沐曦股份科创板IPO过会 致力研发全栈高性能GPU芯片

Core Viewpoint - Muxi Co., Ltd., a leading domestic high-performance general-purpose GPU company, has successfully passed the IPO review by the Shanghai Stock Exchange [1][3]. Company Overview - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, providing foundational computing power for various sectors including AI public computing platforms, operator intelligent computing platforms, and commercial intelligent computing centers [3]. - The company aims to enhance domestic computing power infrastructure, which has been heavily reliant on foreign giants, especially in the context of geopolitical tensions and the new AI revolution [3]. Product and Market Position - Muxi's flagship product, the Xiyun C series training and inference integrated GPU chip, is based on fully self-developed GPU IP, instruction set, and architecture, achieving domestic leadership in terms of versatility, single-card performance, cluster performance, stability, ecosystem compatibility, and migration efficiency [3]. - As of the reporting period, Muxi has sold over 25,000 GPU units, with applications in various AI public computing platforms and commercial intelligent computing centers [3]. Market Share and Financial Performance - According to Bernstein Research, Muxi holds approximately 1% market share in China's AI chip market for 2024 [4]. - The company has not yet achieved profitability, with revenues of 0.53 billion, 7.43 billion, and 9.15 billion CNY from 2023 to the first half of 2025, and net losses of -8.71 billion, -14.09 billion, and -1.86 billion CNY during the same period [4]. Challenges and Future Plans - Muxi faces challenges such as low penetration of domestic GPU chips, technical standard adaptation, and user habit migration, which hinder market expansion [5]. - The company plans to raise 3.904 billion CNY through its IPO to invest in new high-performance general-purpose GPU research and industrialization projects, aligning with national industrial policies and its development strategy [5].