沐曦股份IPO提交注册，拟募资39亿元，上半年收入增长超400%

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully passed the listing review and submitted its prospectus for registration, aiming to raise approximately 3.904 billion yuan for GPU research and development projects [1][3]. Company Overview - Muxi Integrated Circuit focuses on the research, design, and sales of high-performance GPU products for artificial intelligence training, general computing, and graphics rendering [6]. - The company was established in September 2020 and transformed into a joint-stock company in January 2025, with a registered capital of 360 million yuan [8]. Financial Performance - Muxi's revenue for the years 2022, 2023, and 2024, as well as the first quarter of 2025, were approximately 426,400 yuan, 53.0212 million yuan, 743 million yuan, and 320 million yuan, respectively [6]. - The net losses for the same periods were approximately 777 million yuan, 871 million yuan, 1.409 billion yuan, and 233 million yuan [6]. Fundraising and Investment Plans - The company plans to use the raised funds for several projects, including: - New high-performance general-purpose GPU R&D and industrialization, with a total investment of approximately 34.0992 billion yuan and planned fundraising of about 24.5919 billion yuan [4]. - Next-generation AI inference GPU R&D and industrialization, with a total investment of approximately 5.7813 billion yuan and planned fundraising of about 4.5305 billion yuan [4]. - High-performance GPU technology R&D for emerging applications, with a total investment of approximately 10.2115 billion yuan and planned fundraising of about 9.9141 billion yuan [4]. Competitive Landscape - Muxi's main domestic competitors include companies like Haiguang Information, Tensu Zhixin, Biran Technology, and Moer Thread, which are involved in general-purpose computing architecture [6]. - The company aims to leverage its compatibility with the CUDA ecosystem to enhance its competitive advantages in the GPU market [5]. Management Team - The management team includes several executives with backgrounds in AMD, a major semiconductor company, indicating strong industry expertise [8].