Group 1 - The company, Muxi Co., announced plans to use up to 2.9 billion yuan of idle funds to purchase financial products, aiming to optimize fund management and enhance short-term financial returns [2][6] - The financial products will include high-security, liquid cash management products with a maturity of no more than 12 months, allowing for redemption based on project funding needs [2][6] - Muxi Co. raised a net amount of 3.899 billion yuan during its IPO, which will be invested in new high-performance general-purpose GPU development and industrialization projects [5] Group 2 - The company plans to invest the raised funds over three to four years, leading to temporary idle funds before project phases commence [6] - The C600 chip, based on proprietary GPU IP architecture, is designed to meet generative AI training and inference needs, with mass production expected in the first quarter of this year [7] - Muxi Co. forecasts a revenue of 1.6 billion to 1.7 billion yuan for 2025, representing a year-on-year increase of 115.32% to 128.78%, while also projecting a net loss narrowing to 650 million to 798 million yuan [7]

Core Viewpoint - Muxi Co., Ltd. announced a plan to manage idle funds from its fundraising activities through cash management products to optimize fund utilization and enhance short-term financial returns while ensuring the normal progress of its investment projects [2][8]. Fundraising and Investment Projects - Muxi Co., Ltd. raised a net amount of RMB 38.99 billion upon its listing on the Sci-Tech Innovation Board, with planned investments in several GPU-related projects [4]. - The investment projects include the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [4][6]. - The total investment for these projects is approximately RMB 500.92 million, with planned fundraising usage of RMB 389.93 million [6]. Product Strategy and Development - The company's product strategy involves a cycle of "selling one generation, researching one generation, and pre-researching one generation," focusing on the C600 and C700 products, which will utilize RMB 8.41 billion and RMB 16.18 billion of the raised funds, respectively [7]. - The C600 chip, based on proprietary GPU IP architecture, is designed to meet the needs of generative AI training and inference, with performance comparable to international mainstream products [7]. Cash Management Strategy - Muxi Co., Ltd. plans to use idle funds for cash management, investing in low-risk, high-liquidity products that meet capital preservation requirements and can be redeemed at any time [2][8]. - This cash management approach aims to reduce opportunity costs associated with idle funds while ensuring that funds are available as needed for project requirements [7]. Ecosystem Development - The company is focused on building a comprehensive GPU software ecosystem and a broader industrial ecosystem, with a strategic plan to empower six core industries and expand into future-oriented sectors [10]. - Muxi Co., Ltd. has launched its fourth GPU product matrix, the X series, aimed at scientific intelligence scenarios, promoting the integration of traditional scientific computing with AI-driven research [9].

核查意见 华泰联合证券有限责任公司 关于沐曦集成电路（上海）股份有限公司 募投项目实施周期及使用部分闲置募集资金 进行阶段性现金管理的核查意见 核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券""保荐机构"或"保 荐人"）作为沐曦集成电路（上海）股份有限公司（以下简称"沐曦股份"或"公 司"）首次公开发行股票并在科创板上市持续督导阶段的保荐机构，根据《证券 发行上市保荐业务管理办法》《科创板上市公司持续监管办法（试行）》《上海证 券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引 第 1 号——规范运作》等有关规定，对沐曦股份募投项目实施周期及使用部分闲 置募集资金进行阶段性现金管理事项进行审慎核查，具体核查情况如下： 一、保荐人进行的核查工作 | 序号 | 项目名称 | 投资总额 | 拟使用募集资金投 入金额 | | --- | --- | --- | --- | | 1 | 研发及产业化项目 新型高性能通用GPU | 340,992.38 | 245,919.76 | | 1.1 | 其中：第二代高性能通用 GPU | 136,977.30 | 84,101.70 | | 1 ...

证券代码：688802 证券简称：沐曦股份 公告编号：2026-010 沐曦集成电路（上海）股份有限公司 关于募投项目实施周期及使用部分闲置募集资金进行阶段 性现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 募集资金项目实施周期：根据公司首次公开发行并上市相关规划，公 司募集资金投资项目（以下简称"募投项目"）拟分三至四年投入。 阶段性现金管理方案：不超过人民币 29 亿元（含本数），该额度是闲 置募集资金阶段性现金管理上限金额，随着募集资金按计划投入募投项目建 设，募集资金现金管理金额会相应减少。 产品种类：使用部分闲置募集资金购买安全性高、流动性好、满足保 本要求、期限不超过 12 个月的现金管理产品，包括但不限于协定性存款、结 构性存款、定期存款、通知存款、大额存单等。可按募投项目资金需求随时 赎回或支取，提前赎回或支取仅损失一定收益。 审议程序：2026 年 2 月 3 日，沐曦集成电路（上海）股份有限公司（以 下简称"公司"）第一届董事会审计委员会 2026 年第二次会议、第一届董事会 ...

