On December 5, Moortech listed on the STAR Market of the Shanghai Stock Exchange, with its stock price surging nearly 500% at the opening. A single winning bid yielded over 200,000 yuan in profit. As of the time of this report, the company's stock price had risen by 412%, with a market value of approximately 275 billion yuan.
Previously, on October 30, the China Securities Regulatory Commission (CSRC) website released a notice approving the registration of Moortech Intelligent Technology (Beijing) Co., Ltd. (hereinafter referred to as "Moortech") for its initial public offering (IPO), and approved its STAR Market IPO application. The approval is valid within 12 months from the date of approval.
According to the information, this IPO, Moortech plans to raise 8 billion yuan, which will be invested in projects such as the research and development of next-generation self-controlled AI training and inference chips, next-generation self-controlled graphics chips, and next-generation self-controlled AISoC chips. According to Moortech's disclosure, the company expects to achieve consolidated financial statement profitability as early as 2027.
Publicly available information shows that Moortech was established on June 11, 2020, with a registered capital of about 400 million yuan. It mainly engages in the R&D, design, and sales of GPU-related products. The legal representative of Moortech is Zhang Jianzhong, who previously served as Vice President of NVIDIA and General Manager of China, with nearly two decades of experience in the GPU industry. Additionally, several core executives of Moortech also have work experience at NVIDIA.
As of now, Moortech has successfully launched four generations of GPU architectures (Suti, Chunxiao, Quyuan, Pinghu), covering fields such as AI computing, cloud computing, high-performance computing, graphics rendering, computational virtualization, intelligent media, personal entertainment, and productivity tools.
According to its prospectus, Moortech achieved operating revenues of approximately 46 million yuan, 124 million yuan, and 438 million yuan in 2022, 2023, and 2024, respectively, showing significant growth each year; the corresponding net profits attributable to shareholders were approximately -1.84 billion yuan, -1.673 billion yuan, and -1.492 billion yuan.
In the first half of 2025, Moortech achieved an operating revenue of 702 million yuan, exceeding the total revenue from 2022 to 2024, but still remained in a loss, with a net profit attributable to shareholders of -271 million yuan during the same period. As of June 30, 2025, the company's cumulative unremedied loss was approximately 1.48 billion yuan.
Looking at the gross profit margin, Moortech's main business gross profit margin was -70.45%, 27.84%, 72.32%, and 69.17% respectively from 2022 to the first half of 2025, showing an overall upward trend. According to the company, the low gross profit margin in the early stages was mainly due to trading prices for market expansion and increasing recognition of its products.
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Original: toutiao.com/article/7580205009250435638/
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