Company Overview - Muxi Integrated Circuit (Shanghai) Co., Ltd. has recently had its IPO application accepted on the Sci-Tech Innovation Board, with a financing amount of 3.904 billion yuan [1] - The company specializes in the research, design, and sales of high-performance GPU chips and computing platforms, primarily for artificial intelligence training and inference, general computing, and graphics rendering [1][2] - Muxi's main product, the Xiyun C500 series chip, is expected to generate 722 million yuan in revenue in its first year of mass production in 2024, accounting for 97% of the company's total revenue [2] Financial Performance - Muxi has reported cumulative losses exceeding 3.2 billion yuan, with net profits of -777 million yuan in 2022, -871 million yuan in 2023, -1.409 billion yuan in 2024, and -233 million yuan in the first quarter of 2025 [5][6] - The company is applying for an IPO under the fourth set of listing standards on the Sci-Tech Innovation Board, which requires a minimum market value of 3 billion yuan and recent annual revenue of at least 300 million yuan [5] Market Competition - The GPU chip industry is highly competitive, with major domestic competitors including Haiguang Information, Tensu Zhixin, and Huawei HiSilicon, among others [2] - Muxi's reliance on a single product for revenue poses significant risks, especially as its largest customer, Chao Xun Communication, has seen a substantial decline in performance, with a projected revenue decrease of 31.57% for 2024 [6] Investment and Shareholder Structure - Muxi has attracted significant investment from notable firms such as Chaos Investment, Sequoia Capital, and the founding team, which has a strong background in GPU design from AMD [7][8] - The company has seen a rapid increase in shareholders, with nearly 100 new investors in the 12 months leading up to the IPO application, indicating strong market interest [9]
葛卫东领百家机构压阵 沐曦股份IPO背后：32 亿巨亏压顶 97%营收全靠一款芯片
Xin Hua Cai Jing·2025-07-11 05:21