"First GPU Stock of Domestic Production" Moortron is about to list on the Sci-Tech Innovation Board.
Today (November 24), Moortron Intelligent Technology (Beijing) Co., Ltd. (hereinafter referred to as "Moortron") has made its initial public offering of shares and listed on the Sci-Tech Innovation Board, with an issue of 70 million shares at a price of 114.28 yuan per share, setting a new high for new stock issuance this year.
According to the previous announcement by Moortron, the company issued 70 million shares at a price of 114.28 yuan per share, expecting to raise a total of 8 billion yuan, and after deducting the issuance costs, the expected net proceeds are 7.576 billion yuan. The shares will be subject to online and offline subscription on November 24, 2025.
In its announcement, it disclosed that as of November 19, 2025, Moortron had received preliminary inquiry quotation information from 7,787 allocation objects managed by 286 offline investors, with a quotation range of 88.79-159.57 yuan per share, and the total intended subscription quantity was approximately 72.999 billion shares. After excluding some invalid quotations, there were still 7,766 allocation objects that met the conditions, with an effective subscription volume of 70.406 billion shares. The enthusiasm of institutional investors is evident.
It is known that for this IPO, Moortron plans to raise 8 billion yuan, which will be used for the research and development projects of next-generation independent and controllable AI training and inference integrated chips, next-generation independent and controllable graphics chips, and next-generation independent and controllable AISoC chips, among others.
Public data shows that Moortron was established on June 11, 2020, with a registered capital of about 400 million yuan, mainly engaged in R&D, design, and sales of GPU and related products. The legal representative of Moortron is Zhang Jianzhong, who once served as Vice President of NVIDIA and General Manager of China, and has nearly twenty years of experience and rich experience in the GPU industry. In addition, several core executives of Moortron also have work experience at NVIDIA.
On November 21, Zhang Jianzhong responded to investor questions. Image taken from the Shanghai Stock Exchange Roadshow Network
According to the official website of the Shanghai Stock Exchange, during the online investor exchange meeting held on November 21, the company's founder, chairman, and general manager, Zhang Jianzhong, answered about 200 questions, covering topics such as the company's technical path, performance expectations, and industry development.
In the exchange, a netizen mentioned that the company claims that its consumer-level graphics card MTT S80 has performance comparable to the NVIDIA RTX 3060, but due to driver limitations, it still cannot reach the same level as the RTX 3060 after three years.
To this, Zhang Jianzhong admitted that compared to international leading companies such as NVIDIA and AMD, the company still needs to continuously improve in terms of technical accumulation and product performance.
He said that NVIDIA has deep technical foundations and rich industry experience in the GPU field, and its products have obvious technical advantages and cost advantages in terms of performance, compatibility, and large-scale GPU cluster construction. The company's products have reached or approached international advanced levels in some performance indicators, achieving breakthroughs in key products in certain "bottleneck" areas. For example, the single-precision floating-point computing performance of the company's MTT S80 graphics card is close to that of the NVIDIA RTX 3060.
Zhang Jianzhong added that currently, the company has independently developed and released a DirectX 12 graphics acceleration engine based on the unified MUSA architecture, becoming the first GPU manufacturer in China to achieve this breakthrough, breaking the long-term monopoly of the United States in this area. Based on this, our products can effectively support various mainstream graphics APIs, including DirectX 11, DirectX 12, OpenGL, OpenGL ES, and Vulkan.
"The problem of graphics API and driver ecology is indeed the core factor determining user experience and product competitiveness, and it is also a direction where we have invested a great deal of effort to tackle. For the next generation of consumer-level graphics cards, we will continue to invest in R&D and, based on market and user feedback, introduce them to the market at the appropriate time," Zhang Jianzhong said.
As of now, Moortron has successfully launched four generations of GPU architectures (Sudi, Chunxiao, Quyuan, Pinghu), covering fields such as AI intelligent computing, cloud computing, high-performance computing, graphic rendering, computational virtualization, smart media, personal entertainment, and productivity tools. According to its introduction, in addition to the MTT S80 graphics card, the thousand-card GPU intelligent computing cluster built on the MTT S5000 has efficiency exceeding that of similar scale foreign products of the same generation; the intelligent SoC chip "Changjiang" surpasses the Qualcomm Snapdragon 8295 in terms of graphic rendering and memory bandwidth.
Regarding the future of the industry, Zhang Jianzhong stated that in the future, with the continuous development of AI applications, the demand for GPU and other computing infrastructure is expected to grow explosively. Frost & Sullivan predicts that by 2029, the Chinese GPU market size is expected to increase to 1363.578 billion yuan, and the company is optimistic about the development of computing infrastructure.
As of the first half of 2025, the company has not yet achieved profitability, and the cumulative loss has exceeded 1.4 billion yuan.
The previously published prospectus shows that from 2022 to 2024, Moortron achieved revenue of approximately 0.46 billion yuan, 1.24 billion yuan, and 4.38 billion yuan respectively, showing a significant growth each year; the corresponding net profit attributable to shareholders was approximately -1.84 billion yuan, -1.673 billion yuan, and -1.492 billion yuan respectively.
In the first half of 2025, Moortron achieved revenue of 7.02 billion yuan, which exceeded the total revenue from 2022 to 2024, but still fell into losses, with the net profit attributable to shareholders reaching -271 million yuan during the same period. As of June 30, 2025, the company's cumulative unremedied loss was approximately 1.48 billion yuan. It is expected that the company may achieve consolidated financial statement profitability as early as 2027.
Looking at the gross margin, Moortron's main business gross margin from 2022 to the first half of 2025 was -70.45%, 27.84%, 72.32%, and 69.17%, showing an overall upward trend. However, the company previously estimated that the overall gross margin would generally show a downward trend between 2025 and 2027, with the gross margin in 2027 slightly increasing compared to 2026.
In response to this, Zhang Jianzhong said that the GPU industry is in a critical stage of technological breakthroughs and market expansion. As an emerging enterprise in the domestic GPU chip field, the company is still in an important period of technological accumulation and market expansion, with high R&D investment and a certain period required for customer introduction. In the future, the company will strive to gradually improve the loss trend and achieve the profit goal through efforts in technological breakthroughs, product iteration, market expansion, and cost optimization.
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