Good News on Listing | Frost & Sullivan Congratulates Moore Thread Intelligence Technology (Beijing) Co., Ltd. on Successfully Listing on the Sci-tech Innovation Board (688795.SH)

MooreThread Intelligent Technology (Beijing) Co., Ltd. (hereinafter referred to as 'MooreThread') successfully went public on December 5, 2025, issuing a total of 70 million new shares at an issue price of 114.28 yuan per share.

• Moore Threads, based on the independently developed MUSA full-featured GPU architecture, has built a general computing platform covering core scenarios such as AI, scientific computing, and graphics rendering. It possesses advantages in software-hardware collaboration and efficient heterogeneous parallel processing, providing a key technical foundation for the autonomous control of high-performance computing power.

   

• Mole-thread GPU products cover a variety of scenarios such as AI inference and training, professional graphics rendering, industrial simulation, digital twins, and cloud computing. They can be integrated into AI servers, workstations, AI PCs, and smart terminals, with a wide range of applications and high adaptability, offering significant industrial implementation potential.

   

• Moor Threads has strong industry recognition in compliance management and systematic construction. It has obtained multiple qualifications such as National Specialized, Refined, Unique & Newcomer 'Little Giant', National High-tech Enterprise, and Zhongguancun High-tech Enterprise. It has also passed the ISO9001 and Intellectual Property Management System certifications.

   

• MoorTEC has a professional GPU R&D team of over 900 people, with R&D personnel accounting for more than 75%. Most core members have over fifteen years of GPU R&D experience, covering the entire process from architecture, design, packaging, driver to algorithm, providing strong support for technological innovation and product iteration.

Frost & Sullivan has long been monitoring the global and Chinese semiconductor and high-performance computing industries, publishing a large number of research reports that are widely cited in the prospectuses of leading companies listed on the Beijing Stock Exchange, Shanghai Stock Exchange Main Board, Shenzhen Stock Exchange Main Board, Science and Technology Innovation Board, and Growth Enterprise Market, providing industry insights and professional support for the high-quality development of enterprises.

As a strategic, fundamental, and leading industry supporting economic and social development, the integrated circuit industry has become a key focus for major global economies. With continuous progress in semiconductor process technology and the expanding demand for downstream applications such as servers, consumer electronics, network communications, automotive, and the Internet of Things (IoT), the global and Chinese integrated circuit markets have maintained steady growth in recent years. In the future, driven by increased demand for computing power and the accelerated implementation of emerging applications such as AI and 5G, the global integrated circuit market size is expected to further expand.

In China, with the continuous optimization of the economic structure, the strategic value of the integrated circuit industry has accelerated its prominence. The state has successively introduced a number of policies to provide comprehensive support to the industry in terms of funds, taxation, talent, etc. At the same time, multiple 'supply disruptions' caused by international trade frictions have exposed issues such as core technology being controlled by others and high import dependence, further strengthening the importance of industry autonomy and control. Downstream enterprises are also paying increasing attention to supply chain security, accelerating the promotion of domestic substitution, and bringing significant development opportunities to local chip design companies.

According to Frost & Sullivan data, the global integrated circuit market size increased from 2493.253 billion yuan in 2020 to 3606.752 billion yuan in 2024, with an average annual compound growth rate of 9.7% during this period; among them, the growth in the Chinese market was particularly prominent, increasing from 876.262 billion yuan in 2020 to 1403.711 billion yuan in 2024, with an average annual compound growth rate of 12.5%, significantly higher than the global growth rate. In the future, with the deepening application of technologies such as AI, 5G, and smart terminals, it is expected that the global market will further accelerate its expansion from 2025 to 2029, with the scale reaching 6302.162 billion yuan in 2029, with an average annual compound growth rate expected to be 11.0%; during the same period, the Chinese market is expected to increase to 2744.031 billion yuan, with an average annual compound growth rate reaching 12.8%, continuing to outperform the global market.

Source: Frost & Sullivan report

GPU (Graphics Processing Unit) is a type of microprocessor mainly used for graphics rendering and computing acceleration. With the continuous development of software and hardware technologies, it has evolved from serving PC graphics display in the early days to becoming the core computing power foundation supporting new application scenarios such as artificial intelligence, high-performance computing, and digital twins. The key value of GPUs is reflected in two aspects: on one hand, it demonstrates its large-scale parallel computing capability, which can significantly improve efficiency in deep learning training, inference, and scientific computing; on the other hand, it lies in its software ecosystem built with development tools, algorithm libraries, and APIs, enabling developers to efficiently call computing resources and shorten the time from algorithm implementation to application deployment.

From the perspective of product form, GPUs can be broadly divided into full-featured GPUs, graphics GPUs, and GPGPU. Among them, full-featured GPUs combine graphic rendering with general computing capabilities, featuring a complete set of functions, a wide range of computational precision coverage, and strong ecological compatibility. They have an even more obvious competitive advantage in emerging application trends such as large models, world models, embodied intelligence, and physical AI, making them an important direction for future computing infrastructure construction.

Driven by the rapid iteration of AI technology and the continuous expansion of application scenarios, the global GPU market has witnessed explosive growth in recent years. In 2024, the global GPU market size reached 1,051.537 billion yuan; driven by the demand for large model training, AI inference, high-performance computing, and new-generation smart terminals, it is expected that the global GPU market size will increase to 3,611.974 billion yuan by 2029.

Source: Frost & Sullivan report

The Chinese GPU market started relatively late but has seen a significant growth rate higher than the global average, becoming one of the most important sources of incremental demand for the global GPU industry. From 2020 to 2024, the scale of the Chinese GPU market rapidly increased from 38.477 billion yuan to 163.817 billion yuan. Driven by diverse needs such as data center AI computing power construction, intelligent manufacturing, autonomous driving, and AI PCs, it is expected to grow to 1.363578 trillion yuan by 2029. By then, the market share of the Chinese GPU market in the global market is expected to increase from 15.6% in 2024 to 37.8%.

Source: Frost & Sullivan report

Overall, the GPU market in China is in a stage of rapid development driven by multiple factors such as technological upgrading, domestic substitution, and application expansion.

At the technical level, with the explosive demand for computing power in the AI era, GPU product updates and iterations have accelerated significantly, continuously driving breakthroughs in computing performance. GPU manufacturers are pushing for continuous upgrades in single-card performance, energy efficiency ratio, and cluster scale through architectural innovation, more advanced manufacturing processes, higher integration, and more complex software stacks.

At the market level, driven by factors such as external export restrictions and local data security, the domestic GPU ecosystem is accelerating its development. Local manufacturers continue to break through key technologies such as architecture design, software ecosystem, and system verification, promoting the application and implementation of domestic GPUs in data centers, industry clouds, information innovation PCs, and various types of smart terminals. The localization rate is expected to significantly increase within the next few years.

At the application level, the functional boundaries of GPUs are continuously expanding, extending from traditional PC gaming and graphics rendering to AI training and inference, digital twins, video generation, embodied intelligence, autonomous driving, and other diverse fields. As the penetration of AI deepens across various industries, GPUs, as the most mature and widely used general-purpose computing power carriers, will continue to play a key role in the future digital economy and intelligent transformation.

Against this backdrop, the GPU industry in China is expected to seize important development opportunities during the global reconstruction of computing infrastructure. The market size is projected to maintain rapid growth, and there is broad room for growth among industry chain participants.