摩尔线程IPO，遭客户M退货4000万，有没有透着奇怪？

市场资讯09-24

登录新浪财经APP 搜索【信披】查看更多考评等级　　来源：基本面力场　　按照正常计划，本周将有一只新股的IPO申请被审核，公司全称是摩尔线程智能科技（北京）股份有限公司，股票简称是摩尔线程，保荐机构为中信证券（600030.SH），保荐代表人为周哲立、吴霞娟。　　这家公司可不简单，还没上市呢，就已被冠以“中国英伟达”的称号了。凭什么呢？首先，摩尔线程的创始人及CEO张建中，此前就曾任英伟达...

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搜索【信披】查看更多考评等级\n　　来源：基本面力场\n　　按照正常计划，本周将有一只新股的IPO申请被审核，公司全称是摩尔线程智能科技（北京）股份有限公司，股票简称是摩尔线程，保荐机构为中信证券（600030.SH），保荐代表人为周哲立、吴霞娟。\n　　这家公司可不简单，还没上市呢，就已被冠以“中国英伟达”的称号了。凭什么呢？首先，摩尔线程的创始人及CEO张建中，此前就曾任英伟达...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/bxjj/2025-09-24/doc-infrpwtx6855073.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2473716301.USD","symbol_name":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) 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搜索【信披】查看更多考评等级\n　　来源：基本面力场\n　　按照正常计划，本周将有一只新股的IPO申请被审核，公司全称是摩尔线程智能科技（北京）股份有限公司，股票简称是摩尔线程，保荐机构为中信证券（600030.SH），保荐代表人为周哲立、吴霞娟。\n　　这家公司可不简单，还没上市呢，就已被冠以“中国英伟达”的称号了。凭什么呢？首先，摩尔线程的创始人及CEO张建中，此前就曾任英伟达全球副总裁兼中国区总经理；不仅如此，摩尔线程的职工董事周苑、董事张钰勃此前都曾长期供职于英伟达。\n　　更主要的是，摩尔线程在2024年推出了AI智算及专业图形加速产品，且性能较高，成为买不到英伟达GPU的客户的重要替代性选择。因此也带动了摩尔线程的收入大幅增长，2024年营收同比增幅高达约254%，今年上半年的营业额更是逼近去年全年的2倍，成长性令人惊讶。\n　　更重要的是，伴随着高端GPU产品的放量，摩尔线程核心盈利能力发生了质的变化，2023年公司毛利率还只有25.87%，也就是中端制造业的水平，2024年就飙升到70.71%，今年上半年仍能保持在69.14%的水平，这才是一家突破了卡脖子技术的企业该有的财务表现。\n　　也正是基于这些原因，摩尔线程被资本市场寄予厚望，甚至带动了一批“中国英伟达“的强劲表现，比如直接参股摩尔线程的和而泰（002402.SZ），股价表现就很抢眼；还有盈趣科技（002925.SZ）、ST华通（维权）（002602.SZ）、长飞光纤（601869.SH）等，都有亮眼的表现。\n　　但另一方面，也应当正视摩尔线程与英伟达之间的差距，力场君就此提问了一下腾讯元宝，给出的答案包括：摩尔线程的桌面显卡（如MTT S80）性能接近英伟达RTX 3060（2021年水平）；摩尔线程的AI计算卡（如S5000）算力超A100（2020年），但不及英伟达H100（2022年）的水平。\n　　赶超之路漫漫，摩尔线程仍需上下而求索，这都是可以理解的。\n　　此外，对于摩尔线程披露的经营及财务信息，还有一处细节，是让力场君感到迷惑的；对此力场君不敢断言存在问题，只是写出来，供小伙伴们来讨论；如有大神来指点一番，更是倍感荣幸。\n　　这事关于一个摩尔线程的大客户，摩尔线程并未披露这家客户的具体名称，仅以“客户M”作为代指，根据《审核问询函的回复》披露，2024年度，公司共计发生销售退回5385.96万元，其中客户M退回4400.28万元。\n　　对此，摩尔线程在公开信息披露中解释为：公司与客户M签订合同后已完成该集群产品交付，因客户M下游算力集群项目招投标流程较为冗长，且最终未发标，公司长期未收到客户M销售款项，催收无果后，选择让客户M退回集群产品。\n\n　　针对这段解释，力场君首先有一个疑问：按照摩尔线程的说法，客户M还没有完成招投标流程，摩尔线程就已经”签订合同后已完成该集群产品交付“，这不是虚假发标、“装样子”投标吗？这样的招投标，意义何在？甚至合法不合法？\n　　其次，在力场君的理解当中，当客户退回产品时，同步冲销销售收入的同时，需重新确认该笔销售对应产品成本的存货金额。也即，在摩尔线程在2024年确认客户M退回4400.28万元的同期，就需要增加这笔业务对应的存货增加。\n　　但事实上，《审核问询函的回复》还披露，针对客户M销售退回的存货余额确认，确实分别在2024年和2025年上半年分两次进行的。\n\n　　这就让力场君感到很迷惑了，既然客户M的退货确认在了2024年，为什么会有50%的销售退回存货余额确认，没有体现在2024年，而是出现在了2025年上半年？有没有会计和审计大神来解释一下？\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：王珂","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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