刚刚！沐曦股份，IPO过会

Core Viewpoint - Shanghai-based GPU leader Muxi Co., Ltd. has passed the listing committee meeting, moving closer to its IPO on the Sci-Tech Innovation Board [2] Company Overview - Muxi was established in September 2020 with a registered capital of 360 million yuan. The founder and actual controller is Chen Weiliang, who also serves as the legal representative. The major shareholder is Shanghai Jiaomai [4] - As of March 31, 2025, Muxi has sold over 25,000 GPUs and has commercial applications in over ten intelligent computing clusters across various regions including Beijing, Shanghai, and Hong Kong [5] Financial Performance - In the first half of this year, Muxi's revenue reached 915 million yuan, a year-on-year increase of 404.51%, while the net loss was 186 million yuan, a reduction of 63.74% compared to the previous year [5] - The company has not yet achieved profitability, with projected revenues of 426,400 yuan, 53.02 million yuan, and 743 million yuan for 2022, 2023, and 2024 respectively. The net losses are expected to widen from 777 million yuan in 2022 to 1.409 billion yuan in 2024 [5] Shareholding Structure - Chen Weiliang controls 22.94% of the voting rights through direct holdings and control of Shanghai Jiaomai and Shanghai Xiji. Notable investor Ge Weidong holds 3.98% directly [6][7] Product Portfolio - Muxi's main products cover three areas: AI computing, general computing, and graphics rendering. Key products include the Xisi N series for intelligent computing inference, the Xiyun C series for training and inference, and the Xicai G series for graphics rendering [8][9] R&D Investment - Muxi's R&D expenditures from 2022 to 2024 were 648 million yuan, 699 million yuan, and 901 million yuan respectively, totaling 2.247 billion yuan, which is 282.11% of total revenue during the same period [10] - The company recently launched its first domestically produced general-purpose GPU, the Xiyun C600, marking a significant breakthrough in domestic high-performance GPUs [10][11] Future Plans - The IPO funds will primarily be used for the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [12]