads (688795.SH) started its IPO with an issue price of 114.28 yuan per share and a maximum subscription limit of 11,000 shares. It is listed on the Shanghai Stock Exchange, with CITIC SEC as its sponsoring institution. According to the prospectus, Moore Threads is mainly engaged in the research, design, and sales of GPU and related products. Since its establishment in 2020, the company has focused on providing computing acceleration platforms for high-performance computing fields such as AI, digital twins, and scientific computing with 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 applications such as AI computing, cloud computing, and personal computing. It is reported that MTT S80 is the first domestic consumer-grade graphics card launched by Moore Threads that supports the Windows operating system and the DirectX 11/12 graphics computing libraries, with performance specifications comparable to NVIDIA RTX 3060. According to Frost & Sullivan analysis, the global integrated circuit market size is expected to grow from 24.9325 trillion yuan in 2020 to 36.0675 trillion yuan in 2024, with a compound annual growth rate of 9.7% during the period. Particularly, the growth rate of the Chinese integrated circuit market is outstanding, with the market size increasing from 876.262 billion yuan in 2020 to 1.403711 trillion yuan in 2024, with a compound annual growth rate as high as 12.5%, significantly higher than the global market average. In the future, with the gradual implementation of emerging technologies such as AI and 5G, it is expected that the global market will accelerate its expansion from 2025 to 2029, with the market size expected to exceed 6.30216 trillion yuan in 2029, with a compound annual growth rate of 11.0% during the period. The Chinese market is expected to maintain high growth momentum, with the market size reaching 2.744031 trillion yuan in 2029, with a compound annual growth rate of 12.8%, which is continuously higher than the global market. In terms of finances, the company is expected to achieve operating income of approximately 46.083 million yuan, 1.24 billion yuan, and 4.38 billion yuan in 2022, 2023, and 2024, respectively. The company's net profit for the same period is expected to be approximately -189.4 million yuan, -170.3 million yuan, and -161.8 million yuan. Moore Threads pointed out in its prospectus that from 2022 to 2024, the company's operating income will increase from 0.46 billion yuan to 4.38 billion yuan, with a compound growth rate of 208.44%. In the first six months of 2025, the company's operating income was 7.02 billion yuan. Despite the fast growth in income, the absolute amount of income is still relatively small. Meanwhile, the company continues to maintain a high level of research and development expenditure to ensure the advancement of its technology, resulting in high R&D expenses during the reporting period. It takes time for the company to continuously improve product development, product performance, and increase sales revenue to generate sustained and stable profits, which is why the company has not made a profit yet and has accumulated unrecovered losses as of the end of the reporting period.