文/徐培琪 12月17日，明星企业沐曦股份登陆A股，总市值突破三千亿元。至此，站在沐曦身后的百余名外部股东完成了从投资到收获的闭环。 这批股东里不乏红杉中国等知名机构，但最大的外部股东却有些出人意料——和利国信智芯，这是一只具有南京国资背景的基金。 新苏商注意到，通过一条隐秘的资本操盘线，南京国资不仅在沐曦身上实现浮盈近40亿元，还成功让沐曦的"最强大脑"在浦口落地生根。如何做到？ 南京曲线操作争取沐曦红利 起初，沐曦股份与南京并无直接关联。 2020年9月，沐曦股份在上海浦东新区张江科学城内注册成立。因为创始团队深厚的技术功底，沐曦在成立之初就成为创投圈看好的"潜力股"，也同样引 起了南京国资的兴趣。 但问题是，当时沐曦股份尚未完成首轮融资，无法直接享受南京国资的跟投政策。局面怎么破？对此，南京浦口区政府给出的解法，是通过旗下"合作基 金"，对沐曦股份提供天使轮融资。沐曦股份招股书披露了具体路径： 一是投团队。官网显示，沐曦股份致力于自主研发全栈高性能GPU芯片及计算平台，为智算、通用计算、云渲染等前沿领域提供高能效、高通用性的算力 支撑，助力数字经济发展。 团队自带光环，带头人是曾任AMD（编者注：美国超 ...

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is rapidly growing in the GPU chip market, focusing on high-performance GPU solutions for various advanced fields, with significant revenue growth and a strong product pipeline [1][4][7]. Company Overview - Muxi was established in 2020 and plans to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board by December 2025, with headquarters in Shanghai and subsidiaries in multiple cities [1]. - The company specializes in providing full-stack GPU chips and solutions for heterogeneous computing, applicable in smart computing, smart cities, cloud computing, autonomous driving, digital twins, and the metaverse [4]. Business Focus - The core business includes "training and inference integrated GPU boards," with additional offerings like "smart computing inference GPU boards," "training and inference integrated GPU servers," and "IP licensing," primarily targeting the domestic market for domestic substitution [5]. - Muxi is one of the few companies in China that has mastered the technology for high-performance GPU chip research, design, and mass production, focusing on independent design capabilities and a comprehensive product line [5]. Product Development - The flagship product, Xiyun C600, utilizes a 12nm process technology and is produced by SMIC, achieving a Chiplet yield of over 92%. It is theoretically close to NVIDIA's H100 but not yet comparable to Blackwell Ultra [5]. Financial Performance - Revenue grew from several million in 2022 to 1.236 billion in the first three quarters of 2025, indicating rapid commercialization of products [7]. - Despite ongoing losses, the company has seen a significant narrowing of losses in 2025, with some quarters achieving profitability, suggesting a move towards breakeven revenue levels [9]. Profitability Metrics - The gross margin is around 50-60%, which is relatively high compared to other sectors, and is not expected to drop to levels seen in Bluetooth chip industries [11]. - However, operating expenses are high, with over 85% of revenue consumed by these costs, and R&D expenses alone accounting for more than half of total revenue [13]. Cash Flow and Investment - The net cash flow from operating activities is unlikely to turn positive in the short term, as revenue growth will continue to require significant working capital [15]. - The company has been utilizing funds from its pre-IPO financing for investment purposes, similar to other companies in the sector, raising concerns about the sustainability of its business model [19].

Group 1 - The core viewpoint of the news highlights the successful IPOs of domestic GPU leaders, Mu Xi Co., Ltd. and Moer Thread, on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with opening day gains exceeding 400%, setting a record for IPO returns in the A-share market under the comprehensive registration system [1][3] - The rise of Mu Xi and Moer Thread signifies a significant exploration in breaking the monopoly in the domestic chip industry, as both companies focus on independent innovation and the development of commercially viable domestic GPU chips, which are increasingly applied in high-performance heterogeneous computing and other core scenarios [3] - The successful listings of these companies reflect market recognition of domestic GPU technology capabilities and validate the investment value in the hard technology sector, supported by long-term capital from China Post Insurance through fund investments [1][3] Group 2 - China Post Insurance has adopted a "long-termism + strategic layout" approach, utilizing a dual-driven model of "direct investment + funds" to strategically invest in the hard technology sector, covering key areas such as chips, robotics, and artificial intelligence [3] - The investment strategy of China Post Insurance has positioned it as a stabilizing force for many domestic hard technology companies, exemplified by its investments in various firms, including Yushu Technology, Gokong Technology, Changxin Storage, and Yangtze Memory Technologies [3] - As the digital economy continues to integrate with the real economy, the innovation vitality in the hard technology field is expected to persist, with China Post Insurance committed to maintaining its long-term investment philosophy and injecting capital into more domestic innovative enterprises [4]

