沐曦集成IPO之路：三年亏损超30亿，CUDA兼容之困与国产GPU突围挑战

Core Viewpoint - The IPO of Mu Xi Integrated Circuit (Shanghai) Co., Ltd. reflects the growing interest and activity in the domestic GPU sector, despite the company's significant financial losses and challenges in ecosystem development [1][3]. Financial Performance - Mu Xi Integrated's revenue surged from 426,400 RMB in 2022 to 320 million RMB in Q1 2025, while the net profit remained negative, accumulating losses exceeding 3 billion RMB [1]. - The company's financial struggles are attributed not only to R&D investments but also to increased share-based payment expenses and ongoing cash flow pressures [1]. Ecosystem Development - The company has adopted a "self-developed instruction set + CUDA compatibility" technology route, aiming to reduce customer migration costs while ensuring technological autonomy [3]. - Challenges include the efficiency gap in operator optimization and lagging support for the latest AI frameworks, alongside the need to balance CUDA compatibility with building an independent ecosystem [3]. Market Competition - Mu Xi Integrated faces intense competition from established players like NVIDIA, which dominates the global AI accelerator card market, forcing domestic manufacturers to compete in a limited "stock market" [3]. - The company also contends with direct competition from domestic firms such as Cambricon and Suirian Technology [3]. - External uncertainties, such as new U.S. semiconductor export control regulations, have directly impacted the company's supply chain and production capacity [3]. Internal Management - Recent rumors of a 200-person layoff plan affecting various departments have raised concerns about the company's internal management and team stability, particularly during the critical IPO period [3]. Investment Perspective - The IPO presents both opportunities and challenges for investors, who must critically assess whether the company's technological advantages can translate into sustainable commercialization [4].