Investment Value Analysis of Moore Threads' Heavy Asset Model and Independent & Controllable Strategy

Moore Threads, as a leading domestic full-function GPU company, adopts a development path of heavy assets + independent & controllable ecosystem. Financial data shows that cumulative R&D investment from 2022 to 2025 was 4.67 billion yuan, with cumulative losses of 5.939 billion yuan [0][1][4]. Revenue in the first three quarters of 2025 was 785 million yuan, a year-on-year increase of 181.99%, exceeding the full-year revenue of 2024 (438 million yuan) [0][2][4]. The R&D team has 873 members, with more than 1,000 patent applications and 468 authorized invention patents (to be further verified) [0]. The company plans to achieve 5.983 billion yuan in revenue and profitability by 2027, with 87.5% of the 8 billion yuan IPO funds used for chip R&D projects [0][2][3].

From the market performance perspective, Moore Threads listed on the STAR Market on December 5, 2025, with a 425% surge on the first day of listing, reaching a market value of 282.2 billion yuan, currently exceeding 300 billion yuan [0][3]. At the industry level, the global GPU market will have a CAGR of 24.5% from 2025 to 2029, and the Chinese market will have a CAGR of 53.7%, with strong demand [0][3]. However, the domestic competitive landscape is concentrated: in 2024, NVIDIA, Huawei HiSilicon, and AMD accounted for 54.4%, 21.4%, and 15.3% respectively, while Moore Threads’ market share was less than 1% [0][1]. In terms of valuation, the dynamic price-to-sales ratio is nearly 300 times, far higher than Hygon Information (41 times) and Cambricon (99 times) [0][1][2].

Technically, Moore Threads’ MUSA architecture supports full computing precision, making it one of the few domestic GPU companies with graphics rendering and AI computing capabilities. Its products have entered the procurement list of provincial intelligent computing centers [0][4]. However, its software ecosystem is significantly behind NVIDIA. Consumer-grade graphics cards underperform due to ecosystem limitations, and the ecosystem construction cycle is expected to be long [0][1][4].

1. Correlation between heavy asset model and technical accumulation: Moore Threads has built independent architecture and full-function GPU capabilities through continuous high R&D investment (R&D expense ratio of 310% in 2024 [0][4]), which is the core of its differentiated competition in the domestic GPU field [0]. However, high investment leads to continuous losses, requiring external financing to support R&D and ecosystem construction.

2. Dual drivers of independent & controllable strategy: Policy support and high growth of the domestic GPU market (CAGR of 53.7% [0][3]) are the main drivers of Moore Threads’ independent & controllable strategy. Its products entering the procurement list of intelligent computing centers reflect market opportunities under independent & controllable demand [0][4]. However, the ecosystem gap is a key bottleneck for the implementation of the independent & controllable strategy, requiring long-term investment.

3. Mismatch between valuation and performance expectations: The current market value has already priced in the 2027 profit target in advance [0][2][4]. If performance growth or technical milestones fall short of expectations, there will be significant pressure for valuation correction.

1. High valuation risk: The dynamic price-to-sales ratio is nearly 300 times, far higher than peers. If performance falls short of expectations, valuation faces correction [0][1][2].
2. Continuous loss risk: Net loss in the first three quarters of 2025 was 724 million yuan, with an expected annual loss of 730 million to 1.168 billion yuan. R&D and ecosystem investment will remain high [0][2][4].
3. Ecosystem gap risk: The software ecosystem is significantly behind NVIDIA, and consumer-grade market competition is fierce [0][1][4].
4. Low market share: Current domestic market share is less than 1%, needing to compete for market share [0][1].
5. External risks: Impact of the U.S. Entity List on supply chain stability [0].

1. High growth of domestic GPU market: CAGR of 53.7% with strong demand [0][3].
2. Policy support for independent & controllable: Increased demand for domestic GPUs in fields like intelligent computing centers [0][4].
3. Technical differentiation: Scarcity of full-function GPUs and independent MUSA architecture [0][4].

Moore Threads has built independent technical strength through its heavy asset model, and its independent & controllable strategy aligns with domestic market demand and policy orientation, with rapid revenue growth. However, it faces challenges such as high valuation, continuous losses, and ecosystem gaps. Investors should pay attention to its R&D progress, ecosystem construction, market share growth, and the achievement of the 2027 profit target. This report objectively presents analysis results and does not constitute investment advice.