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沐曦股份IPO获上交所受理 为国产GPU厂商“四小龙”之一
智通财经网·2025-06-30 13:01

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for its operations in the GPU market focused on AI training and inference, general computing, and graphics rendering [1][2]. Group 1: Business Overview - The company specializes in the research, design, and sales of full-stack GPU products, with applications in AI computing, general computing, and graphics rendering [1]. - Muxi has launched several GPU series, including the Xisi N series for AI inference, the Xiyun C series for integrated training and general computing, and the upcoming Xicai G series for graphics rendering [1]. - The company is one of the few GPU suppliers to achieve large-scale commercial applications with thousands of GPU clusters, successfully supporting significant models like the 128B MoE [1][2]. Group 2: Market and Sales Strategy - Muxi's computing network spans various regions, including Beijing, Shanghai, and Hong Kong, and is expanding to more areas [2]. - The company's GPU products are applied across multiple industries, including education, finance, transportation, energy, healthcare, and entertainment, demonstrating strong competitive and delivery capabilities [2]. - The sales strategy combines direct sales and distribution, with the top five customers accounting for a significant portion of revenue: 91.58% in 2023, 71.09% in 2024, and 88.35% in the first quarter of 2025 [2]. Group 3: Financial Performance - The company reported revenues of approximately 426,400 yuan in 2022, 53.0212 million yuan in 2023, 743 million yuan in 2024, and 320 million yuan in the first quarter of 2025 [4]. - Net profits for the same periods were approximately -777,000,000 yuan, -871,000,000 yuan, -1.409 billion yuan, and -233 million yuan, respectively [4]. - Total assets increased significantly from 1.044 billion yuan in Q1 2025 to 104.474 million yuan in 2022, with a notable rise in asset-liability ratios [5].