科创板制度优化释放信号，沐曦案例诠释硬科技企业发展逻辑

Core Viewpoint - The recent policy changes by the China Securities Regulatory Commission (CSRC) are aimed at supporting hard technology companies, particularly those in the GPU sector, which are characterized by high research and development (R&D) costs and long cycles [1][6]. Group 1: Policy and Market Environment - The CSRC has introduced measures such as the "16 Articles for Science and Technology Innovation" and "8 Articles for the Science and Technology Innovation Board," which enhance the capital market's inclusivity for hard technology companies [1]. - The GPU market is currently dominated by a few players, with NVIDIA holding over 80% of the global market share, indicating high entry barriers for new competitors [3]. - The demand for AI-related applications is driving the growth of the GPU market, with projections indicating that the domestic accelerated computing server market will reach approximately $22.1 billion in 2024, with GPUs accounting for 69% of this market [3]. Group 2: Company Overview - Muxi Integrated Circuit (Shanghai) Co., Ltd. - Muxi focuses on general-purpose GPU chip development and has made significant technological breakthroughs in the AI chip sector, which has been traditionally dominated by international firms [2]. - As of September 5, 2025, Muxi has secured orders worth 1.43 billion yuan, providing a solid foundation for future growth [2][5]. - Muxi's business model aligns with international standards, targeting the high-value data center market, similar to NVIDIA's approach [4]. Group 3: Financial Performance and Growth Potential - Muxi has shown rapid revenue growth, with a compound annual growth rate of 4074.52% over the past three years, and its revenue for the first half of 2025 is projected to exceed the total revenue for 2024 [5]. - Despite currently operating at a loss primarily due to R&D expenditures, Muxi's losses are expected to narrow as the company approaches breakeven, potentially by 2026 [5][6]. - The company has already commercialized over 25,000 GPUs across various intelligent computing clusters, indicating a successful market penetration [5].