We have received the "Inquiry Letter Regarding the Review of Moore Thread Intelligent Technology (Beijing) Co., Ltd.'s Application for the Initial Public Offering and Listing on the Science and Technology Innovation Board" issued by the Shanghai Stock Exchange on July 17, 2025. Moore Thread, its sponsor, CITIC Securities, Jingtian & Gongcheng, and Ernst & Young have carefully considered and addressed the relevant questions raised in the inquiry. We hereby respond to the inquiries for your review. The response states that during the reporting period, the issuer's graphics acceleration products enjoyed a relatively high repurchase rate, with products such as the S3000 and S50 demonstrating strong repurchase performance. The repurchase rate for AI intelligent computing products is increasing, with cluster customers generally expressing a willingness to test the issuer's next-generation products. The company anticipates that order levels will better reflect its performance expectations. As of the date of this response, the company anticipates an order value of approximately 2 billion yuan. Revenue from the AI intelligent computing business, which accounts for a significant portion of this order value, is expected to be realized in 2025 and 2026, while revenue from the intelligent SOC, professional graphics acceleration, and desktop graphics acceleration businesses is expected to be realized in 2025. In the field of AI intelligent computing, the projects the company is negotiating are all large-scale cluster projects, mainly clusters with Pinghu series motherboards as the core. The projects have obtained procurement intentions and will complete the delivery of some products in the first half of 2025. Product testing or phased evaluation has been completed, and the order feasibility is relatively high.