On November 24th, Moore Threads, known as the &#34;first domestic GPU stock,&#34; officially launched its issuance subscription on the Sci-Tech Innovation Board, setting a new high for A-share IPO prices in 2025 at an issuance price of 114.28 yuan per share. The company's issuance has garnered unprecedented attention from institutional investors, with an offline subscription multiple reaching 1,572 times, involving 267 institutions and total subscription shares exceeding 70 billion.
According to Moore Threads' latest announcement, based on data provided by the Shanghai Stock Exchange, the number of valid subscription accounts for this online issuance was 4,826,579, with valid subscription shares totaling 46,216,647,000. The preliminary winning rate for the online issuance was 0.02423369%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/57fff29d-1dc0-4361-b585-52feb981201c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/57fff29d-1dc0-4361-b585-52feb981201c.png"/>
(Source: Moore Threads announcement)
This issuance is expected to bring approximately 8 billion yuan in fundraising to Moore Threads. Based on a total share capital of 470 million shares after issuance, the expected total fundraising amount is 7.9996 billion yuan, making it the largest IPO project in terms of fundraising scale on the Sci-Tech Innovation Board this year, with a market value of 53.715 billion yuan on the first day of listing. Investors need to pay 57,140 yuan for one subscription, the highest for new shares this year.
Among the institutions that participated in valid bidding, there were 86 public funds, 124 private funds, 30 brokerages, and 13 insurance institutions, demonstrating the extremely high enthusiasm of institutional investors. In terms of valuation, the issuance price of 114.28 yuan per share corresponds to a diluted static price-to-sales ratio of 122.51 times for 2024, higher than that of overseas GPU giants.
The company mainly focuses on the research, design, and sales of GPUs and related products, targeting high-performance computing fields such as AI, digital twins, and scientific computing. Although the company is currently not profitable, with a projected revenue of 438 million yuan and a net loss of 1.618 billion yuan in 2024, institutional investors still show strong confidence in its long-term growth potential. The company expects to achieve consolidated profit as early as 2027.
It is worth noting that Moore Threads' IPO process also set a record, taking only 122 days from acceptance in late June to registration completion at the end of October, making it one of the fastest projects to pass the review and list on the Sci-Tech Innovation Board this year.
<h2>Institutions Frenziedly Compete for Annual Peak</h2>
Moore Threads demonstrated extremely high enthusiasm from institutional investors during the preliminary inquiry phase.
According to the issuance announcement, a total of 267 offline investors submitted valid bids, managing 7,555 allocation objects, with valid subscription shares reaching 70.406 billion, and the offline subscription multiple reaching 1,572 times, far exceeding the inquiry multiples of most new shares this year.
The lineup of participating institutions is luxurious, with 86 public funds, 124 private funds, 30 brokerages, and 13 insurance institutions all appearing in the bidding queue.
Among them, Southern Fund used 404 products to apply, with a total intended subscription of 5.285 billion shares; E Fund applied with 389 products; ICBC Credit Suisse and FT Fund applied with 345 and 265 products, respectively.
The bidding price range varied from 88.79 yuan to 159.57 yuan, with Shanghai Xitai Investment quoting the highest price of 159.57 yuan, nearly 40% higher than the final issuance price
The maximum number of shares for a single product subscription is 22 million shares, with a total of 1,231 products intending to subscribe for this quantity. Among them, Taikang Asset has 161 products, E Fund has 137, and Southern has 106, all subscribing for this quantity.
According to reports, a public offering professional in South China stated that the &#34;domestic high-performance GPU + AI computing power track&#34; is currently in a high attention zone for institutions. Moore Threads, as a representative company, has attractiveness under the intersection of technology stack, industry landing, and policy dividends.
<h2>Valuation Comparison: Significantly Exceeds Overseas Giants, Clear Divergence from Domestic Peers</h2>
Moore Threads' issuance price of 114.28 yuan per share corresponds to a diluted static price-to-sales ratio of 122.51 times for 2024, which is higher than the average level of comparable companies in the same industry. The company reminded in the announcement that there is a risk of future stock price decline causing losses to investors.
Compared to overseas giants, Moore Threads' valuation is significantly high. NVIDIA, AMD, and Qualcomm have price-to-sales ratios of 34.73 times, 14.11 times, and 4.57 times, respectively, all of which are far lower than Moore Threads' 122.51 times.
