The daily increase has exceeded 300%. Has the new stock market entered the "wild era" of Moore Threads?

The A-share new stock market has seen a significant uptick in the past week, and this momentum may be further boosted by the listing of the highly anticipated stock, Moore Threads.

According to the new stock issuance schedule, Moore Threads and BioAtla, which are set to open for subscription in the coming week, will further shift the focus of issuance towards two innovation-driven sectors: hard technology and cutting-edge pharmaceuticals. A wave of "innovation" is gradually sweeping through the new stock market.

Moreover, the market sentiment is also heating up.

01 High Spirits in the Past Week

Although the three new stocks listed in the past week belong to different industries, they all delivered impressive debut performances in the market.

Among them, Hengkun New Materials was the most eye-catching. It opened at 58 yuan and closed at 61.55 yuan on its first day, surging 310.61%. The expected profit per lot reached a staggering 20,275 yuan.

In particular, the trading turnover rate of 81.36% indicates strong market recognition of the high-end new materials industry chain.

Similarly, although the return of Southern Power Grid Digital Technology was not as high as that of Hengkun New Materials, it still recorded a first-day increase of over 224%. Despite the relatively low issue price, the profit per lot was 6,730 yuan. The performance of this state-owned digital infrastructure company resonates well with the policy environment.

On the Beijing Stock Exchange, Beikuang Testing Technology saw an average increase of 337% on its first day, with the highest increase reaching 374%, indicating strong market recognition.

However, the high threshold for subscribing to Beikuang Testing Technology has discouraged ordinary investors. It requires nearly 2.95 million yuan to be allocated 100 shares, significantly increasing the difficulty of participation.

Overall, the new stock market is gradually emerging from its previous moderate state. Investors' risk tolerance and market confidence are on the rise, creating a favorable external environment for the upcoming listings of innovative companies.

02 A Leading Domestic GPU Company

Among the companies opening for subscription in the coming week, Moore Threads is undoubtedly the most anticipated. As one of the few domestic companies with the ability to independently develop full-featured GPUs, it plays a crucial role in the domestic computing power revolution, with a clear technological roadmap and comprehensive ecological layout.

The company adheres to an independent architecture approach, covering everything from GPU chips to graphics rendering and AI frameworks. Its "ambition" is enormous. Although this "hardware-software integration" strategy is challenging, once successful, it will create a higher ecological barrier than its peers, filling a crucial gap in the domestic computing power ecosystem.

In recent years, driven by the booming demand for AI and digital twins, Moore Threads' product portfolio has covered three core scenarios: training, inference, and rendering. With a clear technological trajectory and a well-paced development, the company has attracted increasing market attention.

During the reporting period, the company's operating revenues were 46 million yuan, 124 million yuan, and 438 million yuan, respectively, with a compound annual growth rate of 208.44% from 2022 to 2024. The net profits attributable to the parent company were -1.894 billion yuan, -1.703 billion yuan, and -1.618 billion yuan, respectively, indicating that the company has yet to turn a profit.

However, the GPU industry has extremely high barriers to entry. It requires a long ecological construction cycle, substantial capital investment, and a slow commercialization process. Competitors are also catching up rapidly. In the short term, the valuation of Moore Threads will still fluctuate significantly.

03 A Rising Star in Cutting-Edge Innovative Drugs

As a company with a dual focus on preclinical CRO and biotechnology, BioAtla has established a strong professional barrier in the domestic innovative drug industry chain through its unique antibody discovery platform and the widely recognized "Thousands of Mice, Ten Thousands of Antibodies" program.

The company provides core services such as animal model construction, antibody screening, and new drug efficacy evaluation. Its clients include global pharmaceutical giants and emerging biotech companies, making it an important partner in the early stages of innovative drug R&D.

During the reporting period, the company's main business revenues were 533 million yuan, 716 million yuan, and 980 million yuan, respectively, with a compound annual growth rate of 35.56% from 2022 to 2024. The net profits attributable to the parent company were -602 million yuan, -383 million yuan, and 34 million yuan, respectively, indicating that the company has turned a profit and has a promising future.

The innovative drug industry is growing rapidly, but so is the competition. In recent years, a large amount of capital has flowed into the industry, leading to price competition. Although BioAtla has its unique features, its profit model has not been fully established, and it also faces challenges such as technological upgrades and changing customer demands.

This article is reprinted from the WeChat official account "Capital Deep Dive" with the authorization of 36Kr. The author is Zishitang.