Moore Thread’s 2025 Outlook: Revenue Surge Amid Losses

Summary:

• Moore Thread anticipates significant revenue growth in 2025, projecting earnings of 1.45 to 1.52 billion yuan.
• The company reduces losses year-on-year, showing potential for a positive turnaround.
• Increased funding is directed towards the development of next-gen GPUs and AI chips.

Moore Thread, a leading domestic GPU manufacturer, has released its 2025 annual report, projecting a remarkable revenue increase ranging from 1.45 billion yuan to 1.52 billion yuan. This growth represents a significant year-on-year boost of 230.70% to 246.67%. Despite this optimistic outlook, the company anticipates a loss between 950 million yuan and 1.06 billion yuan. However, this is a notable improvement compared to last year’s losses of 1.6 billion yuan, suggesting a potential for recovery.

Highlighting its commitment to innovation, Moore Thread has announced a strategic move to allocate additional funds for developing next-generation GPUs and AI chips. During an important board meeting conducted on January 21, 2026, the company’s directors approved a proposal to utilize a portion of raised funds for investment projects, facilitating a more efficient financial strategy. This involves using internal funds to support ongoing projects while aiming to replace these amounts with raised capital on a regular basis, contingent upon internal approvals.

Moore Thread’s initial fundraising goal was 8 billion yuan, but following adjustments, the actual amount raised fell to 7.57 billion yuan. The company has now injected an additional 420 million yuan, restoring the total funding for four key projects to the intended 8 billion yuan. The bulk of this increase will focus on research and development endeavors, including a new generation of AI integrated chips, advanced GPUs, and AI SoCs. R&D allocations have been adjusted to increase by 150 million yuan for both the AI chips and GPUs, as well as 120 million yuan for the AI SoCs.

Investors will recognize the implications of more robust funding in a sector where AI and GPU development are notably capital-intensive. Enhanced financial resources can significantly bolster research and development speed, quality, and ultimately, product efficacy.

While detailed specifics on the new generation of GPU and AI chips have yet to be revealed, Moore Thread has successfully achieved large-scale production of its AI graphics card, the MTT S5000. This product supports the training of expansive models with trillions of parameters, showcasing computing efficiency that positions it alongside international counterparts in the same GPU cluster category.

In collaboration with Silicon Flow, Moore Thread completed thorough adaptation and performance testing of the DeepSeek V3 671B model on the MTT S5000, which leverages the FP8 low-precision inference technology. Results showed that single-card prefill throughput exceeds 4,000 tokens per second, with decoding throughput surpassing 1,000 tokens per second—figures that are competitive with leading global products.

As of the market close on January 21, Moore Thread’s stock price stood at 627.3 yuan, maintaining a market valuation near 300 billion yuan. This stability, despite recent losses, indicates ongoing investor confidence in the company’s potential to rebound and innovate within an evolving technological landscape.

In conclusion, while the initial projections for Moore Thread in 2025 indicate both promise and uncertainty, the proactive measures taken towards bolstering R&D investment suggest a calculated approach to navigating the complex landscape of GPU and AI technology development.