沐曦IPO过会，争夺“国产GPU第一股”，上半年亏损1.86亿元

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has passed the IPO review by the Shanghai Stock Exchange, indicating compliance with issuance and listing conditions, despite facing challenges such as low market share and ongoing losses [3][4]. Company Overview - Muxi is a key player in developing high-performance general-purpose GPU products in China, with a founding team that previously worked at AMD [4]. - The company has sold over 25,000 GPUs and has achieved large-scale commercial applications in various AI computing platforms [4]. - Muxi plans to issue up to 40.1 million shares to raise approximately 3.904 billion yuan for new GPU development projects [4]. Financial Performance - Muxi reported revenues of 42.64 million yuan in 2022, 530.21 million yuan in 2023, and 743 million yuan in the first three months of 2024, with a net loss of 1.86 billion yuan in the first half of 2023 [4][5]. - The company has accumulated losses exceeding 3.2 billion yuan from 2022 to 2024, with a projected revenue of 1.2 billion to 1.26 billion yuan for the first nine months of 2023 [4][5]. - Muxi's cash flow from operating activities has been negative, with accounts receivable constituting a high percentage of revenue [5]. Market Position - Muxi holds a market share of approximately 1% in the domestic AI chip market, which is dominated by international giants like NVIDIA and AMD [8][10]. - The Chinese AI chip market is expected to grow significantly, from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029 [9][10]. - Muxi's main competitors include GPU chip design firms like Huagong Information and Tianshu Zhixin, as well as ASIC chip design companies like Huawei HiSilicon and Cambricon [10]. Customer Concentration - Muxi's revenue is heavily reliant on a single product line, with the C500 series accounting for over 97% of its main business revenue [6]. - The company has a high customer concentration, with 88.35% of revenue coming from its top five clients in the first three months of 2024 [6]. Shareholder Structure - Muxi has a diverse shareholder base with 124 shareholders, the largest being Shanghai Jiaomai with a 13.3% stake [11]. - Notable investors include Ge Weidong and his firm Chaos Investment, holding 7.48%, and various venture capital firms [11][12]. - Several listed companies have collaborated with Muxi, including Chuanxin Communication, which was its largest customer in the first three months of 2024 [12].