沐曦股份闯关上市：三年亏损27亿元，大手笔激励实控人陈维良等

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is preparing for its IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for various GPU development projects, amidst scrutiny regarding its revenue and customer base [1][3]. Group 1: Financial Performance - Muxi's revenue for the first half of 2025 is approximately 900 million yuan, with an order backlog of about 1.14 billion yuan as of August 31, 2025 [3][4]. - The company reported rapid revenue growth, with revenues of approximately 426,400 yuan in 2022, 53.02 million yuan in 2023, and 743 million yuan in 2024, marking a 13-fold increase from 2023 to 2024 [9][10]. - As of March 31, 2025, Muxi's total assets reached approximately 1.046 billion yuan, with a net loss of about 232.51 million yuan for the first quarter of 2025 [10][12]. Group 2: R&D and Personnel Changes - The number of R&D personnel decreased from 706 at the end of 2024 to 652 by March 31, 2025, primarily due to employee turnover and internal restructuring [4][5]. - Muxi's R&D personnel count rebounded to 670 by August 31, 2025, but remains below the previous year's level [5]. - The company emphasizes that the reduction in R&D staff is part of normal human resource management and has not adversely affected its R&D capabilities [5][6]. Group 3: Market Position and Competition - Muxi holds a mere 1% market share in the domestic GPU market, indicating significant growth potential, especially in the AI computing sector [4][12]. - The company faces competition from domestic peers such as Moore Threads and other established firms in the GPU and ASIC chip design sectors [6][11]. Group 4: Executive Team and Corporate Structure - Several executives at Muxi have backgrounds from AMD, enhancing the company's expertise in GPU technology [6][7]. - Muxi was established in September 2020 and transitioned to a joint-stock company in January 2025, with a registered capital of 360 million yuan [7][8]. Group 5: Stock Options and Incentives - Muxi has implemented multiple employee stock option plans, with significant stock payment expenses recorded in recent years, aimed at retaining talent and incentivizing performance [14][15]. - The company plans to continue stock option programs, which may lead to increased expenses impacting financial performance [14][15].