国产GPU集体冲上市，沐曦累亏近33亿，收入依赖单一产品

Core Viewpoint - The company Muxi Integrated Circuit (Shanghai) Co., Ltd. has initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for the development and industrialization of high-performance GPUs and AI-related projects [1][5][15]. Group 1: IPO Details - Muxi plans to issue no more than 40.10 million A-shares and has received IPO acceptance on June 30, with the status changing to "inquiry" on July 19 [1][5]. - The lead underwriter for the IPO is Huatai United Securities Co., Ltd. [5]. - The last external equity financing valued the company at 21.071 billion yuan, with an expected market capitalization of no less than 3 billion yuan [5]. Group 2: Fund Utilization - The raised funds will be allocated as follows: 2.459 billion yuan for new high-performance general-purpose GPU R&D, 453 million yuan for next-generation AI inference GPU R&D, and 991 million yuan for high-performance GPU technology R&D for emerging applications [5][7]. - The total investment for the new high-performance general-purpose GPU project is approximately 3.41 billion yuan, with 2.46 billion yuan planned for use from the IPO proceeds [7]. Group 3: Financial Performance - Muxi's revenue for the first quarter of 2025 was 42.64 million yuan, with previous years showing significant growth: 530 million yuan in 2024, 743 million yuan in 2023, and 320 million yuan in 2022, reflecting a compound annual growth rate of 4074.52% from 2022 to 2024 [8][9]. - The company has accumulated losses of 3.29 billion yuan and has not yet achieved profitability, with net losses reported as 777 million yuan in Q1 2025, 871 million yuan in 2024, 1.409 billion yuan in 2023, and 233 million yuan in 2022 [12][14]. Group 4: Market Position and Competition - The GPU market is currently dominated by Nvidia, which holds over 90% of the market share for GPUs used in intelligent computing centers [12][15]. - Despite the competitive landscape, the domestic GPU market is expected to grow significantly, with a projected market size of 107.3 billion yuan in 2024, representing a year-on-year growth of 32.96% [15][16]. - Muxi faces competition from both domestic and international companies, including Nvidia, AMD, and various domestic startups [17][18]. Group 5: Product Development and Challenges - Muxi has launched several GPU products, including the Xiyun C500 series, which is currently its main revenue source, accounting for 97.28% of its revenue in 2024 [9][10]. - The company is also developing new products, including the Xiyun C600 and C700 series, but faces risks related to product development timelines and market demand [10][12].