Moore Threads Investment Value and Technology Prospect Analysis

Since the data acquisition tool is temporarily unavailable, I will evaluate Moore Threads’ investment logic and technology prospects based on a professional analysis framework.

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Your concerns focus on three key dimensions:

1. Can Team Background Translate into Technical Advantages?
2. Is Technological Breakthrough Sustainable?
3. Does High Valuation Have Fundamental Support?

• Founder Zhang Jianzhong served as Global Vice President and General Manager of China at NVIDIA, with top-tier experience in the GPU industry
• The core team mostly comes from international GPU giants like NVIDIA and AMD, with deep technical accumulation
• Has systematic understanding of GPU architecture design, driver development, and ecosystem construction

• MTT S80
  : Launched a domestic consumer-grade graphics card using the ‘Chunxiao’ GPU architecture
• Domestic substitution demand
  : Under the current international situation, domestic GPUs are driven by both policy and market
• Ecosystem construction
  : Launched the MUSA unified computing architecture, compatible with CUDA ecosystem to reduce migration costs

• NVIDIA has over 20 years of accumulation in the GPU field, with extremely high architecture patent barriers
• The CUDA ecosystem has millions of developers; building a new ecosystem takes a long cycle
• Process technology is limited by international supply chains, affecting performance ceilings

• Software ecosystem completeness is far lower than international competitors
• High customer migration costs require extremely strong compatibility
• Requires continuous large-scale R&D investment to narrow the technical gap

• China’s GPU market size exceeds 50 billion yuan, with huge domestic substitution space
• Explosive growth in downstream demand for AI, autonomous driving, data centers, etc.
• Xinchuang policy promotes government procurement to tilt towards domestic manufacturers

• Pure GPU targets in A-shares are scarce, with the concept of ‘first domestic GPU stock’
• STAR Market allows high-valued growth companies to go public
• The market benchmarks NVIDIA’s market value and gives optimistic expectations

• The 425% surge on the first day reflects extremely high market sentiment
• Valuation may have overdrafted growth expectations for the next 3-5 years
• If technological breakthroughs are lower than expected, there will be pressure for valuation regression

• Need to observe product mass production capacity and customer landing situation
• Revenue scale and profitability need continuous tracking and verification
• 2024-2025 is the key verification period

• Scarcity + policy support + domestic substitution expectations support high valuation
• Focus points: Product shipment volume, major customer contracts, performance guidance

• Need to prove that technology can be converted into commercial value
• Key indicators: Revenue growth rate, gross profit margin, cash flow
• If technology lands smoothly, valuation can be maintained; otherwise, there will be regression pressure

• Can an independent ecosystem be established?
• Can it break through the technical blockade of international giants?
• Can it establish advantages in segmented markets (e.g., AI training, autonomous driving)?

Dimension	Key Indicator	Observation Point
Technology	Architecture iteration speed	Performance improvement幅度 of the new GPU architecture
Product	Mass production yield	Affects cost and scaling capacity
Business	Customer structure	Top customer proportion, repurchase rate
Ecosystem	Developer community	MUSA ecosystem activity, migration cases
Finance	R&D investment	Proportion of revenue (should remain above 30%)
Finance	Cash flow	Whether operating cash flow is positive

✅

• Achieve domestic substitution in the mid-to-low-end GPU market
• Establish advantages in specific vertical fields (e.g., AI inference, Xinchuang market)
• Reduce customer migration threshold through MUSA compatibility

⚠️

• Challenge NVIDIA in the high-end data center GPU market
• Establish an independent ecosystem to compete with CUDA
• Achieve performance超越 under advanced process constraints

• Short-term
  : Supported by sentiment + scarcity, but with extremely high volatility risk
• Mid-term
  : Needs performance to verify technology monetization capability
• Long-term
  : Depends on whether sustainable competitive advantages can be established in segmented markets

1. Cautious optimism
   : Team strength + market demand provide fundamental support, but valuation is already at a high level
2. Phased verification
   : Closely monitor product landing, customer expansion, and financial data
3. Risk hedging
   : Domestic GPU track competition is fierce; it is recommended to diversify investments to avoid concentration risk of a single target

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Since the real-time data acquisition tool is temporarily unavailable, the above analysis is based on industry frameworks and logical deduction of public information.

1. Review Moore Threads’ prospectus and financial reports
2. Follow the company’s product release and customer contract announcements
3. Benchmark against the valuation levels of peer companies (e.g., Hygon, Cambricon, Loongson)
4. Continuously track policy trends in the domestic GPU industry

If you need to obtain detailed financial data, technical parameter comparisons, competitor analysis charts of Moore Threads, it is recommended to enable the Deep Research Mode. I can provide you with:

• Technical indicator comparison charts between Moore Threads and competitors
• GPU industry valuation model and sensitivity analysis
• Customer structure analysis and revenue forecast model
• Risk scenario calculation (optimistic/neutral/pessimistic)

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[Note: Due to the temporary unavailability of the data acquisition tool, no real-time data references are provided. It is recommended to refer to the prospectus, company announcements, and latest reports from authoritative financial media]