国产GPU龙头，上市时间定了

Core Viewpoint - Muxi Co., Ltd. is set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, marking another significant entry of a domestic GPU leader into the A-share market [1] Company Overview - Muxi Co., Ltd. will issue approximately 40.1 million shares, accounting for 10.02% of the total post-issue share capital of around 400 million shares [1] - The issue price is set at 104.66 yuan per share, leading to a market capitalization of approximately 41.874 billion yuan post-issue [3] - The company has not yet achieved profitability and will be classified under the Sci-Tech Growth Tier upon listing [4] Fundraising and Use of Proceeds - The total amount raised from the public offering is expected to be 4.197 billion yuan, with a net amount of 3.899 billion yuan after deducting issuance costs of 298 million yuan [4] - The raised funds will be allocated to the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [4] Performance Expectations - Muxi Co., Ltd. anticipates achieving revenue between 1.5 billion and 1.98 billion yuan in 2025, representing a year-on-year increase of 101.86% to 166.46% compared to 2024 [5][6] - The net loss attributable to the parent company is projected to be between 763 million and 527 million yuan, reflecting a reduction in losses by 45.84% to 62.59% compared to 2024 [5][6] - The company aims to reach breakeven by 2026 based on current market demand and operational performance [5] Competitive Position - Muxi Co., Ltd. is recognized as a leading domestic player in high-performance general-purpose GPU products, focusing on self-developed full-stack GPU chips and computing platforms [4] - The flagship product, the Xiyun C series training and inference integrated GPU chip, boasts competitive advantages in versatility, single-card performance, cluster performance, stability, and ecosystem compatibility [4]