沐曦股份申购在即，“国产GPU第一股”争夺进入终局

Core Viewpoint - The company Muxi Co., Ltd. is set to launch its IPO on the Sci-Tech Innovation Board, following the trend of domestic GPU startups, with significant growth in revenue and a focus on high-performance GPU development [1][4]. Company Overview - Muxi Co., Ltd. was established in September 2020, focusing on the research, design, and sales of high-performance GPU chips and computing platforms for AI training, inference, general computing, and graphics rendering [2]. - The company has launched several GPU products, including the Xisi N series for AI inference and the Xiyun C series for integrated training and general computing, with the Xisi N and Xiyun C series already in mass production [2]. Financial Performance - Muxi Co., Ltd. has experienced rapid revenue growth, with a compound annual growth rate of 4074.52% over the past three years, achieving revenues of 426,400 yuan, 53.02 million yuan, and 743 million yuan from 2022 to 2024 [2]. - Despite high R&D costs leading to losses, the company reported a significant reduction in losses in the first three quarters of 2025, with revenues of 1.236 billion yuan, a year-on-year increase of 453.52%, and a net profit loss of 346 million yuan, a 55.79% reduction in losses [3]. IPO Details - Muxi Co., Ltd. plans to issue 40.1 million shares in its IPO, aiming to raise 3.904 billion yuan for projects related to high-performance GPU development and AI inference GPU research [1]. - The IPO application was accepted on June 30, 2025, and approved by the regulatory body on November 12, 2025, with a total of 117 days from acceptance to approval [1]. Market Context - The domestic GPU industry has seen a surge in startups since 2020, with Muxi Co., Ltd. being one of the "four little dragons" of domestic GPUs, alongside other companies like Moore Threads [4]. - The competitive landscape is intensifying as Muxi Co., Ltd. and Moore Threads approach their IPOs, with both companies vying for the title of "first domestic GPU stock" [6].