沐曦股份累亏33亿拟募39亿补弹药 GPU销量突破2.5万颗仍未扭亏

Core Viewpoint - The domestic GPU companies, particularly Muxi Co., Ltd. and Moer Thread, are accelerating their push into the capital market, vying for the title of the first domestic GPU stock on the A-share market [1][3][18]. Group 1: Company Overview - Muxi Co., Ltd. was established in September 2020 and has undergone eight rounds of financing, raising over 2 billion yuan, with a valuation reaching 21.071 billion yuan as of March this year [1][7]. - The company has received significant investment from prominent firms such as Sequoia Capital, Matrix Partners, and others, with notable investor Ge Weidong investing 800 million yuan, becoming the second-largest shareholder [1][8]. - Muxi Co., Ltd. has demonstrated high growth potential, achieving mass production of GPU products within three years, with cumulative sales exceeding 25,000 units and a compound annual growth rate (CAGR) of 4074.52% in revenue over the past three years [1][10]. Group 2: Financial Performance - Despite high revenue growth, Muxi Co., Ltd. has not yet achieved profitability, with cumulative losses amounting to 3.29 billion yuan from 2022 to the first quarter of this year [11]. - The company plans to raise 3.904 billion yuan through its IPO to enhance research and development and industrialization efforts [1][18]. - Revenue figures for the reporting period show significant growth, with revenues of 426,400 yuan, 53.0212 million yuan, 743 million yuan, and 320 million yuan for 2022, 2023, 2024, and the first quarter of 2025, respectively [10]. Group 3: Market Context - The domestic GPU market has seen a surge in companies due to the supply chain disruptions in high-end GPU chips, leading to a wave of domestic alternatives [3][18]. - Muxi Co., Ltd. aims to capture the data center and AI computing markets, launching its first product, the Xisi N100 series, in April 2023 [10]. - The company has established an efficient chip R&D and production system, achieving rapid development milestones [10]. Group 4: Challenges and Risks - Muxi Co., Ltd. faces challenges related to high operational costs, with R&D expenses significantly exceeding revenue, totaling 2.466 billion yuan over the reporting period [11]. - The company has experienced negative cash flow from operating activities, with net cash flow of -665 million yuan, -1.017 billion yuan, -2.148 billion yuan, and -531 million yuan for the respective periods [15]. - There are concerns regarding the stability of customers and suppliers, with significant changes in the top clients and suppliers over the reporting periods [14][17].