Core Viewpoint - The debut of Mu Xi Co., Ltd. (stock code: 688802), known as the "second domestic GPU stock," saw its share price surge by 568.83% on the first trading day, reaching 700 CNY per share, resulting in significant profits for investors [2][3]. Company Overview - Mu Xi Co., Ltd. was established in September 2020 and is a leading enterprise in the domestic high-performance general-purpose GPU sector, focusing on the development of high-performance GPU chips and computing platforms for applications in AI training, inference, and graphics rendering [6][7]. - The company has launched its first fully domestic general-purpose GPU, the Xi Yun C600, which is expected to enter risk mass production by the end of this year and formal mass production in the first half of 2026 [7]. Financial Performance - The company has not yet achieved profitability, with revenues reported for 2022, 2023, 2024, and the first quarter of 2025 being 42.64 thousand CNY, 5.30 million CNY, 74.31 million CNY, and 32.04 million CNY respectively. Net losses for the same periods were -77.7 million CNY, -87.1 million CNY, -140.9 million CNY, and -23.3 million CNY [7][8]. - For 2025, the company projects revenues between 1.5 billion CNY and 1.98 billion CNY, representing a growth of 101.86% to 166.46% compared to 2024, while expecting a reduced net loss of -763 million CNY to -527 million CNY [8]. Market Activity - The initial public offering (IPO) of Mu Xi Co., Ltd. involved the issuance of 40.1 million shares at a price of 104.66 CNY per share, raising approximately 4.197 billion CNY [4][6]. - The stock's opening day saw a total market capitalization of 280.1 billion CNY, with significant trading volume recorded [3][4]. Investor Interest - Notable investors, including prominent private equity figure Ge Weidong and his firm Chaos Investment, have heavily invested in Mu Xi Co., Ltd., holding a total of 26.94 million shares, valued at approximately 18.858 billion CNY at the opening price [2][9]. - The company attracted a wide range of institutional investors prior to its IPO, having raised a total of 12.64 billion CNY through 13 financing rounds [10]. Comparison with Peers - The initial subscription rate for Mu Xi Co., Ltd. was lower than that of its peer, Mo Er Thread, indicating a more competitive market for new investors [5]. - Mo Er Thread, which debuted earlier, saw a first-day increase of 425.46%, highlighting the volatility and potential profitability of new listings in the A-share market [6].
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