Core Viewpoint - The company Muxi Co., Ltd., known as the "second domestic GPU stock," debuted on the STAR Market with an opening price of 700 yuan, a surge of 568% from the issue price of 104.66 yuan, resulting in a total market capitalization of 280 billion yuan [1][3]. Company Overview - Muxi was established in 2020 by three Chinese scientists formerly with AMD, focusing on high-performance GPU chip development [3][8]. - The founder, Chen Weiliang, holds approximately 20.63% of the shares, corresponding to a market value of 57.8 billion yuan, while private equity investor Ge Weidong holds 7.17%, valued at about 18.9 billion yuan [6][11]. Financial Performance - The company has achieved a compound annual growth rate (CAGR) of 4074.52% in revenue over the past three years [3][8]. - For the first nine months of 2025, Muxi reported revenue of 1.236 billion yuan, a year-on-year increase of 453.52%, surpassing the total revenue for the entire year of 2024 [3][8]. Valuation and Market Position - Muxi's current price-to-sales ratio stands at 159 times, which is higher than Cambrian's 96 times and Haiguang Information's 37 times, only trailing behind Moore Threads at 353 times [6][11]. - The market pricing reflects a premium for the scarcity of domestic computing power alternatives rather than current performance metrics [6][11]. Future Projections - The company anticipates a total revenue of 1.5 billion to 1.98 billion yuan for the entire year of 2025, with expected net losses ranging from 763 million to 527 million yuan, projecting a break-even point no earlier than 2026 [3][8].
一签赚近30万，沐曦股份刷新A股注册制以来纪录…