证券日报网讯1月19日，沐曦股份在互动平台回答投资者提问时表示，公司目前正在大力开拓互联网企 业和运营商两类关键客户，稳步推进相关产品测试、导入及商务洽谈，并已取得一定成效。 ...

证券日报网讯1月19日，沐曦股份在互动平台回答投资者提问时表示，沐曦股份是国内少数真正实现千 卡集群大规模商业化应用的GPU供应商，并正在研发和推动万卡集群的落地，目前已成功支持 128BMoE大模型等完成全量预训练。公司与整机服务器、操作系统、运维管理平台、主流AI框架、主 流大模型等上下游生态广泛适配，通过芯片层、框架层、模型层的深度协同优化，为头部大模型分布式 推理提供千卡高性能国产算力，助力"国产算力+大模型产业"实现从技术突破到商业化落地的跨越式发 展。 ...

格隆汇1月19日｜有投资者在互动平台向沐曦股份提问：公司在互联网大厂客户拓展方面进展如何？沐 曦股份回复称，公司目前正在大力开拓互联网企业和运营商两类关键客户，稳步推进相关产品测试、导 入及商务洽谈，并已取得一定成效。 请注意投资风险！ ...

Core Viewpoint - The company has made significant technological advancements with its next-generation C700 series, which features a fully domestic supply chain and enhanced performance metrics compared to its current products [1] Group 1: Product Development - The C700 series utilizes advanced domestic manufacturing processes, establishing a closed-loop supply chain from design to packaging and testing [1] - The core technology of the C700 series is independently controllable, indicating a strong focus on self-sufficiency in technology [1] Group 2: Performance Metrics - The performance of the C700 series is comparable to the H100, with substantial improvements in computing power, storage capacity, communication capabilities, and energy efficiency compared to existing products [1]

Core Viewpoint - The company has made significant technological advancements with its next-generation C700 series, which features a fully domestic supply chain and enhanced performance metrics compared to its current products [1] Group 1: Product Development - The C700 series utilizes advanced domestic manufacturing processes, establishing a closed-loop supply chain from design to packaging and testing [1] - The core technologies of the C700 series are independently controllable, indicating a focus on self-sufficiency in technology [1] Group 2: Performance Metrics - The performance of the C700 series is comparable to the H100, with substantial improvements in computing power, storage capacity, communication capabilities, and energy efficiency compared to existing products [1]

Group 1 - The company participated in an investment through a fund subscription of 90 million RMB in 2022 [1] - The fund invested 17.572 million RMB in Muxi Co., Ltd. [1] - The fund invested 59.395 million RMB in Blue Arrow Aerospace [1]

1月12日，沐曦股份跌2.06%，成交额12.99亿元。两融数据显示，当日沐曦股份获融资买入额1.77亿 元，融资偿还2.14亿元，融资净买入-3725.31万元。截至1月12日，沐曦股份融资融券余额合计10.67亿 元。 资料显示，沐曦集成电路(上海)股份有限公司位于上海市浦东新区海科路999弄C8栋，成立日期2020年9 月14日，上市日期2025年12月17日，公司主营业务涉及研发、设计和销售应用于人工智能训练和推理、 通用计算与图形渲染领域的全栈GPU产品,并围绕GPU芯片提供配套的软件栈与计算平台。主营业务收 入构成为：训推一体GPU板卡97.55%，智算推理GPU板卡1.25%，其他0.80%，训推一体GPU服务器 0.32%，IP授权0.08%。 截至12月17日，沐曦股份股东户数2.51万，较上期增加20138.71%；人均流通股722股，较上期增加 0.00%。2025年1月-9月，沐曦股份实现营业收入12.36亿元，同比增长453.52%；归母净利润-3.46亿元， 同比增长55.79%。 责任编辑：小浪快报 融资方面，沐曦股份当日融资买入1.77亿元。当前融资余额10.67亿元，占流通市 ...

（编辑 任世碧） 证券日报网讯 1月12日，中山公用在互动平台回答投资者提问时表示，公司通过新能源产业基金对沐曦 股份进行了投资。对于相关项目的投资情况，公司将严格依据上市规则，在达到披露标准时适时进行披 露。 ...

Investment Rating - The report indicates a significant increase in net profit for the company, with an expected rise to 14 billion to 14.3 billion yuan in 2025, representing a year-on-year growth of over 360% [3]. Core Insights - The company's revenue is projected to be between 18.3 billion and 18.5 billion yuan in 2025, showing a minimal year-on-year growth of only 0.6% to 1.7% [5]. - The increase in profit is primarily attributed to investments in two GPU companies, Moer Thread and Muxi Co., which have seen substantial stock price increases following their IPOs [7][9]. - The company's main business, which involves designing Bluetooth audio SoC chips, is facing challenges in a competitive market, with a decline in both gross and net profit margins [14][18]. Summary by Sections Investment Performance - The company made investments totaling 200 million yuan in two GPU startups, which have significantly appreciated in value, leading to a profit increase of over 11 billion yuan [10]. - The stock prices of Moer Thread and Muxi Co. surged post-IPO, with increases of 425% and 692% respectively, contributing to the company's impressive profit forecast [9]. Main Business Analysis - The company's core business focuses on Bluetooth audio SoC chips, primarily for TWS headphones and smart devices, but is struggling with low margins due to intense competition [14][17]. - The gross margin has dropped to just over 20%, indicating pressure from larger competitors entering the market [18]. - Despite efforts to expand into AI headphones and smart wearables, these initiatives have yet to generate significant revenue [20]. Conclusion - The company's performance in 2025 reflects a dichotomy of a stagnant core business while achieving remarkable success through strategic investments [22]. - The report raises questions about the sustainability of the company's growth, emphasizing the importance of solid products and market stability over mere investment luck [24].

Core Viewpoint - Zhongke Lanyun (688332.SH) has reported an astonishing profit forecast for 2025, with net profit expected to reach between 1.4 billion to 1.43 billion yuan, a year-on-year increase of over 360% [4][5] Group 1: Investment Performance - The significant profit increase is primarily attributed to the valuation changes from investments in two GPU companies, Moer Thread (688795.SH) and Muxi Co., Ltd. (688802.SH) [8] - The company invested a total of 200 million yuan in these two startups, which resulted in a valuation increase of over 16 billion yuan by the end of 2025 [10][11] - Moer Thread and Muxi Co., Ltd. are expected to be among the hottest IPOs, with their stock prices soaring by 425% and 692% respectively on their debut [10] Group 2: Core Business Performance - Despite the impressive investment returns, Zhongke Lanyun's core business, which focuses on designing Bluetooth audio SoC chips, is experiencing stagnation, with revenue growth projected at only 0.6% to 1.7% [7][11] - The company's net profit excluding non-recurring items is expected to decline by 1.7% to 9.89%, indicating challenges in its main operations [7][11] - The competitive landscape in the white-label TWS (True Wireless Stereo) market is intensifying, leading to declining gross and net profit margins, with gross margins hovering just above 20% [14][15] Group 3: Future Outlook - The company is attempting to diversify by exploring new directions such as AI headphones and smart wearables, but these initiatives have yet to generate significant revenue [17] - The overall performance for 2025 can be summarized as "core business stagnation, investment success," highlighting the importance of strategic choices over mere effort [18]