Overview

• Shanghai Stock Exchange’s listing review committee approved Moore Threads’ STAR Market IPO application on September 26.
• The company updated its prospectus on September 6, disclosing 2025 first‑half revenue of 702 million yuan and a net loss of 271 million yuan, with profitability projected no earlier than 2027.
• From 2022 to 2024, revenue rose from 46.09 million to 438 million yuan as net losses narrowed from 1.84 billion to 1.492 billion yuan, with cumulative three‑year revenue of about 608 million yuan.
• Moore Threads selected the STAR Market listing standard requiring an expected market cap of at least 1.5 billion yuan, last‑year revenue of at least 200 million yuan, and three‑year R&D spending of at least 15% of revenue.
• The company reported 3.81 billion yuan of R&D investment from 2022 to 2024—about 626% of its cumulative revenue—and says it has launched four generations of self‑developed GPUs across AI, cloud, and personal computing.