【IPO一线】证监会：同意沐曦股份科创板IPO注册申请

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering (IPO) registration of Muxi Integrated Circuit (Shanghai) Co., Ltd., indicating a significant step for the company in the high-performance GPU market [1][3]. Company Overview - Muxi focuses on the independent research and development of high-performance GPU chips and computing platforms, covering areas such as AI training and inference, general computing, and graphics rendering [3][5]. - The company aims to provide high-performance GPU chips and related software stack and computing platform solutions, contributing to the development of China's intelligent computing infrastructure [3][5]. Market Position and Strategy - Muxi is recognized as a leading domestic GPU enterprise, committed to breaking foreign monopolies and enhancing market share in the AI industry [5][6]. - The company has established a core R&D team with global vision and expertise in GPU technology, achieving breakthroughs in key technologies for high-performance GPU chips and computing platforms [5][6]. Product Development - Muxi's product lineup includes the Xisi N series GPU for AI inference, the Xiyun C series GPU for training and general computing, and the upcoming Xicai G series GPU for graphics rendering [5][6]. - The products are based on self-developed GPU IP and a unified architecture, demonstrating significant advantages in versatility, single-card performance, cluster stability, and ecosystem compatibility [5][6]. Financial Performance - Muxi's revenue surged from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [7]. - In the first half of 2025, the company achieved revenue of 915 million yuan, a year-on-year increase of 404.51%, with losses narrowing by 63.74%, indicating a potential profitability turning point [7]. Market Expansion - As of March 2025, Muxi has sold over 25,000 GPUs, deployed in more than ten intelligent computing clusters, and has strong orders amounting to 1.43 billion yuan, nearly double the total revenue for 2024 [8]. - The company ranks among the top domestic GPU commercial players, alongside Nvidia and other competitors, in the rapidly growing Chinese data center chip market [8].