沐曦股份：116天过会，拟募资39.04亿冲刺上市

Core Insights - Muxi Integrated Circuit Co., Ltd. has received approval for its IPO application on the Sci-Tech Innovation Board, marking a significant milestone for unprofitable hard-tech companies in China [1] - The company aims to raise 3.904 billion yuan for technology innovation projects, with a projected revenue growth from 426,400 yuan in 2022 to 743 million yuan in 2024, representing a growth rate of 4074.52% [1] Company Overview - Muxi focuses on the research and design of full-stack GPU products, with proprietary intellectual property [1] - The flagship GPU series, Xiyun C500, has entered mass production, contributing to the company's revenue growth [1] - The company has sold over 25,000 GPU units, which are utilized in more than ten intelligent computing clusters [1] Financial Projections - As of September 5, the company has an order backlog of 1.43 billion yuan, nearly double its projected revenue for 2024 [1] - The company anticipates reaching breakeven by 2026 [1] Market Context - Muxi's IPO approval follows the recent approval of domestic GPU manufacturer Moore Threads, which took 88 days from application to approval [1] - Other companies like Suiruan Technology and Biran Technology are currently in the listing guidance phase, indicating a competitive landscape for domestic GPU manufacturers [1] Shareholder Composition - The shareholder list includes notable institutions, with Chaos Investment, led by prominent investor Ge Weidong, holding 7.48% of the shares, second only to the controlling shareholder [1] - Other investors include well-known venture capital firms such as Matrix Partners, Helix Capital, and Sequoia Capital [1]