国产GPU龙头沐曦股份，明日上市

Core Insights - The A-share market is witnessing significant activity in the domestic computing chip sector, with companies like Muxi Co., Wallran Technology, and others gaining attention for their upcoming listings and product launches [1][2][3] Group 1: Company Listings and Fundraising - Muxi Co. is set to list on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, with an issuance of 40.1 million shares at a price of 104.66 yuan per share, raising approximately 4.197 billion yuan [1] - Wallran Technology has received approval for its IPO in Hong Kong and plans to issue up to 372 million shares, converting 873 million shares from domestic to overseas listings [1][3] - Muxi Co. has seen strong demand during the offline inquiry phase, with 269 institutional investors participating [1] Group 2: Market Performance and Valuation - Muxi Co. focuses on the intelligent computing market, with its core products including the Xiyun C600 GPU, which is expected to enter risk production by the end of this year and achieve mass production in the first half of 2026 [2] - Wallran Technology has completed multiple funding rounds, raising over 5 billion yuan, and is valued at 15.5 billion yuan according to the Hurun Research Institute [3] Group 3: Competitive Landscape - The "Four Little Dragons" of domestic GPUs include Muxi Co., Wallran Technology, Moer Thread, and Suiruan Technology, with Moer Thread recently achieving a record high in IPO returns on the Sci-Tech Innovation Board [2][5] - Moer Thread's stock price reached 764.9 yuan per share, making it the third-largest company on the A-share market by market capitalization [2] Group 4: Financial Performance and R&D - Among the companies, only Cambricon has achieved profitability, with a significant revenue increase of 4347.82% year-on-year in the first half of 2025 [6][7] - Muxi Co. relies heavily on its Xiyun C500 series for revenue, with over 97% of its income coming from this product [7] - R&D expenditures for Moer Thread and Muxi Co. are significantly high, with Moer Thread's R&D expenses exceeding its annual revenue in recent years [8]