致力于自研全栈GPU产品 沐曦股份(688802.SH)拟首次公开发行4010万股

Core Viewpoint - The company, Muxi Co., Ltd. (688802.SH), plans to issue 40.1 million shares in its initial public offering (IPO), with a strategic placement of 8.02 million shares, representing 20% of the total issuance, aimed at enhancing its capabilities in high-performance GPU chip development and related software ecosystems [1][2]. Group 1: Company Overview - The company focuses on the research, design, and sales of full-stack GPU products for artificial intelligence training and inference, general computing, and graphics rendering [1]. - It has developed a unique GPU product system and an open software ecosystem, providing high-efficiency computing support for cloud computing across various industries, including education, finance, transportation, energy, healthcare, and entertainment [1][2]. - The company is one of the few in China that has mastered the technology for high-performance GPU chip development, design, and mass production, overcoming technical bottlenecks in the field [1]. Group 2: Product Development - The company's main products cover three areas: artificial intelligence computing, general computing, and graphics rendering, with recent launches including the Xisi N series GPU for intelligent inference and the Xiyun C series GPU for integrated training and general computing [2]. - The GPU products are based on self-developed GPU IP and a unified architecture, demonstrating strong core competitiveness in versatility, single-card performance, cluster performance, stability, and ecosystem compatibility [2]. Group 3: Financial Performance and Projections - The company reported net losses of 777 million yuan, 871 million yuan, and 1.409 billion yuan for the years 2022 to 2024, respectively [3]. - For 2025, the company expects to achieve revenue between 1.5 billion yuan and 1.98 billion yuan, representing a growth of 101.86% to 166.46% compared to 2024, with a projected net loss reduction of 45.84% to 62.59% [3]. - The funds raised from the IPO will be allocated to new high-performance GPU research and industrialization projects, as well as the development of next-generation AI inference GPUs, totaling an intended use of 3.904 billion yuan [3].