Among domestic comparable companies, Moore Threads has a revenue scale closest to Jingjia Micro, achieving revenues of 438 million yuan and 466 million yuan last year, respectively, with both companies in a loss state. However, Moore Threads' price-to-sales ratio is higher than Jingjia Micro's 81.67 times, and its issuance market value significantly exceeds that of Jingjia Micro.
Cambricon's market value has exceeded 500 billion yuan, with a price-to-sales ratio of 478.25 times, serving as a valuation benchmark for domestic AI chip manufacturers. Haiguang Information has a relatively moderate price-to-sales ratio of 54.04 times, but its revenue scale reaches 9.162 billion yuan and has already achieved profitability.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/b79c0b3c-5d48-4389-87fc-e7ba65368ff4.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/b79c0b3c-5d48-4389-87fc-e7ba65368ff4.png"/>
(Note: Data source Wind, as of November 19, 2025; the corresponding indicators for NVIDIA, AMD, and Qualcomm are all denominated in USD)
<h2>Continuous Losses, Profitability Still Requires Time</h2>
Moore Threads has seen rapid revenue growth in recent years, increasing from 46.0883 million yuan in 2022 to 438 million yuan in 2024, with 785 million yuan in revenue achieved in the first three quarters of 2025. However, due to massive R&amp;D investments, the company continues to be in a loss state.
From 2022 to 2024, the company's net losses were 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan, respectively. In the first three quarters of 2025, the loss was 724 million yuan, with a single-quarter loss of 453 million yuan in the third quarter, an increase of nearly 180 million yuan year-on-year.
The proportion of R&amp;D expenses remains high, with investments of 1.116 billion yuan, 1.334 billion yuan, and 1.359 billion yuan from 2022 to 2024, and 557 million yuan in the first half of 2025. The company's R&amp;D expenses have long exceeded operating income, reflecting the emphasis on technological research and development.
The growing demand for AI computing is driving the overall demand for AI chips. Moore Threads expects to achieve consolidated profitability as early as 2027, and more optimistic forecasts indicate that domestic GPU companies still need to endure a longer cultivation period
According to Yuan Shuai, deputy secretary-general of the Zhongguancun Internet of Things Industry Alliance, both large-scale data processing and model training by internet companies, as well as the application of digital twin technology in the industrial sector, provide a vast market space for domestic GPUs. However, domestic GPU companies currently face challenges such as technological gaps, talent shortages, and high R&amp;D costs.
<h2>IPO Process Sets Records on the STAR Market</h2>
Moore Threads' IPO review process has set multiple records. It was accepted by the Shanghai Stock Exchange on June 30, 2025, passed the listing committee review on September 26, and was approved for registration on October 30, taking only 122 days in total, with just 88 days from acceptance to the review meeting, making it the fastest project to pass the listing on the STAR Market this year.
This issuance also set several firsts for the year: The issuance price of 114.28 yuan is the highest this year, the issuance cost of 424 million yuan is the highest for new stocks this year, and the total fundraising amount of 8 billion yuan ranks first on the STAR Market. Investors need to pay 57,140 yuan for one subscription.
The company's actual controller, Zhang Jianzhong, is a former global vice president of NVIDIA, controlling a total of 36.36% of the shares through direct and indirect holdings, corresponding to approximately 5.82 billion yuan based on the issuance market value. The shareholder lineup includes well-known investment institutions such as Shenzhen Capital Group, Sequoia Capital, and Guosheng Capital, as well as listed companies like Heertai and Yingqu Technology.
Since the beginning of this year, new stocks on the STAR Market have performed strongly, with an average first-day increase of 273.75% for the 12 new stocks listed in the fourth quarter. Amid the AI investment boom, Moore Threads, as the &#34;first domestic GPU stock,&#34; is highly anticipated by the market, but its high valuation level and profit prospects still require careful assessment by investors

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Moore Threads' issue price of 114.28 yuan set a new high for A-shares in 2025. The offline subscription was wildly sought after by institutions, with a subscription multiple of 1,572 times and participation from 267 institutions; the online winning rate was only 0.02423369%. The company raised approximately 8 billion yuan, making it the largest IPO on the Sci-Tech Innovation Board this year, with a valuation price-to-sales ratio of 122 times, far exceeding overseas giants like NVIDIA. The company's revenue for 2024 is projected to be 438 million yuan, with a net loss of 1.618 billion yuan, and it is expected to turn profitable only by 2027

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Moore Threads

Online winning rate 0.02423369%, offline subscription multiple nearly 1600 times! "First domestic GPU stock" Moore Threads starts subscription and is being snapped up