刚刚，沐曦集成电路IPO回复第二轮问询

Core Viewpoint - The article discusses the IPO process of Muxi Integrated Circuit (Shanghai) Co., Ltd., highlighting its focus on high-performance GPU chips and the potential for domestic GPU manufacturers to replace foreign competitors in the AI computing market [1][6][7]. Company Overview - Muxi Integrated Circuit is dedicated to the independent research and development of full-stack high-performance GPU chips and computing platforms, primarily serving AI training, inference, general computing, and graphics rendering [6][8]. - The company has established a unique GPU product system and an open software ecosystem, contributing significantly to the development of China's intelligent computing infrastructure [6][7]. Market Position - The GPU market in China has been historically dominated by foreign manufacturers, but domestic companies like Muxi are gradually increasing their market share through innovative products and technologies [7][9]. - Muxi's products are positioned to support various industries, including education, finance, transportation, energy, healthcare, and entertainment, thereby enhancing the competitiveness of real-world applications [9][10]. Product Development - Muxi's main products include the Xisi N series for AI inference, the Xiyun C series for training and general computing, and the Xicai G series for graphics rendering, all of which are based on self-developed GPU IP and architecture [8][11]. - The company has achieved significant sales milestones, with over 25,000 GPU units sold by the end of the reporting period [9]. Financial Performance - As of the first half of 2025, Muxi reported sales revenue of approximately 900 million yuan, with a backlog of orders amounting to 1.14 billion yuan as of August 15, 2025 [13]. - The company has seen a substantial increase in contract liabilities due to prepayments from major clients, indicating strong demand for its products [13]. Research and Development - Muxi has consistently increased its R&D personnel, with an average of 682 R&D staff in early 2025, representing over 74% of its total workforce [18]. - The company holds 255 domestic patents, including 245 invention patents, showcasing its commitment to innovation and technological advancement [10].