Core Viewpoint - The listing of Mu Xi Co., Ltd. on the STAR Market on December 17 has highlighted the strong market interest in domestic semiconductor companies, particularly in the GPU sector, with the stock opening at a 568.83% increase from its issue price, reflecting investor confidence in the self-controlled chip industry [1] Group 1: IPO Performance - Mu Xi Co., Ltd. issued shares at a price of 104.66 yuan per share, resulting in a market capitalization of approximately 41.87 billion yuan and a price-to-sales ratio of 56.35 times, which is significantly lower than its peer, Moore Threads, at 122.51 times [1] - The subscription rate for online investors was 0.03348913%, indicating that less than 4 out of every 10,000 applicants received shares, which is below the average of 0.04% for new STAR Market stocks in 2025 [1] - The company raised a net amount of approximately 3.90 billion yuan after deducting issuance costs, with strategic investors like the National Artificial Intelligence Industry Investment Fund and major companies such as China Telecom and JD.com participating in the subscription [1] Group 2: Financial Performance - Mu Xi Co., Ltd. has shown rapid revenue growth, with revenues of 426,400 yuan in 2022, 53.02 million yuan in 2023, and projected revenues of 743 million yuan in 2024, resulting in a compound annual growth rate of 4,074.52% over the last three years [3] - Despite the revenue growth, the company remains unprofitable, with net losses of 777 million yuan in 2022, 871 million yuan in 2023, and 1.41 billion yuan in 2024, and a net loss of 233 million yuan in the first quarter of 2025 [3] Group 3: Fundraising and Project Focus - The company plans to raise a total of 4.197 billion yuan, which will be allocated to three major projects focused on technological innovation in the GPU sector, including the development and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [4] - The enthusiasm for the IPO is influenced by various factors, including the supply rhythm of IPOs and the fundamental performance of the company, which will be critical for sustaining valuation in the competitive domestic GPU market [4]
”国产GPU第二股“沐曦股份上市首日高开568.83％，中一签可赚29.77万元