Core Viewpoint - The stock of Muxi Co., Ltd. surged nearly 7 times on its debut, reaching a closing price of 829.90 yuan per share, making it the third highest-priced stock in A-shares, surpassing Moore Threads [1][4][9] Group 1: Company Performance - Muxi Co., Ltd. achieved a market capitalization of 332 billion yuan on its first trading day, only 40 billion yuan behind Moore Threads [10] - The company reported a net profit of -346 million yuan for the first three quarters of 2025, a 55.79% reduction in losses year-on-year [1][16] - Muxi Co., Ltd. anticipates reaching breakeven by 2026, one year earlier than Moore Threads [2][19] Group 2: Investment Insights - Notable investors, including private equity mogul Ge Weidong, made significant profits from Muxi Co., Ltd., with estimated gains of approximately 211 billion yuan [1][13] - The IPO price of Muxi Co., Ltd. was set at 104.66 yuan per share, raising 4.197 billion yuan, which is slightly more than half of Moore Threads' 8 billion yuan [6] - The stock's first-day trading volume was 11.26 billion yuan, with a turnover rate of 84.72%, slightly lower than that of Moore Threads [8] Group 3: Market Context - Muxi Co., Ltd. is recognized as the second domestic GPU star stock in the A-share market, with its performance exceeding market expectations [5] - The company has experienced rapid growth, with a compound annual growth rate of 4074.52% in revenue over the past three years [14] - Despite the high market valuation, the domestic chip industry is still in a catch-up phase, with NVIDIA holding a 70% market share in China's GPU market [20]

A股指数表现分化，沪指红盘震荡，创业板指跌超1%。AI医疗、商业航天、大消费、军工等板块领涨；海南、电池、券商、工程机械等板块领 跌。中金公司拟换股吸收合并东兴证券与信达证券，东兴证券涨停，中金涨超5%，信达证券涨4.55%，沐曦下跌3.85%。 国债期货午盘全线上涨，30年期主力合约涨0.37%报112.400元，10年期主力合约涨0.06%报108.075元，5年期主力合约涨0.03%报105.860元，2年期 主力合约涨0.01%报102.448元。 14:18 焦煤期货主力合约、焦炭期货主力合约均涨超5%，铁矿石期货主力合约涨近2%。 12月18日，A股市场早间走势分化，截至发稿，沪指涨0.2%，深成指跌1.04%，创业板跌1.82%。盘面上，指数黄白二线分化，个股涨多跌少，沪 深京三市超3600股飘红，上午半天成交1.06万亿。具体来看，商业航天概念再度爆发，中国卫星、上海沪工等多股涨停。AI医疗概念走势活跃， 华人健康、塞力医疗等封板。零售、IP经济等消费股拉升，百大集团6连板，德艺文创等涨停。下跌方面，券商股高开低走，中银证券、中信建投 跌超3%。 港股低开，恒指跌0.44%，报25357.69 ...

转自：北京日报客户端 18日，沐曦股份开盘下跌，股价跌破800元。截至发稿，报780.90元，跌近6%，市值3124亿元。 | W | C沐曦-U(688802) 交易中 12-18 10:19:18 融 成 | | | | | --- | --- | --- | --- | --- | | | 780.90 额 32.1亿 股本 4.00亿 市盈™ -321 | 万得 | | | | | -49.00 -5.90% 换 22.47% 市值 3124亿 市净 23.24 | 盘口 | | | | 关时 | 五日 日K 周K 月K | 曲家 | | | | 叠加 | 均价:789.23 | 盘口 资金 | | | | 903.80 | 8.90% 卖五 781.50 | | | 2 | | | 家 四 | 781.06 | 96 | | | | | 781.00 | 196 | | | | | 780.99 | 13 | | | 829.90 | 0 00% 3- | 780.91 | 26 | | | | | 780.90 | 41 | | | | | 780.80 | | 4 | | | 11 | 780. ...

