The 'first domestic GPU stock' Moore Threads plans to use a maximum of 7.5 billion yuan of idle fundraising for cash management.
On the evening of December 12, Moore Threads Intelligent Technology (Beijing) Co., Ltd. (Moore Threads, 688795.SH) announced that the company and its subsidiaries implementing fundraising projects plan to use a maximum of 7.5 billion yuan (including this amount) of idle raised funds for cash management, with a usage period effective within 12 months from the date of approval by the board of directors. Within the limits and duration mentioned above, the funds can be used in a rolling manner.
The types of investments include but are not limited to high-security, good liquidity capital preservation products such as agreed deposits, notice deposits, time deposits, structured deposits, large certificates of deposit, income certificates, etc.
Regarding the purpose of investment, the announcement states that in order to improve the efficiency of the use of raised funds, to reasonably utilize part of the idle raised funds, without affecting the construction and implementation of investment projects, the plan for the use of raised funds, and ensuring the safety of raised funds, part of the idle raised funds will be reasonably used for cash management to improve the effectiveness of the use of raised funds.
Regarding the source of funds, the announcement pointed out that on October 30, 2025, the China Securities Regulatory Commission issued a reply (on agreeing to the first public offering registration of Moore Threads Intelligent Technology (Beijing) Co., Ltd.), allowing the company to publicly issue 70 million shares of ordinary shares (A-shares) at an issuance price of 114.28 yuan/share, raising a total of 7.9996 billion yuan. After deducting issuance expenses, the actual net amount raised by the company was 7.576 billion yuan. This fundraising was fully in place on November 28, and Ernst & Young Hua Ming Certified Public Accountants (special general partnership) issued a (capital verification report of Moore Threads Intelligent Technology (Beijing) Co., Ltd.) on November 28.
According to another announcement, the company held the eighth meeting of the first board of directors' audit committee and the fourteenth meeting of the first board of directors on December 12, and approved the (proposal to use part of the idle raised funds for cash management). The sponsor, CITIC Securities Co., Ltd., issued a verification opinion on this matter. This matter does not need to be submitted for shareholder meeting approval.
In addition, the company issued a special risk warning stating that although the company plans to invest in products with high safety, good liquidity, and capital preservation agreements, the financial market is significantly affected by the macroeconomic environment. The company will intervene appropriately based on economic conditions and changes in the financial market, but does not rule out the possibility that this investment may be affected by market fluctuations.
On December 5, Moore Threads, known as the 'first domestic GPU stock,' officially landed on the Sci-Tech Innovation Board of the Shanghai Stock Exchange, experiencing a surge of 468.78% on the first day of trading, with a closing increase of 425.46%. In recent days, the company's stock price has shown significant fluctuations.
Moore Threads released a stock trading risk warning on the evening of December 11, stating that the company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5. As of December 11, the company's stock closing price had increased by 723.49% compared to the issuance price, and the company's stock price increase was significant. The company's stock price increase was notably higher than that of related indices such as the Sci-Tech Innovation Composite Index and the Sci-Tech 50. Recently, the company's stock price has shown significant volatility, and there may be a risk of a decline following a rapid short-term increase, as well as the possibility of overheated market sentiment and irrational speculation.
The day after the announcement was released (i.e., December 12), Moore Threads' stock price fell nearly 20% during trading, dropping below 800 yuan.
It is worth mentioning that Moore Threads recently announced that from December 19 to 20, the first MUSA Developer Conference will kick off at the Zhongguancun International Innovation Center in Beijing, during which a new generation of GPU architecture will be released. In the announcement on the evening of December 11, Moore Threads indicated that 'the company will hold the first MUSA Developer Conference soon, and it is expected that there will be no significant impact on the company's operating performance in the short term.'
In terms of performance, according to previous disclosures from Moore Threads, from January to September 2025, the company's operating income was 785 million yuan, and the net profit attributable to the parent company was -724 million yuan. The company expects the net profit attributable to the parent company for 2025 to be between -1.168 billion yuan and -730 million yuan. The company also stated that its future operating income may grow slowly or may not sustain growth, posing a risk of continued losses over the next period and the risk of failing to achieve profitability within the management's expected timeframe.
According to Great Wisdom VIP, as of the close on December 12, Moore Threads reported 814.88 yuan/share, with a decline of 13.41%, and a total market value of 383 billion yuan.