Nvidia(US:NVDA) Nan Fang Du Shi Bao·2025-12-04 09:12Core Viewpoint - The domestic GPU company Muxi Co., Ltd. is set to go public on the Sci-Tech Innovation Board with an issue price of 104.66 yuan per share, lower than the 114.28 yuan per share pricing of its competitor, Moer Thread, which will debut as the "first domestic GPU stock" on December 5 [2] Group 1: Product Development and Performance - Muxi's main GPU chip, the Xiyun C600 series, is positioned between NVIDIA's A100 and H100 in terms of performance, with risk mass production expected by the end of 2025 and formal production in the first half of 2026 [3] - The Xiyun C700 series, which is currently in the design and development phase, aims to support low-precision calculations and expand its application in various fields beyond the AI training and inference scenarios [4] - Muxi claims that its Xiyun C series products can be used for model pre-training, having successfully supported large models with billions of parameters [5] Group 2: Financial Performance and Projections - Muxi's revenue is projected to grow significantly from 424,000 yuan in 2022 to 743 million yuan in 2024, with a compound annual growth rate of 4074.52%, and 915 million yuan in the first half of 2025, reflecting a year-on-year growth of 404.51% [6] - The company expects to achieve annual revenue between 1.5 billion to 1.98 billion yuan in 2025, representing an increase of 101.86% to 166.46% compared to 2024, while net losses are projected to decrease significantly [7] - Muxi's management anticipates reaching breakeven as early as 2026, driven by stable gross margins and increased sales from new product developments [8]