沐曦股份上市前的财务表现如何，他们也会拿融资款去理财吗？

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is rapidly growing in the GPU chip market, focusing on high-performance GPU solutions for various advanced fields, with significant revenue growth and a strong product pipeline [1][4][7]. Company Overview - Muxi was established in 2020 and plans to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board by December 2025, with headquarters in Shanghai and subsidiaries in multiple cities [1]. - The company specializes in providing full-stack GPU chips and solutions for heterogeneous computing, applicable in smart computing, smart cities, cloud computing, autonomous driving, digital twins, and the metaverse [4]. Business Focus - The core business includes "training and inference integrated GPU boards," with additional offerings like "smart computing inference GPU boards," "training and inference integrated GPU servers," and "IP licensing," primarily targeting the domestic market for domestic substitution [5]. - Muxi is one of the few companies in China that has mastered the technology for high-performance GPU chip research, design, and mass production, focusing on independent design capabilities and a comprehensive product line [5]. Product Development - The flagship product, Xiyun C600, utilizes a 12nm process technology and is produced by SMIC, achieving a Chiplet yield of over 92%. It is theoretically close to NVIDIA's H100 but not yet comparable to Blackwell Ultra [5]. Financial Performance - Revenue grew from several million in 2022 to 1.236 billion in the first three quarters of 2025, indicating rapid commercialization of products [7]. - Despite ongoing losses, the company has seen a significant narrowing of losses in 2025, with some quarters achieving profitability, suggesting a move towards breakeven revenue levels [9]. Profitability Metrics - The gross margin is around 50-60%, which is relatively high compared to other sectors, and is not expected to drop to levels seen in Bluetooth chip industries [11]. - However, operating expenses are high, with over 85% of revenue consumed by these costs, and R&D expenses alone accounting for more than half of total revenue [13]. Cash Flow and Investment - The net cash flow from operating activities is unlikely to turn positive in the short term, as revenue growth will continue to require significant working capital [15]. - The company has been utilizing funds from its pre-IPO financing for investment purposes, similar to other companies in the sector, raising concerns about the sustainability of its business model [19].