Core Viewpoint - Muxi Co., Ltd. (688802.SH), known as the "second domestic GPU stock," has initiated its subscription with an issue price of 104.66 yuan per share, benefiting from the surge in demand for computing power driven by AI models and the domestic substitution trend [1][2]. Company Overview - Muxi Co., Ltd. was established in September 2020, focusing on the independent research and development of high-performance GPU chips and computing platforms. The core team has over ten years of experience in high-performance GPU development and mass production [1]. - The founder, Chen Weiliang, previously served as the global GPU SoC design director at AMD. The hardware chief architect, Peng Li, is AMD's first female scientist (Fellow) and the software chief architect, Yang Jian, is the first scientist (Fellow) in AMD's Greater China region [1]. Shareholding Structure - CEO Chen Weiliang holds a direct and indirect stake of 22.94%, making him the actual controller of Muxi. The company has notable backing from various investors, including the state-owned China National Enterprise Structural Adjustment Fund (1.96% stake) and prominent investors like Ge Weidong and Sequoia Capital [1]. Financial Performance - Muxi's revenue has seen exponential growth, with projected revenues of 42.64 million yuan, 53.02 million yuan, and 743 million yuan from 2022 to 2024, reflecting a compound annual growth rate of 4074.52%. The company expects to achieve revenues between 1.5 billion yuan and 1.98 billion yuan in 2025, representing a year-on-year growth of 101.86% to 166.46% [2]. - Despite the revenue growth, Muxi remains in a loss position, with net profits of -777 million yuan, -871 million yuan, and -1.409 billion yuan from 2022 to 2024. As of March 2025, the cumulative undistributed profits amounted to -1.048 billion yuan [2]. Future Outlook - Muxi anticipates that the cumulative losses will persist post-IPO, preventing cash dividends to shareholders for a certain period. The company estimates that it may reach its breakeven point as early as 2026 [2].
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