Nvidia(US:NVDA) Guan Cha Zhe Wang·2025-08-29 07:43Core Viewpoint - Muxi Co., Ltd. responds to the first round of IPO inquiry from the Sci-Tech Innovation Board, addressing 14 key concerns including product development, market competition, revenue status, and cash flow, particularly focusing on competition with NVIDIA in the domestic market [1] Group 1: Competition and Market Position - Muxi claims that its main customer base differs significantly from NVIDIA's, indicating no direct competition with NVIDIA's H20 chip [3][4] - The H20 chip, designed for the Chinese market, has limited efficiency for large-scale AI training tasks compared to NVIDIA's H100 chip, but is more widely applicable in AI inference scenarios [3] - According to Bernstein's report, in 2024, major internet companies will account for 87% of H20 chip purchases in the domestic market [3] Group 2: Product Performance and Development - Muxi's primary product, the Xiyun C series GPU, targets AI training scenarios, with its C500 series serving clients in various sectors, including national AI platforms and financial services, which do not directly compete with H20's target market [4] - The C500 series has surpassed the H20 in single-card computing power, and the upcoming C600 series is also expected to lead in performance, featuring advanced capabilities for AI training [4] - Despite these advancements, Muxi acknowledges that NVIDIA maintains a significant lead in technology, product performance, software ecosystem, and large-scale cluster construction [4] Group 3: Challenges Faced by Domestic GPU Manufacturers - Domestic GPU manufacturers face challenges such as lower product cost-performance ratios compared to international giants, and limitations in technology accumulation and funding [5] - The stringent service level requirements and entry barriers from commercial clients extend the product introduction cycle for domestic GPUs [5] - The relatively weak software ecosystem for domestic GPUs and high customer migration costs hinder the competitive position against international products [5][6]