一边对标英伟达，一边巨亏30亿：沐曦股份“光速”闯入资本市场

Group 1: Company Overview - Muxi Co., Ltd. has experienced a rapid listing process, taking only 116 days from application acceptance to approval, which is rare in the history of the Sci-Tech Innovation Board [1] - Established in 2020 during a surge in domestic GPU entrepreneurship, Muxi has attracted significant investment from top venture capital firms and state-owned funds, achieving a valuation of 21.071 billion yuan by March 2025 [1] - The company has not yet achieved profitability, with projected revenues of 42,600 yuan in 2022, 53.021 million yuan in 2023, and 743 million yuan in 2024, while incurring net losses of 7.8 billion yuan, 8.7 billion yuan, and 14.1 billion yuan respectively [3] Group 2: Financial Performance - Muxi's cumulative net loss reached 32.9 billion yuan by the first quarter of 2025, with a revenue of 3.2 billion yuan and a net loss of 2.33 billion yuan in Q1 2025 [3] - The company has invested heavily in R&D, with expenditures of 2.18 billion yuan, 9.01 billion yuan, and 6.99 billion yuan from 2022 to 2024, representing 282.11% of cumulative revenue [4] Group 3: Industry Context - The GPU industry is characterized by high capital intensity, technological complexity, and significant ecological barriers, with NVIDIA controlling over 80% of the global GPU market [5] - The transition to domestic GPUs faces challenges, including high migration costs estimated at 80% and production capacity limitations due to U.S. export controls [6] - Muxi has chosen a different technical path compared to competitors, focusing on high-performance general-purpose GPUs for vertical applications in sectors like research, finance, and healthcare [6][7] Group 4: Market Opportunities - Despite challenges, the domestic GPU market presents significant growth opportunities, with a potential market space of 3.6 billion USD if the domestic replacement rate increases from 10% to 30% [12] - The company’s flagship product, the Xiyun C500 series, has achieved domestic leadership in various performance metrics and has sold over 25,000 units, deployed in over 10 computing clusters [12] Group 5: Future Projections - Muxi forecasts revenues of 1.5 billion to 1.98 billion yuan for 2025, representing a growth of 101.86% to 166.46% compared to 2024, while expecting a reduction in net losses by 45.84% to 62.59% [13]