Core Viewpoint - The recent performance of Muxi Co., a leading domestic GPU company, has drawn attention, with its stock price experiencing a decline after a significant initial surge following its market debut [1][3]. Company Performance - Muxi Co. opened at 782.03 CNY per share on December 18, down 5.77% from its previous close of 829.00 CNY, resulting in a market capitalization of approximately 313.3 billion CNY [1][2]. - On its debut day, December 17, Muxi Co. achieved a remarkable single-day increase of 692.95%, closing at 829.90 CNY per share, with a total market value of 3320.43 billion CNY [3]. - The company has not yet turned a profit but is on a path to significantly reduce its losses, with a reported net loss of 3.46 billion CNY for the first three quarters of 2025, a 55.79% reduction year-on-year [5][8]. Product and Revenue Growth - Muxi Co.'s core product, the Xiyun C500 series, has seen substantial growth, contributing to a revenue increase of 453.52% year-on-year, reaching 1.236 billion CNY for the first nine months of 2025 [8][9]. - The Xiyun C500 series accounted for 30.09% of the company's revenue in 2023, with projections indicating this will rise to 97.28% in early 2025 [9]. Market Position and Competition - Muxi Co. is positioned in the GPU market, focusing on general-purpose and unified GPU computing architectures, and is competing against established players like NVIDIA, which holds a 70% market share in China's AI chip market [15]. - The company aims to capture a larger share of the AI accelerator market, currently estimated at about 1% for 2024, indicating significant growth potential [15]. Strategic Initiatives - Muxi Co. is actively developing a domestic supply chain for its next-generation Xiyun C600 chip, expected to be delivered in October 2024, which will enhance its production capabilities and technological independence [10][12]. - The company is also expanding its customer base, focusing on partnerships with major internet companies and telecommunications operators, with ongoing discussions and product testing expected to lead to orders in 2025 [18]. Future Outlook - Muxi Co. anticipates achieving annual revenues between 1.5 billion CNY and 1.98 billion CNY for 2025, representing a year-on-year growth of 101.86% to 166.46%, despite projected losses of 5.27 billion CNY to 7.63 billion CNY [12]. - The company is well-positioned to leverage the growing demand for AI inference and training solutions, with a focus on enhancing its software ecosystem to support rapid deployment of applications on its GPU products [15][16].

编辑：朱珠 沐曦集成电路股份有限公司 下一步，南京财政将进一步加强财政政策与金融、科技、产业等政策的协同联动，支持"4+N"产业基金在服务国家战略、推动产业升级、促进创新创业等 方面发挥重要作用，着力投早、投小、投长期、投硬科技，加快培育发展新质生产力，推动科技创新和产业创新深度融合。 来源：市财政局金融处 成立于2020年9月，致力于打造国内最强商用GPU芯片，产品主要应用方向包含传统GPU及移动应用，人工智能、云计算、数据中心等高性能异构计算领 域。南京市政府投资基金合作子基金在企业成立初期即参与投资，累计投资7.18亿元，形成"资本注入—技术迭代—产业升级"的正向循环。同时，加 强"资本+政策"双重发力，2020年10月，成立不久的沐曦股份即在南京浦口区成立了第一家全资子公司——沐曦集成电路（南京）有限公司，为我市集成 电路产业集聚发展贡献重要力量。 南京财政长期以来在政策和资金方面大力支持创业投资发展，全额出资设立的新兴产业发展基金、科技创新基金坚持长期资本、耐心资本的政策定位，按 照市场化方式通过"子基金+直跟投"引导和撬动社会资本，投资我市重点发展的战略性新兴产业领域、科技型中小微企业。 截至20 ...

