股价跌超40%！“中国版英伟达”VS“中国版AMD”公布首份财报！你更看好哪个？

市场资讯03-04

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！　　来源：上市之家　　沐曦股份（688802）、摩尔线程（688795）两家国产GPU领域的头部企业近期同日发布2025年年度业绩快报，均交出营收大幅增长、亏损收窄的成绩单。作为科创板先后上市的国产GPU核心玩家，二者在业绩数据、经营布局上各有亮点，上市后的股价表现也呈现差异化特征，成为资本市场关注的焦点，也引发了投资者对...

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Which do you prefer?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"688795":1.94,"688802":1.95,"NVD3.UK":0.6,"NVDD":0.6,"AMUU":0.6,"NVII":0.6,"NVDG":0.6,"NVDB":0.6,"3NVD.UK":0.6,"NVDY":0.6,"AMYY":0.6,"AMDY":0.6,"NVDS.UK":0.6,"NVDS":0.6,"NVDW":0.6,"AMDL":0.6,"NVIW.SI":0.6,"NVD":0.6,"AMDD":0.6,"SNVD.UK":0.6,"AMDU":0.6,"NVDX":0.6,"ANV":0.6,"NVDU":0.6,"AMDG":0.6,"DIPS":0.6,"NVDQ":0.6,"AMDW":0.6,"NVD2.UK":0.6,"DAMD":0.6,"2NVD.UK":0.6},"content_text":"炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　来源：上市之家\n　　沐曦股份（688802）、摩尔线程（688795）两家国产GPU领域的头部企业近期同日发布2025年年度业绩快报，均交出营收大幅增长、亏损收窄的成绩单。作为科创板先后上市的国产GPU核心玩家，二者在业绩数据、经营布局上各有亮点，上市后的股价表现也呈现差异化特征，成为资本市场关注的焦点，也引发了投资者对两家企业发展前景的热议。\n　　值得注意的是，两只股票在上市之初都得到了资本市场的重点关注，且上市即创造市值巅峰，随后股价都陷入了深度调整，跌幅均超40%。\n\n　　因核心高管团队分别来自英伟达和AMD，摩尔线程创始人张建中曾是英伟达全球副总裁、中国区总经理，沐曦股份创始人陈维良曾任职AMD上海公司高级总监，主导并完成15款高性能GPU产品的流片与量产，两家分别顶着“中国版英伟达”和“中国AMD”标签的两只热门标的，正式公布了首份成绩单，你更看好哪个？\n\n　　01 营收双增亏损收窄，核心数据各有优劣\n　　从核心经营数据来看，两家企业均实现了业绩的正向改善，但营收规模、增速及亏损收窄幅度呈现出明显的差异化特征。\n　　营收方面，沐曦股份以微弱优势占据规模领先，2025年实现营业总收入16.44亿元，较上年同期增长121.26%；摩尔线程则以15.06亿元的营收规模略逊一筹，但营收增速达到243.37%，是沐曦股份的两倍之多，展现出更迅猛的业务扩张速度。\n　　亏损收窄层面，沐曦股份的减亏幅度更为突出，2025年归属于母公司所有者的净利润为-7.81亿元，较上年同期亏损收窄44.53%；摩尔线程归属于母公司所有者的净利润为-10.24亿元，亏损收窄幅度为36.70%。扣除非经常性损益后，沐曦股份净亏损8.22亿元，收窄21.28%，摩尔线程净亏损11.13亿元，收窄约32.07%，后者扣非后减亏表现更优。\n　　财务指标上，两家企业均因首次公开发行股票实现财务规模扩张，但变化幅度差异显著。沐曦股份总资产较期初增长251.56%，归属于母公司的所有者权益激增1018%，股本更是增长4560.67%，不过受资本公积转增股本等因素影响，归属于母公司所有者的每股净资产较期初下降76.01%；摩尔线程总资产、归属于母公司的所有者权益分别增长116.14%、154.69%，股本仅增长17.50%，每股净资产则实现116.84%的增长，财务指标表现更趋稳健。