半导体领域大消息，又一芯片龙头IPO过会

Core Viewpoint - The IPO application of Mu Xi Integrated Circuit (Shanghai) Co., Ltd. has been approved by the Shanghai Stock Exchange, marking a significant step for the company as a leading domestic GPU manufacturer aiming to enter the Sci-Tech Innovation Board [1][4]. Company Overview - Mu Xi Co. focuses on the research and development of full-stack GPU products in the fields of artificial intelligence training inference, general computing, and graphics rendering, utilizing self-developed GPU IP with complete intellectual property rights [3]. - The flagship GPU series, Xi Yun C500, has entered mass production, leading to a revenue increase from 426,400 yuan in 2022 to 743 million yuan in 2024, representing a growth rate of 4074.52% [3]. Product Development and Market Position - By 2025, the company plans to launch the Xi Yun C600 based on domestic supply chains, establishing a closed-loop supply chain for design, manufacturing, and packaging testing [3]. - As of the reporting period, Mu Xi's GPU products have sold over 25,000 units and have been deployed in more than 10 intelligent computing clusters, covering national AI public computing platforms and commercial intelligent computing centers [3]. Fundraising and Investment Plans - The company intends to raise 3.904 billion yuan, which will be allocated to projects focused on new high-performance general-purpose GPU development, next-generation AI inference GPU development, and high-performance GPU technology research for emerging applications [3]. Industry Context - The approval of Mu Xi's IPO aligns with the national "14th Five-Year Plan," which emphasizes the importance of integrated circuits and the implementation of the "Artificial Intelligence +" initiative, reflecting a deep integration of capital markets with national industrial layout [4].