三年亏损30亿元，上半年研发人员减少，上市能否救沐曦股份？

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is preparing for its IPO on the Sci-Tech Innovation Board, with significant attention on its potential in the rapidly growing GPU market driven by AI and other technologies [1][3][5]. Company Overview - Founded in 2020, Muxi is recognized as one of the "four small dragons" in the domestic GPU chip sector, with its IPO application accepted on June 30, 2025 [3]. - The company has completed the second round of inquiries from the Shanghai Stock Exchange and submitted its prospectus [3]. Market Context - The global GPU market is projected to grow from $77.39 billion in 2024 to $472.45 billion by 2030, with a compound annual growth rate (CAGR) of 35.19% from 2024 to 2030 [5]. - The demand for GPUs is surging due to the explosion of AI, smart driving, and cloud gaming applications, leading to a significant transformation in the GPU market [5]. Product Development - Muxi focuses on developing high-performance GPU chips and computing platforms, with products covering AI computing, general computing, and graphics rendering [7]. - The company has launched several GPU series, including the Xiyun C series for training and inference, which has become a major revenue source, with sales increasing from 15.47 million yuan in 2023 to 512 million yuan in 2024 [7][8]. Financial Performance - Muxi's revenue has shown significant growth, reaching 42.64 million yuan in 2022, 530.21 million yuan in 2023, and 743 million yuan in 2024, with a first-quarter revenue of 320 million yuan in 2025 [9]. - Despite revenue growth, the company has reported net losses of 777 million yuan in 2022, 871 million yuan in 2023, and 1.409 billion yuan in 2024, indicating ongoing financial challenges [10][12]. R&D Investment - Muxi has invested heavily in R&D, with expenditures of 648 million yuan, 699 million yuan, 901 million yuan, and 218 million yuan over the past four years, totaling over 2.4 billion yuan [15]. - The company holds 255 domestic patents, including 245 invention patents, and plans to use 3.904 billion yuan from its IPO for further R&D projects [16]. Workforce Dynamics - As of March 2025, Muxi had 652 R&D personnel, a decrease from 706 at the end of 2024, attributed to internal restructuring and employee turnover [18][19]. - The company aims to expand its R&D team and increase investment to support its growth strategy [20].