两大GPU龙头，IPO新消息

Group 1: IPO Details of Moer Thread - Moer Thread plans to issue 70 million shares, accounting for approximately 14.89% of the total share capital post-IPO, which will total 470.028217 million shares [2][4] - The IPO will utilize a combination of strategic placement, offline issuance, and online issuance, with the lead underwriter responsible for organizing the process [2] - The initial strategic placement will consist of 14 million shares, representing 20% of the total issuance, with the final number subject to adjustment based on relevant principles [4] Group 2: Important Dates for Moer Thread IPO - The preliminary inquiry date is set for November 19, 2025, with the issuance announcement on November 21, 2025 [3] - Both offline and online subscription dates are scheduled for November 24, 2025, with payment deadlines on November 26, 2025 [3] Group 3: Moer Thread's Financial Status - As of the IPO prospectus announcement date, Moer Thread has not yet achieved profitability and will be classified under the Sci-Tech Innovation Board's growth tier if it remains unprofitable at the time of listing [4] Group 4: IPO Approval of Muxi Co., Ltd. - Muxi Co., Ltd. has received approval from the China Securities Regulatory Commission for its IPO, with the registration effective as of November 13, 2025 [5][6] Group 5: Muxi Co., Ltd. Business Overview - Muxi Co., Ltd. specializes in the research, design, and sales of full-stack GPU products for artificial intelligence training, general computing, and graphics rendering [8] - The company has sold over 25,000 GPU units as of March 2025, with applications in various AI public computing platforms and commercial centers [8] Group 6: Muxi Co., Ltd. Financial Projections - Muxi Co., Ltd. aims to raise 3.904 billion yuan through its IPO to fund projects related to high-performance GPUs and AI inference technology [8] - The company reported revenues of 426,400 yuan in 2022, 53.0212 million yuan in 2023, 743 million yuan in 2024, and 320 million yuan in Q1 2025, with net losses reported for each year [8] Group 7: R&D and Ownership Structure of Muxi Co., Ltd. - Muxi Co., Ltd. has invested 2.247 billion yuan in R&D over the past three years, representing 282.11% of its cumulative revenue during that period [9] - The founder controls 22.94% of the voting rights, with significant backing from various venture capital firms and indirect investments from listed companies [9]