Guohai Securities·2026-03-04 00:49Group 1 - The report highlights that Muxi Co. is expected to achieve a revenue of 1.644 billion yuan in 2025, representing a year-on-year growth of 121.26%, while the net profit loss is projected to narrow to -0.781 billion yuan from -1.409 billion yuan in the previous year [3][4] - In Q4 2025, Muxi Co. anticipates a revenue of 0.408 billion yuan, a decrease of 21.54% year-on-year, with a net profit loss of -0.435 billion yuan, which is an improvement compared to the previous year's loss of -0.627 billion yuan [3][4] - The company benefits from product expansion and increased shipment volumes, leading to a significant reduction in profit loss and a positive trend in profit structure [4] Group 2 - The report indicates that Hanwujing Co. achieved a revenue of 6.497 billion yuan in 2025, marking a substantial year-on-year increase of 453.21%, with a net profit of 2.059 billion yuan, reversing a loss of 0.452 billion yuan from the previous year [8][9] - In Q4 2025, Hanwujing Co. reported a revenue of 1.89 billion yuan, a year-on-year growth of 91.10%, and a net profit of 0.454 billion yuan, reflecting a 66.91% increase compared to the same period last year [8][9] - The significant performance improvement is attributed to the rising demand in the computing power industry, with successful deployments in key sectors such as telecommunications, finance, and internet [9] Group 3 - The report notes that Muxi Co. has successfully deployed its products in over 10 intelligent computing clusters across various regions, including Beijing, Shanghai, and Hong Kong, indicating a strong market presence [6][7] - The company is focusing on expanding its customer base in the internet and telecommunications sectors, with initial successes expected to drive future growth [7] - The report projects that Muxi Co. will benefit from the increasing demand for high-performance GPU chips, with revenue forecasts for 2025 to 2027 set at 1.644 billion, 4.079 billion, and 7.979 billion yuan respectively [4] Group 4 - The report states that the Chinese Token market is experiencing significant growth, with API call volumes surpassing those of North American models for the first time, indicating a competitive edge for Chinese model vendors [12] - The rapid increase in API call volumes, reaching 5.16 trillion tokens, reflects a 127% growth compared to three weeks prior, showcasing the strong demand for domestic models [12] - The report emphasizes that Chinese model vendors are gaining a competitive advantage in the global market due to rapid technological iterations and cost advantages [12]