拟募资39亿，又一国产GPU独角兽IPO注册获批

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering (IPO) registration of Mu Xi Integrated Circuit (Shanghai) Co., Ltd., allowing the company to list on the STAR Market, with a fundraising target of 3.904 billion yuan for R&D and industrialization [1][3]. Company Overview - Mu Xi Integrated Circuit was established in September 2020 in Shanghai, with a technical team that includes core members who previously worked at AMD, leading the development of over ten mainstream high-performance GPU products [3]. - The company's founder, Chen Weiliang, controls 22.94% of the voting rights through direct and indirect means, making him the actual controller of the company [3]. Product Lines - Mu Xi has three main product lines: - The Xi Yun C series, primarily used for AI training and general computing, is currently the main product. - The Xi Si N series, which is focused on AI inference. - The Xi Cai G series, which is still under development and aimed at graphic rendering [3]. Financial Performance - For the first half of 2025, Mu Xi expects to achieve revenue of 915 million yuan, a year-on-year increase of 404.51%, with a net loss of 186 million yuan, reducing losses by 63.74% [3]. - Revenue figures from 2022 to 2024 are projected as follows: 0.0042 billion yuan (42,640 yuan), 0.53 billion yuan, and 7.43 billion yuan, with net losses of 777 million yuan, 871 million yuan, and 1.409 billion yuan respectively [3]. Revenue Sources - The main revenue source is the sales of the Xi Yun C series chip, with revenues recorded as follows: - 2022: 0 yuan - 2023: 150 million yuan - 2024: 722 million yuan - Q1 2025: 314 million yuan - The Xi Yun C series accounted for 30.09%, 97.28%, and 97.87% of the total revenue in the respective years, contributing to a total revenue of 1.051 billion yuan, which represents 94.31% of the total main business income [5]. Market Context - Mu Xi's IPO approval comes amid heightened interest in GPU companies, with other firms like Mo Er Thread also seeking to enter the A-share market, raising competition for the title of "first GPU stock" in A-shares [5]. - Several other GPU companies, including Bi Ran Technology and Sui Yuan Technology, are also accelerating their efforts to enter the capital market [5].