一年亏损14亿元，科创板IPO将上会！

Core Insights - The China Securities Regulatory Commission (CSRC) has emphasized ongoing reforms in financing, particularly supporting unprofitable tech companies with strong market potential through initiatives like the "16 Articles for Science and Technology Innovation" and the "8 Articles for the Science and Technology Innovation Board" [2] - Muxi Co., Ltd. is set to launch its IPO on the Science and Technology Innovation Board, utilizing the fourth set of standards, despite reporting losses from 2022 to 2025 [2][9] - The company focuses on developing high-performance GPU chips and computing platforms, targeting applications in AI training, general computing, and graphics rendering [2][3] Company Overview - Muxi Co., Ltd. has established a strong GPU product system and an open software ecosystem, contributing significantly to the domestic AI computing infrastructure [3][4] - The company aims to reduce reliance on foreign GPU technology and enhance its market share through innovative products amid geopolitical tensions [3][4] - Muxi's main products include the Xisi N series for AI inference and the Xiyun C series for integrated training and inference, with ongoing development of the Xicai G series for graphics rendering [5][9] Financial Performance - The company's revenue has shown significant growth, with reported figures of 42.64 million, 53.02 million, 743.12 million, and 320.41 million for the respective years [9][11] - Despite revenue growth, Muxi has faced continuous losses, with net profits of -77.70 million, -87.12 million, -140.89 million, and -23.25 million over the same periods [9][11] - The company plans to raise 3.904 billion for new GPU development projects, indicating a strong commitment to R&D despite current financial challenges [6][8] Market Position and Competition - Muxi is positioned as a leading domestic GPU manufacturer, competing against established players like NVIDIA and AMD, which dominate the global market [12][13] - The domestic GPU market is evolving, with increasing competition from local firms, but Muxi's focus on innovation and technology development aims to strengthen its competitive edge [12][13] - The company faces risks related to market competition and reliance on a single product line, which could impact its financial stability if not managed effectively [14]