\n　　盈利指标改善方面，沐曦股份基本每股收益为-2.42元，优于摩尔线程的-2.53元，其加权平均净资产收益率为-9.51%，较上年提升90.19个百分点；摩尔线程加权平均净资产收益率为-22.57%，但提升幅度达610.07个百分点，盈利指标改善的弹性更大。\n　　02 差异化发力，商业化进程同步提速\n　　业绩的改善背后，是两家企业基于自身战略的差异化经营布局，而国产GPU替代红利与AI产业的蓬勃发展，成为二者业绩增长的共同底层逻辑。\n　　沐曦股份坚持“1+6+X”发展战略，将重心放在高性能GPU的市场开拓上，通过完善的软件生态和优越的产品性能获得下游客户的广泛认可，2025年GPU产品出货量显著增长，成为营收增长的核心驱动力。同时，公司股份支付费用较上年同期减少，对利润形成正向影响，进一步推动亏损收窄，截至2025年末，公司直言财务状况保持良好。\n　　摩尔线程则聚焦全功能GPU的研发创新，2025年成功推出旗舰级训推一体全功能GPU智算卡MTTS5000，产品性能达到市场领先水平并实现规模量产。基于该产品搭建的大规模集群已正式上线服务，可高效支持万亿参数大模型训练，计算效率达到同等规模国外同代系GPU集群的先进水平。依托产品竞争力的提升，公司产品市场认可度持续提高，带动收入及毛利同步增长，成为亏损收窄的关键因素。\n　　两家企业均坦言仍处于高研发投入阶段，尚未实现盈利且存在累计未弥补亏损。其中摩尔线程明确表示，与国际行业巨头相比，公司在综合研发实力、核心技术积累、产品生态等方面仍存在一定差距，研发投入仍是未来发展的重点。\n　　03 赛道前景向好，共性挑战仍待突破\n　　从行业层面来看，沐曦股份与摩尔线程的业绩增长，印证了国产GPU赛道在AI算力需求爆发与国产替代双重红利下的发展潜力。随着人工智能技术与千行百业的深度融合，高性能GPU的市场需求持续旺盛，为国产企业的商业化落地提供了广阔的市场空间，而两家企业的产品均获得下游市场认可，也标志着国产GPU的技术实力与产品竞争力正在持续提升。\n　　不过，两家企业仍面临着行业共性的发展挑战。一方面，GPU行业属于技术密集型行业，高研发投入成为企业发展的必然选择，这也导致企业短期内难以实现盈利，持续亏损的现状仍需通过后续的业务扩张与盈利模式优化来改善；另一方面，与英伟达等国际行业巨头相比，国产GPU企业在核心技术积累、产品生态建设、综合研发实力等方面的差距仍客观存在，如何实现技术突破与生态完善，成为国产GPU企业实现跨越式发展的关键。此外，沐曦股份因股本大幅扩张导致每股净资产下降，摩尔线程短期股价波动反映的市场情绪变化，也成为两家企业各自需要应对的问题。\n　　沐曦股份与摩尔线程各有自身的价值逻辑：沐曦股份的优势在于营收规模领先、亏损收窄幅度更高，GPU产品出货量的快速增长为业绩持续改善奠定基础，财务规模的大幅扩张也为后续发展提供了资金支撑；摩尔线程则以营收高增速、全功能GPU产品的规模化落地为亮点，其产品在算力性能上已达到国际先进水平，全功能的产品布局也让其在市场竞争中具备更广泛的客户群体与抗风险能力。\n　　免责声明：本号原创文章享有著作权，未经授权禁止转载。内容仅供学习分享，不构成投资建议，信息和数据均来源于网络及公开信息，如有侵权，请联系处理。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：杨红卜","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":"dataReport","news_rank":0,"isVideo":false,"video":null,"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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.40.0","shortVersion":"4.40.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2616534008","isCrawlerRequest":true}