国内GPU芯片头部企业沐曦股份，上会在即

Core Viewpoint - The article highlights the positive developments for domestic GPU companies, particularly Muxi Integrated Circuit (Shanghai) Co., Ltd., as it prepares for its IPO on the Sci-Tech Innovation Board, benefiting from supportive regulatory policies aimed at fostering high-tech enterprises despite their current unprofitability [1][3]. Group 1: Regulatory Environment - The China Securities Regulatory Commission (CSRC) has implemented reforms to enhance the capital market's support for high-tech companies, including the introduction of the "16 Articles for Innovation" and "8 Articles for the Sci-Tech Innovation Board" [2]. - The regulatory body has shown clear policy support for early-stage tech companies that, while not yet profitable, possess strong technological capabilities and market potential [3]. Group 2: Market Dynamics - The global GPU market is characterized by an oligopolistic structure, with NVIDIA holding over 80% market share, indicating high entry barriers for new competitors [5]. - The rapid adoption of AI applications is driving demand for computing chips, with the domestic accelerated computing server market projected to reach approximately $22.1 billion in 2024, with GPUs dominating this segment [5]. Group 3: Company Performance and Strategy - Muxi's primary focus is on general-purpose GPUs for data centers, which represent the highest value density in the industry. NVIDIA's data center revenue reached $115.19 billion in fiscal 2025, accounting for 88% of its total revenue [6]. - Muxi has reported a compound annual growth rate of 4074.52% over the past three years, with revenue for the first half of 2025 reaching approximately $900 million, surpassing the total revenue for 2024 [8]. - Despite being in a loss-making position, Muxi's net loss for the first half of 2025 was approximately $186 million, a 63.74% reduction year-on-year, primarily due to high R&D expenditures [8].