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沪指破3800点,“国产GPU第一股”沐曦股份能否得到输血?
Guan Cha Zhe Wang·2025-08-22 15:24

Core Viewpoint - The A-share market has shown strong performance, with significant gains in the technology sector, particularly in AI chip companies like Cambrian and Hygon, which have seen stock price surges of over 20% and 300% respectively, raising the valuation ceiling for AI chip stocks in the STAR Market [1] Group 1: Company Performance - Muxi Co., Ltd. has reported continuous losses from 2022 to Q1 2025, with cumulative losses reaching 3.29 billion yuan, indicating a trend of increasing losses year over year [2] - The company has invested heavily in R&D, totaling 2.466 billion yuan, which is 2.2 times its total revenue of 1.116 billion yuan during the same period, alongside significant stock-based compensation expenses of 602 million yuan [2] - Operating cash flow has been negative across all periods, with a total outflow of 4.361 billion yuan, highlighting ongoing cash flow challenges [2] Group 2: Debt and Liquidity Issues - By the end of 2024, Muxi's total interest-bearing debt is projected to rise to 2.291 billion yuan, with short-term debt at 517 million yuan and long-term debt at 1.774 billion yuan, indicating a concerning debt structure [2] - As of Q1 2025, the company's total debt decreased to 432 million yuan, but the proportion of short-term debt surged to 92%, with 398 million yuan needing to be repaid within nine months [3] - The company faces significant repayment pressure, with cash reserves of only 123 million yuan, much of which is earmarked for operational expenses, leading to concerns about liquidity risk [4]