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone for the company in the high-performance GPU market [1][3]. Company Overview - Muxi is a leading domestic enterprise in high-performance general-purpose GPU products, focusing on the research, design, and sales of GPUs for artificial intelligence training and inference, general computing, and graphics rendering [3][7]. - The company has a strong technical foundation and continuous innovation, positioning its products as leaders in versatility, core performance, commercialization, and autonomy within the domestic market [3]. Financial Highlights - The stock was issued at a price of 104.66 yuan per share, raising a total of 4.197 billion yuan, which will be invested in new high-performance GPU R&D and industrialization projects [3]. - As of the listing date, the stock price reached 824.50 yuan per share, with a market capitalization nearing 330 billion yuan [3]. Strategic Partnerships and Investments - Advantage Capital has partnered with strategic ally Yuanlu Jia to build an AI computing power cluster based on domestic self-developed GPU technology, with successful operations of the first-generation product, Xiyun C500, in Shanghai [5]. - The successful operation of the thousand-card cluster has reinforced confidence in investing in Muxi, with plans to continue collaborating with ecosystem partners to explore quality project investment opportunities [5]. Policy Support and Market Position - Muxi is among the few companies mastering high-performance GPU chip and system software development, which will help expand market share and enhance technological reserves [7]. - The company’s listing process took only 116 days, showcasing the effectiveness of the Sci-Tech Innovation Board reforms in supporting technology innovation enterprises [7]. Technological Advancements - Muxi has developed a complete set of core technologies, including GPU IP, GPU SoC, and high-speed interconnects, with a total of 245 domestic invention patents and 25 software copyrights as of March 2025 [9]. - The company has launched the Xisi N series GPUs for inference and the Xiyun C series GPUs for training and general computing, with the Xiyun C500 series achieving leading performance levels domestically [11]. Growth Metrics - Muxi has experienced a compound annual growth rate of 4074.52% over the past three years, with revenue reaching 915 million yuan in the first half of 2025, surpassing the total revenue for 2024 [12]. - The company has a backlog of orders amounting to 1.43 billion yuan, indicating rapid growth and market demand [12]. Ecosystem and Industry Impact - Muxi is building a "1+6+X" ecosystem to support various industries, including finance, healthcare, energy, education, transportation, and entertainment, positioning itself as a key player in the autonomous and controllable intelligent computing infrastructure in China [12]. - The company's GPU products have been deployed in multiple national AI public computing platforms and commercial intelligent computing centers, making it one of the few suppliers to achieve large-scale commercial applications of "thousand-card clusters" [12].

Core Viewpoint - The article discusses the recent performance and market position of Muxi Co., a leading domestic GPU company, highlighting its stock fluctuations, financial results, and competitive landscape in the AI chip market. Group 1: Stock Performance and Market Entry - Muxi Co. opened lower on December 18, with its stock price dropping 5.77% to 782 CNY per share after a significant debut on December 17, where it achieved a 692.95% increase, closing at 829.9 CNY per share and a market capitalization of 3320.43 billion CNY [1][3]. - The company set a record for the most profitable new stock, with investors potentially earning around 395,200 CNY for a single lot of shares [3]. Group 2: Financial Performance and Growth - Muxi Co. is still in a loss-making state but has shown significant improvement, with a revenue of 1.236 billion CNY for the first three quarters of 2025, marking a 453.52% year-on-year increase [8]. - The net loss for the same period was 346 million CNY, a reduction of 55.79% compared to the previous year [8]. - The company anticipates a total revenue of 1.5 billion to 1.98 billion CNY for the year, representing a year-on-year growth of 101.86% to 166.46% [11]. Group 3: Product Development and Market Position - Muxi Co. focuses on GPU technology, with its flagship product, the Xiyun C500 series, contributing significantly to its revenue, accounting for 30.09% in 2023 and projected to reach 97.28% by the first quarter of 2025 [8]. - The company is developing the next-generation Xiyun C600 chip, which is expected to be delivered in October 2024, and aims to establish a fully domestic supply chain [10]. Group 4: Competitive Landscape and Market Share - Muxi Co. currently holds approximately 1% of the AI accelerator market in China, indicating substantial growth potential [13]. - The company has developed a software ecosystem compatible with over 6000 CUDA applications, enhancing its competitive edge in the market [13]. - Muxi Co. is actively engaging with major internet companies and telecom operators to expand its customer base and has secured orders worth 1.43 billion CNY as of September 5 [14][15]. Group 5: Challenges and Future Outlook - Despite the positive growth trajectory, Muxi Co. faces challenges, including ongoing losses and the need to establish a robust ecosystem for its general-purpose GPU chips [5][6]. - The potential re-entry of NVIDIA's H200 chip into the Chinese market raises concerns about competition, although it is noted that the current focus of Muxi Co. is on inference applications, which may not directly compete with NVIDIA's offerings [16].