Nvidia(US:NVDA) Nan Fang Du Shi Bao·2025-08-28 07:19Core Viewpoint - Domestic GPU company Muxi claims that despite NVIDIA's H20 chip being approved for sale in mainland China, there is no direct competition between Muxi and NVIDIA due to differing customer bases [1][2]. Group 1: IPO and Financials - Muxi's IPO application was accepted on June 30, aiming to raise 3.904 billion yuan [1]. - The company reported a significant reliance on its C500 series, which accounted for 97.28% and 97.87% of revenue in 2024 and the first three months of 2025, respectively [7]. - Muxi's net losses from 2022 to the first quarter of 2025 were approximately 777 million yuan, 871 million yuan, 1.409 billion yuan, and 233 million yuan [9]. Group 2: Product Development and Market Position - Muxi's flagship AI chip, the C600, has been developed with a memory capacity of 144GB and a computing power of 1000 TFLOPS [3][8]. - The C600 is expected to enter risk mass production by the end of 2025, with significant interest from major internet companies and banks [8]. - Muxi's next-generation chip, the C700, is in development and aims to support FP4 precision calculations, with performance close to NVIDIA's H100 [8]. Group 3: Competitive Landscape - Muxi's primary customers include national AI public computing platforms and various industries, which do not overlap with NVIDIA's main market [3]. - The company acknowledges a lag in customer acquisition compared to competitors due to a lack of internet enterprise shareholder support and reliance on a general-purpose GPU architecture [6]. - The trend towards domestic alternatives is expected to benefit Muxi, as the proportion of AI chips sourced from foreign suppliers is predicted to decrease from 63% in 2024 to 49% in 2025 [5].