沐曦IPO过会 争夺“国产GPU第一股”

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has passed the IPO review by the Shanghai Stock Exchange, indicating compliance with issuance and listing conditions, despite facing challenges such as low market share and ongoing losses [1][2]. 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 [2]. - The company has sold over 25,000 GPUs and has applications in various AI public computing platforms and commercial intelligent computing centers [2]. Financial Performance - Muxi reported a revenue of 915 million yuan in the first half of the year, a year-on-year increase of 404.51%, but still incurred a loss of 186 million yuan [3]. - For the first nine months of the year, Muxi expects revenue between 1.2 billion and 1.26 billion yuan, reflecting a growth of 437.36% to 464.23%, with losses projected between 300 million and 380 million yuan [3]. - Cumulative losses from 2022 to 2024 exceeded 3.2 billion yuan, with the company not expected to reach breakeven until at least 2026 [3][4]. Market Position - Muxi holds a market share of approximately 1% in the domestic AI chip market, which is dominated by international giants like NVIDIA and AMD [7][8]. - The domestic AI chip market is projected to grow significantly, from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029 [7]. Customer Concentration - Muxi's revenue is highly dependent on a single product, the Xiyun C500 series, which accounted for over 97% of its main business revenue in recent periods [4]. - The company has a high customer concentration, with 88.35% of revenue in the first quarter coming from its top five customers [4]. Shareholder Structure - Muxi has a diverse shareholder base with 124 shareholders, where the largest shareholder holds 13.3% of the shares [9]. - Notable investors include well-known venture capital firms and public companies, indicating a mix of strategic and financial investors [9][10].