“国产GPU第一股”争夺战冲刺：摩尔线程之后，沐曦股份也要来了！

Core Viewpoint - Muxi Technology is accelerating its IPO process on the Sci-Tech Innovation Board, aiming to become the first domestic GPU stock, with a public offering scheduled for December 5, 2025 [1][2]. Group 1: IPO Details - Muxi Technology plans to issue 40.10 million shares, raising approximately 3.904 billion yuan for three major GPU projects [1]. - The initial strategic placement will involve 8.02 million shares, accounting for 20% of the total issuance [2]. - The company has not yet achieved profitability and will enter the growth tier of the Sci-Tech Innovation Board if it remains unprofitable at the time of listing [2]. Group 2: Product Development - The funds raised will primarily focus on the development of the new C700 series GPU, which aims to compete with NVIDIA's H100 [3]. - The C700 series is expected to enter mass production in the second half of 2027, utilizing advanced domestic manufacturing processes [3]. Group 3: Financial Performance - Muxi Technology has experienced explosive revenue growth, with revenues increasing from 426,400 yuan in 2022 to 743 million yuan in 2024, representing a compound annual growth rate of 4074.52% [4]. - Despite revenue growth, the company has accumulated losses exceeding 3.2 billion yuan, with a net loss of 1.86 billion yuan in the first half of 2025 [4][6]. Group 4: Market Position - Muxi Technology holds approximately 1% market share in China's AI chip market, facing significant competition from NVIDIA and AMD, which dominate the market [7]. - The company acknowledges substantial gaps in technology, product performance, and industrial experience compared to leading international firms [7].