Group 1 - The core viewpoint of the report indicates a strong recovery in China's IPO market in 2025, with a total of 294 Chinese companies successfully listed globally, representing a nearly 30% year-on-year increase in IPO numbers and over 1.5 times growth in total fundraising [1][19] - The Hong Kong Stock Exchange emerged as the primary venue for Chinese IPOs, with 111 IPOs and nearly 236 billion RMB raised, marking a year-on-year increase of 2.29 times [2][19] - The participation of venture capital and private equity (VC/PE) firms remained high, with 170 companies having institutional backing, achieving a penetration rate of nearly 60% [1][20] Group 2 - The electronic information sector led the IPO market with 48 listings, while the energy and mining sector topped fundraising with over 78.4 billion RMB [2][19] - The report highlights that the policy environment has improved, supporting unprofitable tech companies' listings and enhancing the inclusivity of the Sci-Tech Innovation Board [3][19] - The VC/PE institutions achieved significant exit returns, totaling over 431.8 billion RMB, a year-on-year increase of 1.16 times, with the electronic information sector contributing over 180 billion RMB [3][26] Group 3 - The report notes that the average return on investment for VC/PE firms decreased to 2.89 times, down 18.13% from the previous year [26] - The Hong Kong Stock Exchange's main board provided the highest exit returns at 238.4 billion RMB, while the Sci-Tech Innovation Board also exceeded 100 billion RMB in returns [30][31] - The report emphasizes that the development of the capital market aligns closely with national industrial upgrading directions, with strategic sectors like semiconductors and renewable energy becoming focal points for capital accumulation [4][19]

中国经济网北京2月3日讯 沐曦股份（688802.SH）今日收报513.78元，跌幅3.08%。沐曦股份今 日盘中股价最低至493.81元，创上市以来新低。 沐曦股份2025年12月11日发布的首次公开发行股票并在科创板上市招股说明书显示，公司拟募集 资金390,366.59万元，用于新型高性能通用GPU研发及产业化项目、新一代人工智能推理GPU研发及 产业化项目、面向前沿领域及新兴应用场景的高性能GPU技术研发项目。 (责任编辑：徐自立) 沐曦股份2025年12月17日在上交所科创板上市，发行数量为4,010.0000万股，占发行后总股本的 10.02%，全部为公开发行新股，本次发行价格为104.66元/股。沐曦股份的保荐机构（主承销商）是华 泰联合证券有限责任公司，保荐代表人是邹棉文、孙琪。 沐曦股份本次公开发行募集资金总额为419,686.60万元，扣除发行费用29,755.50万元（不含增值 税）后，募集资金净额为389,931.10万元。其中，保荐及承销费26,723.27万元。 ...

Core Viewpoint - Cambricon is expected to achieve its first profitable year in 2025, but it may be experiencing a decline in quarterly revenue [1][3]. Group 1: Financial Performance - Cambricon forecasts revenue between 6 billion to 7 billion yuan for 2025, representing a year-on-year growth of 410.87% to 496.02%, with a net profit of 1.85 billion to 2.15 billion yuan, marking a turnaround from losses [3]. - In Q3 2025, Cambricon reported revenue of 1.727 billion yuan, a year-on-year increase of 1332.52%, and a net profit of 567 million yuan, also showing a positive shift [5]. - However, on a quarter-on-quarter basis, Q3 revenue declined by 2.4% and net profit decreased by 17% [5]. Group 2: Market Reactions and Comparisons - Following the earnings forecast announcement, Cambricon's stock price dropped significantly, falling over 13% and bringing its market capitalization below 460 billion yuan [1]. - Other domestic AI chip stocks also experienced declines, with stocks like Moer Technology and Muxi Shares dropping by over 4% and 5% respectively [6]. - Moer Technology and Muxi Shares have also released their 2025 earnings forecasts, with Moer expecting revenue between 1.45 billion to 1.52 billion yuan and Muxi expecting revenue between 1.6 billion to 1.7 billion yuan, both showing significant year-on-year growth but still reporting losses [6].

Group 1 - The core viewpoint is that domestic AI chip companies, particularly Cambricon, experienced significant stock price declines, with Cambricon's market value falling below 460 billion yuan [1] - Cambricon's stock price dropped over 13%, closing at 1,083.34 yuan, reflecting a decrease of 12.77% [2] - Other AI chip companies also faced declines, with Moer Technology down over 5% to 542.50 yuan, Huagong Information down over 3% to 247.40 yuan, and Muxi Co., Ltd. down 6% to 501.18 yuan [1][2]

Group 1 - The core viewpoint of the article highlights a significant decline in the stock prices of domestic AI chip companies, with Cambricon's stock dropping over 13%, leading to a market capitalization below 460 billion yuan [1] - Other AI chip companies also experienced declines, with Moore Threads down over 5%, Haiguang Information down over 3%, and Muxi Co., Ltd. down 6% [1] Group 2 - Cambricon's stock price is reported at 1083.34 yuan, reflecting a decrease of 12.77% or a drop of 158.66 yuan [2] - Moore Threads' stock price is at 542.50 yuan, showing a decline of 4.82% or a decrease of 27.50 yuan [2] - Muxi Co., Ltd. has a stock price of 501.18 yuan, down 5.46% or 28.92 yuan [2] - Haiguang Information's stock price stands at 247.40 yuan, with a decrease of 1.94% or 4.90 yuan [2]

Group 1 - The core point of the news is that Muxi Integrated Circuit (Shanghai) Co., Ltd. experienced a stock decline of 5.02%, with a current share price of 530.08 yuan and a total market capitalization of 2120.85 billion yuan [1] - Muxi's main business involves the research, design, and sales of full-stack GPU products for artificial intelligence training and inference, general computing, and graphics rendering, with revenue composition primarily from training and inference GPU boards at 97.55% [1] - The company was established on September 14, 2020, and is located in the Pudong New Area of Shanghai, with its listing date set for December 17, 2025 [1] Group 2 - Huafu Fund has a significant holding in Muxi, with its Huafu Digital Economy Mixed A Fund (018358) holding 3.44% of its net value in Muxi shares, ranking as the ninth largest holding [2] - The fund has a total scale of 35.2582 million yuan and has achieved a year-to-date return of 16.77%, ranking 398 out of 9000 in its category [2] - The fund manager, Huang Xinglin, has been in position for 2 years and 229 days, with the best fund return during his tenure being 90.93% [3]