GPU企业沐曦IPO过会：上半年营收9亿净亏1.86亿，拟募资39亿，葛卫东是股东

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. plans to raise 3.904 billion yuan through an IPO, with significant investments allocated for the development and industrialization of high-performance GPUs and AI inference GPUs, reflecting the company's strategic focus on advanced computing technologies [2][4]. Group 1: Fundraising and Project Allocation - Muxi aims to raise 3.904 billion yuan, with 2.459 billion yuan designated for new high-performance general-purpose GPU R&D and industrialization, 450 million yuan for next-generation AI inference GPU R&D, and 991 million yuan for high-performance GPU technology R&D targeting emerging applications [2][4]. - The total investment for the new high-performance general-purpose GPU project is approximately 34.1 billion yuan, with 24.6 billion yuan expected to be funded from the IPO [4]. Group 2: Financial Performance - In the first half of 2025, Muxi reported revenue of 915 million yuan, a 404.51% increase from 181 million yuan in the same period of 2024, while net loss narrowed to 186 million yuan from 513 million yuan year-on-year [9]. - For the first nine months of 2025, Muxi anticipates revenue between 1.2 billion and 1.26 billion yuan, a significant increase from 223 million yuan in the same period of 2024, with expected net losses between 300 million and 380 million yuan [10]. Group 3: Company Background and Market Position - Established in September 2020, Muxi specializes in the R&D, design, and sales of full-stack GPU products for AI training, general computing, and graphics rendering [6][7]. - Muxi's product lines include the Xisi® N series for intelligent computing inference, Xiyun® C series for general computing, and Xicai® G series for graphics rendering, emphasizing high efficiency and versatility [7]. Group 4: Shareholding Structure - Before the IPO, Shanghai Jiaomai held 13.30% of Muxi's shares, making it the largest shareholder, while Chen Weiliang, the chairman and CEO, controls 23% of the company [11][13]. - Post-IPO, Shanghai Jiaomai's shareholding will decrease to 11.96%, while Chen Weiliang's stake will be 5.03% [18][22].