沐曦IPO过会，争夺“国产GPU第一股”

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has received approval for its IPO application, indicating compliance with issuance and listing conditions, despite facing challenges such as low market share and ongoing losses [1][3]. Group 1: Company Overview - Muxi is a key player in developing high-performance general-purpose GPU products in China, with a founding team that previously worked at AMD [3]. - The company has sold over 25,000 GPUs and has applications in various AI public computing platforms and commercial intelligent computing centers [3]. - Muxi plans to issue up to 40.1 million shares at a par value of 1 yuan, aiming to raise 3.904 billion yuan for new GPU development projects [3]. Group 2: Financial Performance - Muxi reported revenues of 42.64 million yuan in 2022, 530.21 million yuan in 2023, and projected revenues of 12 billion to 12.6 billion yuan for the first nine months of 2024, reflecting a year-on-year growth of 437.36% to 464.23% [3][4]. - The company incurred losses of 1.86 billion yuan in the first half of 2024, with cumulative losses exceeding 3.2 billion yuan for the year [3][4]. - Muxi's cash flow from operating activities has been negative, with accounts receivable representing a high percentage of revenue, indicating potential liquidity issues [4]. Group 3: Market Position and Competition - The domestic AI chip market is projected to grow significantly, with Muxi's market share estimated at around 1% in 2024, facing competition from established players like NVIDIA and AMD [6][7]. - The AI chip market in China is characterized by a duopoly led by NVIDIA and AMD, with Muxi acknowledging substantial gaps in technology and market presence compared to these international leaders [6][7]. - Muxi's revenue is heavily reliant on a single product line, with 97.28% of its revenue coming from the Xiyun C500 series in 2024 [5]. Group 4: Shareholder Structure and Partnerships - Muxi has a diverse shareholder base with 124 shareholders, the largest being Shanghai Jiaomai with 13.3% ownership, while the founding team holds a combined 22.94% [7]. - The company has established partnerships with several listed companies, including Chao Xun Communication, which was its largest customer in the first quarter of 2024 [8].